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Coinbase co-founder Fred Ehrsam sells $13M in COIN shares as ARK continues to divest

Major Coinbase shareholders have sold over $14 million of stocks over the past 48 hours.

According to public trading data, Coinbase co-founder Fred Ehrsam and ARK Invest have sold more than $14 million of Coinbase shares over the past 48 hours.

Information shared by Insider Tracker, a service that shares trading information of high-profile company executives and politicians, shows that Ehrsam sold 97.836 COIN shares for $13.2 million on Dec. 11.

Meanwhile, ARK Invest’s daily trade information newsletter, which provides updates on its actively managed exchange-traded funds (ETFs), showed that its ARK Innovation ETF (ARKK) had offloaded some 10,933 COIN shares valued at around $1.5 million.

Bitcoin miner Phoenix surges 50% after $371M Abu Dhabi IPO

Crypto mining firm Phoenix Group has debuted trading on the Abu Dhabi Securities Exchange, with the stock opening at $0.6.

Cryptocurrency mining firm Phoenix Group has debuted trading on the Abu Dhabi Securities Exchange (ADX), becoming one of the Middle East’s first publicly listed industry firms.

The Phoenix Group stock price opened at 2.25 dirhams ($0.6) on Dec. The price has soared as much as 50% from the initial public offering (IPO) price of 1.50 dirhams ($0.41) as per the Phoenix IPO prospectus.

The public listing comes a few weeks after Phoenix Group successfully closed its IPO with an oversubscription of 33 times on Nov.

The cryptocurrency miner aims to use the IPO proceeds to fund its future growth and deliver positive returns for investors. According to Phoenix Group co-founder and CEO Bijan Alizadeh, the company’s ambitions are anchored by four pillars: “innovation in Bitcoin mining, renewable energy ventures, advanced manufacturing capabilities and strategic acquisitions.”

Founded in 2015 by Alizadeh and Munaf Ali, Phoenix is a major company in the Middle East blockchain industry, collaborating with major regional authorities. In August 2023, Phoenix signed an agreement to build a $300 million crypto mining farm in Oman in the presence of Omani Minister of Transport Saeed Al Maawali and chairman of the Abu Dhabi Stock Exchange, Hisham Malak.

One of the main aspects of Phoenix’s vision is its commitment to sustainability in cryptocurrency mining or using renewable sources for cryptocurrency mining.

Robinhood crypto trading rises 75% in Nov, CEO tips ‘9 figures' in revenue

The trading platform posted a sharp rise in monthly crypto trading volumes in November, while CEO Vlad Tenev said he hopes to eventually reel in “nine figures” in annual revenue.

Crypto-friendly trading platform Robinhood has reported a 75% month-on-month increase in digital asset trading volume in November.

In an 8-K filing to the Securities and Exchange Commission on Dec.

The activity however equity trading volumes and options contracts traded were roughly flat in the same month compared to October.

The bumper month marks a reversal for Robinhood, which revealed a 55% decrease in cryptocurrency notional volumes over the year in its Q3 results filing.

As a result, its Q3 revenue came in below analyst estimates for the quarter at $467 million.

*Robinhood’s 8-K report showing preliminary operating data for November 2023. Source: SEC*

Robinhood could be eyeing a more profitable fourth quarter in light of the recent crypto market rally, which has seen total capitalization surge 40% to $1.6 trillion over the past two months.

Robinhood co-founder and CEO Vlad Tenev told investors in a November earnings call that the platform could eventually reel “nine figures” in annual revenue.

Robinhood crypto trading rises 75% in Nov, CEO tips ‘9 figures’ in revenue

The trading platform posted a sharp rise in monthly crypto trading volumes in November, while CEO Vlad Tenev said he hopes to eventually reel in “nine figures” in annual revenue.

Crypto-friendly trading platform Robinhood has reported a 75% month-on-month increase in digital asset trading volume in November.

In a Form 8-K filing to the United States Securities and Exchange Commission (SEC) on Dec.

The activity, however, didn’t translate to equity and options contract trading volumes, which were mostly flat compared to October.

