So if anyone is wondering why Bitcoin has been going crazy here’s why…
Soon you’ll be able to buy the company that helps you buy Bitcoin.
Coinbase, the largest cryptocurrency exchange in the U.S., has announced plans to go public on April 14 with the ticker COIN—but it will eschew the traditional initial public offering (IPO) process of hiring investment banks to drum up interest and finance the deal.
Instead, Coinbase plans to post its shares straight on the Nasdaq stock exchange via a so-called direct listing, a technique pioneered by big names like Spotify (SPOT) and Palantir (PLTR) in recent years.
“Bitcoin’s rally today is likely driven by the commotion around the Coinbase listing,” said Ben Caselin, head of strategy at cryptocurrency options exchange AAX.
“However, after consolidating around the $55,000 level for over a month, bitcoin’s upswing has also been a long time coming.”
In recent months, adoption by a growing number of big players has added legitimacy to bitcoin and the crypto world and helped drive the price higher.
Tesla, BNY Mellon, Mastercard, BlackRock and JPMorgan are just some of the companies that are getting involved in cryptocurrencies one way or another.
