Crypto fans can’t escape the Coinbase IPO that is happening next week. The crypto exchange is the largest in the United States, upping the stakes for investors, and drawing all sorts of expert commentary.
One person who recognizes Coinbase’s legitimacy as a fantastic crypto-adjacent play is Chamath Palihapitiya. Chamath, the founder and CEO of venture capital firm Social Capital, is known for being on the cutting edge of up-and-coming stocks. Thanks to his successful investments in various SPACs, he has picked up a following of retail investors.
But Palihapitiya doesn’t always get it right. And Tuesday morning, he dove into one of his regrets: Not investing in Coinbase.
In a string of tweets, Palihapitiya chronicled his error. He says that he did not see the value in investing in the exchange he could simply own the currency. When offered the opportunity to purchase shares in both Bitcoin (CCC:BTC) and Coinbase, he sprung for just Bitcoin.
Chamath Palihapitiya and the Coinbase IPO
Now, Palihapitiya recognizes the unique offering and says that he regrets not jumping aboard. “There was an important secret hiding in plain sight,” he tweeted. “Bitcoin was the first asset where you could own the protocol AND the companies built on top of it.”
Investors should take notice of Palihapitiya’s thoughtful observation, and see how it adds to the value of owning COIN stock. The Coinbase IPO presents a unique opportunity for buyers to own both the currency and the exchange.
The COIN stock offering next week will be one of the most memorable IPOs of the new decade. With the company’s revenue surpassing a whopping $1.8 billion in Q1, it seems the sky is the limit.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.