The New York Stock Exchange is minting crypto art commemorating the first trades of 6 companies that recently went public

NYSE NFT
  • The New York Stock Exchange announced on Monday that it had minted six NFTs.
  • The NFTs represent the first trades of several companies that recently went public on the NYSE.
  • The crypto art pieces are not currently up for sale, but will be gifted to the companies, a source told Insider.
  • See more stories on Insider’s business page.

The New York Stock Exchange (NYSE) announced on Monday that it was getting into crypto art by minting its own digital collectibles designed to commemorate the first public trade of six stocks.

The NYSE is not only the largest stock exchange in the world, but it is also the first to get into crypto art. The collectibles will represent the first trades of Spotify, Snowflake, Unity, DoorDash, Roblox, and Coupang. NYSE said it plans to launch more first-trade collectibles in the future.

The digital collectibles will operate as non-fungible tokens or NFTs. NFTs are digital collectible tokens that allow the buyer to connect their name directly to the creator via the blockchain.

NFTs have boomed in recent months. In February, one crypto art piece sold for nearly $70 million. Since, celebrities and public figures from Twitter CEO Jack Dorsey to singer Shawn Mendes have gotten in on the trend, which has brought in millions for opportunistic creators and resellers of the pieces.

Read more: NFTs, or non-fungible tokens, are the hottest thing in entertainment, art, and crypto right now. Here’s a simple explanation of the craze.

While the NYSE appears to be getting in on the NFT trend, the exchange’s tokens are not up for sale. The NFTs are housed on Crypto.com, a less than month-old NFT trading platform that has already launched crypto art sales for several celebrities including Snoop Dogg and Boy George.

A source familiar with the matter told Insider NYSE does not plan to sell its NFTs, but has already gifted them to the respective companies. The NYSE also plans to mint future NFTs and gift those to the memorialized companies as well, according to the source.

The NFTs for each company feature a short clip containing information about the first trade, including the sale price, date, and a string of numbers representing the first trade quote code.

Stacey Cunningham, the President of NYSE, said the NFTs will help commemorate the very first moments a company joins NYSE by highlighting the data from a company’s very first trade.

“NYSE technology is processing over 350 billion order, quote and trade messages across our markets on our busiest days, more than any other exchange in the world,” Cunningham said in a LinkedIn post. “Only one of those messages marks the NYSE First Trade: the exact moment a company became public, creating an opportunity for others to share in their success.”

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6 important things everyone should know about Robert Reffkin, who left a successful career at Goldman Sachs to take a chance on real estate – and is now poised to become America’s youngest Black billionaire

Compass Co-Founder and CEO, Robert Reffkin
Compass Co-Founder and CEO, Robert Reffkin. Compass

  • Robert Reffkin grew up in Berkeley, CA, with his mom, who is now a Compass agent.
  • After graduating in two years from Columbia, he began his career on Wall Street.
  • Reffkin took Compass public Thursday, making him one of just 8 Black billionaires in the US.
  • See more stories on Insider’s business page.

Robert Reffkin may soon be the youngest Black billionaire in the US after taking his real-estate startup Compass public on Thursday.

The 41-year-old cofounder and CEO has risen to prominence quickly. From growing up in Berkeley, CA with a single mom, to becoming a White House fellow and rising through the ranks at Goldman Sachs before launching Compass, here are some things to know about the up-and-coming executive.

The women in his life have inspired him

Reffkin grew up in Berkeley, CA, as an only child with a single mom, who is now a real estate agent for Compass. In a LinkedIn post Thursday after his company went public on the New York Stock Exchange, Reffkin said, “I started Compass because of my mom, Ruth, a single mom who embodies the entrepreneurial spirit.”

Today, Reffkin lives in New York City with his wife, Benis Reffkin, who is a business and life coach. He dubbed her the “most important person” in his life and an inspiration, in a LinkedIn post from Mother’s Day 2019 that documented how she lived the American Dream. The couple have three kids together.

He’s been a founder before

Reffkin started his first business when he was just 15 years old, according to an article from Columbia College Today. Backed by babysitting and bar mitzvah money, the young founder started a DJ company called “Rude Boy Productions” that brought in a total of $100,000 by the time he graduated from high school, the article said.

In later years, Reffkin founded two philanthropic educational groups prior to starting Compass. One is Success Academy Charter Schools, a school system for low-income Black and Hispanic students in New York City that helps diminish educational disparities.

The second is a 501c3 non-profit called America Needs You, which according to its website, “fights for economic mobility for ambitious, first-generation college students.”

He’s a runner, too

Though he founded two philanthropic organizations, Reffkin’s generosity doesn’t end there. Even his running hobby is helping others.

His “primary philanthropic undertaking” has been running a marathon in each of the 50 states in the US to raise $1 million for youth education and enrichment programs, he said in a bio on America Needs You.

robert reffkin central park
Reffkin running in Central Park in 2014.

Read more: Compass is gearing up for an ambitious $10 billion IPO. We pored over its 261-page S-1 filing and came away with 5 key revelations.

He rose through the ranks on Wall Street

Reffkin graduated from Columbia University in just under two years, according to Fortune, which placed him on the 40 under 40 list in 2014. He then became the youngest business analyst ever hired at McKinsey & Company where he spent two years before returning to his alma mater to get his MBA and then going back to Wall Street as an associate at Lazard.

