Coinsquare, one of Canada’s biggest digital currency exchanges, is targeting about $150 million (US$120 million) in an initial public offering in September to help finance an overseas expansion.
“The United States and the U.K. market are next,” Coinsquare Chief Executive Officer Cole Diamond said in an interview Tuesday, adding he expects to be operating in those markets in the second quarter. “We believe that we will be a strong competitor to Coinbase and other exchanges in the U.S. by the end of the year.”
Coinsquare plans to sell shares through an IPO on the main Toronto Stock Exchange, in contrast to several crypto companies which have used a shortcut to list on Canada’s junior TSX Venture Exchange in recent months via reverse takeovers. RTOs, as they’re known, don’t require a full securities commission review or the weighty prospectuses that are the hallmark of IPOs. The easy listing rules, however, have also opened the door to stock promotion, murky disclosures and spectacular volatility.