According to the Block, exchange operator Coinbase has chosen Nasdaq as the venue for its direct listing.

The firm's plan to tap the public markets in the coming weeks follows a secondary offering on Nasdaq Private Market. 

On January 25, Nasdaq Private Market launched a secondary market for Coinbase stock, a move that allowed shareholders with vested equity to sell shares. Nasdaq Private Market offers services for companies ahead of an IPO, including "controlled liquidity programs for pre-IPO companies looking to raise secondary capital for shareholders and investors."

It is reported shares on Nasdaq Private Market were matched at a price of $200. 

That calculation also represents a major discount from where pre-IPO futures contracts are trading for Coinbase on FTX. Shares are trading at $277, implying a valuation just below $70 billion. 

Coinbase opting for Nasdaq over the New York Stock Exchange (NYSE) represents a big win for the firm. NYSE conducted the direct listings of several other unicorns, including Spotify, and in December, the SEC signed off on a plan by NYSE to allow companies to raise funds through a direct listing. NYSE also invested in Coinbase's $75 million funding round in 2015.

Typically, direct listings are a strong option for a firm with an established brand name seeking liquidity for its stakeholders versus raising new capital.