Coinbase Pops Then Drops

Happy Coinbase Day, Blockfolians!

The Lede

After a ton of anticipation, Coinbase finally went public via direct listing today. Trading didn’t start until early afternoon and when it did, $COIN went straight up…. And then straight down.

One of the things that differentiates direct listings from IPOs is the potential for volatility. Shareholders don’t have lockups. Big institutional investors don’t have an incentive to defend a certain price. Things can get wild.

In other words, the model definitely fits the crypto crowd!

When it comes to the significance of the moment, many people captured it pretty well on Twitter. We liked Sam’s take. This is about the future, and it’s only just getting started.

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Highly Relevant Reading

  • Goldman Sachs CEO discusses crypto on their earnings call

  • Gary Gensler confirmed as SEC Chair

  • VanEck launches new digital asset ETF

  • DOGE hits a new ATH because why not


Community Commentary

Okay this is epic.
Okay this is even more epic.

A Really Big Number We Should Be Paying Attention To

$20,000

That’s the starting offer for 200,000 $COIN shares back in 2013 on BitcoinTalk


Final Thought

The agony.