American billionaire Mark Cuban has moved to Coinbase over $2.5 million worth of MATIC he received from Polygon in 2021.
Billionaire and Shark Tank star Mark Cuban has transferred nearly 3 million MATIC worth more than $2.5 million he originally received from the Polygon Ecosystem Growth initiative to crypto exchange Coinbase, according to data from blockchain monitoring platform Spot On Chain.
🚨 American billionaire Mark Cuban (@mcuban) unstaked and deposited 2.82M $MATIC ($2.56M, price: $0.91) to #Coinbase ~6hrs ago.
Notably, he received 2.5M $MATIC (then $4.25M) from the #Polygon Ecosystem Growth on May 24, 2021, and then staked them to earn more $MATIC.
👉 More… pic.twitter.com/vwQiJZkN3O
— Spot On Chain (@spotonchain) December 26, 2023
While the purpose of the transfer remains unclear, Cuban’s investment valued the assets at $4.25 million in May 2021.
If sold at the current market price, it would represent a potential 40% loss compared to two years ago. As of press time, Cuban made no public statements on the matter.
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Mark Cuban, known as the former majority owner of the Dallas Mavericks NBA team (now minority owner), backed Polygon in May 2021, saying he was using the layer-2 solution “more and more.”
However, specific details about the size and composition of his investments have not been disclosed.
The latest move comes just a day after Polygon founder Mihailo Bjelic said in an X post that “for all practical purposes, Polygon can (again) be considered an underdog.”
For all practical purposes, Polygon can (again) be considered an underdog.
This is where we come from; it’s where we’re comfortable and highly motivated.
I’m excited; game on. 🫡
— Mihailo Bjelic (@MihailoBjelic) December 24, 2023
As of press time, MATIC is trading at $1.
