The craziness of the Coinbase Market Cap
COIN debuted today to much fanfare. Opening at $400 per share, it boasted nearly a $46 Billion Dollar valuation. Trading quickly cut $10 billion dollars off of that valuation as early investors sold off private shares, driving the price to $328. But this post isn't about Coinbase's future, it's about the reality of our new reality.
This is a list of some well known publicly traded companies with market caps LESS than Coinbase's (as of 14-April-2021).
Kia, Delta Airlines, Discover Financial, Best Buy, Kroger, Unity Software, Allstate, 7-11 Brands, Chewy, Carnival Cruise Lines, and Autozone.
It will take
COIN falling to under $300 for companies with real assets, providing real services to once again eclipse this crypto-exchange. Like all IPOs, this will likely continue to sell off for a few days and next week, the market will set its true price. I predict this will become wildly volatile with Bitcoin being a leading indicator and I look forward to options being tradable on it. If you can afford the IV premiums, there will be a lot of money made here.
Best trading all!
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