FTX Adds Airbnb To Its List Of Stock Offerings
FTX Adds Airbnb To Its List Of Stock Offerings
December 10, 2020
FTX Adds Airbnb To Its List Of Stock Offerings
FTX Adds Airbnb To Its List Of Stock Offerings
December 10, 2020

FTX, a crypto derivatives exchange, has added Airbnb to its list of stock offerings on the eve of the online rental marketplace’s highly anticipated initial public offering (IPO).

It has been reported that cryptocurrency traders can gain exposure to Airbnb through a pre-IPO derivatives contract directly on FTX. As a pre-IPO product, the performance of the contract is linked to the market capitalization of Airbnb at the end of its first trading day.

However, FTX said that these derivatives contracts “will automatically roll over to Fractional Stocks contracts” at the end of Airbnb’s first public trading day.

The exchange added:

“If Airbnb stock does not list and trade publicly by March 9, 2021, FTX reserves the right to roll back trades on its ABNB product.”

Meanwhile, the derivatives contract is only available on the main FTX exchange. FTX US, which serves US-based customers, has not listed the “ABNB/USD” pair.

It has been analyzed that Airbnb’s stock is set to debut on the tech-heavy Nasdaq exchange, as the online rental marketplace recently increased its target price range to between $56 and $60 a share, up from $44 to $50, according to The Wall Street Journal. A $60 share price would give Airbnb a valuation of $42 billion.

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The new price target would allow Airbnb to raise as much as $3 billion by making it one of the largest IPOs of 2020.

Launched in May 2019, FTX has emerged as one of the largest digital-asset exchanges in the world.

According to CoinMarketCap, it’s currently ranked ninth in total volume.

Thus, Airbnb is not the first stock to be listed on the exchange. Earlier this year, FTX announced LIVE trading of Tesla, Amazon, Facebook, and Nasdaq shares.

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.