SotN #43 Coinbase Goes Direct | CIO of Arca Jeff Dorman
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 21 April 2021
⏱️ 69 minutes
🧾️ Download transcript
Summary
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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Transcript
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| 0:00.0 | Hey, Bankless Nation. Welcome to another state of the nation episode. Coinbase went direct |
| 0:19.9 | last Wednesday. We are going to go over what you need to know on today's conversation |
| 0:24.9 | with Jeff Dorman from ARCA Invest. David, how are you doing today? |
| 0:28.2 | Absolutely fantastic. It's been a week since crypto's biggest company is now a public company. |
| 0:35.5 | And so now that there's almost a week, it's all the weeks on Wednesday, and now that we |
| 0:40.2 | have time and data to reflect upon, we are going to do that. What lessons can we learn |
| 0:46.1 | from Coinbase now being a public company? |
| 0:49.5 | Guys, this broadcast of state of the nation, as usual, is coming at you live streamed |
| 0:54.5 | over YouTube. We're doing it a day early, but you're still going to get this on the podcast |
| 0:58.1 | stream on Wednesday. So this coming at you on Monday at 2 p.m. Eastern, usually on 2 p.m. |
| 1:05.4 | Eastern on Tuesday, but we're giving this to you a day early. So we are talking about |
| 1:10.6 | the listing of Coinbase. Coin is on the market, on the NASDAQ. What does traditional |
| 1:14.9 | finance think about it? The banks, FinTech, Wall Street, what do crypto natives think |
| 1:18.9 | about it? Like Binance, Gemini and Uniswap. We're going to cover all of that before we get |
| 1:23.5 | into it. We want to talk about some things that are going on in the bankless nation. |
| 1:27.9 | The first is this, David. It is bankless badge week, a two week, bankless badge week. |
| 1:35.1 | Two week starting today. So what's happening? What is bankless badge week? |
| 1:39.3 | Yeah. So the bankless badge is a poap in NFT that you can get if you are a paid bankless |
| 1:44.6 | subscriber. And so you become a bank, a paid bankless subscriber. And then you go and claim |
| 1:49.6 | your badge. If you are not yet a paid bankless subscriber, you will get that email to claim |
| 1:54.2 | your badge at the start of the month in May in roughly 10 days. So why we're doing this |
| 1:58.7 | for two weeks. And so then you get to enter raffles. And we are giving away really cool |
... |
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