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Tag: Purchase

  • Strategy plans to offer five million shares with new preferred stock to purchase additional Bitcoin

    Strategy plans to offer five million shares with new preferred stock to purchase additional Bitcoin

    Coinbase will delist Wrapped Bitcoin (WBTC) on December 19, 2024

    • The shares will accumulate cumulative dividends at a fixed rate of 10% each year
    • Strategy said that dividend payments will begin paying out on June 30, 2025
    • To date, Strategy holds under 500k Bitcoin, valued at over $40 billion

    Strategy is planning to offer five million shares of the company’s Series A perpetual strife preferred stock, $STRF, as it works on acquiring more Bitcoin.

    In an announcement, Michael Saylor’s Strategy said it intends to use the proceeds for “general corporate purposes,” including the “acquisition of Bitcoin.” However, it noted that this was “subject to market, and other conditions.”

    According to the company, the shares will accumulate cumulative dividends at a fixed rate of 10% per year. Dividends will be paid out beginning on June 30, 2025 “out of funds legally available for their payment,” Strategy said.

    Raising funds for Bitcoin

    The news comes as Strategy announced earlier this month that it’s planning to issue and sell shares of up to $21 billion in its at-the-market (ATM) program.

    Through selling shares of its 8.00% Series A perpetual strike preferred stock, $STRK, Strategy said the additional capital will be used for general corporate operations, including the purchase of more Bitcoin.

    The latest news also follows a recent Bitcoin purchase Strategy made in an announcement yesterday. In a post on X, Saylor said it had acquired 130 Bitcoin for $10.7 million at an average price of $82,981 per Bitcoin.

    To date, Strategy now holds 499,226 Bitcoin, valued at $40.92 billion, according to SaylorTracker.com.

    Peter Schiff, a long-time opponent of Bitcoin, commented on Saylor’s tweet, saying: “Is that all you bought?  Seems like you are running out of fire power.”

    Crypto prices decline

    News of Strategy’s recent Bitcoin purchase and its share offering comes as crypto prices across the market have seen a sharp decline.

    At the time of publishing, Bitcoin is trading around $81,000, a substantial drop from its all-time high of $109,000 reached in January ahead of US President Donald Trump’s inauguration.

    Market conditions and geopolitical issues continue to impact prices despite Trump signing an executive order in March to create a Strategic Bitcoin Reserve.

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  • KULR launches Bitcoin treasury with $21m BTC purchase

    KULR launches Bitcoin treasury with $21m BTC purchase

    • The $21 million BTC purchase follows the KULR’s announcement on Dec. 4.
    • Other companies to launch a Bitcoin treasury strategy in recent weeks include Rumble, Marathon Digital, Semler Scientific and Thumzup.
    • MicroStrategy is the biggest corporate holder of Bitcoin with over 444k BTC

    KULR Technology Group, Inc., listed on the New York Stock Exchange, is the latest tech company to adopt Bitcoin as a treasury asset.

    A few weeks after the energy management platform announced plans to add BTC to its treasury, the company announced on Dec. 26 that it had officially begun the initiative. KULR said in a press release that its first purchase involved 217.18 bitcoin acquired for $21 million.

    KULR’s bitcoin bag was acquired at the average purchase price of $96,556.53 per BTC.

    On Dec. 4, when the publicly-listed company disclosed its Bitcoin treasury strategy, it revealed plans that included allocating up to 90% of the firm’s surplus cash to the flagship cryptocurrency.

    With sentiment extremely bullish amid the anticipation around pro-crypto Donald Trump’s administration, several companies have adopted or disclosed plans to add BTC to their treasury strategies..

    These include Rumble, Boyaa Interactive, Thumzup and BTC miner Marathon Digital.

    Metaplanet became known as ‘Asia’s MicroStrategy’ after adopting the BTC strategy to lead the Asian charge. MicroStrategy has regularly bought Bitcoin since its first purchase in 2020, and currently holds 444,262 BTC acquired for over $27 billion.

    “The $21 million of BTC purchased since the announcement is the first of ongoing purchases the Company intends to make going forward,” KURL noted in its announcement on Boxing Day. Coinbase Prime will offer custody and wallet services for KURL’s haul of BTC.

    Bitcoin traded around $95,670 at the time of writing, about 3% down in the past 24 hours.

