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Ark Invest Embraces Crypto: Bets on Coinbase and Robinhood Over Tesla

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In the past week, Ark Invest has reduced its position in Tesla. Simultaneously, the firm has moved to snap up crypto stocks with large investments in Coinbase and Robinhood.

The technology-focused investment management company holds a number of major crypto stocks through its Exchange-Traded Funds (ETFs). Following a devaluation of crypto exchanges like Coinbase earlier this month, their share price has rebounded in the past week.

Ark Invest Dumps Tesla, Among Others, as Tech Stock Rally Dissipates

Through the Ark Innovation ETF and the Ark Next Generation Internet ETF, Ark’s private equity funds offloaded nearly $16 million USD worth of Tesla stock in the past week.

Of course, the firm is still heavily invested in Tesla. But Ark’s move to partially divest from the electric vehicle manufacturer reflects cooling sentiment toward the tech stock. After climbing around 140% in the year to date, several institutional investors have signaled a more bearish near-term outlook for Tesla stock.

In a note to investors on Wednesday, Barclays analyst Dan Levy downgraded Tesla shares to equal weight from overweight.

“We believe the stock’s recent rally can be best explained by the market’s current AI-driven thematic trade […] yet while we aren’t surprised that the stock has participated in the rally, we believe it is prudent to move to the sidelines,” the note stated.

Likewise, on Thursday, Morgan Stanley analyst Adam Jonas also downgraded Tesla to equal weight.

Besides Tesla, Ark has sold off a range of other blue-chip tech stocks this week. For example, on Friday, it offloaded 78,676 shares in Shopify worth over $5 million USD. The investment management firm also reduced its exposure to the online sports betting company DraftKings.

Ark Continues to Back Crypto as Coinbase Price Rebounds

Just as it was partially exiting its positions in major tech companies, Ark Invest has doubled down on its investments in the crypto sector.

The firm holds significant stakes in several American crypto firms. And via a major investment in the Grayscale Bitcoin Trust, Ark’s ARKW fund is also well-exposed to BTC.

Foremost among Ark’s crypto holdings are Jack Dorsey’s Block Inc investments and the crypto exchange Coinbase. The firm is the fourth-largest shareholder in the latter.

Earlier this month, Coinbase’s share price was battered by news that the US Securities and Exchange Commission (SEC) has brought a lawsuit against it.

As Coinbase’s stock price plummeted by as much as 21% in a single day, Ark Invest snapped up an additional 419,324 shares in the company.

The exchange operator’s share price rebounded after falling to as low as $50.02 USD on June 6. On Friday, the stock closed at $61.47 USD, having made notable gains in the previous ten days.

Robinhood Investment Suggests Confidence in FinTech Growth

As well as buying Coinbase stock during the dip, Ark Invest ETFs purchased over a million Robinhood shares valued at $15,39 million USD this week. In light of a simultaneous selloff of Tesla stock, the move suggests more bullish sentiment with regard to FinTech investments compared to the wider tech sector.

Like Coinbase, the SEC’s enforcement actions affected Robinhood’s share price. But its stock market performance is less tied to the fate of crypto markets than Coinbase’s.

On Thursday, Robinhood announced that it would acquire the credit card platform X1 to expand beyond its core business of stock and crypto trading. The X1 deal, valued at $95 million USD, will allow Robinhood to offer its customers access to credit.

Cryptocurrency

FIFA Rivals Brings Iconic Football Brand adidas into Its Universe with Exclusive In-Game Content

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[PRESS RELEASE – Los Angeles, California, June 6th, 2025]

adidas is entering the world of FIFA Rivals with a series of digital products, features, and in-game content. The multi-year licensing agreement kicks off with the worldwide launch of FIFA Rivals on June 12th, the new officially licensed, arcade-style mobile football game from FIFA and Mythical Games.

The adidas brand and products will be featured across FIFA Rivals, providing players with access to exclusive digital items, including kits, jerseys, and shoe releases inspired by the brand’s rich football heritage.

“FIFA Rivals is all about celebrating the global passion for football in a fresh and modern way,” said John Linden, CEO and co-founder of Mythical Games. “Bringing adidas into this world gives players a deeper cultural connection and the chance to represent one of the most iconic brands in football – on and off the pitch. This collaboration sets a new standard for how brands show up in digital experiences.”

