FTX has opened up trading of a new derivative contract tied to Robinhood ahead of the trading app's initial public offering.
Robinhood submitted its S-1 to go public at the end of March. FTX CEO Sam Bankman-Fried hinted back in December that the exchange might launch a pre-IPO Robinhood contract.
It wouldn't be the first such product that FTX has rolled out. The exchange created markets for synthetic shares in Coinbase and Airbnb ahead of their market debuts. The pre-IPO contract is designed to roll into a tokenized representation of the real stock once it is listed.
As for Robinhood's FTX debut, the contract (ticker: HOOD) was trading at around $90 at the time of writing.
Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].
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