Shaky start or is this just opportunistic traders taking profits from an over hyped asset?
As far as I can tell Coinbase (COIN) peaked at around $429 USD on opening day, and now 48 hours later it's down approximately 24% from that point where the price sits at $325 ahead of Fridays opening day.
I haven't watched many IPO's lately but from what I remember this kind of play is pretty normal?
Early order fill and the price climbs and with it an opportunity to take profits, with the option of filling your bags again later at a better price.
I haven't participated in many IPO but I have bought a number of ICO's and have seen the same thing happen so this all looks pretty much par for the course.
Current Value Below Previous Valuation
In my post Coinbase IPO Has A Date & A Few Tricks Up Their Sleeves! I wrote about how Coinbase had disclosed that through internal private sales of shares the average value was in the area of $344 USD.
At a current price $325 the shares are actually worth less then what they were internally traded for which is interesting. I guess it is what it is, but certainly those the sold for more are probably feeling better about their sales.
However $325 now doesn't mean that will be the price forever, who knows where things go over the next few month and into Q3.
If the price holds today there might a good opportunity for folks to start getting in at a discount vs opening day.
Ciao for now,
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