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  • Marathon Digital to raise $250M through convertible senior notes for Bitcoin purchase

    Marathon Digital to raise $250M through convertible senior notes for Bitcoin purchase

    Marathon Digital to raise $250M through convertible senior notes for Bitcoin purchase
    • Marathon Digital plans to raise $250M via convertible senior notes for Bitcoin buying.
    • The funds will also support corporate initiatives, including debt repayment and expansions.
    • The company holds over 20,800 BTC, worth $1.2B, more than double its nearest competitor.

    Marathon Digital, a leading Bitcoin mining company, has announced plans to raise $250 million through a private offering of convertible senior notes, aimed at increasing its Bitcoin (BTC) holdings and funding general corporate purposes.

    The notes, which will be offered exclusively to qualified institutional buyers, will pay interest semi-annually and are set to mature on September 1, 2031. The specific interest rate and conversion rate will be determined during the pricing process.

    The raised funds will not only be used to purchase more Bitcoin but also to support various corporate initiatives, including working capital, strategic acquisitions, expansion of existing assets, and debt repayment.

    Marathon Digital’s move shows confidence in Bitcoin

    This move comes as Marathon Digital continues to solidify its position as the largest Bitcoin miner globally.

    The company currently holds over 20,800 BTC, valued at approximately $1.2 billion, which is more than double the amount held by its closest competitor, Hut 8.

    Marathon has been actively increasing its Bitcoin reserves, adding more than $124 million worth of the cryptocurrency in July 2024 alone.

    Despite a significant price drop at the beginning of August, Bitcoin has shown resilience, rebounding and trading above $60,000, marking a 16% increase in the last seven days and Marathon’s aggressive acquisition strategy underscores its confidence in Bitcoin’s long-term potential and stability.

    Marathon’s commitment to increasing its Bitcoin holdings highlights the growing trend of companies integrating cryptocurrencies into their balance sheets, reflecting broader confidence in the future of digital assets.

    As large institutional players like Marathon continue to accumulate Bitcoin, the trend is seen as a bullish signal for the market, potentially influencing other investors to follow suit.

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  • Metaplanet loads more bitcoins with 42,466 BTC purchase

    Metaplanet loads more bitcoins with 42,466 BTC purchase

    Metaplanet loads more bitcoins with 42,466 BTC purchase
    • Metaplanet, a Japanese firm, increases Bitcoin holdings with $2.5M purchase.
    • Metaplanet now holds 203,734 BTC, acquired at $62,000 per Bitcoin on average.
    • This latest acquisition brings Metaplanet’s total Bitcoin holdings to an impressive 203,734 BTC.

    In a bold move amidst fluctuating cryptocurrency markets, Metaplanet, a publicly-listed investment and consulting firm based in Japan, has purchased of 42,466 BTC, equivalent to approximately $2.5 million.

    The company disclosed that these bitcoins were acquired at an average price of around 10 million yen per BTC, roughly translating to $62,000 per Bitcoin.

    This purchase marks a continuation of Metaplanet’s strategy to diversify its investment portfolio into digital assets despite recent price declines in the cryptocurrency market.

    Metaplanet optimistic of Bitcoin’s growth prospects

    Founded with a mission to explore innovative investment opportunities, Metaplanet has emerged as a prominent player in the cryptocurrency space. The firm’s strategic investments in Bitcoin reflect its commitment to staying at the forefront of financial technology and digital asset management.

    Its decision to ramp up its Bitcoin holdings underscores its confidence in the long-term potential of cryptocurrencies.

    Despite the average purchase price being approximately 7% higher than current market rates, the firm remains optimistic about Bitcoin’s future growth prospects.

    According to industry analysts, Metaplanet’s acquisition of additional Bitcoin not only strengthens its position in the cryptocurrency market but also signals a growing trend among institutional investors towards digital assets.

    Such investments are seen as a hedge against inflation and currency devaluation, particularly in the wake of global economic uncertainties.

    Looking ahead, Metaplanet’s continued expansion into Bitcoin and other digital assets could pave the way for more institutional involvement in the cryptocurrency market.

    With a strategic focus on long-term value creation, the firm’s investment decisions reflect confidence in Bitcoin’s ability to thrive amidst market fluctuations and regulatory developments.

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  • MicroStrategy boosts Bitcoin holdings with $615M purchase, eyes 1% of supply

    MicroStrategy boosts Bitcoin holdings with $615M purchase, eyes 1% of supply

    • MicroStrategy acquires 14,620 BTC for $615.7M, pushing total holdings to 189,150 BTC at $5.9B.
    • CEO Michael Saylor remains bullish on Bitcoin, considering it the world’s most valuable asset class.
    • The company’s proactive crypto strategy aligns with growing institutional interest, eyes 1% of Bitcoin supply.

