Some CRYPKYP functionalities are depricated as of October 2022 and will no longer be populated until further development and future version.
Although all here is visible and interactable you can not Contribute to those articles.
Try looking at other information on the Platform and Contributing there!
Have a great day,
CRYPKYP Team
Monday, Ark Invest CEO Cathie Wood stated that the Securities and Exchange Commission's (SEC) classification of nine tokens traded on Coinbase as unregistered securities forced the company to sell a portion of its holdings in the cryptocurrency exchange.
According to Bloomberg, the CEO stated that the SEC's accusation, which came just a few days before, created regulatory "uncertainty" in the cryptocurrency market.
On July 26, Ark Investment sold more than 1.4 million Coinbase shares for $75 million. According to the fund's website, Wood's business still has about $451 million company shares.
Ark Investment has a history of purchasing Coinbase shares since its Nasdaq launch in April 2021. Bloomberg stated that by the end of June, it was the third-largest stakeholder in Coinbase, with 8.95 million shares.
Wood explained that she decided that because the price of Shopify’s shares had decreased, she viewed the company as a viable option in light of the uncertainty around how Coinbase would interact with authorities.
Wood told a financial news site that she questioned the number of tokens Coinbase would have to delist from its exchange if it elected not to register them and the potential impact on the company’s business model.
She further stated that the SEC accusations against people for allegedly operating an insider trading scheme had no impact on Ark Investment’s decision to sell Coinbase shares. One of the defendants in the lawsuit is a former Coinbase product manager who was aware of tokens that will be freshly launched on the exchange.
Since the company sold a portion of its Coinbase shares on July 26, the exchange’s stock price has grown by 84 percent, from $52.93 to $97.67. Coinbase and asset management Blackrock have reached an agreement enabling Coinbase to provide bitcoin trading technology to institutional clients on Blackrock’s Aladdin platform.
Despite recent improvements in Coinbase’s stock price, the company’s shares are still down 61 percent from the beginning of the year, when they traded for around $251 per share on Wall Street.
