Cryptocurrency traders showed their excitement for FTX’s pre-IPO Coinbase (CBSE) futures Tuesday morning by pushing the price above $295, a roughly 140% increase from the listing price of $125.

  • Newly launched Coinbase futures reported over $2.2 million in traded volume at last check, barely 12 hours after the market opened, making it the largest tokenized stock market on FTX by a significant margin.
  • The next largest tokenized stock market on FTX – Moderna (MRNA) – reports barely $800,000 in volume.
  • On Friday, CoinDesk first reported that FTX had plans to launch Coinbase futures, pending non-U.S. regulatory approval. The maverick exchange also launched a pre-IPO market for Airbnb futures earlier this month.
  • Coinbase futures have retraced some of their initial gains, dropping to $235 at last check, up roughly 95% from the initial listing price.
  • Based on current trading, FTX's pre-IPO futures assign Coinbase a rough market capitalization of over $58 billion, more than double the $28 billion value estimated by Messari in a Friday report.
Coinbase (CBSE) pre-IPO futures on FTX
Source: TradingView, CoinDesk Research

Update (Dec. 22, 18:41 UTC): Last bullet added to reflect approximate market capitalization based on pre-IPO futures trading.

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