{"id":163493,"date":"2021-06-12T06:00:09","date_gmt":"2021-06-12T00:30:09","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=163493"},"modified":"2021-06-11T19:32:01","modified_gmt":"2021-06-11T14:02:01","slug":"what-lesson-is-kraken-taking-from-coinbases-direct-listing","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/what-lesson-is-kraken-taking-from-coinbases-direct-listing\/","title":{"rendered":"What lesson is Kraken taking from Coinbase’s direct listing?"},"content":{"rendered":"

Is the mixed response to Coinbase’s\u00a0direct listing forcing other crypto-exchanges to take a step back before going public? A recent development would suggest so.<\/p>\n

Kraken, at the time of writing, was the 3rd largest exchange when ranked by volume.<\/a> However, its plans to go public\u00a0via a direct listing\u00a0<\/a>might be on hold. At least for the time being.<\/p>\n

The same was alluded to during a recent interview<\/a> with Fortune by Kraken CEO Jesse Powell.<\/p>\n

Direct listing v. IPO<\/strong><\/p>\n

According to Powell, Kraken is now taking a harder look at going public, especially when it comes to a direct listing.<\/p>\n

“An IPO is looking a little more attractive in light of the direct listing\u2019s performance.”<\/p><\/blockquote>\n

He added,<\/p>\n

“I would say we\u2019re looking at it more seriously now having the benefit of seeing how the direct public offering played out for Coinbase.”<\/p><\/blockquote>\n

A traditional IPO might look more attractive than a direct listing, after Coinbase\u2019s tumultuous results, but what happened?<\/p>\n

Coinbase’s struggles post-direct listing<\/strong><\/p>\n

Coinbase saw its initial valuation cut by roughly a third, going public at over $68B to a present-day valuation of $48B. Per share, Coinbase\u2019s stock COIN launched with a price of around $327 on 14 April. However, despite the associated enthusiasm, its performance<\/a> has seen a steep decline of around 32.4%, pushing it to trade at around $221 on the 11th of June.<\/p>\n

\"\"<\/a>
Source: Nasdaq<\/a><\/figcaption><\/figure>\n

One of the main reasons could be the sale of nearly $5 billion<\/a> in COIN stock shortly after its listing.<\/p>\n

According to the Kraken exec,<\/p>\n

“Not having lock-ups, having billions of dollars of insiders be able to dump their shares, you know, on day one […] I think it has a dampening effect on the market.”<\/p><\/blockquote>\n

The CEO also went on to highlight other reasons as well which could have signaled the same.<\/p>\n

“I think you might be seeing people just facing this cognitive dissonance of becoming increasingly aware of the impending doom that’s coming to the legacy financial system.”<\/p><\/blockquote>\n

Can Kraken crack this?<\/strong><\/p>\n

Irrespective of their previous results, however, can the firm go public, and if so then how?<\/p>\n

Even though Brian Armstrong, the CEO of Coinbase saw public listing as appropriate, Kraken CEO didn’t fall in line with it.<\/p>\n

“The roadmap is still not entirely clear- we’ll see how the market looks in the second half of next year, before deciding on which method to take for a public listing.”<\/p><\/blockquote>\n

That being said, he didn’t pinpoint his options in the said interview. An IPO? SPAC? Direct listing later down the line? Powell didn’t give any clues.<\/p>\n

It’s worth noting, however, that he did signal a thumbs down for SPAC, or special purpose acquisition companies, in a CNBC interview<\/a> earlier this year.<\/p>\n

“If Kraken would decide to go public, it would do so through a direct listing and not through a SPAC as we are too big to go that route.”<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Is the mixed response to Coinbase’s\u00a0direct listing forcing other crypto-exchanges to take a step back before going public? A recent development would suggest so. Kraken, at the time of writing, was the 3rd largest exchange when ranked by volume. However, its plans to go public\u00a0via a direct listing\u00a0might be on hold. At least for theContinue reading “What lesson is Kraken taking from Coinbase’s direct listing?”<\/span><\/a><\/p>\n","protected":false},"author":68,"featured_media":163570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[66,3,4,20],"tags":[],"class_list":["post-163493","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nWhat lesson is Kraken taking from Coinbase's direct listing? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"\u00a0Kraken, at the time of writing, was the 3rd largest exchange when ranked by volume. 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