MicroStrategy Increases Bitcoin Holdings
This week, MicroStrategy, a business intelligence firm, added $615 million worth of Bitcoin to its stash. The company purchased 14,620 Bitcoin at an average price of $42,110 per token. MicroStrategy now holds a total of 189,150 Bitcoin valued at $7.99 billion.
Trump’s Ethereum Distribution
Former U.S. President Donald Trump is reportedly distributing his Ethereum holdings. An Ethereum wallet that has been receiving royalties from Trump’s NFT collection transferred millions worth of ETH to Coinbase.
Drama Surrounding ETFs
The drama surrounding the race for a spot BTC ETF continued this week. VanEck updated its filing for a spot BTC ETF with the U.S. SEC, while Coinbase replaced the CEO of its Custody entity in preparation for a spot ETF approval. BlackRock also made disclosures indicating an imminent approval of its product. Bitwise announced the launch of its spot BTC ETF with $200 million in seed funding.
Mt. Gox Creditors Receive Compensation
Creditors of the defunct exchange Mt. Gox started receiving their compensations this week after almost a decade since the exchange collapsed with customer’s BTC tokens.
LUNA Security and Zhao’s Appeal Denied
Judge Jed Rakoff ruled that Terra (LUNA) and the MIR token are unregistered securities in the case involving Terraform Labs and the U.S. SEC. Binance founder Changpeng Zhao’s appeal to leave the U.S. was denied by a District Court in Seattle.
Global Regulatory Efforts
Japan amended its crypto legislation to relax end-of-year crypto tax commitments for companies. Hong Kong now allows retail investors to procure stablecoins as long as issuers are regulated. Nigerian banks are looking to launch a stablecoin pegged to the Nigerian naira. Indian authorities warned certain crypto exchanges of violating anti-money laundering provisions.
Hot Take: Recent Developments in the Crypto Industry
This week, MicroStrategy increased its Bitcoin holdings, while former President Donald Trump distributed his Ethereum holdings. The race for a spot BTC ETF continued with updates from VanEck and Coinbase’s preparation for approval. Mt. Gox creditors finally received their compensations after years of waiting. The case involving Terraform Labs and the U.S. SEC resulted in LUNA and the MIR token being declared unregistered securities. Binance founder Changpeng Zhao’s appeal to leave the U.S. was denied. Global regulatory efforts were seen in Japan, Hong Kong, Nigeria, and India.
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