099 Exchange Invest Weekly Podcast June 19th, 2021

Transcript:         This week in the parish of bourses and market structure:         Betfair turns 21, Hong Kong Exchanges turn 21 too and pushes for greater diversity.         My name is Patrick L. Young,         Welcome to the bourse business weekly digest.          It's the Exchange Invest Weekly Podcast, Episode 099.          Good day ladies and gentlemen, this is a very brief reduction of highlights amongst the key headlines from the events in market structure. All of the analysis from the week's many events and happenings can be found in Exchange Invest’s daily subscriber newsletter, the unique guide to the bourse business sent daily to your inbox.          More details at ExchangeInvest.com.         This was the week when Coinbase celebrated T+60 and the end result is they are half the company they used to be! Coinbase burst forth top of Young's Pyramid and now 60 days on it finds itself $12 billion adrift at the bottom of the top tier, thanks to the London Stock Exchange's stock bouncing from its post first Refinitiv shock lows.         A bit below $47 billion, that's the Coinbase valuation on a non-diluted basis or at least it was on its 60 day birthday. The stock peaked at 429.54 and bottomed (so far) at $208 closing out after two months at $223.92. That surely must be delivering some sleep issues for more than a few of the buyers who are clustered in the $300 bracket and even above, which looks a long, long way over the horizon. Unless I suppose Uncle Elon better manipulates a new Bitcoin bubble.          Amongst the clear legacies arising from the whole situation is one: Kraken appears to be delaying their IPO as a multiplicity of other cryptocurrency exchanges suddenly concern themselves about the viability of being loved on the legacy stock market.          Indeed, I would remind parishioners of the OpEd I wrote for CapX published on the day Coinbase completed its Direct Public Offering (DPO):         Is Coinbase The Future – Or A Digital South Sea Bubble?         The predictions they're in are not looking too shabby as predictions go. But I have to say the words of Mad Magazine Editor Philander Chase Johnson, spring to mind, “Cheer up, the worst is yet to come”.         Back to Coinbase, here’s the pyramid in tier 1.          Here we are today…...