Deutsche Boerse has decided against the delisting of Coinbase Inc shares from its Xetra and Frankfurt stock exchange after the cryptocurrency exchange offered the necessary reference code called LEI code for the missing data. Coinbase on Wednesday had acknowledged the data error and said,
“We’re aware of an administrative error that has made it necessary for Coinbase to resubmit certain documentation to certain European stock exchanges. There have been no interruptions to the trading of Coinbase stock at this time. We are working to resolve this as quickly as possible.”
Earlier the Deutsche Boerse had decided to delist Coinbase shares owing to a critical missing data on Friday. The exchange had said earlier,
“The reason for the de-listing is a missing reference data for these shares. The only way for Coinbase to resume trading is for the issuer to apply for an LEI,”
Coinbase made its public debut in the first week of April on Nasdaq amid much fanfare with a massive $89 billion valuation. Many called it a breakthrough moment for the cryptocurrency space as this bull season has not just propelled Bitcoin and other cryptocurrencies to new ATHs, but many cryptocurrency companies also saw their valuation reach new highs including the likes of Coinbase, BlockFi, and Chainalysis.
Coinbase Overcomes two Major Issues Post Public Listing
The Coinbase exchange has averted the delisting from Deutsche Boerse at the last moment and also tackled a major FUD within weeks of making its public debut. A social media post went viral last week claiming the founders of the cryptocurrency exchange have dumped in upwards of 70% of their shareholdings.
This bull season has seen several cryptocurrency companies make their public debut while many more are working on their public debut for later this year including Kraken and a few Bitcoin mining companies.