One of crypto's most-anticipated initial public offerings is one step closer.
On Thursday, Coinbase announced that the firm had sent its draft registration for a public offering to the Securities and Exchange Commission. The company wrote that:
"The Form S-1 is expected to become effective after the SEC completes its review process, subject to market and other conditions."
Per its last valuation, Coinbase was worth $8 billion, but that was a long time ago. As it stands, the firm is one of the biggest names in crypto, and has a reputation for working well with U.S. regulators.
Though the draft is still awaiting review, Coinbase has been eyeing an IPO for some time.
This story is breaking and will be subject to updates.