In this week's State of the Nation, we bring on Jeff Dorman, Chief Investment Officer and Arca, to measure the magnitude of $COIN on the public markets.
State of the Nation is live-streamed on Tuesdays at 11am PST.
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State of the Nation #43: Coinbase Goes Direct
Guest: Jeff Dorman
Jeff Dorman is Chief Investment Officer at Arca, the digital asset management firm. Jeff leads the investment committee, focusing on risk management for cryptoassets. His work history in both legacy and crypto finance puts him in a unique position to work as a bridge between the two worlds.
The Coinbase Direct Listing also acts as a bridge between the two worlds, and it's undoubtedly a landmark event for the legitimization of the crypto industry. What does this mean for the Banks, Fintech, and Wall Street? What does it mean for Gemini, Uniswap, and Binance?
The first item to discuss to answer these questions is how the media and crypto twitter alike were off in their interpretation of this event. The volatile price action in the first moments of the listing were surprising to many, but Jeff explains that this shouldn't be surprising at all, given that there are no underwriters or built-in stability in a direct listing like $COIN's. He expects that there will be volatility and price discovery over a longer stretch of time before the stock moves to a more stable valuation.
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Resources:
Jeff's Article on Coinbase:
https://www.ar.ca/blog/crypto-market-recap-02-28-21
Arca:
https://www.ar.ca/
Jeff on Twitter:
https://twitter.com/jdorman81?s=20
$COIN Price
https://www.tradingview.com/chart/?symbol=NASDAQ%3ACOIN
Coinbase S1 Filings:
https://www.sec.gov/Archives/edgar/data/1679788/000162828021003168/coinbaseglobalincs-1.htm
Coinbase Analytics:
https://www.theblockcrypto.com/data/crypto-markets/public-companies
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This Week on Bankless:
📛 Bankless Badge Week (4/20): https://newsletter.banklesshq.com/p/how-to-win-free-stuff-with-your-bankless
📈 Market Monday (4/19): https://newsletter.banklesshq.com/p/6-tips-to-succeed-in-this-bull-market
📖 Before Bitcoin (4/19): https://shows.banklesshq.com/p/-before-bitcoin-pet3rpan
🧢 Weekly Action Recap (4/17): https://newsletter.banklesshq.com/p/price-discovery-mode-weekly-recap
🗞️ Weekly Rollup (4/16): https://shows.banklesshq.com/p/-rollup-btc-and-eth-ath-coin-berlin
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://newsletter.banklesshq.com/p/bankless-disclosures