The bumper month marks a reversal for Robinhood, which revealed a 55% decrease in cryptocurrency notional volumes over the year in its Q3 results filing.

As a result, its Q3 revenue came in below analyst estimates for the quarter at $467 million.

Robinhood could be eyeing a more profitable fourth quarter in light of the recent crypto market rally, which has seen total capitalization surge 40% to $1.6 trillion over the past two months.

Robinhood co-founder and CEO Vlad Tenev told investors in a November earnings call that the platform could eventually reel “nine figures” in annual revenue.

'Fire in the cauldron’ as Coinbase, Marathon surge over 300% in 2023

The anticipated Bitcoin halving and potential ETF approvals have lit “some serious fire in the cauldron” for crypto, said Zerocap investment chief Jon de Wet.

Publicly traded crypto firms have notched triple-digit percentage returns this year and closed up in green on Dec. 4, as Bitcoin (BTC) reached a new year-high of over $42,000.

Crypto exchange Coinbase (COIN) closed the day at just over $141 with a 5.5% gain, up 320% from its price at the start of the year, per Google Finance data.

Bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT) closed the day with over 8% gains, recording 337% and 345% year-to-date (YTD) gains, respectively.

*A visual map of the one-day price of S&P 500 stocks shows mixed results on Dec. 4 Source: Finviz*

Crypto investment firm Galaxy Digital Holdings (GLXY) posted a daily gain of nearly 12% and is up 155% YTD and MicroStrategy (MSTR) — with the largest Bitcoin holdings of any public company valued at over $6.6 billion — saw a daily gain of over 6.5% and a YTD rise of 288%.

It comes despite the wider North American stock market seeing a mixed bag of gainers and losers on Dec.

Large-cap tech stocks, such as Microsoft, fell 1.43% on Dec.

The crypto-related stocks are well below their all-time highs, however.

IG Australia market analyst Tony Sycamore told Cointelegraph the crypto-related stock rally is “coming off the back of Bitcoin’s spectacular gains in recent months,” which is up nearly 152% YTD and is closing in on $42,000 — it has already hit a 19-month high.

Sycamore said investors see crypto stocks as a way to gain crypto exposure until the United States approves spot Bitcoin exchange-traded funds (ETFs).

‘Fire in the cauldron’ as Coinbase, Marathon surge over 300% in 2023

The anticipated Bitcoin halving and potential ETF approvals have lit “some serious fire in the cauldron” for crypto, said Zerocap investment chief Jon de Wet.

Publicly traded crypto firms have notched triple-digit percentage returns in 2023 and closed in the green on Dec. 4, with Bitcoin (BTC) reaching a new year-high of over $42,000.

Crypto exchange Coinbase closed the day at just over $141, a 5.5% gain and a 320% rise from its price at the start of 2023, according to Google Finance data.

Bitcoin miners Marathon Digital and Riot Platforms closed the day with over 8% gains, recording 337% and 345% year-to-date (YTD) gains, respectively.

Crypto investment firm Galaxy Digital Holdings posted a daily gain of nearly 12% and is up 155% YTD. MicroStrategy — with the largest Bitcoin holdings of any public company valued at over $6.6 billion — saw a daily gain of over 6.5% and a YTD rise of 288%.

It comes despite the broader North American stock market seeing a mixed bag of gainers and losers on Dec.

The crypto-related stocks are well below their all-time highs, however.

Sycamore said investors see crypto stocks as a way to gain crypto exposure until the United States approves spot Bitcoin exchange-traded funds (ETFs).

SBF borrowed $546M from Alameda to fund Robinhood share purchase

An affidavit by the FTX founder revealed that Alameda funded the purchase of Robinhood shares, which were later used as collateral for Alameda to secure a loan from BlockFi.

Sam Bankman-Fried, the disgraced founder of cryptocurrency exchange FTX, borrowed over $546 million from the exchange’s sister firm Alameda Research to fund his purchase of Robinhood shares.

