2. On April 14, 2021, Coinbase went public in a direct listing under the trading symbol: COIN. It had no underwriters, but instead allowed its current shareholders to convert their shares into tradeable shares that could be sold on the NASDAQ. Therefore, Coinbase did not raise any money for new investments in this IPO.

A. What was the closing price of Coinbase on April 14, 2021?

B. What was the closing price one month later on May 14, 2021?

C. What was the return on COIN from April 14 to May 14?

D. What was the return on the S&P 500 (SPY) over the same time period?

E. How might i) agency concerns, ii) information asymmetry, and iii) behavioral factors explain Coinbase's stock price performance during this time?