https://dailyhodl.com/2021/01/09/macro-guru-raoul-pal-says-coinbase-ipo-will-suck-institutional-liquidity-from-bitcoin/
roughly ~100K local peak in Feb or so, back to about 40-45K in the summer, up above 200K in the late fall.
BAKKT is being SPACed as well at $2bil (not that much).
https://www.bloomberg.com/news/articles/2021-01-08/crypto-exchange-bakkt-said-near-merger-with-victory-park-spac
Honestly, I am surprised that Coinbase wants to IPO instead of choosing the SPAC move.
They could have gotten some cash (a bil or more) without much dilution.
I think coinbase IPO will be less interesting for people/institutions that want to actually own bitcoin, or invest in it with bigger timeframes in mind.
This way, they (CB) mainly just maximise profits, at an amount of risk that even bitcoin doesn't inherently carry.
When bitcoin goes down, coinbase is history.
When coinbase goes down, king daddy doesn't give a fuck
Plot Twist:
After Coinbase IPOs, they announce that they are going to put millions extra $$$ into Bitcoin as their treasury. Stock goes to the mewn. Bitcoin goes higher as well.
That, or if they say that you can get some coinbase IPO shares if you buy bitcoin on the platform by a certain date.
AirBNB rewarded early hosts with some IPO shares, same for UBER and drivers.