A New Era of Football Gaming 

FIFA Rivals offers a bold new take on mobile football—combining FIFA authenticity with lightning-fast, arcade-style gameplay. Players can build their dream team from the world’s biggest clubs and stars, compete in real-time PvP, and trade digital player cards on the Mythical Marketplace. As part of this collaboration, fans and FIFA Rivals players can unlock a range of digital items to outfit their teams in true three-stripe style, including:

Digital Kit Drops featuring classic and future-forward adidas jersey designs

Boot Releases tied to real-world player performance and adidas drops

● A limited-edition match ball designed for FIFA Rivals gameplay

● A fully immersive adidas Training Facility, where players can level up player cards and complete challenges

The collaboration also includes limited-time in-game events, challenges, and rewards tied to adidas’ most celebrated football gear and apparel drops, bringing a deeper layer of real-world connection to the digital pitch, and includes cover-athlete rights and cross-promotional campaigns.

FIFA Rivals: The Future of Football, Powered by Mythical 

Following a successful beta in key markets, FIFA Rivals is launching globally next week on the App Store and Google Play Store. Built for both core football fans and mobile gamers, FIFA Rivals is a high-octane arcade-style game that allows anyone to jump into the action instantly, build their dream squads, compete in real-time PvP matches, and trade player cards—represented as digital collectibles—on the Mythical Marketplace.

Backed by Mythical’s platform and Marketplace, FIFA Rivals gives players full ownership of their in-game assets with the ability to buy, sell, and trade securely with others around the world.

FIFA Rivals is scheduled to launch globally on iOS and Android on June 12th. For updates and more information, visit fifa.rivals.game and join the community on X (@fifarivals).

About adidas 

adidas is a global leader in the sporting goods industry. Headquartered in Herzogenaurach/Germany, the company employs more than 62,000 people across the globe and generated sales of € 23.7 billion in 2024.

For more information, please visit www.adidas-Group.com.

About Mythical Games 

Acknowledged by Fast Company’s World Changing Ideas 2021 and recently Forbes’ Best Startup Employers (2024), Mythical Games is a next-generation game company creating world-class games and empowering players to take ownership of their in-game assets through the use of blockchain technology. The team has helped develop major franchises, including Call of Duty, Call of Duty Mobile, World of Warcraft, Diablo, Overwatch, Magic: The Gathering, EA Madden, Harry Potter Hogwarts Mystery, Marvel Strike Force, Modern Warfare 3, and Skylanders. Mythical’s current games, Blankos Block Party and NFL Rivals, are already played by millions of consumers worldwide and create a new economy for players, allowing them to engage in a new way with games, but also directly trade and transact safely with other players worldwide.

The Mythical Marketplace, the first in-game blockchain Marketplace on iOS and Android, provides gamers with ownership and control over the purchase and sale of digital assets, while the Mythical Platform protects gamers that may be new to blockchain through a custodial wallet for their digital items.

Learn more: https://mythicalgames.com/

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No Price Spike, But 22,500 BTC Quietly Left Exchanges in a Single Day

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Bitcoin quietly continues to move off centralized exchanges, even as its price fails to mark any gains. On a single day in early June, roughly 22,500 BTC were withdrawn from trading platforms. This is a significant figure that suggests large holders are opting to secure their assets in private wallets rather than preparing them for sale.

Despite this major outflow, BTC’s price fell in the past 24 hours toward $100,000 but has managed to post a modest recovery and now sits around $103,500.

Signs of a Quiet Bullish Setup?

According to CryptoQuant’s latest analysis, such a pattern implies that these are not speculative trades by retail investors but deliberate accumulation by institutions such as ETF providers, custodians, or over-the-counter (OTC) desks.

These players typically operate under the radar, without the fanfare often seen with retail trading activity. The lack of a corresponding price spike may indicate that the market is in a consolidation phase, where long-term conviction is quietly building. Instead of being driven by hype or rapid momentum, the current trend seems to reflect strategic positioning and growing trust in Bitcoin’s long-term value proposition.

While immediate price action may appear stagnant, the continued drawdown of exchange reserves could potentially mean that supply-side pressure is easing. Historically, this kind of supply tightening has preceded major upward moves, although with a delay.

For now, the data points to accumulation, not distribution. CryptoQuant said that the situation should not be viewed as a lull, but as a potential setup for future price appreciation. As selling pressure diminishes, the groundwork may be forming for Bitcoin’s next leg up.

