American Billionaire Mark Cuban Moves MATIC Holdings to Coinbase
American billionaire Mark Cuban has recently transferred over $2.5 million worth of MATIC, which he initially received from the Polygon Ecosystem Growth initiative in 2021, to the popular cryptocurrency exchange Coinbase.
According to data from the blockchain monitoring platform Spot On Chain, the transfer involved nearly 3 million MATIC tokens, highlighting Cuban’s strategic decision in managing his crypto portfolio.
Mark Cuban, renowned as both a billionaire entrepreneur and a star on Shark Tank, had originally invested in Polygon in May 2021. The purpose behind the recent transfer remains unclear, and as of press time, Cuban has not made any public statements regarding this move.
Cuban’s initial investment in MATIC had valued the assets at $4.25 million in May 2021. However, with the current market price, if he were to sell now, it would represent a potential 40% loss compared to two years ago. The lack of clarity on the motivation behind the transfer adds to the intrigue surrounding Cuban’s crypto investment decisions.
Mark Cuban, known for his role as the former majority owner of the Dallas Mavericks NBA team (now a minority owner), expressed support for Polygon in 2021, stating that he was increasingly using the layer-2 solution. However, specific details about the size and composition of his investments in Polygon have not been disclosed.
The timing of Cuban’s transfer coincides with recent remarks from Polygon founder Mihailo Bjelic, who mentioned in an X post that, “for all practical purposes, Polygon can (again) be considered an underdog.” As of press time, MATIC is trading at $0.86, reflecting a 70% decrease from levels observed in December 2021.
