Schlagwort: crypto business

• Ark Invest purchased 301,347 Coinbase shares on Thursday.
• Ark had purchased more Coinbase shares on Wednesday.
• In February Ark purchased $30 million worth of Coinbase shares.

Cathie Wood’s Ark Invest has remained bullish on Coinbase Global Inc (NASDAQ:COIN) stock despite the stock dropping by more than 10% since the beginning of March. On March 10, 2023, Coinbase shares were going for $64.67 compared to today’s price of $58.09.

According to its latest trade filing, Ark Invest on Thursday added 301,437 Coinbase shares to its Ark Innovation ETF and 52,525 Coinbase shares to Ark Next Generation Internet. The total value of shares purchased by Ark on Thursday amounted to $20.5 million.

Ark Invest also added 265,000 Robinhood shares (worth about $2.5 million), which were solely added to the Ark Next Generation Internet ETF.

Ark invests in Coinbase amid the crypto meltdown

While many are sceptical about crypto-related firms amid the current crypto market meltdown, Cathie Wood seems quite optimistic about Coinbase, which could be seen as a vote of confidence on the crypto exchange.

While several cryptocurrency exchanges are facing accusations by various regulatory authorities in the United States, Coinbase has continued to receive some considerable edge. For example, the US government recently reportedly moved BTC worth $217 million to Coinbase. The collapse of crypto-friendly bank Silvergate, the shockwaves caused by crypto VCs-friendly Silicon Valley Bank selling assets and stock to raise funds, and the risk of prolonged interest rate increases in the US have driven down market sentiment this week.

In February Ark purchased Coinbase shares worth more than $30 million adding to another $3.2 million worth of Coinbase shares purchased in December.

The post Ark Invest adds $20.5M Coinbase shares: COIN share price down 7% appeared first on CoinJournal.

• $2 million HT tokens were sold on Huobi prior to the crash.
• HT price momentarily dropped from $4.6 to $0.31.
• Tron’s founder Justin Sun is the largest holder of HT tokens.

HT, the native token of Huobi Exchange, crashed by over 90% on Thursday dropping to $0.31 from $4.6 in just 10 minutes.

Although the price has since recovered, the token was trading at $3.81, 21% down in the past 24 hours at press time.

What caused the brief HT price drop?

According to transaction data from Kaiko’s research analyst, Riyad Carey, more than $2 million HT tokens were sold on Huobi in the minutes leading to the HT crash. Justin Sun was also reported to have moved $60 million in USDT from Huobi to Aave.

Interestingly, Tron’s founder Justin Sun is the largest holder of HT tokens and serves as an advisor to the Huobi crypto exchange.

In the same period when HT price dropped by 90%, Tron’s token, TRX price dropped by 12% from $0.057 to $0.066.

Commenting on the spontaneous price plunge Justin Sun said:

“Few users triggering a cascade of forced liquidations in the spot and HT contract markets… We will continue to improve the liquidity depth of main cryptocurrencies and HT token, strengthen leverage risk warnings and liquidity capabilities.”

Sun also dismissed the price drop as a normal market occurrence and assured the Huobi community that Huobi operations are safe. He also said that he will create a $100 million liquidity fund for those impacted by the leveraged liquidation. He actually confirmed via Twitter that he has transferred $100 million in USDC stablecoin to Huobi.

The post HT, Huobi’s native token, price crashed by 90% on Thursday: here’s why appeared first on CoinJournal.

• Hut 8 Mining reports disappointing results for its fiscal Q4.
• Digital assets mined this quarter was also down year-on-year.
• Wall Street currently has a consensus overweight rating on HUT.

Hut 8 Mining Corp (TSE: HUT) is trading down this morning after reporting disappointing results for its fourth financial quarter.

Digital assets mined was also down year-on-year

Digital assets the Toronto-headquartered firm produced in Q4 were 698 versus a much higher 789 in the same quarter last year. In the earnings press release, CFO Shenif Visram said:

We continued to fastidiously manage our finances through the fourth quarter, which allowed us to navigate sustained bitcoin price suppression, fluctuating power prices and increased network difficulty.

The crypto company’s installed hashrate currently sits at about 2.5 EH/s. Wall Street currently has a consensus “overweight” rating on the Hut 8 Mining stock and sees upside in it to $3.38 on average – about a 75% premium on its current price.

Notable figures in Hut 8 Mining’s earnings report

• Lost C$186.7 million versus the year-ago C$111.2 million
• Per-share loss also widened from 67 cents to 90 cents
• Swung to an adjusted EBITDA loss of C$3.9 million
• Revenue also declined about 62% YoY to C$21.8 million
• Analysts had forecast a higher C$24.5 million of revenue

Last month, Hut 8 Mining said it will merge with US Bitcoin Corp in an all-stock transaction. According to CEO Jaime Leverton said:

We’ll continue to uphold our operating principles as we work to close business combination with USBTC and begin operating as a US-domiciled, digital asset mining, hosting organisation.

Versus its year-to-date high, Hut 8 Mining stock is now down more than 40%.

The post Hut 8 Mining swings to adjusted EBITDA loss in its fiscal Q4 appeared first on CoinJournal.