Coinbase has tapped Goldman Sachs to lead its upcoming initial public offering, per a report by Business Insider that cited industry sources published Friday.
Coinbase announced Thursday it had filed preliminary documents with the U.S. Securities and Exchange Commission in preparation for a public offering.
The cryptocurrency exchange picked Goldman despite the fact that some teams at the investment bank have offered less-than-bullish commentary on bitcoin, including a report in May that outlined why bitcoin and other cryptocurrencies are “not an asset class.”
Earlier this week, the firm also published a memo to clients saying that bitcoin poses no serious thread to gold’s status as a last-resort monetary commodity.
Nonetheless, Goldman has been active in the cryptocurrency industry from early on, including investments in Circle, Bitgo and other leading companies.
Coinbase declined to comment on the report.