Coinbase, the largest crypto exchange in the US, announced to its shareholders that it is opening a secondary market for stocks on the Nasdaq Private Market.
“On Monday, January 25th, you will receive an email from the Nasdaq Private Market with details on how you can access the market, which stocks can be traded, and how the market will function,” Coinbase said in a posting.
The move will allow current and former employees of the company to sell shares. Nasdaq Private Market offers "controlled liquidity programs for pre-IPO companies that want to raise secondary capital for shareholders and investors."
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Last December, Coinbase applied to register a share offer with the US Securities and Exchange Commission (SEC).
Coinbase is expected to go public through a direct listing rather than an IPO. In the same month, the FTX crypto derivatives exchange launched futures contracts for the future value of Coinbase shares - according to The Block, the company is now valued at more than $ 70 billion.