Cryptocurrency exchange Coinsquare is planning to raise $150 million in an IPO in September, according to a report from Bloomberg.
The money will go towards expanding to the US and the UK; Coinsquare CEO Cole Diamond said he expects to be operating in those markets in the second quarter.
Coinsquare is planning to sell shares through the Toronto Stock Exchange. The company said it is avoiding the reverse takeover route to list on the exchange, which doesn’t require a full securities commission review compared to IPOs. In fact, Diamond said that an IPO is one of the best ways to prove it’s transparent compared to other exchanges. “We believe that there are a tremendous amount of low-quality deals going public,” Diamond told Bloomberg.
The company is currently in the process of raising $50 million in financing led by Canaccord and Cormark Securities. In early December, Coinsquare raised a $10.5 million Series A.