Crypto Market Overview November 3rd | Dex-Trade
More than $7 Million in Block and Robinhood Shares: Cathie Wood's New Investment
Ark Invest, owned by Cathie Wood, bought 69,756 shares of Block and 343,623 shares of Robinhood for a total of more than $7 million after the crypto projects prepared financial statements and published profit and loss data. The purchase was made yesterday, when Block shares were trading at about $54, that is, Ark Invest spent about $3.7 million in total on them. As for the financial statements of Jack Dorsey's company for the third quarter, it will be published tonight and its key characteristic will be data on the gross volume of payments, which, according to analysts, will be about $45 billion. Meanwhile, Robinhood's stock was trading at $11.4 as of the end of yesterday's trading day, although the asset's retail price rose to $11.85 by the end of the day. Ark Invest first purchased 303,129 shares of Robinhood worth over $3.3 million (at the closing price), and then bought another 40,494 shares for its Ark Fintech Innovation ETF worth $460,000. Everything indicates that Cathie Wood's fund seems to be interested in crypto stocks again, as the purchase of Block and Robinhood securities is only the company's latest investment. Last week, Ark Invest also bought Block and Robinhood shares, and also invested in Coinbase. By the way, the fund currently has about 7.7 million shares of the cryptocurrency exchange worth more than $450 million.
Surojit Chatterjee from Coinbase's Leaves the Company
Meanwhile, crypto giant Coinbase Global has indicated in its regulatory filing that the company's chief product officer, Surojit Chatterjee, intends to leave the company on November 30, after the completion of the main ongoing tasks. There is no word yet on who will replace the businessman, but there are rumors that Chatterjee will continue in an advisory role at the company's firm until at least February 3, 2023. This date is not allocated in any way, so it is too early to talk about his real powers and the duration of their validity. One way or another, but things are not going well at Coinbase, apparently. In recent months, a large-scale outflow of developers and designers has been recorded from the company. As a result, the company is being reorganized under a product group structure, whereby group leaders are now required to take responsibility for product offerings. Today, after the close of the trading session, the company's financial report for the 3rd quarter of 2022 should be published. Analysts are forecasting a consensus estimate of earnings per share for this term of approximately -$1.47 and a consensus estimate of the company's total revenue of approximately $641.88 million, a fantastic 51.07% drop from the same period a year earlier. It seems that there are no signs of the end of the crypto-winter yet.
Changpeng Zhao Considers Buying Banks
According to an interview given by Bloomberg at a web conference in Lisbon, Changpeng Zhao (CZ), the founder and CEO of the largest cryptocurrency exchange Binance, is considering acquiring banks to serve as a bridge between the traditional financial sector and cryptocurrencies. Zhao said he's open to either a minority financing or a full buyout, although he didn't specify any targets or even hint at bank options he's eyeing. Various local licenses, conventional banking services, money transfer systems and even banks are owned by private individuals, but CZ says they are considering options and are willing to negotiate. Naturally, the choice of investment vector CZ is not accidental. Investing in banks, according to the CEO of Binance, is smart for Binance, because whenever a bank cooperates with a cryptocurrency trading platform, this leads to a significant increase in the number of users of the exchange services in a particular region, due to which the valuation of the bank increases. In addition to "flirting" with banks, CZ also expressed his opinion on government digital currencies (CBDC). Contrary to the prevailing opinion in the crypto community that such currencies will simply be worthless, he believes that they can legitimize blockchain technology and build trust among people who have doubts about it. However, why not approve the government initiative, especially if you can get a whole trade license for it...
