Coinbase Changes Leadership; Solana Trader Strikes Gold; SEC Wins Case; ARK Invest Shifts Assets
Summary:
In anticipation of the SEC's verdict on a Bitcoin ETF, Coinbase's Custody branch has a new CEO, Rick Schonberg. Meanwhile, a Solana trader turned a $62 investment into $2M through a memecoin called Silly Dragon. Also, a U.S. federal judge supported allegations by the SEC against Terraform Labs and Do Kwon. Lastly, ARK Invest divested its remaining $200M stake in the Grayscale Bitcoin Trust, and Marathon Digital's trading volume took a leap forward, signaling the expected approval of a Bitcoin ETF.
In anticipation of the United States Securities and Exchange Commission's pending verdict on a Bitcoin exchange-traded fund (ETF), there has been a shift in leadership at Coinbase's Custody branch. On the other hand, a Solana trader got incredibly rich all of a sudden, earning around $2M from a $62 investment in a Solana memecoin called Silly Dragon. In another development, a U.S. federal judge has supported the Securities and Exchange Commission's allegations against Terraform Labs and Do Kwon. Finally, on December 28, ARK Invest sold its remaining stake in the Grayscale Bitcoin Trust (GBTC) worth $200 million, and Marathon Digital's trading volume soared in the U.S. stock market, all occurring just weeks before the expected approval of a Bitcoin ETF.
Rick Schonberg, who joined the company in 2022 and has previously worked at prominent firms like Goldman Sachs, State Street, and JPMorgan, has replaced Aaron Schnarch as the CEO of Coinbase Custody. Even though the SEC has not yet confirmed the launch of a spot Bitcoin product, Coinbase is poised and ready for the approval, with systems designed to cope with the expected surge in trading volume.
An amateur trader on the Solana platform recently joined the ranks of millionaires after his gamble on a memecoin paid off spectacularly. The trader, who began with a modest 1.5 SOL, struck it rich after buying a 'dragon-themed' memecoin called Silly Dragon, which subsequently skyrocketed in value to a market capitalization of over $123 million. The trader has already withdrawn approximately $528,000 and still has around $1.5 million worth of tokens left.
In the case involving Terraform Labs and its former CEO, Do Kwon, a U.S. federal judge has ruled in favor of the SEC regarding claims that the company and Kwon had offered and sold unregistered securities. While the court also defended Terraform Labs and Kwon in regards to the alleged unregistered offer and sale of security-based swaps, they disagree with the decision and plan to contest the SEC's fraud claims at trial.
ARK Invest, headed by Cathie Wood, has fully divested its remaining stakes in the Grayscale Bitcoin Trust (GBTC), valued at $200 million. They reinvested half the funds, approximately $100 million, in the Bitcoin Futures ETF Bito. Furthermore, the firm also sold off 148,885 Coinbase shares worth $27.5 million from its own ARK Next Generation internet ETF (ARKW). This flurry of investment activity comes amidst persistent rumors about the impending approval of a spot Bitcoin ETF.
This coverage does not provide financial advice or guidance. All investments entail some degree of risk, so individuals should thoroughly research before making a decision.
Published At
12/29/2023 11:32:30 PM
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