Coinbase Pre-IPO Logistics

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FTX currently lists CBSE, a pre-IPO contract that tracks Coinbase's market cap divided by 250 million. After Coinbase's first public trading day, CBSE will convert into the equivalent amount of Coinbase stock.

 

As of April 14 2021, 02:00 UTC, our best estimate for the number of shares that will exist at the end of Coinbase's first public trading day is 261.3 million. To improve clarity going into Coinbase's listing, we will convert CBSE balances into the equivalent amount of COIN. COIN is a new pre-IPO contract similar to CBSE, tracking Coinbase's market cap divided by 261.3 million.

 

Transitioning from CBSE to COIN

At April 14, 2pm HKT, we will

  • De-list CBSE/USD
  • Disable CBSE transfers and trading, and cancel CBSE spot margin lending offers
  • Convert CBSE balances into COIN balances: each unit of CBSE will be converted into 1.0452 COIN
  • Replace the previous CBSE spot margin lending offers with the equivalent amount in COIN funding offers
  • List COIN/USD

We expect this transition to take under one hour.

 

Important notes

  • We reserve the right to adjust transition plans, including adjusting the number of shares  Coinbase shares corresponding to COIN before its listing. We will announce any changes in this document.
  • At the end of Coinbase's first trading day, if the number of Coinbase shares is 261.3 million, then COIN will automatically roll into Coinbase tokenized stocks at a 1:1 rate with no ticker change. Otherwise, we will go through another conversion process to convert the existing pre-IPO contracts into their equivalent amount of Coinbase stock.

It is your responsibility to understand the implications of the FTX Coinbase Pre-IPO logistics. FTX is not liable for losses.

 

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