“There’s no reason to panic. This chart tells us that trust in Bitcoin is still strong. Maybe the price won’t explode right away. Maybe we’re just in a waiting phase. But as selling pressure fades, opportunities become clearer.”

Bitcoin May Struggle Through Summer Turbulence

While ETF flows continue to dominate investor attention, early signs that bullish momentum appears to be fading and deeper structural indicators suggest the market may be entering a period of consolidation, as per Matrixport’s insights.

Their models, which previously supported a bullish stance, now caution that the summer may bring increased uncertainty, particularly as key US economic indicators, such as the ISM Non-Manufacturing PMI, have fallen to their lowest levels since July 2024. This decline, coupled with a weaker manufacturing PMI, points to a broader economic slowdown that markets have yet to fully price in.

Further downside risks include the potential fallout from Trump’s tariff policies and the Fed’s hesitance to cut rates amidst lingering inflation fears. While Bitcoin’s trend model remains technically bullish above $96,719, the report noted that this support level is under threat.

With bond yields stagnant and the dollar showing weakness, Matrixport sees limited room for aggressive Fed intervention. As a result, the coming months may be defined more by caution than conviction, with Bitcoin likely to trade sideways unless macro conditions stabilize.

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Ripple v. SEC Lawsuit: Why June 16 Is Such an Important Date?

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TL;DR

  • Ripple and the SEC face a key deadline as the lawsuit drags on without resolution.

  • The battle’s outcome is unlikely to cause any substantial volatility for XRP as the price now hinges on potential ETF approvals and Ripple’s business expansions.

Ripple and the SEC Remain Silent

It has been almost three months since Ripple’s CEO, Brad Garlinghouse, dropped the bomb, stating that the US Securities and Exchange Commission (SEC) would dismiss its case against the company. Despite the numerous developments that have occurred since then, however, the lawsuit has yet to reach its official conclusion.

Earlier this week, the American attorney Fred Rispoli noted that “the status update in the 2nd Circuit looms large,” and Ripple and the SEC have not moved forward with the necessary refiling. 

Recall that the two sides previously agreed that the company would pay a $50 million penalty for violating certain laws (instead of the previously ruled $125 million), which would mark the end of the legal battle. However, Judge Analisa Torres denied the motion, asserting that the parties failed to file it properly under Rule 60.

Rispoli said the deadline for that is June 16, expecting the entities to abide by the rules by then. In case they don’t, the lawyer believes the magistrates could restart the briefing process and push it for another 60 days. He described Torres’ ruling as “clear” and claimed that Ripple and the SEC “need to beg for forgiveness.”

“Ripple will say whatever to get it done, but how much public groveling is the SEC willing to do? And how much groveling will be authorized? We have 12 days to find out,” Rispoli concluded.

It is worth noting that the attorney provided the update on June 4, with no major progress on the Ripple v. SEC front since then.

Other industry participants who think the following days could be crucial for the case are Bill Morgan and the X user Levi. The former argued that something has to happen by June 16, or the appeal and cross-appeal will continue. For his part, Levi predicted that the date would mark the lawsuit’s official end. 

Possible Impact for XRP?

The developments surrounding the case were among the main factors triggering substantial volatility for Ripple’s native token over the past several years. Since Garlinghouse’s announcement in March, though, the lawsuit has been largely priced into XRP’s valuation.

Looking ahead, future price movements for the asset may depend on elements such as the approval of XRP ETFs or Ripple’s further advancement and possible collaborations.

Nearly a dozen well-known companies have announced their intentions to introduce the first spot XRP exchange-traded fund in the USA, with Grayscale, 21Shares, WisdomTree, and Franklin Templeton being among the examples. 

Such a product will give investors an additional option to gain exposure to the asset, with many analysts viewing the potential launch as a catalyst for a price rally. According to Polymarket, the odds of approval before the end of 2025 stand at approximately 94%.

Speaking of collaborations, it is worth mentioning that in April, Ripple acquired the prime broker Hidden Road for a whopping $1.25 billion. There was also rising speculation that the company was willing to purchase the stablecoin issuer Circle for more than $10 billion, but Garlinghouse recently rejected the rumors. 

Meanwhile, XRP currently trades at around $2.15, representing a 12% decline over the past two weeks. 

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