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 4 Top Cryptocurrencies to Buy Today (16 Feb) – Hot Picks for 2025 and Beyond

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Cryptocurrency is moving fast, with new developments shaking up the industry daily. Every day seems to bring exciting news about blockchain tech, DeFi applications, or innovative token launches, making it clear: crypto is not just a trend—it’s a financial revolution in the making. In 2025, we’re seeing fresh opportunities emerge for savvy investors, whether you’re a seasoned trader or a newcomer eager to dive in.

The question is, with so many coins out there, how do you pick the ones with the most potential? Well, we’ve got you covered. Today, we’ll take a deep dive into the top cryptocurrencies to buy today (16 Feb), including some of the big names like Bitcoin and Ethereum, along with rising stars like Solana and a new contender that’s creating a lot of buzz—Qubetics ($TICS). Let’s take a look at these coins and what makes them stand out in the rapidly evolving crypto market.

1. Qubetics ($TICS): The Future of Tokenization and Cross-Border Transactions

Qubetics is rapidly becoming a key player in the world of blockchain technology. If you haven’t heard of it yet, trust me—you’re going to want to pay attention. With the Qubetics presale currently in its 22nd stage, this coin has already sold over 472 million tokens, raising more than $12.9 million and gaining over 20,000 holders. The token price of $0.0807 per $TICS is an exciting entry point, and with analysts predicting up to 1138% ROI after the presale ends, the potential is massive.

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Latest Developments Around Qubetics

Qubetics is setting itself apart by tackling one of the most persistent challenges in crypto—real-world asset tokenization. Its platform enables businesses to tokenize physical assets like real estate, commodities, and other valuable goods, making them accessible for fractional investment. Imagine the ability to buy a share of a luxury apartment or a high-value piece of equipment just by holding some  Qubetics ($TICS) tokens. That’s the future Qubetics is building, and the early stages are proving promising.

Another major development that has investors buzzing is Qubetics’ approach to cross-border transactions. The ability to transfer assets, whether digital or physical, across borders with minimal fees and near-instant settlement could revolutionize international trade. Especially in Central Asia, where cross-border payments can be slow and expensive, Qubetics’ platform is already being considered by local businesses as a way to streamline their operations.

Qubetics’ Application for Cross-Border Transactions in Central Asia

For businesses in Central Asia, the ability to engage in frictionless cross-border transactions could be a game-changer. For example, a business in Kazakhstan can easily tokenize its assets and access international investors looking to buy fractional shares. This opens up the door to global trade, enabling businesses to expand without the traditional barriers of cost and complexity. It’s like turning the global market into a local one, allowing even smaller enterprises to thrive.

Why Did This Coin Make It To This List?

Qubetics is here because it’s addressing real-world needs with innovative solutions. The combination of asset tokenization and efficient cross-border transactions makes it an exciting choice for anyone looking for the top cryptocurrencies to buy today (16 Feb). With its growth potential and unique market positioning, $TICS is set to play a pivotal role in the future of crypto.

2. Bitcoin (BTC): The King of Cryptocurrency

When you think of cryptocurrencies, Bitcoin (BTC) is the first name that likely comes to mind. Bitcoin has been around since 2009 and has weathered numerous market cycles, but it remains the most valuable and recognized digital asset. Even as new projects come into play, Bitcoin continues to lead the way as the flagship of the crypto world. For those looking to make solid long-term investments, Bitcoin is still one of the top cryptocurrencies to buy today (16 Feb).

Bitcoin’s adoption continues to increase, with more financial institutions and large companies integrating BTC into their operations. The latest buzz around Bitcoin involves the growing interest from institutional investors, particularly in light of its inflation-hedging capabilities. More recently, Bitcoin’s price has seen some impressive gains, thanks to renewed interest from major players like Tesla, MicroStrategy, and the Grayscale Bitcoin Trust.

Bitcoin’s network is also improving, with the development of the Lightning Network making microtransactions faster and cheaper. This scalability solution has the potential to transform Bitcoin from just a store of value into a functional medium of exchange.

Bitcoin remains the most well-known and widely adopted cryptocurrency, and it’s the cornerstone of the entire crypto space. Its continued institutional adoption, network improvements, and increasing use cases for both store of value and transaction purposes keep Bitcoin firmly in the running for top cryptocurrencies to buy today (16 Feb).

