Deutsche Boerse to delist Coinbase shares tomorrow
Deutsche Boerse has revealed that it will delist Coinbase's shares (COIN) from its Xetra trading system and the Frankfurt stock exchange due to incorrect reference data. The company said the decision to delist the shares will be maintained until Coinbase resolves the administrative error.According to Reuters, when Coinbase's shares began trading on the platforms, a wrong reference code – the Legal Entity Identifier (LEI) code – was used by mistake. This error is the reason why Deutsche Boerse will be delisting the Coinbase shares starting tomorrow.
"The reason for the delisting is a missing reference data for these shares," Deutsche Boerse said. The stock exchange operator maintained that the delisting would remain in place until further notice.
The LEI code is required for identifying a stock. It is also a regulatory requirement for admission to trade. As a result, Deutsche Boerse pointed out that the only way Coinbase could resume trading in the German market was for the issuer to apply for an LEI.
Coinbase stated it was aware of the error and was working to resolve it. A Coinbase spokesperson 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."
This latest development could have further implications for Coinbase's listing in Germany. Clearstream, a Deutsche Boerse subsidiary and a major European player in the clearing and settlement of trades, revealed it would stop trading in Coinbase shares in the Frankfurt stock exchange starting tomorrow. The firm said it would resume settling trades in Coinbase shares if an LEI is provided.
Coinbase went public a week ago
The cryptocurrency exchange faced its first technical issue since listed on the NASDAQ stock exchange a week ago. COIN began trading at $380 per share on NASDAQ and quickly raced to a high of $429.However, it has since lost momentum and is trading at $311.92 on the stock exchange. The company was valued above $100 billion after its listing but now has a total market cap of $62.13 billion.
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