Coinbase Releases First Part of BAYC-Featured Movie while COIN Keeps Tanking & ARK Dumps Coinbase Shares
Major crypto exchange Coinbase has released the first part of its Bored Ape Yacht Club (BAYC)-featured movie called "The Degen Trilogy." Meanwhile, the company's shares continue to tumble as the US Securities and Exchange Commission (SEC) launched a probe into whether the exchange has listed unregistered securities.
Coinbase shared what appears to be the first part of its trilogy on Tuesday. Titled "RUN THE CHAIN," the five-minute-long movie features dozens of BAYC non-fungible tokens (NFTs) as well as ApeCoin, an Ethereum (ETH)-based governance and utility token of the BAYC ecosystem.
As reported, Coinbase's official Twitter account teased the film trilogy in mid-April, saying that they are "creating an interactive three-part film featuring" the BAYC and Apecoin communities. At the time, the exchange listed some steps to guide BAYC NFT holders on how they can have their NFTs featured in the film.
Yesterday, in a follow-up tweet, Coinbase's official Twitter account also mentioned that those who want their NFTs to be featured in the upcoming Parts 2 and 3 need to create a profile on the exchange's NFT marketplace.
Meanwhile, it appears like the crypto community is having a hard time grasping the movie and its objective.
"Bruh. You just called a peak. Of what I’m not sure but this is peak somethin’. Thanks for that," one Twitter user said.
Others noted that the exchange has chosen a terrible time to release its movie. "Great situational awareness and timing to drop this today! SEC probably laughing at them behind closed doors," another user said.
As reported, the SEC has launched a probe investigating whether Coinbase has listed digital assets that should have been registered as securities.
That said, the exchange's shares keep plunging amid this increased scrutiny. Coinbase's stock lost as much as 21.08% during the last trading day, dropping to USD 52.93 per share.
Further exacerbating investor confidence around Coinbase, Cathie Wood’s Ark Investment Management sold more than 1.41m shares of COIN on Tuesday, according to Bloomberg, worth about USD 75m as of Tuesday’s close. Shares of Coinbase Global lost about a fifth of their value on Tuesday.
Ark sold at lows of USD 53, which suggests that the firm may believe that COIN could extend losses in the coming days.
Per Bloomberg, Ark has been buying Coinbase shares since its 2021 debut and was the third-biggest shareholder of Coinbase, holding some 8.95m shares as of the end of June.
However, Ark has lost almost half of its assets under management since December, while its Ark Innovation ETF has plunged nearly 50% in 2022 - and "Wood is now closing one of her exchange-traded funds for the first time ever."
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