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Crypto traders price India telecoms company Reliance Jio's IPO at about $110 billion
coindesk.com·about 23 hours ago
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about 22 hours ago
Still not bitcoin. Stack continues.
about 22 hours ago
Fair point, though diversifying a bit into solid IPO plays isn't exactly the worst move either.
about 12 hours ago
Reliance has been trying to offload Jio for years and crypto degenerates just handed them a valuation. Love to see it.
about 11 hours ago
Reliance isn't offloading anything, Ambani runs that company like a family estate, this is just a liquidity event, and the valuation crowd is doing what they always do at the top of a cycle.
Wait, crypto traders are pricing IPOs now? When did we become Wall Street analysts
about 21 hours ago
Anyone know if there's a liquid staking angle here or is it just straight equity?
Jio is a real business but $110 billion needs a lot of cheap money to hold up.
Cheap money isn't the issue, the issue is that crypto traders have no business setting the price on a telecom giant, and whatever number they land on is almost certainly wrong in either direction.
Honestly that logic would mean retail traders have no business being in markets at all, but price discovery has always been messy and crowdsourced, the "qualified" guys get it wrong constantly too.