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[이데일리 김국배 기자] Coinbase, an American cryptocurrency exchange, will be listed directly on the NASDAQ market on the 14th (local time). It is the birth of the first listed company among US cryptocurrency exchanges, which has sparked an entry into the cryptocurrency era. Some say that it will be a milestone in the virtual asset industry.
Trading starts on the 14th, ticker is’COIN’
Coinbase was approved for direct listing on Nasdaq by the Securities and Exchange Commission (SEC) on the 1st. The ticker (abbreviation for stock trading) will be’COIN’. Direct listing is a method of listing by selling stocks directly to investors without going through an IPO of a host company such as a securities company.
The number of directly listed stocks planned by Coinbase is 114.9 million shares. According to data filed by Coinbase to the SEC, the company’s unlisted stocks traded on the OTC market for an average of $343.58 in the first quarter until the 15th of last month. The enterprise value is estimated to be between 60 billion (67.74 trillion won) and 90 billion dollars (101.61 trillion won).
The Wall Street Journal (WSJ) predicted that “Coinbase (as a direct listing) will get about $1 billion (about 1.12 trillion won) of cash.”
Currently, Coinbase has 43 million users across more than 100 countries. Last year, it generated $1.3 billion in sales and $322 million in profits. 96% of revenue comes from transaction fees.
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Listed after 9 years of establishment… “A new milestone in the cryptocurrency industry”
If Coinbase is listed as scheduled, it is expected to become the first cryptocurrency exchange to be listed. It has been 9 years since it was established. Coinbase was founded in 2012 by Airbnb engineer Brian Armstrong and Goldman Sachs former Fred Essem.
In the industry, there is an expectation that the listing of Coinbase will be a new milestone in the virtual asset market such as Bitcoin. This is because the cryptocurrency that was treated illegally is gradually being accepted as an incident that is gradually entering the institutional sphere.
In fact, recently, U.S. investment bank Morgan Stanley has begun to accept cryptocurrencies that traditional banks and institutional investors regarded as speculative and highly volatile, with news that Wall Street was the first to operate a Bitcoin fund.
Here, when Coinbase is listed, those who have hesitated to invest in cryptocurrency will also open a way for them to buy Coinbase stock and indirectly invest in cryptocurrency.
CNBC evaluated that “SEC’s approval of the coinbase listing will be a milestone for cryptocurrency advocates.”
‘Solsol’ to list upbit on domestic flights in the wake of cryptocurrency boom
In the midst of this, in Korea, Dunamu, which operates Upbit, is listed on the US stock market. Some say that domestic exchanges can also benefit from the listing of Coinbase.
However, Dunamu has never disclosed concrete plans such as the selection of the host company. Dunamu officials have revealed only the principled position that “all possibilities are open and under review.”
Nevertheless, the continuing circumstance of listing seems to be related to the booming period of cryptocurrency exchanges. Cryptocurrency exchanges with transaction fee-based business models are making significant profits during the boom. It is said that it has reached its second heyday.
In particular, dunamu is estimated to account for more than 70% of the domestic cryptocurrency transaction value. Last year’s sales were totaled at 1767 billion won, up 26% from the previous year. In this year, cryptocurrency transactions are expected to increase significantly, and sales are expected to increase further. The corporate value is also estimated at 1.5 trillion won.