Coinbase, Goldman Sachs, IPO

Coinbase has tapped Goldman Sachs to lead its upcoming initial public offering, per a report by Business Insider that cited industry sources published Friday.

  • Coinbase announced Thursday it’d filed preliminary documents with the U.S. Securities and Exchange Commission in preparation for a public offering.
  • The cryptocurrency exchange picked Goldman despite the fact that some teams at the investment bank have offered less-than-bullish commentary on bitcoin, including a report in May that outlined why bitcoin and other cryptocurrencies are “not an asset class.”
  • Earlier this week, the firm also published a memo to clients saying that bitcoin poses no serious thread to gold’s status as a last-resort monetary commodity.
  • Nonetheless, Goldman has been active in the cryptocurrency industry from early on, including investments in Circle, Bitgo and other leading companies.
  • Coinbase declined to comment on the report.
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