Actually it was NOT an IPO.

It was a reverse SPAC listing where Coinbase (COIN) purchased up a holding company with the ticker symbol of (MUDS) [i forget the name of it]

So all that happened is owners of COIN stock sold to make a profit.

No one was able to buy in at an IPO price.

What normally happens is when a company is about to IPO. The listing financial companies will give out shares at the IPO price (let's say $15) to their clients.

Than due to outstanding demand the stock opens at $20.
Everyone that was in on the IPO gets a quick profit if they sell.

In this case the only people who had shares where employees of the company and they sold at what they could.

This was way different from an IPO.

Posted Using LeoFinance ^Beta