Arkham Intelligence Relocates $500 Million Worth of ARKM Coins to Coinbase Prime

Arkham Intelligence, a company specializing in analyzing blockchain data, recently transferred 304.5 million ARKM tokens

Arkham Intelligence, a blockchain data analytics firm, has undertaken a substantial token transfer, shifting nearly $500 million worth of its native ARKM coins to Coinbase Prime. The move, which saw a vast number of tokens being moved, including a significant portion owned by the company's CEO, has raised eyebrows and sparked curiosity within the cryptocurrency community. The company cites regulatory compliance and tax obligations as the primary motivations for the move. Arkham Tokens Transfer A total of 304.5 million ARKM tokens, valued at around $487.24 million at the time of transfer, were moved by Arkham Intelligence from its vesting contract to Coinbase Prime on July 18, 2024. Of these tokens, 115.8 million ARKM tokens, or $185.28 million, were owned by the CEO. The company stated that this transfer is being made to ensure tax compliance and adhere to regulatory requirements. The process involves retrieving ARKM tokens from the current vesting smart contracts and transferring them to an intermediary address before their final arrival at Coinbase Custody addresses. It is also highlighted that Coinbase Custody will now oversee the ARKM vesting for the company's employees. The custody agreement will be closely monitored and overseen to ensure adherence to a trading plan that follows a predefined three-year unlocking schedule. It is worth noting that the ARKM tokens belonging to the team, investors, and advisors commenced a linear unlocking cycle on July 18. The daily release quantity for these three categories is around 324,200 ARKM tokens, valued at approximately $518,000. Market Impact and Future Outlook Arkham is currently trading at $1.61, with a 24-hour trading volume of $50.2 million. The price has dropped by 2.76% in the past 24 hours but is up by 17.69% over the last seven days. With a circulating supply of 240 million, the current market capitalization of ARKM is $390.2 million, according to Coingape. This substantial action by one of the leading analytics firms in the blockchain industry is bound to attract significant attention. In the coming days, the cryptocurrency community will be closely observing the impact of this transfer on ARKM's market price and liquidity. Investors and market experts will be particularly interested in the potential implications of this move on the token's performance and standing within the broader cryptocurrency landscape.

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