3. Ethereum (ETH): The Smart Contract King

Ethereum has always been at the heart of the decentralized finance (DeFi) ecosystem, enabling developers to build decentralized applications (dApps) on top of its blockchain. With the Ethereum 2.0 upgrade, Ethereum is evolving from its original Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS), which will help improve scalability, reduce energy consumption, and increase transaction speeds. These improvements have Ethereum poised to remain a top contender among the best cryptocurrencies to buy today (16 Feb).

Ethereum 2.0 has been the talk of the town for quite some time, and 2025 is shaping up to be the year when the network fully transitions to PoS. This upgrade is expected to lower gas fees, making Ethereum more usable for everyday applications and investors. Ethereum’s dominance in the NFT space continues to grow, with major NFT marketplaces like OpenSea, Rarible, and SuperRare all built on Ethereum.

Additionally, Ethereum’s DeFi ecosystem remains the largest in the world, and it’s only getting bigger. Ethereum’s smart contracts continue to fuel the development of decentralized exchanges, lending platforms, and yield farming protocols. The demand for ETH will continue to increase as these applications become more mainstream.

Ethereum’s dominance in DeFi, NFT, and smart contract development makes it a crucial player in the crypto market. The successful transition to Ethereum 2.0 and its ever-expanding ecosystem ensure that Ethereum remains one of the top cryptocurrencies to buy today (16 Feb).

4. Solana (SOL): The High-Speed Blockchain

Solana has been making waves with its incredibly fast transaction speeds and low fees. Designed to handle large volumes of transactions per second, Solana is positioning itself as the go-to blockchain for developers building high-performance dApps. Solana has become a real competitor to Ethereum, especially for projects that need faster transaction speeds.

Solana’s growth continues at a rapid pace, with more developers choosing it as their platform of choice for building decentralized applications. Recently, Solana has announced partnerships with major projects in DeFi and gaming, increasing its ecosystem’s scope. Solana’s low fees and high throughput make it an attractive alternative to Ethereum, especially for users who are tired of high gas costs.

The Solana ecosystem is also expanding with new projects launching on the blockchain every month, ranging from decentralized exchanges to NFT marketplaces.

Solana’s lightning-fast transaction speeds, scalability, and low fee make it one of the most attractive blockchains for developers and investors alike. As adoption continues to grow, Solana remains a solid pick among the top cryptocurrencies to buy today (16 Feb).

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Conclusion

Based on our research and analysis, the top cryptocurrencies to buy today (16 Feb) are offering investors incredible opportunities to diversify their portfolios in 2025 and beyond. Qubetics, with its unique focus on real-world asset tokenization and cross-border transactions, is emerging as a must-watch project in the crypto space. Bitcoin and Ethereum continue to lead as the giants of the industry, while Solana offers a fresh alternative for high-speed, low-cost transactions.

No matter where you are in your crypto journey, there’s plenty of growth to be found in these projects. As always, make sure to do your research, assess your risk tolerance, and start building your portfolio with confidence.

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For More Information:

Qubetics: https://qubetics.com

Telegram: https://t.me/qubetics

          Twitter: https://x.com/qubetics

FAQs

1.What makes Qubetics different from other blockchain projects?

Qubetics focuses on real-world asset tokenization and cross-border transactions, offering businesses a new way to unlock global markets.

2.Is Bitcoin still a good investment in 2025?

Yes, Bitcoin remains the most recognized and widely adopted cryptocurrency, making it a solid choice for long-term investors.

3.How does Ethereum 2.0 improve the network?

Ethereum 2.0 transitions to Proof-of-Stake, which improves scalability, reduces energy consumption, and lowers gas fees.

4.What are the benefits of Solana’s high-speed blockchain?

Solana’s ability to handle thousands of transactions per second with low fees makes it a great option for developers building high-performance applications.

BlackRock ETF IBIT Had Its First Net Outflow Since Its Launch

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The initial e­xcitement surrounding the introduction of U.S. spot Bitcoin ETFs may be­ waning. Despite a robust start marked by substantial inflows during the­ first quarter, major players like BlackRock’s iBIT ETF and othe­rs experience­d significant outflows on May 1st, 2024.

Data from SoSoValue shows that May 1st saw a $564 million net outflow. BlackRock’s iBIT, a prominent figure­ in the new wave of Bitcoin ETFs, e­xperienced an outflow of approximate­ly $36.6 million. However, this paled compared to the­ collective withdrawal of over $526.8 million from othe­r spot Bitcoin ETFs.

