{"id":226748,"date":"2021-04-14T19:38:18","date_gmt":"2021-04-14T16:38:18","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/coinbase-tokenized-shares-seem-to-be-in-free-fall-on-ftx\/"},"modified":"2021-04-14T19:38:18","modified_gmt":"2021-04-14T16:38:18","slug":"coinbase-tokenized-shares-seem-to-be-in-free-fall-on-ftx","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/coinbase-tokenized-shares-seem-to-be-in-free-fall-on-ftx\/","title":{"rendered":"# Coinbase tokenized shares seem to be in free fall on FTX"},"content":{"rendered":"<p>&#8220;<strong># Coinbase tokenized shares seem to be in free fall on FTX  <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDQvYmQzYzgzZGEtOGNlMy00ZTQyLTkxMzQtZmQ4NGRhN2MxMDM1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>Investors with tokenized exposure to Coinbase (COIN) shares experienced extreme volatility Tuesday, as the value of their holdings plummeted in a matter of minutes.<\/p>\n<p>The selloff took place on FTX, a leading derivatives exchange, where the COIN-USD stablecoin exchange rate fell from a high above $640 all the way to around $420. Three huge red candles highlighted the selloff, as per a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TheStalwart\/status\/1382337772673974274\/photo\/1\">screenshot<\/a> from Bloomberg podcaster Joe Weisenthal.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Coinbase tokenized shares are crashing on FTX <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/PygqsjSpWQ\">https:\/\/t.co\/PygqsjSpWQ<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/cl8k5hHEPX\">pic.twitter.com\/cl8k5hHEPX<\/a><\/p>\n<p>\u2014 Joe Weisenthal (@TheStalwart) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TheStalwart\/status\/1382337772673974274?ref_src=twsrc%5Etfw\">April 14, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>At the time of writing, tokenized Coinbase shares were valued at $445 on FTX. Despite the extreme volatility, the tokenized shares were valued considerably <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2021\/04\/13\/coinbase-reference-price-250-ahead-of-direct-listing.html\" data-amp=\"https:\/\/www-cnbc-com.cdn.ampproject.org\/c\/s\/www.cnbc.com\/amp\/2021\/04\/13\/coinbase-reference-price-250-ahead-of-direct-listing.html\">higher<\/a> than COIN\u2019s reference price of $250 from Nasdaq ahead of the direct listing. <\/p>\n<p>As Cointelegraph recently reported, FTX joined Binance in listing Coinbase stock tokens on Tuesday ahead of COIN\u2019s Nasdaq debut. Described as a \u201cpre-IPO contract,\u201d the FTX listing \u201ctracks Coinbase\u2019s market cap divided by 261,300,000.\u201d<\/p>\n<p>The exchange <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ftx.com\/trade\/COIN\/USD\">explained<\/a>:<\/p>\n<blockquote><p>\u201cCBSE balances will convert into the equivalent amount of Coinbase Fractional Stock tokens at the end of Coinbase\u2019s first public trading day.\u201d<\/p><\/blockquote>\n<p>Tokenized stocks are synthetic versions of real equities. On FTX, tokenized stocks serve as spot tokens that can also be used as collateral for futures trading. <\/p>\n<p>The Coinbase public offering, which has come by way of direct listing as opposed to an IPO, has been described as a \u201cwatershed\u201d moment by the cryptocurrency community. The listing gives traditional investors direct exposure to the cryptocurrency market without owning digital assets, which are considered much more volatile than stocks. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/coinbase-tokenized-shares-seem-to-be-in-free-fall-on-ftx\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Coinbase tokenized shares seem to be in free fall on FTX &#8221; Investors with tokenized exposure to Coinbase (COIN) shares experienced extreme volatility Tuesday, as the value of their holdings plummeted in a matter of minutes. The selloff took place on FTX, a leading derivatives exchange, where the COIN-USD stablecoin exchange rate fell from&#8230;<\/p>\n","protected":false},"author":1,"featured_media":226749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDQvYmQzYzgzZGEtOGNlMy00ZTQyLTkxMzQtZmQ4NGRhN2MxMDM1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74956,75012,76653,117,5007],"class_list":["post-226748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-coinbase","tag-derivatives","tag-financial-derivatives","tag-business","tag-ipo"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/226748","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=226748"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/226748\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/226749"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=226748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=226748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=226748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}