He then rose through the ranks at Goldman Sachs, eventually becoming the chief of staff for Gary Cohn, the former president and chief operating officer of Goldman. But he left the storied Wall Street firm in 2012 to start his company.

Real estate isn’t his forte

Reffkin left his banking career to start up Compass with the tech entrepreneur Ori Allon. But sources told Insider previously he didn’t actually know much about the industry he was trying to disrupt, saying he had a rudimentary knowledge and didn’t know the difference between a co-op and an apartment.

Doing things he’s uncomfortable with is just part of his personality, though. One person said he’s lacked experience in almost everything he’s ever done but that’s part of what makes him an “extraordinary person.”

His former boss, Cohn, said Reffkin just has an “aura of confidence.”

He may someday run for public office

In 2005, he was a White House fellow under the George W. Bush administration, where he served as the special assistant to the Secretary of the Treasury, John Snow.

He’s always had big ambitions for his career, sources told Insider previously. Those close to him have said he has talked about someday running for public office, such as mayor of New York City.

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DoorDash makes trading debut 78% above IPO price

DoorDash delivery driver courier brooklyn bike
  • DoorDash commenced public trading on Wednesday, opening at $182, which was 78% above its initial public offering price.
  • The food-delivery company raised roughly $3.4 billion with its initial public offering after pricing shares at $102 each on Tuesday.
  • The IPO kicks off a slew of debuts slated for December, including offerings from Airbnb and Wish-parent ContextLogic.
  • DoorDash trades on the New York Stock Exchange under the ticker “DASH.”
  • Watch DoorDash trade live here.

DoorDash commenced public trading on Wednesday, opening at $182, which was 78% above its initial public offering price. The stock is listed on the New York Stock Exchange.

The food-delivery company raised roughly $3.4 billion in its initial public offering, selling shares at $102 each. The final pricing exceeded its previously expected range of $90 to $95 per share, and gave DoorDash a valuation of roughly $34.2 billion. That sum handily surpasses the $15 billion valuation it achieved in the private market earlier this year.

DoorDash’s IPO marks one of the year’s biggest offerings and caps a historic year for public debuts. US listings already raised a record $156 billion in 2020, according to Bloomberg data. Airbnb and Wish-parent ContextLogic are still poised to enter the market this month, with the former set to begin trading on Thursday.

Read more: We spoke with Wall Street’s 9 best-performing fund managers of 2020 to learn how they crushed the chaotic market – and compile the biggest bets they’re making for 2021

Overwhelming investor demand placed shares on track to open as high as $195 before trading began. Its ultimate opening level of $182 is more than double the $75 to $85 range DoorDash expected to price shares as recently as Thursday.

DoorDash’s debut establishes it as the highest-valued food-delivery company. The firm trades under the ticker “DASH.” 

While the coronavirus slashed sales across the US economy, stay-at-home orders led DoorDash to thrive through the pandemic. Third-quarter revenue leaped 268% from the year-ago period as a larger portion of Americans turned to food delivery services. 

Read more: Ron Baron earned a $4.2 billion windfall just from investing in Tesla. The legendary investor told us why he still expects a 30-fold return from Elon Musk – and shared the biggest lessons and mistakes of his career

The distribution of a coronavirus vaccine might cut down on deliveries, but soaring COVID-19 cases and reinstated lockdown measures stand to keep the company’s hot streak alive into 2021.

DoorDash climbed as much as 92%, to $195.50, on Wednesday. Goldman Sachs and JPMorgan served as the IPO’s lead underwriters.

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DoorDash prices IPO at $102 per share, will raise $3.4 billion

doordash delivery driver
  • DoorDash priced its shares at $102 apiece on Tuesday ahead of its IPO, CNBC’s Leslie Picker reported. That comes in well above the expected range.
  • The offering is expected to raise $3.4 billion, and it gives the food-delivery company a valuation of $32.4 billion.
  • DoorDash lifted its pricing range on Friday to $90 to $95, from $75 to $85. Its new pricing sets the company up to be one of the year’s biggest debuts.
  • DoorDash is set to trade on the New York Stock Exchange under the ticker “DASH.”
  • Visit the Business Insider homepage for more stories.

DoorDash priced its shares at $102 each on Tuesday ahead of its highly anticipated initial public offering, CNBC’s Leslie Picker reported. The final pricing comes in well above the expected range.

That pricing will allow the company to raise $3.4 billion when it begins trading on Wednesday, according to a regulatory filing. It also gives the firm a $34.2 billion valuation, based on common stock outstanding, and $38.7 billion on a fully-diluted basis. It will mark one of the year’s largest market debuts.

The pricing brings DoorDash well above the roughly $15 billion private valuation it achieved earlier in 2020, which was already a major increase from the $1.4 billion it was worth in 2018.

DoorDash is poised to become the highest-valued food-delivery company when it debuts on the New York Stock Exchange. The company is set to trade under the ticker “DASH.”

Read more: Goldman Sachs says buy these 25 stocks it expects to pay big dividends that will keep growing over the next decade

DoorDash lifted its IPO price range on Friday to $90 to $95, from $75 and $85 per share. Its latest target sets it up to be among the year’s five largest offerings.

IPOs from DoorDash, Airbnb, Wish-parent ContextLogic, and others are set to drive the busiest December on record for public offerings. US listings have already raised a record $156 billion in 2020, according to Bloomberg data, partially fueled by the year’s blank-check frenzy.

Goldman Sachs and JPMorgan will serve as the offering’s lead underwriters.

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Read the original article on Business Insider