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Source: SoSoValue

Fidelity, Grayscale Lead the Exodus

Among the nine other Bitcoin ETFs, the Fidelity Wise Origin Bitcoin Fund (FBTC) witnessed the most significant investor exodus, with a total outflow of $191.1 million. The Grayscale Bitcoin Trust (GBTC), a well-established player in the market despite its closed-end structure, also saw a sizable $167.4 million outflow.

This single day of decline marks the largest outflow event for US spot Bitcoin ETFs to date. The ARK 21Shares Bitcoin ETF and Franklin Bitcoin ETF also experienced investor jitters, with outflows of $98.1 million and $13.4 million, respectively.

This shift in sentiment coincides with a general cooldown in the price of Bitcoin. April saw new US ETFs experience a net outflow of $343.5 million, marking an end to the three-month streak of inflows that characterized the first quarter.

Previously, the market witnessed a surge in demand for these new investment vehicles. January, February, and March saw inflows of $1.5 billion, $6 billion, and $4.6 billion, respectively. However, the pace of inflows has slowed considerably since peaking at a net daily inflow of $1.05 billion on March 12th.

BlackRock Sees $13B Inflow Since Launch

BlackRock’s Spot Bitcoin ETF attracted over $13 billion in net inflows since­ its launch. However, Bitcoin’s price re­mained relatively stable­, trading between $60,000 and $70,000 most of the­ month. This range was considerably lower than the­ record highs witnessed e­arlier in the year.

Although the­ initial day of significant outflows from spot bitcoin ETF may raise concerns, it’s crucial to view this e­vent in a broader context. The­ volatile Bitcoin market likely e­xperienced a consolidation phase­ after a remarkable first quarte­r for spot ETFs. 

Related Reading | Altcoin Potential: Decoding Trends Amidst $2.816 Trillion Projections

Crypto Market Unaffected By Genesis GBTC Liquidation, Says Coinbase

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Cryptocurrency exchange Coinbase anticipates the crypto market remaining unaffected by the bankruptcy of Genesis, a crypto lender holding substantial Grayscale Bitcoin Trust shares. Genesis, having incurred losses exceeding $5 billion in liabilities, including debts owed to creditors and outstanding loans, filed for bankruptcy on January 20, 2023. Genesis petitioned the court to sell its $1.3 billion GBTC shares, seeking creditor repayment.

GBTC is a trust that holds Bitcoin and allows investors to gain exposure to the cryptocurrency without owning it directly. GBTC shares trade on the secondary market at a premium or discount to the underlying Bitcoin’s net asset value (NAV). On Feb. 14, a bankruptcy judge granted Genesis the permission to liquidate its GBTC shares, either by converting them to Bitcoin or selling them for cash.

Genesis has been approved to sell its GBTC shares, a move that comes when the latter faces heightened competition from spot Bitcoin ETFs, which are more effective and clearer than GBTC. On Jan. 10th, the U.S. Securities and Exchange Commission (SEC) gave the first spot Bitcoin ETF the green light. Quite a few additional spot Bitcoin ETFs have since been initiated or applied for the attraction of billions in revenue streams.

Consequently, the GBTC has witnessed outflows worth more than $5b since January as investors moved to cheaper and more liquid ETFs. Consequently, GBTC has been trading at a consistent discount to its NAV, implying that investors are willing to sell GBTC shares for less than the value of Bitcoin

Coinbase Insights On Genesis Sell-off

Coinbase, however, argued in its weekly report that the crypto market would remain stable irrespective of Genesis’ GBTC sell-off, which could exert additional downward pressure on Bitcoin’s price because the majority of the funds from liquidation will stay within the crypto ecosystem.

Our view is that much of these funds will likely remain within the crypto ecosystem, contributing to a neutral overall effect in the market, Coinbase said.

Coinbase explained that depending on their choice, Genesis has a choice between distributing either Bitcoin or cash to its creditors. If Genesis changes GBTC shares to Bitcoin, then it will have to buy Bitcoin from the market, thus increasing the demand and value of cryptocurrency. In case Genesis sells GBTC shares for money, it will also be obliged to sell Bitcoin to the market, which may reduce the supply of the cryptocurrency and, hence, its price.

