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FTX Trade Launches Pre-IPO Futures Contracts for the Coinbase Public Itemizing

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After the San Francisco-based exchange Coinbase announced it would register with the US Securities and Exchange Commission to conduct an IPO, Sam Bankman-Fried, CEO of FTX Exchange, said the company would launch pre-IPO futures. On December 21st, Bankman-Fried announced that the start is now live and that Coinbase pre-IPO futures contracts will now be exchanged for USD 235 per share.

People can bet on Coinbase’s IPO by using Coinbase futures contracts before going public on the FTX Exchange crypto trading platform. FTX is known for launching futures markets on interesting topics like the recent 2020 election results and pre-IPO contracts for Airbnb.

After Sam Bankman-Fried, CEO of FTX Exchange, detailed that FTX could launch pre-IPO futures products for the Coinbase IPO, he announced the launch on Twitter.

“Ok guys, we did it,” tweeted Bankman-Fried. “With a spot margin of up to 5x,” added the FTX CEO.

According to the contract specifications, the “CB Pre-IPO Contracts” represent a futures contract, the value of which is linked to the market valuation of Coinbase Inc. at the end of the first trading day.

FTX Exchange Launches Pre-IPO Futures Contracts for Public Listing by Coinbase

The contracts are settled by exchanging crypto assets. As these are futures products, the FTC CB pre-IPO contracts have “no claim to delivery of the underlying rights or the rights of shareholders”. The new FTX Coinbase Futures market has seen significant trading volume so far, reaching $ 2.2M in volume in the past 24 hours.

At the time of publication, the Coinbase contracts will trade for $ 235 per share against the US dollar prior to going public. Additionally, members of the decentralized finance (defi) community created an unofficial Coinbase Futures IOU that was exchanged on decentralized exchange (Dex) platforms such as Uniswap and Sushiswap.

Since the company announced its IPO, crypto advocates have been discussing the first public listing for the exchange of cryptocurrencies.

“I just got big flashbacks on Amazon’s initial public offering in the 1990s when I was a trader on a large sell-side desk,” one person tweeted. “Feels very similar in several ways, including industry background and public sentiment, the latter involving a tremendous amount of skepticism and contempt,” he added.

There has been a lot of guesswork about what Coinbase will be worth after going public, and some estimates suggest it could be over $ 28 billion. The San Francisco Stock Exchange has grown tremendously with more than 35 million users in over 100 countries.

Coinbase has already raised $ 500 million in equity funding from Greylock Partners, Andreessen Horowitz, MUFG, Tiger Capital Management, and others. In 2018, Coinbase raised $ 300 million in a Series E funding round and was valued at around $ 8 billion.

What do you think of the Coinbase IPO pre-IPO futures contracts? Let us know what you think on this matter in the comments section below.

Tags in this story

Coinbase, Coinbase IPO-Futures, Cryptocurrency Exchange, Finance, Financial Institution, ftx, FTX Exchange, Initial Public Offering, IPO, Pre-IPO-Futures, Stock Exchange Listing, Sam Bankman-Fried, San Francisco Exchange, US SEC

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