David Schwartz on Strategy
Ripple’s chief technology officer David Schwartz said that MicroStrategy’s (now Strategy) performance is entirely dependent on the price of Bitcoin, adding that a sharp decline would have a “very bad” impact on the company. Schwartz pointed out that the company is essentially a leveraged Bitcoin investment and emphasized that this view is not open to debate. Schwartz’s comments come amid growing controversy surrounding Strategy.
Ark Invest announced that its ARK Innovation ETF purchased 123,336 shares of Robinhood Markets, valued at $14.2 million. Additionally, the ARKK fund purchased approximately $9 million worth of Robinhood shares last Friday. Ark Invest, led by Cathie Wood, sold $6.5 million worth of Coinbase Global and $5.8 million worth of Robinhood shares last month.
SEC Decision on XRP ETF
The US Securities and Exchange Commission (SEC) has published a new decision regarding XRP-based spot exchange-traded fund (ETF) applications. The SEC announced that the final decision date for Coin Shares’ XRP ETF application has been postponed to October 23, and the final decision on the Canary XRP Trust fund application has also been postponed to October 23. In addition, the final decision date for Grayscale’s XRP Trust application has been postponed to October 18, and the final decision date for 21Shares Core XRP ETF application has been postponed to October 19.
Ripple Supports Gemini’s Initial Public Offering
Ripple has joined the ranks of supporters of the upcoming initial public offering of the exchange by signing a $75 million loan agreement with Gemini. According to the loan agreement, this amount could increase to $150 million. According to documents submitted to the US Securities and Exchange Commission (SEC), Ripple’s new stablecoin, RLUSD, could also be used as a borrowing option. Gemini plans to list on Nasdaq under the ticker symbol “GEMI.” This week, a total of 437.6 million dollars worth of tokens will be unlocked for 18 different altcoins in the crypto market. This could lead to increased short-term selling pressure on the relevant altcoins. Among these, the altcoins with high market volume are:
Gradual Unlocking (August 19 – August 25)
SOL: $92.65 million (0.09% of the supply)
DOGE: $21.66 million (0.06% of the supply)
AVAX: $16.75 million (0.17% of the supply)
SUI: $10.91 million (0.09% of supply)
NEAR: $7.68 million (0.24% of supply)
Rising and Falling
The 24-hour cryptocurrency market volume is hovering around $153 billion. In the last 24 hours, OKB was the most rising altcoin with a 9.8% increase, while Arbitrum (ARB) was the most declining altcoin with a 6% decrease. Bitcoin’s market value is around $2.28 trillion, while the total value of the cryptocurrency market is around $3.95 trillion. Long positions account for 73.77% of liquidated positions, with the most liquidations occurring in Ethereum (ETH).
Dutch crypto firm Amdax is creating a Bitcoin Treasury
Amsterdam-based Amdax plans to establish a Bitcoin treasury called “AMBTS” targeting 1% of the BTC supply and offer it as an institutional vehicle to be traded on Euronext.
Bitmine Leads with 1.52 Million ETH
Another major name on the rise in terms of cryptocurrency ownership is BitMine Immersion Technologies. The company, listed on the New York Stock Exchange, has increased its crypto assets to $6.612 billion as part of its Ethereum-based treasury strategy. BitMine’s portfolio includes 192 Bitcoin and a total of 1,523,373 Ethereum, valued at $4,326 per unit according to Bloomberg data.
Sharplink Gaming Reports $103 Million Loss
Another company operating under a crypto treasury strategy, Sharplink Gaming (SBET), disappointed investors with its second-quarter financial results. The company reported a net loss of $103 million for the quarter, with its stock value dropping by 15%. Revenue decreased by 30% year-over-year to $1.4 million, while gross profit fell by 50% to $0.3 million.
Sharplink Gaming increased its total holdings to 740,760 ETH ($3.18 billion) by purchasing 143,593 $ETH.
