Esports (EBET) Steals the Show While Coinbase and TuSimple Suffer

By Updated on April 16, 2021

Esports (EBET) Steals the Show While Coinbase and TuSimple Suffer Thumbnail

This week the market hasn’t shown much enthusiasm for big-name public trading debuts.

Cryptocurrency exchange Coinbase Global, Inc. (NASDAQ: COIN) was the biggest name to begin trading. It debuted at $381 per share on Wednesday after conducting a direct listing instead of an IPO. It currently trades near $325 — a decline of more than 15%.

Yesterday TuSimple Holdings Inc. (NASDAQ: TSP) began trading after its highly anticipated IPO. TuSimple is an autonomous trucking company. It boasts “the world’s most advanced self-driving technologies” on its website.

According to a regulatory filing, the global truck freight market it looks to disrupt is worth an estimated $4 trillion. Many consider it to be a direct competitor of Tesla’s (NASDAQ: TSLA) semi division.

Its IPO price was $40.25. It’s currently trading near $37 per share, a decline of about 7%.

Investors valued the companies in the billions — Coinbase near $60 billion and TuSimple near $7 billion. But investors who bought at the IPO price are sitting on losses.

Meanwhile, yesterday there was a low-key, under-the-radar IPO from a little-known company: Esports Technologies, Inc. (EBET), a technology company specializing in esports gambling.

Per the company’s press release, it sold 2.4 million shares at a list price of $6 each. According to MarketWatch, the list price gave the company a market cap of $75.9 million.

The first trade was executed at $21, an increase of 250% from its list price. It closed the day at $37 for a gain of 515% on the day. In premarket trading, the share price peaked at $71.01 for an increase of 1,083% from its list price.

Despite Coinbase and TuSimple receiving all the press, the real winner for the retail investors appears to be the small-cap stock without any media attention.

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Author imageTimothy Sykes
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