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Airbnb Pre-IPO Derivatives Contract Listed on Crypto Exchange FTX

FTX exchange has listed an Airbnb derivatives product ahead of the home rental giant's initial public offering today.

Dec 10, 2020 at 10:07 a.m. UTC
Updated Sep 14, 2021 at 10:41 a.m. UTC

FTX exchange has listed an Airbnb derivatives product ahead of the home rental giant's initial public offering (IPO) on Thursday.

  • Announced Wednesday, the pre-IPO contracts will give traders exposure to Airbnb's performance based on its market capitalization at the close of its first day of trading on the Nasdaq stock exchange.
  • After that point, the contracts will automatically become fractional stocks contracts with the respective Airbnb stock, said FTX.
  • Airbnb is expected to list its shares under the ticker symbol “ABNB” later today.
  • The Wall Street Journal reports the company has priced its shares at $68 per share bringing Airbnb a valuation of about $47 billion based on a fully diluted share count which also includes the proceeds of the offering. The IPO is expected to raise around $3.7 billion.
  • FTX outlines on its website that If the Airbnb stock does not list and trade publicly by March 9, 2021, FTX reserves the right to roll back trades on its ABNB product.
  • The brokerage services for the contract are being provided by CM-Equity AG in Germany.
  • FTX is now known for launching thematic derivative products. During the run-up to the the U.S. presidential election period in October, FTX began offering TRUMP, BIDEN and other candidate-based contracts.
  • At the time of publication, the ABNB contract was trading up around 6%.

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