Cryptocurrency exchange Coinbase Inc. has started preparing for an initial public offering later this year or early next year, according to a report today from Reuters.

Quoting three people familiar with the matter, Reuters claims that the plans are still subject to change and that the company has not yet registered with the U.S. Securities and Exchange Commission. Coinbase reportedly has held preliminary talks with investment banks and law firms for its potential float.

Exactly what form Coinbase going public may take is subject to speculation. The bank talks suggest the company is considering a traditional public offering, but that does not necessarily rule out a direct listing at this stage and the Reuters report notes that Coinbase is looking at that option.

Direct listings, while still a niche way to go public, have slowly grown in popularity among mature tech startups looking to avoid the costs involved in a traditional IPO. Palantir Inc. is reported to be taking that option later this year, following in the footsteps of Spotify Technology SA and Slack Technologies Inc.

The market capitalization of Coinbase as of its public offering is also uncertain. As of its last venture capital round in 2018, Coinbase was valued at $8 billion but since that time it has kept growing both organically and through acquisitions.

Coinbase, as the largest U.S. registered cryptocurrency exchange, has been voracious in acquiring smaller startups, including blockchain tracking startup Neutrino srl in February 2019, bitcoin custody provider Xapo Inc. in August and the Peter Thiel-backed cryptocurrency brokerage startup Tagomi Systems Inc. in May.

Should Coinbase pursue an IPO, it will be the first U.S. cryptocurrency exchange to go public on a major market. The company’s main challenge may be the U.S. Securities and Exchange Commission. Although seemingly more generous toward cryptocurrency companies and offerings of late — the approval of Arca’s U.S. Treasury Fund July 6 as a case in point — the SEC is still strict when it comes to anything related to cryptocurrencies.

Coming into its potential IPO, Coinbase has raised $547.3 million in venture capital, according to Crunchbase. Investors include Tiger Global Management, Y Combinator Continuity, Wellington Management, Andreessen Horowitz, PolychainSection 32, Balyasny Asset Management, Draper Associates, Battery Ventures, Greylock Partners, Tusk Ventures, Spark Capital, Bank Of Tokyo, USAA, DFJ, BlockChain Capital and the New York Stock Exchange.

Image: Coinbase