Investors eager to get their hands on Coinbase Global stock once the company goes public will have to wait a bit longer than originally anticipated. According to a report published Monday by Bloomberg and citing “people familiar with the matter,” the cryptocurrency exchange has delayed its direct public offering (DPO) to sometime in April. Coinbase previously planned to launch its issue this month.
In contrast to an initial public offering (IPO) underwritten (i.e., initially subscribed and sold by investment bank underwriters), a DPO is when a company sells its shares directly to investors via a stock exchange, in Coinbase’s case the Nasdaq. Coinbase will be the first major company to enact a DPO issue routed through the Nasdaq; previous ones were made via the New York Stock Exchange.