Those same shares were later used by Bankman-Fried as collateral for a loan taken by Alameda from BlockFi, one of the entities that are laying claim to the shares.

An affidavit by Bankman-Fried filed in the Antigua and Barbuda High Court on Dec. 12 — the day of his arrest — and made public on Dec. 27, revealed that he and FTX co-founder Zixiao “Gary” Wang took out the loans from Alameda through four promissory notes between April and May.

On April 30, loans of around $316.6 million and $35.1 million were given to Bankman-Fried and Wang, respectively. On May 15, two loans of around $175 million and $19.4 million were given to Bankman-Fried.

The loans were used to fund Bankman-Fried’s Antiguan-based shell company, Emergent Fidelity Technologies Ltd., which acquired a 7.6% stake in brokerage firm Robinhood in May at a price of $648 million at the time.

He added that if the sum paid by Emergent for the shares was more than the stated $546 million he has “not [sic] doubt that such additional sum was borrowed by Gary and I” to fund the acquisition of the Robinhood shares.

The revelation of the loans could complicate the ongoing legal tug of war for the over 56 million Robinhood shares, which are now worth around $430 million.

Embattled crypto lender BlockFi is suing Bankman-Fried’s Emergent for the Robinhood shares, which were allegedly pledged as collateral for BlockFi’s loans to Alameda on Nov. 9.

FTX stepped in on Dec. 23, asking for assistance from a U.S. bankruptcy judge to prevent BlockFi from claiming the shares. It said the shares are owned by Alameda and insisted FTX companies should keep the Robinhood stake while investigations continue into other claims of their ownership.

Additionally, Bankman-Fried and FTX creditor Yonathan Ben Shimon are laying claim to the shares.

Previously, FTX’s Chapter 11 bankruptcy filings in the United States revealed Bankman-Fried was on the receiving end of a $1 billion personal loan from Alameda.

Former Alameda CEO Caroline Ellison said on Dec. 23 as part of her plea deal that “Alameda was borrowing funds that FTX’s customers had deposited onto the exchange.”

Valkyrie Funds to liquidate Bitcoin-related ETF by late October

Despite delisting VBB, Valkyrie still continues to manage the Bitcoin Strategy ETF and its Bitcoin futures ETF and the Valkyrie Bitcoin Miners ETF.

Valkyrie Funds, a major cryptocurrency fund manager in the United States, will soon be liquidating one of its Bitcoin (BTC)-related exchange-traded funds (ETFs).

The firm announced on Oct. 11 plans to close the Valkyrie Balance Sheet Opportunities ETF, a crypto investment product offering indirect exposure to BTC.

The fund will be delisted from the Nasdaq Exchange as Valkyrie plans to liquidate the ETF on Oct. 31, 2022.

According to the announcement, shareholders will be able to sell shares up until the end of the trading day on Oct. 28, 2022. Any investors still holding the fund shares at liquidation will receive a cash distribution equal to the net asset value of their shares, the announcement notes.

The firm also said that it will satisfy expenses related to the liquidation and potential distribution of cash proceeds, aside from brokerage expenses.

Valkyrie noted that the decision to liquidate the fund has been taken as part of an ongoing review of products as the firm aims to “best meet client demand,” stating:

“This action was taken after thorough consultation with the Firm’s Board of Directors and comes after it was determined that discontinuing the fund was the best course of action for all involved.”

Valkyrie Funds is one of the major companies in the U.S. issuing cryptocurrency ETFs. The company is known for launching one of the first Bitcoin futures ETFs in the U.S. in October last year following approval from the U.S. Securities and Exchange Commission. The ETF product is called the Valkyrie Bitcoin Strategy ETF (BTF).

The soon-to-be-delisted Valkyrie Balance Sheet Opportunities was launched in December 2021, offering exposure to securities of U.S. companies with Bitcoin on their balance sheets. Listed under the ticker VBB, the ETF tracks companies like crypto custodians, exchanges and trading firms.

Despite delisting VBB, Valkyrie still continues to manage funds, including the BTF and the Valkyrie Bitcoin Miners ETF (WGMI). The latter was launched in February 2022, with 80% of assets tracking securities of companies that derive their revenue or profits from BTC mining.

