Mystery Bet Before SEC Crypto Crackdown May Mint Trader Millions
- Block of Coinbase put options traded minutes before SEC filing
- Trade could have minted a windfall of $2.6 million in 24 hours
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Less than a half hour before US regulators cracked down on a key crypto exchange, an options trader made a short-term bet against Coinbase Global Inc. that may have netted them millions of dollars.
At 10:36 a.m. on Monday, a block of 4,806 contracts of Coinbase $50 puts expiring Friday hit the tape, when the stock was at $61.77. Roughly 24 minutes later, the Securities and Exchange Commission announced that it was suing Binance Holdings Ltd, sparking a selloff across the crypto universe.