FTX strikes again with a new move, offering trading of Airbnb pre-IPO stock contracts in real time, already surpassing the officially proposed initial price.
The FTX exchange is closely following the footsteps of the traditional financial markets without stopping. In addition to expanding the range of underlying assets for trading cryptocurrency, such as "stock tokens" that allow the buying and selling of stock certificates using cryptocurrency, today it has introduced Pre-IPO contract products for another highly renowned "upcoming public company," Airbnb.
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Airbnb Pre IPO
The homestay matchmaking platform Airbnb has an indispensable position among travelers, and the company is set to conduct its initial public offering (IPO) on the Nasdaq this week under the stock symbol: ABNB. According to a report by The Wall Street Journal, sources indicated that the company intends to raise the offering price from $44-50 to $56-60, with a potential valuation of up to $42 billion.
FTX founder SBF quickly seized this opportunity and promptly launched Pre-IPO contract products. He stated that Airbnb may not be available on Nasdaq, but it can be bought on FTX.
AirBNB isn't on NASDAQ yet.
But it is on FTX.https://t.co/v7eNSXNK7H pic.twitter.com/LhmaUUOqFF
— SBF (@SBF_FTX) December 9, 2020
It is said that the price performance of these contract products reflects the stock trading market of ABNB until the actual IPO day of ABNB. After that, it will revert to the actual stock price performance of ABNB. The announcement also stated that if ABNB does not successfully go public by March 9, 2021, FTX will have the right to backdate the trades.
Current Trading Price Soars Nearly 30%
As of the deadline, the trading price of ABNB has exceeded the rumored upper limit of the adjusted price, rising from $60 to $76, an increase of nearly 30%.
Will this Become a Harbinger for Listed Companies?
If FTX's Pre-IPO model is successful, will it become a harbinger for predicting the performance of various "listed companies" in the future, attracting more traders and viewers? This remains to be seen.