Coinbase, the top US crypto exchange, said on Wednesday that it had registered around 114.9 million shares for its direct listing on the Nasdaq, which it's opted for instead of a traditional IPO.

The San Francisco-based exchange announced its plans to go public in January 2021, and it filed its Form S-1 with the SEC in February, providing would-be investors with a detailed overview of a company going public, including its financial information and risk factors.

Coinbase Direct Listing (Formerly IPO): Everything You Need To Know

The filing revealed that the exchange brought in a $322 million profit on revenues of over $1.2 billion in 2020.