you might have noticed that the popular American

If you followed the news last week, you might have noticed that the popular American crypto-exchange Coinbase just had a blockbuster IPO. For years, they have been the go-to exchange for American crypto investors, as they have complied with regulatory instructions and given an outward impression of both transparency and accountability. They provide forms to help you pay your capital gains taxes, they have a fairly responsive support team, they have a reputation for avoiding so-called “shitcoins” — a derogatory term for useless or ponzi-scheming digital currencies — and, while they might charge outrageous transaction fees, they’ll give you free crypto just for watching a few videos. What’s not to love, right?

Well, last Tuesday, after nearly nine years of operation, they finally had their long-awaited IPO, and they came out the gates with a massive $60 billion valuation. Contributing to that enormous value was the obvious fact that the crypto markets have exploded in 2021. Only two and a half years ago, in 2018, the company was valued at approximately $8 billion, but that was in the heart of a bear market that saw Bitcoin tumble from its all time high around $20,000 to less than half of that. Now, after a lackluster couple of years hovering below and around $10,000, the currency has skyrocketed to over $60,000 in a matter of months, breaking a new all-time high just last Tuesday, the exact same day as Coinbase’s IPO. Naturally, some people concluded that excitement surrounding Coinbase contributed to BTC’s climb. As CNBC put it:

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Bitcoin surged to a fresh record high of more than $63,000 on Tuesday, as investors awaited the highly-anticipated stock market debut of cryptocurrency exchange Coinbase.

The reverse, of course, is also true: due to the tremendous rise in the market value of cryptocurrencies, speculators granted a similar rise to Coinbase itself. They believe the company has a bright and lucrative future ahead of them, and with good reason: Elon Musk and Tesla recently put over a billion dollars into Bitcoin in a purchase facilitated by Coinbase; JP Morgan and Goldman Sachs are purportedly becoming bullish on crypto (after years of lambasting it at every opportunity); a joke coin based on a meme just rose 3000%; random armchair analysts are predicting Bitcoin’s price to reach anywhere from $100,000 to $1,000,000 in the next year; and Coinbase’s revenue increased 847% in the first quarter to $1.8 billion. The IPO, of course, benefited greatly.

Out the gate, the new #COIN stock traded over $300, giving the company a market cap over $60 billion. It quickly rose as high as $409 before beginning a downward slide that has gradually brought the price down to $293 at the time of writing. In retrospect, it seems a shrewd decision that Coinbase decided to take their company public through a “direct listing” instead of a traditional IPO. This means that rather than issue new shares and sell them for investment capital, the company sold to the public their pre-existing shares, not for investment capital but for the profit of the early investors and executives.

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A rumor spread that executives and insiders had dumped virtually all of their stock on unwitting retail investors. It was fueled in part by viral screenshots from OpenInsider, showing the trading activity of Coinbase

If you followed the news last week, you might have noticed that the popular American crypto-exchange Coinbase just had a blockbuster IPO. For years, they have been the go-to exchange for American crypto investors, as they have complied with regulatory instructions and given an outward impression of both transparency and accountability. They provide forms to help you pay your capital gains taxes, they have a fairly responsive support team, they have a reputation for avoiding so-called “shitcoins” — a derogatory term for useless or ponzi-scheming digital currencies — and, while they might charge outrageous transaction fees, they’ll give you free crypto just for watching a few videos. What’s not to love, right?

Well, last Tuesday, after nearly nine years of operation, they finally had their long-awaited IPO, and they came out the gates with a massive $60 billion valuation. Contributing to that enormous value was the obvious fact that the crypto markets have exploded in 2021. Only two and a half years ago, in 2018, the company was valued at approximately $8 billion, but that was in the heart of a bear market that saw Bitcoin tumble from its all time high around $20,000 to less than half of that. Now, after a lackluster couple of years hovering below and around $10,000, the currency has skyrocketed to over $60,000 in a matter of months, breaking a new all-time high just last Tuesday, the exact same day as Coinbase’s IPO. Naturally, some people concluded that excitement surrounding Coinbase contributed to BTC’s climb. As CNBC put it: