Altcoin
Arkham Shifts $487M ARKM To Coinbase Prime, Here’s Why
Arkham Intelligence has executed a major token transfer, moving nearly half a billion dollars worth of its native ARKM tokens to Coinbase Prime. This strategic move, involving hundreds of millions of tokens, including a substantial portion owned by the company’s CEO, has raised eyebrows in the crypto community. As the firm cites regulatory compliance and tax obligations as the driving factors behind this transfer.
Arkham Token Transfer
Arkham Intelligence, a blockchain analytics firm, has made a significant move in the cryptocurrency space by transferring 304.5 million ARKM tokens, valued at approximately $487.24 million, from its vesting contract to Coinbase Prime. This transfer, which occurred on July 18, 2024, includes 115.8 million ARKM tokens ($185.28 million) owned by the CEO.
The company stated that this transfer is necessary for tax compliance and regulatory purposes. The process involves reclaiming ARKM tokens from existing vesting smart contracts and moving them to an intermediary address before final transfer to Coinbase Custody addresses.
They explained that this move will result in Coinbase Custody managing the ARKM vesting for the company’s employees. The custodial arrangement will be subject to compliance and transaction monitoring, adhering to a trading plan that follows the pre-set, 3-year unlock schedule.
It’s worth noting that the team, investors, and advisors’ ARKM tokens entered a linear unlocking cycle on July 18. The current daily unlocking volume for these three groups is approximately 324,200 ARKM tokens, valued at around $518,000.
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Market Impact & Future Outlook
As of today, the price of Arkham price stands at $1.61, with a 24-hour trading volume of $50.2 million. This represents a 2.76% price decline in the last 24 hours, but a 17.69% price increase over the past week. With a circulating supply of 240 million ARKM, the market cap is currently valued at $390.2 million.
This significant token movement by one of the blockchain industry’s notable analytics firms has drawn considerable attention. The crypto community will likely be watching closely to see how this transfer affects ARKM’s market price and liquidity in the coming days. Investors and market analysts will be particularly interested in how this move might influence the token’s performance and position in the broader cryptocurrency ecosystem.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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