MicroStrategy Plan to Increase Bitcoin Holdings

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Table of Content

In today edition we talk about

• MicroStrategy Unveils Ambitious $42 Billion Plan to Increase Bitcoin Holdings

• Kazakhstan CBDC Pilot Speeds Up VAT Refunds with Programmable Digital Tenge

• 5% of US Voters Are Single-Issue Crypto Voters, Paradigm Poll Reveals

• Ex-FTX Exec Nishad Singh Avoids Prison, Receives Time Served After Guilty Plea

MicroStrategy Unveils Ambitious $42 Billion Plan to Increase Bitcoin Holdings

MicroStrategy, the largest corporate holder of bitcoin, announced its third-quarter results, revealing plans to raise $42 billion over the next three years through its "21/21 Plan." This plan aims to fund further bitcoin acquisitions, with $21 billion raised in equity and another $21 billion in fixed-income securities.

The company, which currently holds 252,220 bitcoins valued at around $16 billion, reported a 17.8% year-to-date BTC Yield, reflecting the performance of its bitcoin strategy. However, third-quarter revenue of $116 million fell short of the expected $122.66 million, largely due to declines in product license and support revenue.

MicroStrategy also reported a net loss of $340.2 million for the quarter, driven by digital asset impairment losses. Looking forward, the company adjusted its BTC Yield target to between 6% and 10% for 2025-2027, citing market volatility.

In a statement, CEO Phong Le emphasized MicroStrategy’s commitment to leveraging digital assets to increase shareholder value. Despite recent stock fluctuations, the company’s shares remain up over 250% year-to-date.

Kazakhstan CBDC Pilot Speeds Up VAT Refunds with Programmable Digital Tenge

Kazakhstan's National Bank (NBK) has launched a central bank digital currency (CBDC) pilot project, showcasing the digital tenge's programmability. Partnering with the Ministry of Finance, NBK demonstrated a faster VAT refund process for exporters, cutting down wait times from 70-75 days to just 10-15 days, with an aim for instant refunds in the future.

This efficiency gain stems from automated VAT tagging in business transactions, reducing manual checks by tax authorities. NBK's chief digital officer, Binur Zhalenov, noted further CBDC applications, such as public procurement and investment subsidies, highlighting the digital tenge’s versatile uses in enhancing government operations.

Since its initial launch in early 2023, Kazakhstan’s CBDC has been central to projects aimed at anti-corruption and efficient transactions, with applications in cross-border payments, tokenized gold, and marked payments for specific projects. Currently, about 40 billion tenge ($81.8 million) circulates in digital form, underscoring the growing role of the CBDC in Kazakhstan's economy.

5% of US Voters Are Single-Issue Crypto Voters, Paradigm Poll Reveals

A recent October 2024 poll by venture firm Paradigm shows that 5% of U.S. voters identify as single-issue crypto voters, a group potentially powerful enough to impact the tight margins anticipated in the upcoming presidential election. Among surveyed crypto owners, 25% were single-issue crypto voters, with notable representation among younger voters (18-34), men, African Americans, and Hispanics.

The poll highlighted a slight preference for the Republican Party on crypto policy, with 30% viewing it as more trustworthy than the Democratic Party’s 24%, though 42% expressed distrust in both parties. Despite this leaning, the poll found no significant edge between presidential candidates Donald Trump and Kamala Harris in the popular vote.

Pennsylvania State University law professor Dr. Tonya M. Evans commented that pro-crypto voters, like other single-issue voting blocs, could indeed swing the election, given its expected close outcome.

Ex-FTX Exec Nishad Singh Avoids Prison, Receives Time Served After Guilty Plea

Nishad Singh, former engineering director at FTX, has been sentenced to time served and three years of supervised release following his guilty plea to six felony charges, including fund misappropriation and campaign finance violations. Singh, who cooperated with prosecutors in the case against FTX founder Sam Bankman-Fried, was sentenced by Judge Lewis Kaplan in an October 30 hearing.

Judge Kaplan acknowledged Singh's remorse and limited involvement compared to Bankman-Fried and former Alameda Research CEO Caroline Ellison. Singh’s cooperation was noted by prosecutors, and FTX’s current CEO, John Ray, suggested Singh’s efforts would be valuable in aiding FTX’s bankruptcy case.

With this sentencing, Singh is the fourth FTX executive to appear in court, following sentencing for Bankman-Fried, Ellison, and former FTX co-CEO Ryan Salame. FTX co-founder Gary Wang is expected to appear for sentencing on November 20.

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