Coinbase’s stock, represented by a cryptocurrency, jumps to $296 after its launch on the FTX platform
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Answer Coinbase’s stock, represented by a cryptocurrency, jumps to $296 after its launch on the FTX platform
We previously presented an article on Arab Bitcoin dealing with the possibility of buying “Coinbase” shares in the form of cryptocurrencies on the FTX platform.
How to buy Coinbase shares for cryptocurrency trading before the IPO?
After it has been prepared, Launched Cryptocurrency exchange FTX this morning shares “Coinbase” in the form of a cryptocurrency called “CBSE”.
Well guys we did it
A positional margin of up to 5x! pic.twitter.com/asvRx0EEZk
– SBF (SBF_Alameda) December 22, 2020
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This digital currency, represented by Coinbase, has witnessed a trading volume of more than $2 million in the past few hours and is being traded Currently Priced at $235.
The new digital currency was popular with traders looking to bet on the high valuation of the upcoming Coinbase IPO.
The “Coinbase” stock is not the first to be offered in the form of digital currency and is traded on the cryptocurrency trading platform, but the FTX platform has previously listed many shares of international companies in the form of digital currencies, including Tesla, Facebook, Google …
For those who ask how to represent the value of these digital currencies, they are based on the value of the real shares backed by the German financial institution “CM-Equity”, which in turn owns the actual shares represented by the digital currencies.
Coinbase is currently valued at $8 billion, with many rumors emerging that its market value ranges from $40 billion to $80 billion.
While the company itself does not have actual shares in the market yet, the pre-IPO cryptocurrency is a speculative bet that will convert to equivalent share prices at the end of the first day Coinbase shares actually launch, and the CBSEs will expire after that. .
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This means that, hypothetically, if traders buy $10 worth of CBSE today and Coinbase shares are trading in the public markets at $15, investors could potentially earn 50% on their initial investment.
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Whereas, if the shares are traded at any value less than $10, the traders will lose.
In the event that an initial public offering never takes place, the cryptocurrency will expire on June 1, 2022, according to the offering document.
The exchange told FTX that the maximum market capitalization of CBSE is limited to $250 million.
Additionally, the volatility of these coins is limited to 20%, which means that CM-Equity, the representative party for these cryptocurrencies, can close positions at its discretion.
The FTX platform warned that cryptocurrency “CBSE” is a high-risk investment.
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