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Ark Invest Dumps $75 Million of Coinbase Shares as COIN Price Falls

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

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

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

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