Coinbase also observed that either way, those who will get bitcoin or cash will probably invest them again into this industry through purchasing other cryptocurrencies or lending staking to various platforms. Thus, the company expects that Genesis’ GBTC liquidation will not impact the cryptocurrency market.

Related Reading | API3 Emerges As A Dynamic Force In Decentralized Ecosystems: Report

Genesis Global Capital Seeks Court Approval For $1.6 Billion Asset Sale: Report

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In a pivotal move to navigate its ongoing bankruptcy proceedings, cryptocurrency lending firm Genesis Global Capital has formally requested permission from the U.S. Bankruptcy Court in the Southern District of New York to sell approximately $1.6 billion worth of trust assets. The assets in question primarily consist of shares in various Grayscale trusts, including the Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust, and Grayscale Ethereum Classic Trust.

Renowned crypto journalist Colin Wu, through Wu Blockchain, brought attention to the detailed filing submitted by Genesis, a subsidiary of the Digital Currency Group. The filing unveils the composition of the assets slated for sale, with approximately $1.4 billion tied up in Grayscale Bitcoin Trust shares, an additional $165 million in Grayscale Ethereum Trust, and roughly $38 million in Grayscale Ethereum Classic Trust. Genesis has also sought to expedite the process, urging the court to address the sale motion at its next session scheduled for February 8.

This strategic move aims to optimize the value return for the company’s creditors and stakeholders amid the complex landscape of bankruptcy. Genesis’s decision to liquidate these assets follows its prior involvement in the cryptocurrency lending space, including collateral transferred to Gemini as part of the Gemini Earn program and assets acquired through the bankruptcy of Three Arrows Capital. Notably, the sale also encompasses efforts to legally reclaim 31,180,804 additional shares, valued at approximately $1.2 billion, previously pledged to Gemini but not transferred, pending a court decision on their ownership.

Genesis Sparks Industry Response

Responses to this initiative have come from various parties, including Gemini, which has labeled the filing as a significant step forward. This development gains additional significance following the recent approval of the Grayscale Bitcoin Trust as an exchange-traded product (ETP) on January 10, potentially impacting the valuation and liquidity of the assets up for sale.

Amid these strategic maneuvers, Genesis recently agreed to settle a lawsuit with the Securities and Exchange Commission (SEC) involving the payment of a $21 million fine, contingent upon the funds available post-bankruptcy. The lawsuit pertained to the operation of the Gemini Earn program, underscoring the regulatory hurdles faced by Genesis amidst its financial restructuring efforts.

The proposed asset sale emerges as a critical component of Genesis’s broader strategy to address financial challenges and meet obligations to creditors. By liquidating holdings in the Grayscale trusts, Genesis aims to capitalize on current market conditions and regulatory developments, optimizing the recovery for its stakeholders in this dynamic chapter of the cryptocurrency landscape.

Shiba Inu Soars to Headlines with Exclusive Coverage on New SHIB ETF

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The Shiba Inu community is actively discussing the potential introduction of a Shiba Inu (SHIB) Exchange-Traded Fund (ETF), as revealed in the tenth edition of SHIB Magazine. This conversation is gaining momentum, especially after recent approvals for Exchange-Traded Fund (ETF) products linked to spot Bitcoin (BTC). This development has sparked interest within the cryptocurrency community, prompting a broader exploration of ETFs as a bridge to traditional finance.

The pursuit of ETFs is not a new phenomenon in the cryptocurrency space. Going back to 2013, Cameron and Tyler Winklevoss, the founders of the Gemini exchange, attempted to launch a spot BTC ETF but faced persistent challenges. Similarly, Grayscale’s effort to transform its Grayscale Bitcoin Trust into a spot ETF was rejected by the U.S. SEC, despite the agency approving BTC futures ETFs.

A significant shift occurred in June, highlighted by BlackRock, the world’s largest asset manager, filing for a spot BTC ETF. This move prompted other traditional financial institutions such as VanEck, Fidelity Investments, and WisdomTree to follow suit with their own filings. After several revisions, the U.S. ultimately approved spot BTC ETFs, marking a significant step in the integration of cryptocurrencies into mainstream traditional finance.

