The first installment of “The Degen Trilogy,” a movie with Bored Ape Yacht Club (BAYC) involvement, has been made available via major cryptocurrency exchange Coinbase. As the US Securities and Exchange Commission (SEC) opened an investigation into whether the exchange had listed unregistered securities, the company’s shares have continued to decline.
On Tuesday, Coinbase released what looks to be the first chapter of their trilogy. The five-minute film, titled “RUN THE CHAIN,” incorporates numerous BAYC non-fungible tokens (NFTs) as well as ApeCoin, governance and utility token of the BAYC ecosystem based on Ethereum (ETH).
As previously mentioned, Coinbase officially announced on Twitter that they were “producing an interactive three-part video showcasing” the BAYC and Apecoin communities in the middle of April. The exchange at the time provided a list of instructions for BAYC NFT holders on how to get their NFTs included in the movie.
Yesterday, Coinbase’s official Twitter account reminded users to create accounts on the exchange’s NFT marketplace if they want their NFTs to be included in the future Parts 2 and 3.
The crypto community, however, seems to be struggling to understand the film’s purpose.
“Bruh. Just now, you called a peak. I’m not sure what this is the peak of, but it’s something. I appreciate that “a user on Twitter stated.
Others remarked that the exchange made a horrible timing decision in releasing its film. “Excellent timing and situational awareness in releasing this today! They’re probably being mocked by SEC behind closed doors, “a different user said.
The SEC is looking into whether Coinbase displayed digital assets that should have been registered as securities. This has been reported.
However, despite this greater scrutiny, the exchange’s stock price continues to decline. The price of a share of Coinbase fell as high as 21.08 percent in the most recent trading day.
According to Bloomberg, Cathie Wood’s Ark Investment Management sold more than 1.41 million shares of COIN on Tuesday, with a market value of around USD 75 million as of Tuesday’s closing. This move served to boost investor confidence in Coinbase. Tuesday saw a roughly 5% decline in the value of Coinbase Global’s stock.
Because Ark traded at lows of USD 53, it’s possible that the company thought COIN might continue to lose money in the days ahead.
Ark was the third-largest stakeholder of Coinbase as of the end of June, according to Bloomberg, and has been purchasing shares since the company’s 2021 launch. It held about 8.95 million shares at that time.
However, Ark has lost almost half of its assets under management since December, while it’s 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.”