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Coinbase Announces Listing Date of Its Stock on the Nasdaq
- deleted 6y ago[deleted]
- thirdlamp 6y agoWould've been interesting if they'd IPO through some crypto means, like on ether or something
- nikanj 6y agoNever get high on your own supply
- cecida 6y agoDespite what Crypto Bros say, all they really want is to get filthy rich with real money.
- base698 6y agoReal lambos and houses. No one wants dirty fiat.
- deleted 6y ago[deleted]
- brian-armstrong 6y agoIf anyone has fiat lying around causing them problems I'd be happy to take it off your hands. I'm certified for proper fiat handling.
- Melting_Harps 6y ago> If anyone has fiat lying around causing them problems I'd be happy to take it off your hands. I'm certified for proper fiat handling. You can't be trusted not to manipulate the Bitcoin market, as you just got fined; your customer service is abhorant and you keep shutting down accounts and trades for no explicable reason. Why would anyone trust you with anything at this point is beyond me. I want you personally to know that YOU and Coinbase (and what it represents) are the bane of Bitcoin and all of HN and YC should know that.
- wsinks 6y agoI know it's wrong and this is likely a low level comment but... Crypto Bros -> CryptBros -> XD
- jklinger410 6y agoYeah man, we all love the petro-dollar.
- fredfoobar 6y agoGood zinger! that'll show them!
- Hermel 6y agoYes, this is a missed opportunity for crypto. Unfortunately, securities and exchanges for securities are so heavily regulated, that it is very hard to try something like this with a “fail fast” approach and we will probably have to wait for quite a while until we see such markets happen, if at all. To me as a computer scientist, it is astonishing that even something as simple as a web service that matches willing buyers and sellers of securities requires a license that costs millions of dollars to obtain.
- wj 6y agoAbout a decade ago BATS tried to IPO on their own exchange and failed pretty spectacularly. Coinbase probably doesn't want to "fail fast" with their IPO when there are billions on the line.
- gruez 6y ago>Yes, this is a missed opportunity for crypto. Unfortunately, securities and exchanges for securities are so heavily regulated Makes sense, given the ICO craze back in 2017.
- fredfoobar 6y agoThe reason is the SEC. Look into stokr.io.
- CamelCaseName 6y agoThere's a reason access to capital markets is somewhat restricted. Investors are going to get fleeced. I only wish the SEC (or the European authority) had more bite, as stokr absolutely deserves to be shut down.
- fredfoobar 6y agoWhy?
- fredfoobar 6y agoSince there is a good chance you have not read the details within stokr.io, I'll offer some details, this is not just for retail investors, there is a minimum required investment in most projects, for example: https://stokr.io/blockstream-mining https://stokr.io/blockstream-mining has a minimum of 200K EUR. This is similar to how IPOs function, but this is more open and you hold the tokens in your wallet, instead of a custodian like DTCC. They are in full compliance of EU regulations: "The issuance of securities is governed by EU regulations and is available in a number of European countries. STOKR is constantly working on making the securities available in as many countries as possible. Both individuals and legal entities can invest on STOKR."
- julee04 6y agois this april fools?
- JumpCrisscross 6y ago> is this April fools? No. Why would it be? Coinbase has been preparing to go public for some time now.
- perardi 6y ago1. No, because if a company announced that the SEC had given them go-ahead to go public “for the lulz”, that company would then be in deep shit with investors and the SEC for the rest of time. 2. No, because that wouldn’t even be a funny joke. 3. No, because we are done with April Fools, the internet drove that into the ground looooong ago.
- frakkingcylons 6y ago> Coinbase anticipates that its Class A common stock will begin trading on the Nasdaq Global Select Market under the ticker symbol “COIN” on April 14, 2021.
- 3327 6y agoLmk when i can short.
- freerobby 6y agoApril 14
- westpfelia 6y agotypically options dont get written for a few months until after
- tedunangst 6y agoShould be able to sell short the day of, but locating borrows may be difficult depending on who's holding it.
- vmception 6y agoIf you have direct market access and a clearing house you can do whatever you want, its the reliance on brokers that limits all the other market participants
- fredfoobar 6y agoIf you want to short a stock, you should at the very least do some due diligence and read the article before you comment.
- andy_ppp 6y agoThe answer is April 14th for those too lazy to read the article.
- superfrank 6y agoThere was a time when would have loved to buy Coinbase stock. Just a few years ago, they were by far the easiest was to buy crypto (IMO). At that time they also felt like the most legitimate site and for people who didn't 100% know what they were doing, but wanted to buy some Bitcoin, that perception of legitimacy is important. For those reasons, I feel like they kind of dominated the casual coin holder space, and I think they could justify the fees they were charging. In the last year or so it feels like that's all changed. Because of things like Apex Crypto, it feels like pretty much every stock broker app will now let you buy Bitcoin and they'll do it with lower fees than Coinbase. It seems like their market (non-crypto people looking to buy crypto) is being eaten alive. I don't understand their value prop or why their higher fees make sense anymore. I've been burned too many times, so I don't short stocks or buy puts, but I just can't see this being a good buy. Unless they drastically lower their fees, I just don't see them continuing to grow users.
- rawtxapp 6y agoI agree with you, I think their coinbase pro fees are relatively reasonable, but I just don't see why anyone would use the "normal" coinbase, the fees are very high, I suspect it's probably name recognition, ease of use and trust.