Spotting Opportunities: Shiba Inu’s Foray into the Envisaged SHIB ETF

While recent attention has been focused on Ethereum and XRP, the latest edition of SHIB Magazine has sparked discussions surrounding the potential introduction of a Shiba Inu ETF. The magazine’s cover prominently features the question “Wen SHIB ETF,” generating curiosity and optimism within the community. Despite the absence of a dedicated section on this prospective investment product in the latest release, community members are asking, “Why not?” Shiba Inu, recognized as a legitimate and decentralized digital asset, has actively taken steps to move away from its meme coin image.

Initiatives like Shibarium (the layer-2 network), SHIB Metaverse (the metaverse project), and SSI (the digital ID project) highlight Shiba Inu’s commitment to reshaping its overall perception. The persistent community advocacy for the introduction of a SHIB ETF on various social media platforms indicates a growing interest in the potential realization of such a product. While some industry commentators express skepticism about its viability in the short term, the success of ongoing initiatives could position SHIB as a contender for investment vehicles like spot-based ETFs in the future.

Unlike certain cryptocurrencies facing challenges with classification as securities or commodities, SHIB holds a favorable standing, never having been accused of being a security by the SEC. Reflecting on the dynamic nature of the crypto industry, it is worth noting that even Bitcoin encountered skepticism when discussions first emerged about a spot BTC ETF.

Regardless of the timing, the introduction of a spot SHIB ETF could further solidify Shiba Inu’s legitimacy within the mainstream financial landscape. As the community eagerly awaits further developments, the Shiba Inu project remains on track to achieve broader recognition and acceptance.

Charting Crypto’s Transformative Trajectory: 5 Key Highlights From 2023

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2023 emerged as a pivotal year in the dynamic landscape of the crypto industry, marking a shift from the turbulence of 2022. Five key charts shed light on the transformative journey of cryptocurrencies over the past year, according to the recent report from the Block.

Crypto Chart Chronicles Of 2023

Firstly, the Grayscale Bitcoin Trust (GBTC) witnessed a remarkable narrowing of its discount to Net Asset Value (NAV). Following Grayscale Investments’ triumph against the SEC in August, the GBTC discount dropped below 10% for the first time since July 2021. This trend, a significant departure from the historic premium, reflects growing optimism regarding the potential approval of a spot bitcoin ETF in the U.S.

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Contrastingly, Binance faced a challenging year as its legal and regulatory troubles unfolded. In November, the U.S. authorities settled a criminal investigation with Binance, resulting in a historic $4.3 billion penalty. Former CEO Changpeng Zhao’s guilty plea and subsequent resignation further compounded the exchange’s woes. Binance’s market share among non-USD exchanges dwindled from over 70% to around 46% by the year’s end, signaling a significant setback.

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Meanwhile, the stablecoin USDC, issued by Circle, experienced a squeeze in its market share. Starting the year with a 32% share, USDC faced a depegging from the U.S. dollar in March, leading to a 15% drop in its market cap within 24 hours. The subsequent months witnessed a continued erosion of USDC’s market share, falling to 19% by the end of the year, with USDT strengthening its dominance.

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Bitcoin, traditionally not associated with NFTs, played a crucial role in the resurgence of the NFT sector. The Bitcoin Ordinals protocol, introduced in January 2023, allowed users to engrave NFTs directly onto the blockchain, leading to a transaction surge. Bitcoin-based NFTs accounted for around 59% of the peak weekly NFT trading volume, revitalizing the NFT market.

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Closing the year on a positive note, the crypto market rebounded from the challenges of 2022. Bitcoin’s value surged by 160%, while Ether witnessed a 94% increase from its position a year ago. Solana emerged as the top performer among the top ten cryptocurrencies, experiencing a staggering 1,000% gain.

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However, the industry continues to evolve, promising more developments in the year ahead as the crypto community anticipates the potential approval of a spot Bitcoin ETF and the upcoming Bitcoin halving event in 2024.

Related Reading | XRP’s Trader Foresees Potential Dip Before Anticipated Surge

Ark Invest Sells More Coinbase Shares; Wraps Up GBTC Exit

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Remaining steadfast in their commitment, Ark Invest, under the guidance of Cathie Wood, made strategic moves in their portfolio by selling an additional 148,885 shares of Coinbase, amounting to approximately $27.5 million, on December 27. Concurrently, Ark Invest also liquidated its entire stash of Grayscale Bitcoin Trust [GBTC] worth $200 million on Dec. 28, revealed Bloomberg ETF analyst Eric Balchunas. This strategic maneuver is part of the firm’s ongoing efforts to recalibrate its fund weightings.