    MicroStrategy (NASDAQ: MSTR), the business intelligence giant led by CEO Michael Saylor, has reaffirmed its belief in the long-term potential of Bitcoin.

    In a recent disclosure to the Securities and Exchange Commission (SEC), MicroStrategy revealed the acquisition of 14,620 BTC between November 30, 2023, and December 26, 2023. This substantial purchase amounts to $615.7 million, at an average price per Bitcoin of $42,110. 

    The recent purchase comes after the company purchased another 5,445 bitcoins in September 2023.

    MicroStrategy’s total Bitcoin holdings have now reached an impressive 189,150 BTC, acquired at an approximate cost of $5.9 billion. This move places the company on the brink of owning 1% of the total Bitcoin supply. The valuation of MicroStrategy’s Bitcoin holdings represents about 0.7% of the entire market capitalization of the leading digital asset.

    MicroStrategy’s optimism amidst Bitcoin volatility

    Despite recent price fluctuations in the cryptocurrency market, MicroStrategy remains unwavering in its positive outlook on Bitcoin. Michael Saylor, a vocal advocate for Bitcoin, stated that he views the cryptocurrency as the currency of the future. This sentiment is reflected in MicroStrategy’s ongoing strategy of accumulating significant amounts of Bitcoin, seeing it as a strategic part of the company’s treasury reserve.

    MicroStrategy’s proactive approach to cryptocurrency investments also aligns with the broader trend of growing institutional interest in digital assets. As Bitcoin continues to be seen as a valuable hedge against inflation and a store of value, companies like MicroStrategy are capitalizing on opportunities presented by the evolving landscape of the crypto market.

    The business intelligence giant’s recent $615 million Bitcoin purchase reaffirms its position as a major player in the crypto space. The company’s continued confidence in Bitcoin’s future potential is reflected in its strategic accumulation of digital assets, solidifying its standing as a significant holder in the ever-expanding world of cryptocurrencies.

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  • MicroStrategy’s latest BTC purchase sets Bitcoin price in motion

    MicroStrategy’s latest BTC purchase sets Bitcoin price in motion

    • Bitcoin is defending the $26k after the recent MicroStrategy’s latest BTC purchase.
    • Concerns over the US dollar’s impact on BTC may be overstated by investors.
    • Coinbase holds about 5% of the total bitcoin in circulation.

    MicroStrategy’s recent acquisition of Bitcoin worth nearly $150 million has made waves in the cryptocurrency market, causing a notable shift in Bitcoin’s price dynamics.

    The move was a demonstration of MicroStrategy, a prominent business intelligence firm led by CEO Michael Saylor, of its strong commitment to Bitcoin. The recent Bitcoin purchase sent ripples throughout the cryptocurrency world.

    A boost to Bitcoin price

    Before MircoStrategy’s BTC acquisition announcement, Bitcoin had briefly dipped below the $26,000 level, around which it has been hovering for a week. However, as soon as news of the purchase became public, Bitcoin price saw a significant upward movement, gaining several hundred dollars in value and hitting a daily high of $26,421.51.

    In addition to MicroStrategy’s purchase, China’s Shanghai People’s Court also recently made a significant announcement recognizing Bitcoin as a distinctive digital currency, despite the country’s established ban on cryptocurrencies. This recognition has garnered attention, notably due to Justin Sun, the founder of Tron, drawing attention to the Shanghai No. 2 Intermediate People’s Court’s recent publication, which outlines key characteristics of Bitcoin.

    The Shanghai court clearly distinguished Bitcoin from virtual counterparts like Q coins, emphasizing its unique attributes. These include Bitcoin’s scarcity, widespread global acceptance, and intrinsic monetary qualities. This acknowledgement represents a notable departure from China’s traditional classification of cryptocurrencies primarily as speculative investments.

    The recognition by the Shanghai People’s Court marks a shift in how Bitcoin is officially perceived within the Chinese legal system. While the ban on cryptocurrencies remains in place in China, this recognition of Bitcoin’s distinct nature as a digital currency signifies a nuanced perspective on its role and significance within the broader financial landscape. It highlights the evolving discourse surrounding cryptocurrencies in China and their potential utility beyond speculation.

