German stock exchanges will delist Coinbase shares, citing 'missing reference data'

Published at: April 21, 2021

The Deutsche Boerse Group has said it will delist Coinbase's stock listing on its Xetra digital stock exchange as well as the Frankfurt Stock Exchange.

According to Reuters, Deutsche Boerse said it would delist Coinbase Global from the two exchanges due to "missing reference data" for the shares. The group said someone involved in listing the Coinbase shares used an incorrect Legal Entity Identifier, or LEI, code. The code is a regulatory requirement for any companies participating in financial transactions.

Unless Coinbase or Deutsche Boerse takes action, the stock will no longer be listed on Xetra or the Frankfurt Stock Exchange starting at the end of trading on Friday, April 23. The group added the measures would continue until further notice.

“The only way for Coinbase to resume trading is for the issuer to apply for an LEI,” said Deutsche Boerse.

Coinbase made headlines last week as the company became the first major cryptocurrency exchange to make a direct listing on Nasdaq. In the run-up to the stock’s debut, COIN’s reference price was set at $250, with the price surging to roughly $430 after the shares began trading on April 14. At the time of publication, COIN’s value is $314, having fallen 2% in the last 24 hours.

Deutsche Boerse’s electronic trading platform has been responsible for listing several crypto exchange-traded products, or ETPs, in recent weeks. Last Wednesday, London-based ETC Group launched its physical Litecoin exchanged-traded crypto on Xetra, following the platform starting trading for ETC’s Ether (ETH) exchange-traded commodity product and 21Shares’ Ether and Bitcoin Cash (BCH) ETPs.

Tags
Trading
Business
Coinbase
Stocks
Germany
Related Posts
Coinbase Custody to Hold Assets Backing 21Shares’ Bitcoin ETP
21Shares, an asset manager specialized in cryptocurrencies, has chosen the custody service offered by crypto exchange Coinbase for its Bitcoin (BTC) exchange-traded product. According to a Wednesday Coinbase announcement, 21Shares will use Coinbase Custody to secure the Bitcoin backing the ETP launching Thursday. The derivative will launch on Deutsche Borse’s Xetra — Germany’s second-largest stock exchange. The product is purportedly the first physically backed Bitcoin ETP in Europe. Cryptocurrency derivatives see explosive growth Cryptocurrency derivatives are seeing new developments increasingly often. In late February, 21Shares also launched an inverse Bitcoin ETP called Short Bitcoin on Xetra. In January, the same …
Bitcoin / July 1, 2020
Coinbase's COIN stock trading on Nasdaq is off to a rocky start
Trading has already begun on Coinbase’s COIN stock on the Nasdaq after weeks of anticipation following the U.S. exchange giant’s direct listing announcement. COIN began trading significantly higher than the $250 reference stock price assigned by Nasdaq prior to the market open, rising quickly to around $430. The price fell sharply within the first few minutes of trading however, and sits at $381 at time of publication. Even so, COIN is up about 55%, putting the U.S. crypto exchange giant’s valuation at just under $100 billion. Enthusiasm for COIN exposure is also evident among crypto traders judging from the preliminary …
Trading / April 14, 2021
COIN recap: Comparing Coinbase’s first day to other major public listings
American crypto exchange giant Coinbase went public on Wednesday with a direct listing on Nasdaq. The company’s performance on day one has been hailed as being positive overall, with Coinbase becoming the most valuable exchange in the United States ahead of legacy players such as the Chicago Mercantile Exchange. Coinbase’s first day of trading was seen by market commentators as a watershed moment for the crypto space, but how does its performance compare with that of other major companies to go public in the last decade? Trading under the ticker “COIN,” Coinbase stock opened at $381, which as expected, was …
Trading / April 15, 2021
Coinbase’s Q2 profits top $1.6B as ETH volume surpasses BTC’s for the first time
Coinbase generated $2.23 billion of revenue for the second quarter of 2021, as Ether (ETH) trading volume surpassed Bitcoin’s (BTC) for the first time on the platform. Coinbase posted its Q2 report on Tuesday, and the crypto exchange’s revenue beat analyst predictions — with industry-standard financial estimators Refinitiv forecasting $1.78 billion in expected revenue for the firm. Coinbase’s earnings per share came in at $3.45, compared to estimates of $2.33. The trading platform posted a net profit of $1.6 billion in Q2, a whopping increase of 4,900% compared to the $32 million recorded in the same period in 2020. For …
Trading / Aug. 11, 2021
Coinbase CEO responds to insider trading allegations with changes for token listings
After some crypto sleuths made allegations of insider trading by individuals potentially connected to Coinbase, CEO Brian Armstrong said the crypto exchange would change some of its token listing practices. In a Thursday blog post, Armstrong did not confirm whether any Coinbase employees had received disciplinary action or been referred for criminal charges in response to allegedly receiving insider information used to profit off certain token listings. According to the CEO, Coinbase planned to change its listing process over the next few quarters “to try and prevent on-chain data giving signal to watchful traders,” to allow users to rate and …
Trading / April 29, 2022