Author: Madhu Unnikrishnan

Ark ETFs resume buying Coinbase shares with $18 million purchase

https://www.theblock.co/post/222511/ark-etfs-resume-buying-coinbase-shares-with-18-million-purchase?utm_source=rss&utm_medium=rss

Cathie Wood’s Ark ETFs bought almost $18 million in Coinbase shares just days after the funds ended a months-long buying spree by divesting $13 million in the company’s stock.

The Ark Innovation ETF added 230,599 Coinbase shares on March 23, while Ark Next Generation Internet ETF added 38,329 shares. At market’s close, the trades were worth $17.8 million. 

Coinbase took a battering on Thursday, with its shares down more than 14% at the close of trading. The company has faced its share of travails this week, with its share price tumbling after the U.S. Securities and Exchange Commission issued it a warning — known as a Wells notice — over its staking service, Coinbase Earn and Coinbase Wallet.

Earlier in the day, Coinbase CEO Brian Armstrong took to a Twitter live chat to object to the SEC’s action. "In a way we’re happy to go to court," The Block previously reported, "if that’s what it takes to finally get some case law developed for this industry." 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Block solicits feedback for bitcoin ‘mining development kit’

https://www.theblock.co/post/217913/block-solicits-feedback-for-bitcoin-mining-development-kit?utm_source=rss&utm_medium=rss

Jack Dorsey’s Block is soliciting developer feedback for what it calls a bitcoin "mining development kit," which it says could unleash further innovation in the Bitcoin mining space and increase innovation, with a goal to reduce energy consumption.

The mining development kit, as so far envisioned in a blog post, would be comprised of four parts: A Bitcoin mining hashboard, which would work with a controller board, and run on open-source firmware and software, and "extensive reference materials and support documentation." Block has asked developers to weigh in on what they would like included in the first three components. 

"The intention behind the [mining development kit] is to provide developers with a suite of tools to help unlock creativity and innovation in bitcoin mining hardware," the company said in its blog post. "We anticipate the [kit] being useful development projects focused on integrating bitcoin mining into various novel use cases — such as heating solutions, off-grid mining, home mining or intermittent power applications — as well as optimization of bitcoin mining hardware for traditional commercial mining operations."

Block did not specify when the suite would launch, but told developers to "stay tuned." The company said it got "overwhelmingly positive" responses to CEO Jack Dorsey’s 2021 tweet that the company was considering building an open source mining suite and has been "heads down building a team ever since."

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.