Still, Roblox has found continued success in the public market, nearly doubling its market cap since it started trading. In fact, the company's net losses had increased from the year before thanks to higher spending on growing the platform. The company, which operates an online video game platform, garnered a lot of interest from investors despite not yet being profitable. Like Coinbase, Roblox went for a direct listing rather than an IPO, so it didn't raise any funds from its public debut. Since most of the company's revenue comes from transaction fees, Coinbase's results are volatile from quarter to quarter as they are correlated to cryptocurrency markets. The public listing allowed investors to gain indirect exposure to cryptocurrencies by purchasing Coinbase shares. Rather than a traditional IPO, the company let its stakeholders start selling shares directly through a direct public offering.Ĭoinbase gained widespread attention as the first cryptocurrency company to go public, which many viewed as a major step toward the mainstream adoption of cryptocurrency. Though its deal size makes it the largest public debut for 2021, cryptocurrency exchange platform Coinbase didn't receive any proceeds when it started trading on the public market. Morningstar analysts currently cover Coinbase COIN and Roblox RBLX. The largest public debuts this year were direct listings, but a couple of traditional IPOs also cracked the top five.
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