With $FIG we have another massive "POP" highlighting the gross inefficiency in the modern IPO process. It's very simple. They REFUSE to match supply/demand (that happened today). They brag about the mis-match - "30X oversubscribed." The outcome is expected & fully intentional.

Who benefits? The large clients of the investment banks (who return the favor paying for other services). They bought it at $33 last night and can sell it today for over $90. Many will. I love this email from Goldman Sachs back in 1999 where they make it clear. This is all well known.

Let's talk numbers. 42.5mm shares were sold for $33. That's roughly $2.6B "left on the table." Selling shareholders lost out on $1.7B. Over half of the selling shares were from the aptly name "MCF Gift Fund." This charity missed out on $808mm.

Back in 1999, the SV VCs & founders who actually underwrite the "pop" were given allocation in some deals. That was quickly declared "illegal" & "immoral." Yet its completely ok for the large buy side clients of the investment bank to get the grift? Why a double standard?

It appears to me that @SECPaulSAtkins, @HesterPeirce , & @SecScottBessent recognize that our capital markets are stagnant/inefficient. This "pop" give-away is the greatest proof-point of that broken system. Second to that is the decline in # of public companies.

I would encourage you to read this post from @HesterPeirce. She is aware that the system is failing to innovate & protected by regulatory capture. All three of these individuals are open minded about tokenization.

I would have loved to see DLs replace IPOs - it just makes sense to match supply/demand. But Wall Street may just be too addicted to the massive customer give-aways. Tokenization may be the answer. Zero chance anyone in crypto would fail to use an auction to price something.