Coinbase, a top cryptocurrency company, files for initial public offering.

The cryptocurrency company Coinbase has joined the rush of start-ups looking to go public.

The company said on Thursday that it had filed confidentially for an initial public offering with the Securities and Exchange Commission. It gave few other details.

Coinbase, which is based in San Francisco, has become the most valuable American cryptocurrency company by making it easy for people to buy and sell Bitcoin and other digital tokens. The firm takes a fee each time a customer places a trade order. When the company last raised private funding in 2018, it was valued at $8 billion.

Coinbase, which was founded in 2012, has raked in hefty revenues recently as the price of cryptocurrencies has shot up. Bitcoin’s value hit a record high earlier this month and has surged over the past two days.

On Wednesday, the price of a Bitcoin rose above $20,000 for the first time. On Thursday, it rocketed above $23,000.

But Coinbase has also been hit by questions in recent months over its management practices and its treatment of minority employees. In late 2018 and early 2019, the company experienced a mass departure of 15 Black employees; at least 11 of them had informed the human resources department or their managers about what they said was racist or discriminatory treatment at the start-up.

The company said that it plans to launch its I.P.O. after the S.E.C. “completes its review process, subject to market and other conditions.”

In recent weeks, the home-rental company Airbnb and the food delivery company DoorDash have both gone public and soared in their first day of trading, generating new interest in tech-related companies.

Source: Read Full Article