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SEC Dropping Coinbase Case Could Boost Robinhood Stock, Tokens Alleged as Securities

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The Securities and Exchange Commission (SEC) potentially dropping its Coinbase lawsuit could help boost sentiment for not only crypto tokens that were alleged as securities under the last presidential administration but also popular exchange Robinhood’s (HOOD) shares.

Read more: SEC Poised to Drop Coinbase Lawsuit, Marking Big Moment for U.S. Crypto

While the SEC hasn’t officially voted on the Coinbase case, it will likely be welcomed by the industry that has faced enforcement by the agency under the Joe Biden administration. Robinhood was one of the exchanges that had to delist all of the tokens that were alleged to be securities in June 2023. However, after President Donald Trump won the U.S. presidential election last year, the exchange added back some of those tokens, including Solana’s SOL, which the SEC alleged were securities.

With the Coinbase case set to be dropped, exchanges such as Robinhood feel less risk in adding more tokens to their platform, potentially increasing trading revenue. Most recently, the popular crypto platform said its fourth-quarter revenue rose 115% from the previous year, topping Wall Street’s estimates, mainly boosted by a rise in crypto trading revenue.

According to Cryptorank.io, the top five tokens, based on market cap, that were alleged securities include BNB, Solana (SOL), Cardano (ADA), Tron (TRX) and Toncoin (TON).

The move might also encourage more companies to list their firms publicly in the U.S. markets. Several crypto companies are already rumored to be considering initial public offerings (IPOs) in the U.S., including Blockchain.com, BitGo, Gemini, EToro, Bullish Global (CoinDesk’s parent company), Ripple and Circle.

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CoinDesk 20 Performance Update: NEAR Gains 11.7%, Leading Index Higher Over Weekend

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CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2538.74, up 3.0% (+74.8) since 4 p.m. ET on Friday.

Nineteen of 20 assets are trading higher.

9am CoinDesk 20 Update for 2025-04-21: chart

Leaders: NEAR (+11.7%) and APT (+8.7%).

Laggards: BCH (-0.5%) and XRP (+1.9%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

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Coinbase-Backed Zora to Airdrop Token After a Week of Contentious Promotions

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Onchain social media platform Zora said its ZORA token will go live on April 23, days after it gained viral traction on X after a push from the Base network team.

It outlined two snapshots for the drop in an X post, one covering activity from January 1, 2020, to March 3, 2025, and another from March 3 to April 20, 2025.

Snapshots are the ability to record the state of a blockchain at a specific point in time, often used to reward users in tokens based on their activity on that blockchain over a specific time period.

The Coinbase-backed Zora came into the spotlight last week after a push from Base creator Jesse Pollack on how the platform allowed the creation of “content coins” — or tokens that represented their underlying picture or word phrases in a tradeable form.

Pollack’s amplifications of several Zora-created tokens drew hype and activity to the platform, with user count and token creation setting records late last week. It attracted over 230,000 “new” traders (or wallets that interacted with the platform for the first time) on Sunday, data shows.

(Dune Analytics)

Base’s official X account posted about one such token, called «Base is for everyone,” which sent its market cap soaring from a few thousand to over $17 million within hours.

Blockchain sleuths later found three crypto wallets bought the tokens ahead of the official announcement — netting them a profit of $666,000, as reported.

Crypto exchange Coinbase, which develops and maintains Base, told CoinDesk at the time that is for everyone coin is not the official cryptocurrency of Base, and the layer 2 did not directly sell those.

Announcement of a token following such promotions has sent X users erupted with accusations of insider trading and poor communication.

“So it was literally an airdrop shill to create hype and liquidity for a dump of supply controlled by Coinbase Ventures? Got it,” snarked user @DCBcrypto.

Others, like @KienNguyen_NFT, predicted “Day 1 listing + insiders making 8 figs incoming,” while @blknoiz06 gave a backhanded compliment: “good marketing.”

Pollack has since squashed rumors of the Zora promotions being a marketing campaign, however.

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Strategy Buys $555M of Bitcoin, Increases Total Stash to 538,200 BTC

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Strategy (MSTR) has added 6,556 bitcoin (BTC) to its balance sheet, spending $555.8 million in the process, according to a regulatory filing published on Monday.

The purchase was funded using proceeds from the company’s two at-the-market (ATM) stock offering programs, the filings notes.

The firm, the largest corporate holder of bitcoin, sold 1.76 million shares of its Class A common stock and over 91,000 shares of a preferred stock series — STRK — between April 14 and April 20.

The common stock sale brought in $547.7 million, while the preferred shares added another $7.8 million. The latest acquisition boosts Strategy’s total holdings to 538,200 BTC, purchased at an average price of $67,766 per coin.

The Michael Saylor-led company has spent $36.47 billion on bitcoin to date. Shares of MSTR are up 2.77% in pre-market trading as BTC rose to $87,300.

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