MicroStrategy to Raise $1.75B After Buying BTC for $4.6B

MicroStrategy to Raise $1.75B After Buying BTC for $4.6B

Michael Saylor's MicroStrategy announced plans to raise $1.75 billion through convertible notes to further increase its Bitcoin holdings. This follows its recent $4.6 billion Bitcoin purchase (51,780 BTC), bringing its total holdings to 331,200 BTC, valued at over $30 billion.

The company’s aggressive Bitcoin accumulation strategy aligns with its "21/21" initiative to raise $42 billion for additional purchases. The convertible notes will mature in 2029 and offer flexible repayment options, including cash and stock. Microstrategy now holds ~1.58% of the total BTC supply.

With Wall Street interest surging, firms like Vanguard and Morgan Stanley have also increased their stakes in MicroStrategy. This officially confirms MicroStrategy's transformation into a major Bitcoin treasury company, benefitting from both asset appreciation and institutional support.

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EVM-Compatible Layer 1 Network Monad Launches Testnet

Monad, an Ethereum-compatible Layer 1 blockchain, has launched its testnet, showcasing its ability to handle 10,000 transactions per second with one-second block times. Known trader Jordan Fish, aka Cobie, praised the speed of transactions, validating early performance claims. With $225 million raised in funding led by Paradigm, this is the most funded crypto project of 2024.

Monad’s innovative architecture optimizes Ethereum’s design, offering faster and more efficient block finality while maintaining compatibility with existing Ethereum applications. Despite higher hardware requirements for nodes, Monad’s approach targets developer experience for porting decentralized applications. Future plans include leveraging its token for transaction fees.

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Quantoz Launches Stablecoins Aligned With EU Regulations

Quantoz introduced Ethereum stablecoins EURQ and USDQ, focusing on regulatory compliance and financial innovation. Listed on major exchanges like Bitfinex and Kraken, these stablecoins aim to serve corporate payments, cross-border transactions, and consumer ecosystems. Quantoz emphasizes full fiat backing and oversight by the Dutch central bank to ensure trust and security.

EURQ differentiates itself by targeting broader adoption compared to Quantoz’s earlier digital euro, EURD, designed for institutional use. Backed by partnerships with Tether and others, Quantoz aims to integrate seamlessly into the evolving European regulatory system under MiCA guidelines. These launches position Quantoz as a key player in the regulated stablecoin market.

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Magic Eden Airdrop Rewards Traders With $312M in Tokens

Magic Eden announced an airdrop of its ME tokens, rewarding users with $312 million worth of Solana tokens at current pre-market prices. This airdrop accounts for 12.5% of ME’s total supply, with additional tokens earmarked for future rewards to active platform users. With this, Magic Eden will be among the largest community airdrops of 2024.

While traders welcomed the airdrop, questions remain about the conversion of Magic Eden’s rewards system, Diamonds, into ME tokens. The platform’s continued success across multiple blockchains and its dominance in trading volume highlights its influence as a top Bitcoin NFT marketplace. The airdrop also underscores Magic Eden’s commitment to its loyal users.

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Data of the Day

Global crypto investment products recorded $2.19 billion in net weekly inflows, pushing the year-to-date total to a record $33.5 billion. Propelled by Bitcoin’s all-time high of $93,000, assets under management peaked at $138 billion, marking a milestone for the industry. US funds led the charge, contributing $2.21 billion in inflows.

Bitcoin ETFs dominated, but Ethereum funds also rebounded, seeing $646 million in inflows globally. US spot ETFs accounted for much of the activity, with Ethereum ETFs achieving their largest weekly inflows since launching. Analysts credit the Republican election victory and looser monetary policies for fueling the surge in institutional crypto investment.

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More Breaking News

• Russia proposed taxing crypto income as property with a maximum tax rate of 15%, allowing miners to deduct operational expenses.
• MARA Holdings plans a $700m convertible senior notes offering to repurchase existing notes and acquire more bitcoin.
• Binance introduced BFUSD, a 19.55% APY reward-bearing margin asset for futures trading, though it clarified it is not a stablecoin.
• Coinbase CEO Brian Armstrong is meeting with President-elect Trump to discuss key personnel appointments, potentially impacting crypto regulation.
• Heather Morgan, aka "Razzlekhan," was sentenced to 18 months for laundering crypto tied to the 2016 Bitfinex hack.
• US lawmakers demanded Treasury investigate illicit finance risks associated with crypto mixers like Tornado Cash by December 2.

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