The cryptocurrency market has been going through a very active period lately. This week, FTX sold $1.6 billion worth of Solana (SOL) to firms like Galaxy Trading and Pantera Capital, Ark Invest divested Coinbase shares in its portfolio, and Genesis sold GBTC shares to repay creditors for 32,041 Bitcoins. There were important developments such as acquisition. These developments continue to affect market volatility and investors’ risk perception.
FTX sells Solana
Cryptocurrency exchange FTX sold $1.6 billion worth of locked Solana (SOL) to firms such as Galaxy Trading and Pantera Capital. The sale at $64 per token was a remarkable development in the crypto market. The SOL tokens sold are currently locked and will be gradually released over four years. This situation is interpreted as an important step to find a solution to FTX’s liquidity problem. Galaxy Trading, the arm of crypto market investor Mike Novogratz’s company Galaxy Digital, announced that the fund it established to purchase SOL from FTX has raised approximately $620 million.
Ark Invest sold Coinbase shares
Investment management company Ark Invest has made significant moves in its portfolio management strategy, divesting $6.4 million worth of Coinbase shares in two of its exchange-traded funds (ETFs). The sales include $5.7 million worth of shares in Ark’s Innovation ETF (ARKK) and $742,000 worth of shares in the Next Generation Internet ETF (ARKW). This move by Ark Invest points to the fact that Coinbase’s stock price continues to outpace other holdings and the need to rebalance the portfolio.
Genesis bought Bitcoin
Bankrupt cryptocurrency loan company Genesis sold its GBTC shares and received 32,041 Bitcoins in order to repay creditor cryptocurrency users. Genesis Global Capital announced that it completed the liquidation of Grayscale Bitcoin Trust shares and used the proceeds to purchase 32,041 Bitcoins. The move is considered part of Genesis’ plan to repay creditors with billions of dollars in cash and cryptocurrency.
FTX’s sale of Solana, Ark Invest’s disposal of Coinbase shares, and Genesis’ purchase of Bitcoin are just a few of the recent important developments in the cryptocurrency market. These developments seem to continue to affect market volatility and investors’ risk perception.
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