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Today at noon, "Giant Size X-Men #1" ("GSX #1") is set to IPO on Otis. The financials:
Giant Size X-Men #1
The Background
• First appearances... Maybe you're not a comic book guy/gal, but you're intrigued by the potential investment. We've got you covered. Comic books become highly coveted collectors items in large part because they were the first issue to introduce a new character. These first appearances are valued for their iconic status and historical value. 1975's "GSX #1" is busting at the staples with first appearances. Colossus, Nightcrawler, Storm, and lesser known Thunderbird made their first appearances in this issue as members of the new X-Men team.
• "18 years, 18 years, got you for 18 years"... Pardon the lyrics, Kanye is still stuck in our heads from last week's Yeezy Collection I drop on Otis. If you aren't familiar with the characters above you may be unimpressed. However, you must be familiar with Wolverine. Hugh Jackman played Wolverine on the big screen for 18 years from 2000-2018 across 7 major X-Men motion pictures. Hugh played Wolverine for so many years he now shares the Guinness Book of World Records "longest career as a live-action Marvel superhero" with Patrick Stewart, who played fellow X-Men character Professor X. "GSX #1" is the first appearance of Wolverine as a member of the X-Men team. Wolverine previously made a cameo appearance in 1974's The Incredible Hulk #180 and a feature appearance in The Incredible Hulk #181, which also dropped on Otis. He stuck with the X-Men.
• Bronze Age... Another factor taken into consideration in the valuation of a comic book is the era in which it was published. In this case, that's the Bronze Age, a period that lasted from 1970-1985 and introduced plots that focused darker more mature themes, from drug abuse to dead girlfriends. 1975's GSX #1, which was also the first new X-Men story in 5 years, is now widely considered one of the top 10 Bronze Age comic books.
The Takeaway
• Bid/Ask Check... Asking prices for "GSX #1" in the same 9.8 grade mint condition range from $12,000 to $25,000 on eBay. The average asking price across the 8 9.8 grade listings is $16,924. That's 26% above the IPO market value on Otis. The upside is apparent.
• Purchase price of $13,500... Otis purchased this asset for $13,500. They are clearly very bullish on this asset and wanted it in their portfolio, since they are offering it to users at a 7.4%, $1,000 discount. We like discounts.
• It's going fast, again… 3 weeks ago "Nike X Off-White" sold out in 6 minutes ($25/share, $20,000 market cap, 97 investors purchased the 800 shares). Last week, Yeezy Collection I sold out in 4 minutes ($21/share, $21,000 market cap, 100 investors purchased the 1,000 shares). Make sure you're on the app at noon if you want in. We think this will sell out in less than 5 minutes.
• VIP programs are the future... Otis sent out an email this week urging users to set notifications for drops in the app, but more importantly snuck in a note about a VIP early access program. This is an attempt by Otis to include more interested buyers who are existing users but who may not be able to purchase shares immediately at noon on a given Tuesday. As mentioned in our article on the Ruth Bat IPO on Rally, we'll be interested to see if the VIP program comes with a membership fee in the future, or requires prior IPO participation. What we do know is that the demand is evident, and that's a great sign for both Otis and the fractional share alternative investment industry at large.
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