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Coinbase released the first part of its Bored Ape Yacht Club (BAYC)-featured movie yesterday night. This comes a few days after the SEC launched investigations into the crypto exchange for allegedly issuing digital assets that should have been listed as securities.

The allegations by the US SEC have pushed Coinbase stock (NASDAQ: COIN) further down at a time when it was already in a freefall; something that had prompted Goldman Sachs to downgrade it to sell in June.

The BAYC-featured movie is called “The Degen Trilogy.” Coinbase last night through a tweet shared the first part of the movie titled “RUN THE CHAIN.”

The “RUN THE CHAIN” trailer shared on Twitter is a five-minute movie that features dozens of BAYC NFTs and ApeCoin, the Ethereum-based token that acts as the governance and utility token of the BAYC ecosystem.

Coinbase had teased about the movie in mid-April this year through their official Twitter account saying that they were creating an interactive three-part film featuring the BAYC and Apecoin communities. At the time, the exchange also gave some steps on how BYC NFT holders can have their NFTs featured in the movie.

After releasing the first part of the movie yesterday, Coinbase also went ahead to say that those that wanted their BAYC NFTs featured in the second and third parts of the movie should create a profile on the exchange’s NFT marketplace.

Meanwhile, some crypto community members think Coinbase has chosen a bad time to release the movie citing the current crypto market meltdown and the just started SEC investigations into the exchange.

One community member tweeted saying:

“Great situational awareness and timing to drop this today! SEC probably laughing at them behind closed doors.”

Furthermore, Cathie Wood’s Ark Investment Management sold more than 1.41m shares of COIN worth about USD 75m on Tuesday. The move may be an indication that they believe the COIN shares could extend their losses in the coming days.

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