Online gaming firm Roblox has listed its shares on the stock market, achieving a market cap of $45 billion.

Roblox Pursues Direct Listing

Roblox opted to carry out a direct listing rather than a traditional IPO. That means that it raised capital by selling existing shares and outstanding shares rather than creating new shares.

That fundraising model is ideal for small companies like Roblox, which depend largely on word-of-mouth advertising to gain publicity, as opposed to spending money on marketing schemes.

Crypto exchange Coinbase, which is set to go live on the stock market later this year, is reportedly considering a similar model.

In-Game Currency, Not Cryptocurrency

Though Roblox is not a cryptocurrency company, the firm does have an in-game digital currency called "Robux."

The firm sold $1.2 billion of that digital currency in the first nine months of 2020, generating the revenue that made this week's stock offering possible.

Though Roblox does not rely on blockchain or cryptocurrency, it has suffered some of the same scrutiny that cryptocurrency firms have. It has faced an examination from the SEC over the way that its tokens generate revenue. The IRS also briefly considered Robux a taxable asset alongside Bitcoin in early 2020 before retracting that guideline.

There is no indication that Roblox intends to make use of cryptocurrency in any way. Nevertheless, its new offering should be of interest to crypto investors as an up-and-coming tech stock.

It remains to be seen whether the stock will be available on retail trading platforms like Robinhood.