FTX lists GME stock for tokenized spot and futures trading
Crypto exchange FTX has listed the viral GameStop (GME) stock for tokenized spot and futures trading.
Within a few hours of listing, FTX's GME spot volume is around $141,000, while the GME futures volume is about $1.3 million.
GameStop is a video game retailer listed on the New York Stock Exchange. Its stock has surged more than 1,000% this month after a group of investors on Reddit continued to support the stock even as many others on Wall Street have argued that the stock is overvalued and is due for a sharp fall.
The stock has been extremely volatile in recent days, and its trading has been halted several times. Earlier today, hedge fund Melvin Capital also reportedly closed out its GME short position after taking a "huge loss."
As for why FTX has listed the stock, CEO Sam Bankman-Fried told The Block that it was "possibly the most ever requested listing" the exchange has received.
FTX started offering 24/7 trading in tokenized stocks and futures in October 2020. Like FTX's other products, its equity trading offering is not available in the U.S. and its other restricted jurisdictions, such as Iran, Syria, and North Korea.