If you had described how a greenshoe works to me prior to mentioning they’re used in IPOs I would have said “Wow that’s some manipulative nonsense even for cryptocurrency enthusiasts.”
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If you haven’t encountered this tomfoolery it’s where IPO underwriters do “market stabilization” at zero risk to themselves. The exact mechanics are covered by Matt Levine in his latest column.https://www.bloomberg.com/opinion/articles/2019-05-10/the-unicorn-worriers-weren-t-wrong …
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