In February, Coinbase announced its decision to undergo an initial public offering which had ripple effects on the entire industry stoking bullish flames. The plan was to began offering shares on NASDAQ but has been postponed for a month.

In its S-1 Prospectus it was disclosed that as of 2020 they offered their services to 43 million users and hold a total of 90 billion dollars worth of assets in their trust. 2020 saw a phenomenal year for cryptocurrencies and Bitcoin in particular, which saw the company end the year with 1.2 billion dollars in revenue. This was definitely a factor in the decision to go public. It had registered 114,850,769 shares which would go for roughly 343 dollars a piece.

The commodity Futures Trading Commission was accusing Coinbase of “Coinbase recklessly delivered false, misleading, or inaccurate reports concerning transactions in digital assets.”  in the years between 2015 and 2018. This, as well as a former member of staff performing wash trading of litecoin and bitcoin which is banned, was settled through a fine of 6.5 million dollars but has clearly rattled confidence in a successful IPO. In a statement to 'The Verge', a Coinbase spokesperson, would not confirm or deny the charges and also highlighted that the regulator's report did not submit any findings of harm to Coinbase customers.

Sources close to Bloomberg claim that plans to go ahead and trade on NASDAQ this month have 'slipped'.