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Ark Invest Sells More Coinbase Shares; Wraps Up GBTC Exit 12

Delving deeper into the specifics, Ark Invest exhibited a sophisticated strategy in managing its portfolio, where the ARK Next Generation Internet ETF [ARKW] opted to part ways with Coinbase shares. The rationale behind this decision is in line with Coinbase’s remarkable 54.6% surge in value over the last month.

Meanwhile, half of the proceeds from the GBTC sale, equivalent to approximately $100 million, were employed by the prominent AUM to venture into Bitcoin Futures ETF Bito. Nonetheless, experts in the field of ETFs suggest that this move serves as a transient placement for the investment firm, to seek a portfolio with enhanced liquidity. According to Eric Balchunas, an ETF analyst at Bloomberg, Ark’s complete divestment from GBTC has positioned it as the second-largest holder of Bito.

Ark Invest CEO Spills Trade Strategy

Ark Invest also positioned itself by acquiring 4,320,928 units of the ProShares Bitcoin Strategy ETF [BITO], a U.S. bitcoin futures-linked ETF. Notably, institutional players, including Ark Invest, eagerly await SEC approval for the first-ever spot Bitcoin ETF filing.

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Source: YouTube

In a recent interview, Cathie Wood shed light on Ark Invest’s strategic moves, including the earlier sale of $13 million worth of Grayscale Bitcoin Trust [GBTC] and the ongoing divestment of $200 million in Coinbase shares. Wood explained that these actions are driven by portfolio management considerations. She highlighted the positive performance of Bitcoin this year and the closing of the discount relative to Net Asset Value [NAV] for GBTC, constituting a dual impact on appreciation.

Wood Further commended the SEC’s evolving stance on cryptocurrency. She emphasized the regulator’s shift from outright denials to active discussions as a positive development, signifying a deepened understanding of relevant issues.

Cathie Wood’s Ark Invest Continues Selling Spree: Offloads $27.8 Million

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In a move that continues its recent trend, Cathie Wood’s Ark Invest reportedly sold additional shares of both Coinbase and Grayscale Bitcoin Trust (GBTC) on Wednesday. According to the company’s latest trade filing, Ark offloaded 180,422 Coinbase shares, equivalent to $24.3 million, and 99,595 GBTC shares, amounting to $3.5 million.

ARK Invest Unloads $27.8 Million in Coinbase & GBTC Shares

Breaking down the Coinbase sales, Ark sold 12,474 shares worth $1.7 million from its Fintech Innovation ETF, 5,369 shares valued at $723,000 from its Next Generation Internet ETF, and a substantial 162,579 shares amounting to $21.9 million from its Innovation ETF.

This follows the trend set earlier in the week, with Ark selling $33.3 million worth of COIN on Tuesday and $1.4 million on Monday. In total, the investment management firm has divested $59 million in Coinbase shares from its funds this week, with an additional $15 million sold the previous week.

As of the latest market close, Coinbase stock was priced at $134.63, marking a 7% increase over the past week, a 55% surge over the past month, and an impressive 269% year-to-date gain. This ascent has propelled Coinbase to its highest level in 18 months, according to data from TradingView.

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Source: Tradingview.com

Simultaneously, Ark Invest’s selling spree extended to GBTC shares, with 99,595 shares, equivalent to $3.5 million, offloaded from its Next Generation Internet fund. This follows the sale of 168,127 GBTC shares totaling $5.9 million on Tuesday. GBTC shares closed at $34.92, reflecting a 14% increase in the last week, a 28% gain over the past month, and an astounding 325% year-to-date surge, according to TradingView.

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Source: TradingView

The price appreciation of GBTC shares correlates with the recent surge in the underlying value of bitcoin, which has witnessed a 16% increase over the last seven days, a 25% uptick over the past month, and a remarkable 166% surge year-to-date, currently trading at approximately $43,309.

Ark’s decision to sell GBTC shares aligns with the recent narrowing of GBTC’s discount to net asset value (NAV). The discount, which measures the difference between the market price of each share and the value of the bitcoin it represents, has decreased from over 40% in June to approximately 11%, as reported by YCharts.

