Coinbase Listing News Fits With Bullish Mainstrem Market, Pomp Says
Amid a bullish mainstream market, news of Coinbase's reported traditional stock market listing could prove timely alongside other companies similar public listing efforts.
"When good times are rollin in the stock market, people want to get in there," Morgan Creek Digital co-founder Anthony Pompliano said on an episode of his YouTube show, Lunch Money. Pompliano's response came after a question from co-host, writer and influencer Polina Marinova, on the timing of Coinbase's listing.
Traditional markets have shown positivity as of late. The S&P 500, a common mainstream market health barometer, sits almost 42% higher than its its March 2020 low, according to a recent article from Fortune.
Coinbase reportedly gearing up for official Wall Street entry
On July 9, details surfaced regarding Coinbase's reported groundwork for an upcoming mainstream stock market listing. The U.S.-based exchange, however, remains at the mercy of the Security and Exchange Commission, or SEC, for approval on the move.
"They're not necessarily going public — they're exploring the option, or the opportunity to do that through a direct listing," Pompliano explained, referring to details briefed on Reuters coverage of the news.
Pompliano said the news could mean Coinbase will follow through on the listing, or, in contrast, the entity might simply be "testing the waters."
The move would be timely
Although Pompliano could not go into detail on the situation due to his investment in the company, as well as his own personal lack of details and confirmation, he did point out the nature of the event's possible timing, in response to Marinova's mentioned question on the subject.
"The public markets are exploding," Pompliano said, noting current mainstream market bullishness, while also mentioning other entities considering listings during the current market atmosphere.
"Literally asset prices are getting pumped to the moon through quantitative easing," he said, referring to recent government monetary activity.
The U.S. government put a $2 trillion stimulus package this spring in an attempt to pull the struggling economic ship upright after COVID-19 preventions measures caused business closures and difficulties. Rumblings of another upcoming stimulus move also circulate.