Ark Invest Dumps $75 Million of Coinbase Shares as COIN Price Falls — Aspen Market Daily
Daily Market Wrap
- Crypto market cap: 1.05 trillion, up 7.55%
- BTC price stands at USD 22,763, up 7.69%
- ETH price stands at USD 1,613, up 12.88%
- Top gainer: Lido DAO (LDO), up 36.68%
- Top loser: TerraClassicUSD (USTC), down 6.50%
News of the Day
Cathie Wood’s Ark Invest dumps $75 million worth of Coinbase shares as COIN price falls.
Why it matters:
- Ark Invest offloaded over $75 million of Coinbase shares as the exchange has come under SEC scrutiny for “securities” related infringements
- ARK Invest first bought Coinbase for over $200 per share back in 2021; Tuesday’s closing price was $52.93
- ARK’s Coinbase shares were a part of their ARKK tech-focused fund, which sold 1,133,495 COIN shares, or 0.6833% of the fund’s portfolio
Crypto Daily Spotlight
Harmony plans to mint 4.97B ONE tokens to reimburse hack victims.
Brief introduction: Harmony is a layer-1 blockchain that uses sharding and Effective Proof of Stake to achieve scalability, security and decentralisation. The network was launched in 2019 and features trustless cross-chain bridges and four shards, which process transactions in parallel.
Why it matters:
- The team behind the Harmony blockchain project has proposed minting up to 4.97 billion of its native token, ONE, to compensate victims of the $100 million Horizon Bridge hack in June
- The community’s responses already appears to be extremely negative, with most comments on Harmony’s community page and Twitter voicing concerns over the proposal; a similar method of recovery was employed by the Terra eco-system following its $40 billion meltdown in May
- The Harmony team stated that the reimbursement would be in the form of ONE tokens and span over a three-year period due to the treasury’s limited ability to provide immediate reimbursement
Daily Sector Tracker
Daily News Roundup
- Crypto Lender Celsius Files to Bring Back Former CFO to Assist in Bankruptcy Proceedings https://bit.ly/3Ja50xg
- Kraken Exchange is Reportedly Under Federal Investigation for Allegedly Servicing Crypto Traders in Iran https://bit.ly/3OEKiH0
- Hong Kong Titled the Most Crypto-Ready Economy, Study Shows https://bit.ly/3Ja5TpA
- HK-Based Spending App Offers Crypto Rebate for Customers https://bit.ly/3BiGisH
- Terraform’s Co-founder Do Kwon Faces Fraud Allegations in South Korea https://bit.ly/3OKqX73
About Aspen Digital
Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.
For more information, please visit https://www.aspendigital.co/
Sign Up on Aspen Digital
We have launched the beta version of our platform. If you would like to know more, please sign up here.
