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FTX Coinbase Futures Soar 140% in First Hour of Trading
FTX worked with CM-Equity for legal clarity ahead of the launch.
By Zack Voell
Updated Mar 6, 2023, 3:15 p.m. Published Dec 22, 2020, 3:15 p.m.
Cryptocurrency traders showed their excitement for FTX’s pre-IPO Coinbase (CBSE) futures Tuesday morning by pushing the price above $295, a roughly 140% increase from the listing price of $125.
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- Newly launched Coinbase futures reported over $2.2 million in traded volume at last check, barely 12 hours after the market opened, making it the largest tokenized stock market on FTX by a significant margin.
- The next largest tokenized stock market on FTX – Moderna (MRNA) – reports barely $800,000 in volume.
- On Friday, CoinDesk first reported that FTX had plans to launch Coinbase futures, pending non-U.S. regulatory approval. The maverick exchange also launched a pre-IPO market for Airbnb futures earlier this month.
- Coinbase futures have retraced some of their initial gains, dropping to $235 at last check, up roughly 95% from the initial listing price.
- Based on current trading, FTX's pre-IPO futures assign Coinbase a rough market capitalization of over $58 billion, more than double the $28 billion value estimated by Messari in a Friday report.
Update (Dec. 22, 18:41 UTC): Last bullet added to reflect approximate market capitalization based on pre-IPO futures trading.
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Bitcoin's massive underperformance to stocks in Q4 bodes well for January, says K33's Lunde
After an active morning Tuesday, bitcoin flattened out in afternoon trading around the $87,500 area, up 2% over the past 24 hours.
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- Bitcoin held in the $87,500 in U.S. afternoon action on Tuesday, up 2% over the past 24 hours.
- K33 analyst Vetle Lunde suggested BTC's relative weakness to stocks this quarter could mean rebalancing-led buying once January rolls around.
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