Breaking News | Reuters: Coinbase is preparing to go public on the US stock market, with a valuation of at least $8 billion.

According to a report by Reuters on the evening of the 9th, three sources familiar with the matter revealed to Reuters that the U.S. cryptocurrency exchange Coinbase is preparing for a stock market listing and is expected to submit its listing application to the SEC by the end of this year at the earliest. If approved by the SEC, this not only signifies Coinbase becoming the first publicly listed cryptocurrency exchange, but also marks an important milestone for cryptocurrencies moving towards mainstream adoption.

Valuation of at Least $8 Billion in 2018

According to sources, Coinbase was valued at over $8 billion in its 2018 private financing round, with plans to go public through a direct listing rather than an IPO.

Founded in 2012, this cryptocurrency exchange is one of the largest in the world, with a loyal user base globally despite offering fewer trading pairs.

Its more stringent listing mechanism often leads to a surge in prices upon listing, but in recent years, Coinbase has increased the frequency of its listings.

BNB Market Cap of $26 Billion

As of the deadline, Binance, ranked first on both CoinMarketCap and CoinGecko, has a platform token BNB market cap of $26 billion. If the platform token is considered part of the exchange's valuation, Coinbase's rumored valuation would surpass that of all exchanges.

Binance's Zhao Changpeng: Congratulations, but We Won't IPO

Binance founder Zhao Changpeng immediately commented that he rarely remarks on other exchanges but congratulated Coinbase for paving the way for the cryptocurrency industry! However, he also stated that Binance will not IPO, as they aim to be more decentralized.