MicroStrategy Buys $4.6 Billion in Bitcoin as Prices Hit Record Highs

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Table of Content

In today edition we talk about

• Bybit WSOT 2024 Breaks Records as Crypto Trading Event Reaches New Heights

• MicroStrategy Buys $4.6 Billion in Bitcoin as Prices Hit Record Highs

Goldman Sachs to Spin Out Crypto Platform into New Blockchain-Focused Company

Goldman Sachs is planning to spin off its cryptocurrency platform, creating a new company dedicated to building and trading blockchain-based financial instruments, according to a Bloomberg report on Nov. 18.

Partnership and Development Plans

The investment bank is in discussions with potential partners, including electronic trading platform Tradeweb Markets, to expand the platform’s capabilities and introduce new offerings. Mathew McDermott, Goldman’s global head of digital assets, said the spinout is expected to be completed within 12 to 18 months, pending regulatory approval.

Focus on Tokenized Real-World Assets

Goldman aims to launch marketplaces for tokenized real-world assets (RWAs), including U.S. and European debt markets, targeting financial institutions rather than retail investors. These marketplaces will operate on permissioned blockchains, prioritizing fast execution and a broader range of collateralizable assets.

Renewed Momentum in Crypto

McDermott attributes growing interest in crypto to the rise of exchange-traded funds (ETFs) for Bitcoin and Ether, which have gained regulatory approval in 2024. Goldman Sachs has been one of the largest buyers of Bitcoin ETFs this year.

Rising Demand for Tokenized Treasury Debt

Tokenized U.S. Treasury debt has seen significant demand, with $2.4 billion in total value locked as of mid-November. These tokenized instruments offer low-risk yields and are increasingly appealing to institutional investors.

Goldman’s move signals a growing institutional shift toward blockchain-based finance, focusing on tokenized assets and innovative financial products.

Bybit WSOT 2024 Breaks Records as Crypto Trading Event Reaches New Heights

Bybit’s World Series of Trading (WSOT) 2024 concluded with groundbreaking achievements, solidifying its place as one of the largest and most inclusive events in the crypto industry.

Record-Breaking Participation and Trading Volume

This year’s competition attracted over 77,000 traders from 160+ countries, with trading volumes surpassing $100 billion and total profits exceeding $137 million. Highlights included:

• Arena Tradingu: Largest squad with 3,310 members and over 13.8 million trades executed.

• 852hoodoo: Achieved the highest trading volume of $6.9 billion.

• Kennel Capital: Recorded the longest trading streak with 22 consecutive days.

• The top individual trader secured $16.5 million in profits.

Innovations in Inclusivity and Fair Play

WSOT 2024 introduced several new features, such as a tiered weighting system for fairer competition and return-on-investment (ROI) reset options to level the playing field. The event also integrated decentralized exchange (DEX) trading through the WSOT DEX Wave, offering access to 100+ Web3 projects and a 1,000,000 MNT prize pool.

Expanding Opportunities and Community Impact

The competition bridged traditional finance (TradFi) and decentralized finance (DeFi), offering traders enhanced tools like UTA accounts for added flexibility. Bybit also donated 75 ETH to charitable causes, demonstrating a commitment to community engagement alongside its record-breaking $10 million prize pool.

Bybit’s WSOT 2024 has set a new standard for global crypto trading events, uniting traders worldwide and redefining possibilities in the crypto space.

MicroStrategy Buys $4.6 Billion in Bitcoin as Prices Hit Record Highs

MicroStrategy, the largest institutional Bitcoin holder globally, has acquired an additional 51,780 BTC worth $4.6 billion as Bitcoin prices surged to new highs above $92,400.

Record-Breaking Bitcoin Purchase

This latest acquisition brings MicroStrategy's total Bitcoin holdings to 331,200 BTC, purchased at an aggregate cost of $16.5 billion. The average purchase price across all acquisitions stands at $49,874 per BTC. The new purchase is the company’s largest single Bitcoin buy, accounting for over 16% of its total holdings.

Funded Through Share Sale

MicroStrategy financed the acquisition using proceeds from a $4.6 billion share sale agreement with firms such as TD Securities, Barclays, and Mizuho Securities. As of Nov. 17, the company reported $15.3 billion in shares still available for sale under the agreement.

Long-Term Bitcoin Strategy

Since its first Bitcoin purchase in August 2020, MicroStrategy has made BTC its primary reserve currency and has regularly expanded its holdings. Founder Michael Saylor recently dismissed the possibility of Bitcoin retracing to $60,000, expressing confidence in its continued growth.

Future Plans

MicroStrategy aims to raise $42 billion over the next three years through its "21/21 plan," which includes equity and fixed-income securities, to continue its aggressive Bitcoin accumulation.

MicroStrategy’s steadfast commitment to Bitcoin underscores its bullish stance as the cryptocurrency achieves historic milestones.

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