Coinbase is planning to go public via a direct listing. A review of the exchange’s Form S-1 submission is currently in process.

Rather than an IPO, Coinbase announced yesterday that they are making plans for a direct listing.

Coinbase Plans Direct Listing

Coinbase is planning to go public via a direct listing. The cryptocurrency giant announced the news via its blog yesterday.

The post read:

“Coinbase Global, Inc. today announced its intent to become a publicly-traded company pursuant to a proposed direct listing of its Class A common stock. Such proposed listing is expected to be pursuant to a registration statement on Form S-1 with the Securities and Exchange Commission (the ‘SEC’).”

Last month, the exchange shared the news that it had confidentially filed a Form S-1 with the SEC. The company was initially thought to be planning for an Initial Public Offering, though yesterday’s update suggests otherwise.

A direct listing involves making stocks available to the open market without issuing new shares. Unlike an Initial Public Offering, a direct listing doesn’t require any underwriters, and it’s not typically used as a means of raising capital.

Coinbase’s proposed direct listing sits on the SEC’s assessment of its Form S-1. The review is still in process.

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