Coinbase Delays Nasdaq Listing To April

Coinbase, the world's second-largest cryptocurrency exchange by volume, has reportedly delayed its listing on Nasdaq after the company had to pay a fine to the Commodity Futures Trading Commission (CFTC).

Yesterday, it was announced that the United States' leading exchange company will have to pay $6.5 million in a settlement with the Commodity Futures Trading Commission (CFTC) over allegations the exchange “self-traded” digital assets between 2015 and 2018.  

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This week, Coinbase’s backers registered for as many as 114.9 million shares to trade when the stock lists. In a direct listing, investors can begin selling their holdings as soon as a company starts trading rather than waiting for the expiration of a lockup period — typically up to six months in an IPO. Coinbase Class A shares will debut on the Nasdaq Global Select Market under the ticker "COIN."

No reason was given for the delay, but a Bloomberg report noted that the U.S. Securities and Exchange Commission (SEC) has been reviewing the San Francisco-based exchange's plan for a direct listing.

The company's debut will be the first major direct listing to take place on the Nasdaq, as all such previous listings were on the New York Stock Exchange.