    Bitcoin’s resilience

    Despite the volatility in recent weeks, Bitcoin has shown resilience. Last week, it reached a 20-day high at $27,500, only to experience a drop to $26,400 by the end of the business week, partly influenced by the US Federal Reserve’s latest meeting.

    The weekend remained relatively stable, with Bitcoin maintaining a level of around $26,600. However, Monday started on a bearish note, leading to a temporary dip below $26,000.

    MicroStrategy’s announcement acted as a catalyst, helping Bitcoin recover from this low point. While MicroStrategy’s continuous accumulation of Bitcoin strengthens the company’s position as a major institutional investor in the cryptocurrency, it also underscores the growing acceptance of Bitcoin as a valuable digital asset.

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  • Doge and Shib prices soar ahead of Musk’s Twitter purchase

    Doge and Shib prices soar ahead of Musk’s Twitter purchase

    doge ANKARA, TURKIYE - OCTOBER 06: In this photo illustration, Elon Musk's twitter profile is displayed on a mobile phone and the image of him is seen on a computer screen on back of it in Ankara, Turkiye on October 06, 2022. Muhammed Selim Korkutata / Anadolu Agency
    In April, Elon Musk suggested that dogecoin could be used to make payments on Twitter. Photo: Muhammed Selim Korkutata/Anadolu Agency

    Dogecoin (DOGE-USD) and shiba inu (SHIB-USD) soared ahead of the news that Elon Musk may finalise his purchase of Twitter (TWTR) on Friday, which is the deadline for the completion of the $44bn (£37.9bn) acquisition of the company.

    As speculation grows that dogecoin could be used in a new integrated crypto payment system on Twitter, the memecoin and it’s younger sibling, shiba inu, pumped.

    Check: Crypto live prices

    In April, Musk suggested that dogecoin could be used to make payments on Twitter.

    Referring to subscription payments on the platform he stated there could “maybe be an option to pay in doge“.

    Dogecoin hiked almost 34% in the last seven days to sit around $0.07, up 19% in the last 24 hours.

    Shiba inu also rallied 15.6% in the past week, up 8.6% in 24 hours to $0.00001136.

    The Tesla (TSLA) CEO marched into Twitter’s San Francisco headquarters on Wednesday holding a sink and stating: “Let that sink in.”

    A video of the act lit up the Twitter-sphere with speculation as to whether there was a deeper metaphorical meaning to the sink, beyond the obvious pun.

    Musk plans a new revenue model for Twitter, with the possible introduction of dogecoin payments, price cuts, and authentication checkmarks for its Blue subscription service.

    In April, Musk tweeted that anyone who signs up for Twitter Blue should pay less than the current $2.99 a month. He also said they should get an authentication checkmark.

    He said: “Price should probably be ~$2/month, but paid 12 months up front and the account doesn’t get checkmark for 60 days (watch for credit card chargebacks) and suspended with no refund if used for scam/spam.”

    Read more: Could Rishi Sunak make the UK a global crypto hub?

    He also said there should not be any ads on the platform as “the power of corporations to dictate policy is greatly enhanced if Twitter depends on advertising money to survive”.

    The crypto market has been mostly buoyant for the past two days, with forerunners bitcoin (BTC-USD) and ethereum (ETH-USD) shrugging their usual correlation with traditional stocks such as the S&P 500 (^GSPC) and Nasdaq (^IXIC).

    On Thursday the combined cryptocurrency market cap jumped 2.7% to $1.05tn, according to coingecko data.

    Bitcoin rose 0.6% to $20,724 on Thursday.

    Ethereum jumped over 21.2% in the past week to $1,556, rising over 2.6% in the past 24 hours.

    Watch: Martin Scorsese’s producer sees NFT’s as the future of film finance | The Crypto Mile



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  • Dogecoin (DOGE) and Shiba Inu (SHIB) Go Parabolic on News of Elon Musk’s Twitter Purchase. Floki (FLOKI) Is Another Crypto to Pay Attention To

    Dogecoin (DOGE) and Shiba Inu (SHIB) Go Parabolic on News of Elon Musk’s Twitter Purchase. Floki (FLOKI) Is Another Crypto to Pay Attention To

    Twitter stock (TWTR) rallied a little after Bloomberg report of Elon Musk closing his Twitter deal. The biggest beneficiaries of that news, however, have been Dogecoin (DOGE) and Shiba Inu (SHIB).

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