nasdaq

Penny stocks are having a moment. In recent months, little-known companies with names such as Bit Brother and Phunware have been among the most traded stocks in America’s public markets, surpassing companies like Tesla and popular exchange traded funds. The FT’s US markets editor Jennifer Hughes explores why this is happening, and whether retail investors should think twice before diving in.

Clip from Paramount Movies

Plus, a note on next week’s show: Look for Behind the Money in your feed a day early, on Tuesday, March 19. 

We’re doing a special 2-part episode with the Unhedged podcast. One part will be in Unhedged’s feed and the other part will be right here, in Behind the Money’s feed. 

We’ll be back to our regular Wednesday schedule the following week. 

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For further reading:

The tiny Chinese tea seller whose shares trade more than Tesla’s

Stock markets undergo ‘risk reset’ as indices notch new records

Retail investors are in no rush to join the latest stock market rally

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On X, follow Jennifer Hughes (@jennhughes13) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

• 00:02:45 Jak pojawienie się generacyjne sztucznej inteligencji zmieniło obraz rynków i wyceny spółek
• 00:03:41 Kto najmocniej zyskał na wybuchu mody na AI
• 00:05:30 Bańka spekulacyjna na AI? Jakie największe zagrożenia czyhają obecnie na wyceny giełdowe i inwestorów?
• 00:11:00 Sytuacja gospodarcza i oczekiwania na drugą połowę 2023 roku
• 00:12:45 Największe ryzyka i wyzwania związane z rozwojem AI?
• 00:15:30 Rozwój sztucznej inteligencji w Chinach
• 00:17:40 Japonia, czarny koń rozwoju AI i sztucznej inteligencji
• 00:23:27 Banki centralne vs inflacja
• 00:28:21 Dlaczego zainteresowanie inwestorów Japonią rośnie

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:
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