If you watched any financial news during the week of April 14, 2021, you probably heard about the record-breaking direct listing of Coinbase on the NASDAQ.
Founded in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase has grown to be the largest cryptocurrency exchange in the United States and one of the most used in the world.
From 150K seed capital, Brian and the Coinbase team have grown the company to a $65 Billion market cap in under 10 years.
As with a lot of startups, it’s doubtful much dating happened with sleeping in the office and 100 hour weeks not uncommon.
With an initial guidance price of $250, the stock rose above $400 before settling around the $350 range.
As well as anyone willing to trade the price of the tokenized stock, pre-listing traders were able to lend those tokenized stocks to other margin traders at a rate that got as high as 35% a year.
Binance, one of the world’s largest digital asset exchanges, has just added tokenized stocks to their suite of products.
“Disruptive innovation is often not priced correctly by traditional investment strategies because people may not understand how big the ultimate opportunities are going to be.