It’s been a long time coming, but Coinbase finally filed to go public on Thursday. The popular cryptocurrency exchange submitted a Form S-1 to the Securities and Exchange Commission (SEC), officially kicking off the process to become a publicly-traded company.

While the filing is a big step forward for Coinbase, it’s still just the beginning of the road to an initial public offering (IPO). Here’s a look at what’s still to come and when investors might be able to buy shares of the company.

The first thing to know is that there is no set timeline for Coinbase’s IPO. The filing is just the first step in a lengthy process that could take months, or even years, to play out.

Coinbase will now start working with underwriters, banks that will help sell its shares to institutional and retail investors. Once that process is complete, Coinbase will set a date for its IPO and begin marketing its shares to potential investors.

This all takes time, so don’t expect Coinbase to go public overnight. It’s possible that the IPO could happen late this year or early next year, but it’s also possible that it could take longer.

Once Coinbase does go public, there will be another important decision to make: which stock exchange it will list on. The most likely option is the NAsdaq, which is home to other high-profile tech IPOs like Spotify (SPOT) and Slack (WORK).

But nothing has been decided yet, so stay tuned.

So when will investors be able to buy shares of Coinbase? It’s hard to say for sure, but sometime in 2021 seems like a good bet. And when that day comes, it will be a landmark event for both the crypto world and Wall Street.