Coinbase gets all-clear from SEC, setting stage for landmark crypto listing

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FILE PHOTO: Representations of virtual currency Bitcoin and U.S. dollar banknotes are seen in this picture illustration

(Reuters) -Coinbase Global Inc, the largest U.S. cryptocurrency exchange, has received approval from the U.S. Securities and Exchange Commission (SEC) to list its shares on the Nasdaq, paving the way for what will be a landmark victory for cryptocurrency advocates.

The company, which plans to go public through a so-called direct listing, expects to list its shares on the Nasdaq under the ticker 'COIN' on April 14.

In a direct listing, no shares are sold in advance, as is the case with an initial public offering (IPO). The company's share price is determined by orders coming into the stock exchange. Advocates argue it is a better way to price new stock rather than an IPO.

In a regulatory filing last month, Coinbase said its stock in the private market traded at a weighted average price of $343.58 in the first quarter of 2021 through March 15, a nearly 13-fold jump in its valuation to around $68 billion in the space of a few months.

(Reporting by Dania Nadeem in Bengaluru; Editing by Krishna Chandra Eluri)