Digital currency exchange Coinbase is going public as renewed investor interest in cryptocurrencies has pushed bitcoin to an all-time high. The IPO comes amid a record-breaking run for Bitcoin, which broke through $23,000. Brian Brooks, acting comptroller of the currency and former chief legal officer at Coinbase, joined “Squawk Box” on Friday to discuss. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
Digital currency exchange Coinbase is going public as renewed investor interest in cryptocurrencies has pushed bitcoin to an all-time high.
On Thursday the company announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission. Subscribe to CNBC PRO for access to investor and analyst insights on bitcoin and more: https://cnb.cx/2BT2E7y
California-based Coinbase, founded in 2012, has long been a go-to spot to buy and sell cryptocurrencies, and the company has grown into the largest digital currency exchange in the U.S.
The company’s filing comes on the heels of a surge in the price of bitcoin. On Thursday the largest cryptocurrency rallied more than 12% to top $23,000 for the first time on record, according to crypto market data provider Coin Metrics. The move came just one day after the cryptocurrency topped the $20,000 mark for the first time.
With Thursday’s jump, bitcoin is now up more than 200% for the year. Bitcoin has garnered much attention from investors lately, and Paul Tudor Jones and Stanley Druckenmiller are among those who have come out in favor of the cryptocurrency. Large financial companies like PayPal and Fidelity have also made moves in the space.
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