Episode 69: Worst week On Nasdaq
Welcome to another episode of market recap with the worst week for Nasdaq in the last month. It’s been a choppy week in the markets, attributed to rising interest rates.
1. Rise up: Surging bond yields came into focus on Wall Street, driving investors out of high-flying pandemic-era winners and stoking market volatility. The 10-year Treasury yield soared about 0.2% above 1.6% in a sudden move that some described as a "flash" spike before retreating slightly. Still, BlackRock’s Rick Rieder told CNBC that he was not overly concerned.
2. Planet and People: In Washington, we are also seeing dramatic changes from the previous administration. President Biden has returned the United States to the Paris agreement and is set to implement a broad range of policy changes to mitigate climate risk and bring the US back into the global sustainability conversation. We will be monitoring several themes that we believe could arise under the Biden presidency: Rising Calls for ESG Disclosure
Stricter Climate Regulations
Investors Increasingly Pricing ESG Criteria Into Decision-Making
US Department of Labor (DOL) ESG Rules
3. Let’s Get Away: Airbnb issues bounced around, up as much as 4% and down as much as 1%, in after-hours trading on Thursday as the company posted growing losses and a decline in revenue and bookings in its fourth-quarter earnings. Here’s what they reported: Revenue @ $859 million vs. $748 million, an $11.24 per share loss.
Market Close
Dow 30 30,932.37-469.64 (-1.50%)
Nasdaq 13,192.35+72.92 (+0.56%)
S&P 500 3,811.15-18.19 (-0.48%)
IPO
Cool kids going public: Coinbase filed yesterday to go public through a $1 billion direct listing on Nasdaq. Last week, The Block reported that Coinbase shares had an implied valuation of $100 billion in the private markets.
If that holds, it’s just shy of the record valuation for a US tech company going public (Facebook). If Coinbase tops FB’s $104 billion, it will take the record.
The nine-year-old cryptocurrency exchange’s SEC S-1 filing is exactly what you’d expect from a nine-year-old cryptocurrency exchange (Satoshi Nakamoto scores a mention on the first page); Coinbase also says unmasking the pseudonymous creator(s) of Bitcoin could harm its business. Finally, the remote-first company lists “address not applicable” as its headquarters.
By the numbers (data from end of Q4 ‘20)
The total value of crypto assets on Coinbase’s platform = 11.1% of the total market cap of crypto assets
$456 billion has been traded on Coinbase over its lifetime; $90 billion of assets are stored on the platform
Coinbase has 43 million verified users
LATAM
Stori, a Mexican credit card startup, raised $32.5 million in Series B funding. Lightspeed Venture Partners led, and was joined by insiders Vision Plus Capital, BAI Capital, and Source Code Capital. http://axios.link/eZH9
Next week on Pandocap we will be celebrating International Women’s Month featuring Jennifer Loo with Tala. We’ll also be featured in TechCrunch Justice and finally, launch an IPO trend report powered by Aluna Partners next Friday.
Have a great weekend!