Cryptocurrency platform Coinbase just confidentially filed paperwork to go public as bitcoin hits new all-time high

Cryptocurrency platform Coinbase just confidentially filed paperwork to go public as bitcoin hits new all-time high

Coinbase Founder and CEO Brian Armstrong attends Consensus 2019 at the Hilton Midtown on May 15, 2019 in New York City.







Steven Ferdman/Getty Images













Coinbase, a platform widely used to buy, sell, and store cryptocurrency, filed a confidential draft registration on Form S-1 with the SEC on Thursday, the first step towards an initial public offering.

The news comes as bitcoin hit a new all-time high, bolstering other cryptocurrencies.

Visit Business Insider's homepage for more stories.

The major cryptocurrency platform Coinbase confidentially filed IPO paperwork to the Securities and Exchange Commission, the company announced Thursday, officially setting off the process to go public in the future.

The company has been preparing for an initial public offering since July, according to Reuters. Coinbase would be the first major US Cryptocurrency exchange to go public.

Coinbase was founded in 2012 by current CEO and board director Brian Armstrong and board director Fred Ehrsam. The company has raised $525 million to date and was last valued at $8 billion, according to Pitchbook.

The news comes as Bitcoin hits new highs, with a record price of $23,770.85 on Thursday, bolstering the