- AlchemistCamp 6y agoAre there different requirements for Coinbase Pro that many users of the "normal" service wouldn't qualify for?
- rawtxapp 6y agoNope, you can just use your existing coinbase account to login to it, it's just more "advanced" as in the UI isn't just a buy and sell button, but still very easy to use.
- realdlee 6y agoNo, it's pretty straightforward. If you're on Coinbase, you should switch to Coinbase Pro for the lower fees.
- thrwn_frthr_awy 6y agoHow is the opening stock price decided on a direct listing? Is there a way to put in orders for a ticker before it has opened/been listed so that you can purchase at 9:30 on the 14th?
- JumpCrisscross 6y ago> How is the opening stock price decided on a direct listing? Same way every stock does every morning: the opening cross [1]. [1] http://www.nasdaqtrader.com/Trader.aspx?id=OpenClose http://www.nasdaqtrader.com/Trader.aspx?id=OpenClose
- an_opabinia 6y agoLook for an order type called "limit on open," or its radioactive cousin, "market on open." The reason people don't do this is, that kind of order requires having an opinion about what a stock should be priced at. And retail traders basically never have that opinion.
- deleted 6y ago[deleted]
- woobar 6y agoRBLX just did a direct listing. They set a reference price at $45. Later in the day (they did not start trading until midday) the reference price was adjusted to $60. I had two limit orders. One from day before at $50, another placed at noon at $62. None of them executed, since it opened at $64+.
- thrwn_frthr_awy 6y agoThank you. When did they set the reference? The day of or before?
- woobar 6y agoI saw it a day before, but on the day of listing they have updated it again
- tfang17 6y agoCoinbase has been using Morgan Stanley's Shareworks platform to manage the direct listing, which has been a nightmare to use. ACH transfers take over a week and the platform has a ton of technical issues.
- an_opabinia 6y agoIn my experience, financial literacy is so poor and Dunning Kruger so high that typical non-finance human beings constantly blame the process for extremely basic mistakes, like sending money between accounts of different titles but saying that you own both of them. Even the word "title" would detonate the average person.
- gibybo 6y agoThis sounds like a case of blaming the user for poor UX design. If the users that the system is designed for are constantly making the same "basic mistakes", then the system isn't designed well for them.
- BenoitP 6y agoI think it is spelled Dunning-Kruger.
- tfang17 6y agoI'm a pretty experienced trader and worked on the Payments team at Coinbase, dealing with ACH, wires, and whatnot. If it's hard for me, can't imagine what the platform is like for others. Coinbase has an alumni Slack filled with complaints on Shareworks.
- qbasic_forever 6y agoHonest question, why is Coinbase listing on the NASDAQ (edit: tangentially also NYSE)? If their whole business model is predicated on the success of crypto-currency shouldn't the whole world of fiat currency be completely irrelevant and a distraction?
- TedDoesntTalk 6y ago> why is Coinbase listing on the NYSE I don’t think you read the article, let alone the headline.
- qbasic_forever 6y agoPedantic point. Question remains...
- loceng 6y agoMy guess is they need to allow mainstream investors to get some of their eggs in the Coinbase-Bitcoin basket, so then they can really ramp up and involve the VC-Finance Industrial Complex to further buy into the MLM-Ponzi scheme. Edit to add: Your 3 downvotes have convinced me, especially because most certainly they didn't come from users financially incentivized for Bitcoin to gain popularity.
- deleted 6y ago[deleted]
- eej71 6y agoThey are listing on NASDAQ. Though they will be tradable on NYSE as well.
- ac29 6y agoThe VCs that gave them many dollars would like their investment (and hopefully, profit) returned in dollars.
- kgog 6y ago
- Melting_Harps 6y agoI hope the GME crowds short the living hell out this thing...
- sjg007 6y agoWhat happens when the US bans Bitcoin?
- perardi 6y agoI don’t think anyone has seriously suggested such a thing would happen. India, though, has floated such a ban. https://www.reuters.com/article/uk-india-cryptocurrency-ban/india-to-propose-cryptocurrency-ban-penalising-miners-traders-source-idUSKBN2B60QP https://www.reuters.com/article/uk-india-cryptocurrency-ban/... And I don’t think it would be crazy to imagine China doing such a thing.
- chrischattin 6y agoChina already has banned/unbanned Bitcoin several times.
- sk55 6y agoWhat makes you so confident that the US will ban bitcoin? Also, if the US bans it then it's still valuable in much of the rest of the world. Bitcoin is antifragile in that regard.
- deleted 6y ago[deleted]
- rawtxapp 6y agoPeople have been saying that ever since Bitcoin existed. 1) they don't see it as a threat (ex: Powell comparing it to gold rather than USD) 2) it's actually generating capital gains tax, jobs and revenue for the country (by creating business around it, etc) 3) US has auctioned off seized Bitcoin in the past, so it would be weird if they make something illegal after selling it themselves Last, but not least, they can't ban it, they can ban the on/off ramps and cause short term disruption, but that wouldn't be sustainable in the long term, how do you stop millions of people from running some code on their computer (case in point, torrent is still very much alive)?
- 6y ago
- Black101 6y agoAnother option: https://finance.yahoo.com/quote/VYGVF https://finance.yahoo.com/quote/VYGVF