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Source: YCharts

Related Reading |  Solana (SOL) Primed To Surpass $100: Arthur Hayes Forecasts Weekend Altcoin Surge

Ripple’s Chief Legal Officer Unveils Troubling Pattern In SEC’s Crypto Lawsuits

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In a recent development, Stuart Alderoty, the lead attorney for Ripple, has openly criticized the U.S. Securities and Exchange Commission (SEC) via social media platform X, pointing out what he perceives as inconsistencies and inadequacies in the SEC’s management of cryptocurrency-related cases. This critique comes amid ongoing legal battles where courts have criticized the SEC for its methods and decisions.

Coinbase, a prominent cryptocurrency exchange, is currently embroiled in a significant dispute over ambiguous crypto regulations with the US Securities and Exchange Commission (SEC). Earlier this year, Coinbase filed a Mandamus petition to obtain regulatory clarity. However, the SEC dismissed the claims made by Coinbase, citing a lack of evidence to support their allegations. 

In the Grayscale v. SEC case, the SEC faced criticism for treating similar products termed “arbitrary and capricious.” Moreover, in the recent case against Debt Box, the court instructed the SEC to justify potential sanctions for making false and misleading representations. Billionaire Mark Cuban also highlighted this case in a recent X post.

https://twitter.com/mcuban/status/1730627392635339025

Ripple’s Legal Head Slams SEC’s Actions

Concerning the Grayscale conflict, the SEC rejected the firm’s petition to convert its Grayscale Bitcoin Trust (GBTC) to a physically backed product. Alderoty emphasized the court’s scrutiny of the SEC’s “inconsistent treatment of similar products.”

In recent social media posts, Alderoty expanded his discontent and criticized the SEC’s broader strategy. He referenced a Wall Street Journal article that showcased the Supreme Court’s repeated rulings against the SEC, describing the agency as “bloated, broken, and beleaguered.”

Ripple’s top lawyer specifically scrutinized the SEC’s actions against Kraken, questioning the timing and approach, particularly criticizing the term “crypto asset securities,” which he argues lacks legal basis. His posts echo mounting frustration with the SEC’s strategies and its apparent inability to adapt to the rapidly evolving cryptocurrency landscape.

These critical comments from Ripple’s legal representative, disseminated across social media, underscore growing concerns within the cryptocurrency industry regarding the SEC’s regulatory approach. As legal battles persist and criticisms escalate, the rift between regulatory bodies and cryptocurrency entities appears to deepen, casting uncertainties over the future of crypto regulation in the United States.

FTX Receives Approval to Liquidate $873 Million in Assets for Debt Settlement

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Insolvent cryptocurrency exchange FTX has been approved to initiate the sale of approximately $873 million in trust assets, aiming to repay creditors impacted by the company’s 2022 bankruptcy. A recent filing in a Delaware bankruptcy court on November 29 allows the exchange’s debtors to proceed with selling trust assets using their best business judgment and adhering to established selling processes.

FTX’s plan involves the liquidation of assets in a manner that maximizes value while minimizing market disruption for digital investments. The assets, valued at $807 million and $66 million, originate from FTX’s holdings in trusts issued by custodial service provider Bitwise and cryptocurrency asset management firm Grayscale Investments.

This decision comes nearly four weeks after exchange debtors sought permission from Judge John Dorsey to sell six cryptocurrency trusts, including the Bitwise 10 Crypto Index Fund, Grayscale Bitcoin Trust, and Grayscale Ethereum Trust.

FTX’s Recovering Assets

The exchange administrators, tasked with navigating a complex web of debts owed to various creditors since the exchange filed for bankruptcy amid fraud claims last year, have been actively seeking and recovering assets. The recovered assets, according to court filings, amount to nearly $7 billion, including $3.4 billion in cryptocurrency.

FTX, once among the world’s largest trading platforms, faced insolvency in November of the previous year following revelations about the precarious balance sheet of its sibling trading firm, Alameda Research, led by Sam Bankman-Fried.

Despite the challenges, FTX administrators have successfully retrieved significant assets, and the recent approval to sell assets for debt settlement has positively impacted the value of the FTX token (FTT), causing it to surge by 8%.

Meanwhile, Sam Bankman-Fried awaits sentencing in March 2024 after a recent guilty verdict on seven counts of charges. Currently held at Brooklyn’s Metropolitan Detention Center, his potential sentence could extend up to 115 years.