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FTX Exchange Lists WallStreetBets Futures to Capitalize on Investing Movement
The futures contract is based on a basket of stocks being targeted by WallStreetBets and dogecoin.
Updated Sep 14, 2021, 11:03 a.m. Published Jan 29, 2021, 12:21 p.m.
Cryptocurrency derivatives exchange FTX has listed a WallStreetBets (WSB) index quarterly futures contract in a bid to capitalize on the retail trading fervor that exploded in recent days.
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Announced Thursday via blog post, the basket of markets that make up the contract include stocks being targeted by the Reddit trading group – Nokia (NOK), BlackBerry (BB), AMC Entertainment (AMC), GameStop (GME), iShares Silver Trust (SLV) – as well as the dogecoin (DOGE) cryptocurrency and FTX's native token FTT.
The stocks and DOGE comprise 99% of the index, while FTT accounts for just 1%.
The listing comes at a time when demand for WSB-related stocks has skyrocketed in the last week, fueled by a social media trading frenzy that has targeted short-sellers and rocked the equities markets.
Apparently also caught up in the everyday trading trend is dogecoin, which soared Thursday to new record highs.
See also: WallStreetBets Reddit Group: What Is It?
"WSB-related stocks have been our most requested products ever," FTX's CEO Sam Bankman-Fried told CoinDesk via Telegram. "There's a ton of interest in trading WSB related stocks and [cryptos] right now ... the fact that many platforms are having trouble offering them is creating more demand."
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