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