Arkham Intelligence has successfully completed a significant token transfer, moving approximately $500 million worth of native ARKM coins to Coinbase Prime. This strategic move, which involved a large number of tokens, including a significant portion held by the company’s CEO, has sparked curiosity and surprise within the cryptocurrency community. The company cites regulatory compliance and tax obligations as the primary reasons for the move.

Arkham Token Transfer

Arkham Intelligence, a company specializing in blockchain data analysis, recently transferred 304.5 million ARKM tokens, worth approximately $487.24 million, from its vesting contract to Coinbase Prime, a prominent cryptocurrency exchange. The transfer took place on July 18, 2024, and involved 115.8 million ARKM tokens worth $185.28 million, which were controlled by the CEO.

The corporation stated that this transfer is essential to ensure tax compliance and adherence to regulatory requirements. The method involves retrieving ARKM tokens from current fortress smart contracts and transferring them to an intermediary address before their eventual transfer to Coinbase Custody addresses.

They clarified that this decision will result in Coinbase Custody overseeing the ARKM fortress for the company’s employees. The custody agreement will be subject to strict monitoring and oversight, to ensure adherence to a trading plan that follows a predetermined, three-year unlock schedule.

It is essential to mention that the ARKM tokens belonging to the team, investors, and advisors started a linear unlock cycle on July 18. The daily release amount for these three categories is approximately 324,200 ARKM tokens, valued at approximately $518,000.

Market impact and future prospects

The current price of Arkham is $1.61 and the trading volume was $50.2 million in the last 24 hours. The price is down 2.76% in the last 24 hours but is up 17.69% in the last week. Based on a circulating supply of 240 million, the current market cap of ARKM is $390.2 million, according to Coingape.

This significant move by one of the prominent blockchain industry analyst organizations has garnered a lot of attention. In the coming days, the cryptocurrency community will be closely monitoring the impact of this move on ARKM’s market price and liquidity. Investors and market experts will be particularly intrigued by the potential impact of this move on the token’s performance and position within the broader cryptocurrency ecosystem.