The firm did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending new information.

Huobi Global controlling shareholder to sell entire stake to About Capital

As a majority stakeholder, About Capital intends to fuel Huobi’s international brand promotion and business expansion among other initiatives.

Crypto exchange Huobi Global announced that About Capital Management (HK) Co. Ltd, a Hong Kong based-asset management firm, became the exchange’s controlling shareholder following a successful buyout deal.

While the transaction of an undisclosed amount crowns About Capital as Huobi’s new controlling shareholder, the exchange stated that core operation and business management teams would have no impact due to the transition.

As a majority stakeholder, About Capital intends to fuel Huobi’s international brand promotion and business expansion initiatives, adding that:

“Upon successful implementation of the initiatives, Huobi Global will be well positioned to provide first-class trading and investment services to international investors.”

About Capitals also disclosed plans to build a global strategic advisory board “led by leading industry figures” among other initiatives such as setting up margin and risk provision fund and measures to enhance the exchange’s competitiveness.

Previously in August, Sam Bankman-Fried, the CEO of crypto exchange FTX, denied a Bloomberg report that claimed FTX was planning to purchase Huobi. Huobi concluded the announcement by highlighting its exit from China.

On Sept. 14, Huobi Global became the third major cryptocurrency exchange to pen a blockchain ecosystem development agreement with the South Korean city of Busan.

According to an official announcement from Huobi, the partnership will see the company provide research and development, technology and financial support for the Busan Digital Currency Exchange. In addition, Huobi is also set to assist in identifying and hiring blockchain talent for Busan’s local exchange.

Lawyers for Celsius investors file motion to have interests represented in court

The legal team requested the court appoint a committee representing certain shareholders or the case could end up “inappropriately and inequitably skewed in favor of the customers.”

An international law firm representing groups of Celsius investors has filed a motion to appoint a committee to represent their interests in the crypto lending firm’s bankruptcy case.

In a Thursday filing with the U.S. Bankruptcy Court in the Southern District of New York, lawyers with the law firm Milbank requested the appointment of an “Official Preferred Equity Committee” to represent certain Celsius shareholders. According to the filing, the equity holders “urgently require their own fiduciary” for representation in court alongside Celsius debtors and an Unsecured Creditors Committee, or UCC.

“The need for a fiduciary to pursue the Equity Holders’ interests is particularly critical when one considers the practical realities of these cases: There are only two groups of real economic stakeholders — the retail customers and the Equity Holders,” said the court filing. “Not only is the UCC laser focused on maximizing value for the customers, without regard for the Equity Holders, but the Debtors also have made it abundantly clear that the UCC is their partner, and these cases are ‘all about the customer.’”

The legal team added:

“An estate fiduciary is needed to take the other side of this dispute before a plan of reorganization is proposed that violates the Bankruptcy Code […] An Official Preferred Equity Committee should be appointed now — and not after the fact — or these cases will be inappropriately and inequitably skewed in favor of the customers to the detriment of the Equity Holders.”

The shareholders included investors in Celsius’ Series B $750-million funding round from November 2021, one of the last before the firm filed for Chapter 11 bankruptcy in July 2022. A hearing on Milbank’s motion will be held on Oct. 6 — the same day the court was scheduled to decide on a motion allowing Celsius to sell its stablecoin holdings to generate liquidity to help “fund the Debtors’ operations.”

We expect to soon begin the Claims process. Our objective is to make the entire process simple and straightforward for all customers.

— Celsius (@CelsiusNetwork) September 15, 2022

Since filing for bankruptcy in July, Celsius has faced legal issues from many clients seeking to reclaim their funds. In August, a group of creditors filed a complaint aimed at recovering more than $22.5 million worth of crypto held in the lending firm’s custody service. However, the price of Celsius’ CEL token has roughly doubled since the Chapter 11 filing, from $0.78 to $1.54 at the time of publication.

Cointelegraph reached out to Milbank, but did not receive a response at the time of publication.