Coinbase said on Wednesday it had registered about 114.9 million shares for its direct listing on the Nasdaq, setting the U.S. cryptocurrency exchange up for the highest-profile listing from a firm primarily focused on digital currency.

Coinbase Global Inc, among the most well-known cryptocurrency platforms globally, said in December it had confidentially applied with the U.S. Securities and Exchange Commission to go public.

A successful listing by Coinbase would represent a landmark victory for cryptocurrency advocates, vying for mainstream endorsement for a sector which has struggled to win the trust of mainstream investors, regulators and the general public.

It could also be seen as a tacit regulatory approval of assets traded on Coinbase’s platform. The company has more than 43 million users in more than 100 countries.

San Francisco-based Coinbase’s potential listing comes as bitcoin hit a record high of $61,781.83 on Saturday. The price of the currency has fallen since then as investors consolidated gains and amid plans by India to ban cryptocurrencies.

A regulatory filing last month which provided the first detailed look at Coinbase’s finances, since it was founded in 2012, showed it had swung to a profit last year as bitcoin surged.

A clutch of other crypto firms including Cipher Mining Inc are pushing ahead with listing plans despite regulatory uncertainty.

-Reuters