Coinbase is getting ready to go public. On Thursday, the major cryptocurrency exchange filed preliminary documents with the U.S. Securities and Exchange Commission (SEC).
Coinbase has been the target of IPO speculation for months. But the timing, coming just one day after bitcoin broke $20,000 for the first time ever, cannot be ignored. The major exchange is positioning itself as Wall Street’s most accessible bet yet on cryptocurrency.
“The Form S-1 is expected to become effective after the SEC completes its review process, subject to market and other conditions,” the firm wrote in a sparse blog post.
Coinbase said it filed confidentially with the SEC. That’s the first formal step on the long road to a public offering. The document, which likely includes target raise, was not available at press time.
A Coinbase spokesman declined to comment further.
The company’s influence touches all corners of the cryptocurrency industry. It is a major hub for retail bitcoin trading and a gateway for alternative cryptocurrencies. Its institutional business is growing faster than MicroStrategy’s sats pile. It has an analytics team, a stablecoin in partnership with Circle, a ventures wing and a commerce department.
All of that could appeal to a Wall Street class eager for exposure to the cryptocurrency markets.
This story will be updated.
Zack Seward contributed reporting.