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UK Judge Rejects $770 Million Bitcoin Landfill Case

by Isaac lane
written by Isaac lane

James Howells loses bid to recover Bitcoin fortune lost in landfill

James Howells, an IT engineer from Newport, Wales, has lost his 12-year legal battle to recover a hard drive containing 8,000 Bitcoin, currently valued at over $770 million. A judge dismissed the case, stating there was “no realistic prospect” of success at trial.

Howells Bitcoin address. Source: James Howells

Howells Bitcoin address. Source: James Howells

The hard drive, which Howells accidentally discarded in 2013, ended up in a Newport landfill. Since then, he has repeatedly sought permission from Newport City Council to excavate the site, offering a share of the recovered Bitcoin as an incentive. However, the council has consistently denied access, citing environmental concerns and restrictions under its landfill permit.

Court Rules Against Hard Drive Recovery

In the latest development, Circuit Commercial Judge Keyser rejected Howells’ legal claim to search the landfill, according to a report by the BBC on 9 January. Judge Keyser concluded the case was unlikely to succeed, effectively ending Howells’ hopes of recovering the hard drive through the courts.

Howells expressed disappointment with the ruling, accusing the UK legal system of failing to provide him with a fair opportunity for justice. He argued that the value of the asset deserved greater consideration and claimed the court had not fully understood the significance of the case.

BTC/USD, 1-year chart.

BTC/USD, 1-year chart.

Despite the legal setback, the ownership of the Bitcoin hard drive was not contested during the hearing. Howells said this acknowledgment could open alternative avenues, such as monetising the digital assets via tokenisation.

Council Denies Excavation Amid Environmental Concerns

The Newport City Council has consistently refused Howells’ requests to search the landfill, citing significant environmental risks. In October 2024, the council reiterated that excavation was “not possible” under its environmental permit, emphasising the potential “huge negative environmental impact” on the surrounding area.

Howells, however, has accused the council of breaching its own environmental regulations. He claimed to have “100 independently verified pieces of evidence” supporting allegations that the landfill was leeching harmful substances, including arsenic, asbestos, and methane gases, into the local environment.

Despite these allegations, the council has remained firm in its stance and has refused to meet Howells in person to discuss the matter further.

From Forgotten Hard Drive to $770 Million Loss

Howells, an early adopter of Bitcoin, mined 8,000 BTC in 2009 when the cryptocurrency was virtually worthless. He mistakenly threw away the hard drive containing the Bitcoin in 2013, at which point the cryptocurrency was valued at just $13 per coin.

BTC/USD, monthly chart. Source: TradingView

BTC/USD, monthly chart. Source: TradingView

Since then, Bitcoin’s price has skyrocketed, reaching a record $100,000 in 2024. The dramatic rise has intensified interest in Howells’ case, as the value of the lost Bitcoin has increased over 700,000-fold since 2013.

While his legal options now appear exhausted, Howells remains determined to find a way to reclaim his lost Bitcoin fortune. His legal team continues to negotiate with the Newport City Council and the court over the final wording of the order.

For now, the saga of the $770 million Bitcoin hard drive remains an unresolved chapter in cryptocurrency history.

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BitcoinNews

Circle Contributes $1M USDC to Trump’s Inauguration Committee

by Isaac lane
written by Isaac lane

Stablecoin issuer Circle has made headlines by donating $1 million USDC to President-elect Donald Trump’s Inauguration Committee. Circle CEO Jeremy Allaire announced the contribution on 9 January, emphasising that the acceptance of the donation reflects the growing maturity of digital assets as a mainstream financial instrument.

USDC, a dollar-backed stablecoin with a market capitalisation of $44 billion, forms a key part of the $203 billion global stablecoin market. Overcollateralised stablecoins, such as USDC and Tether, have also emerged as major players in the US government debt market, collectively ranking as the 18th-largest buyers of US securities.

Source: Jeremy Allaire

Source: Jeremy Allaire

The donation has sparked optimism within the cryptocurrency industry, with many expecting a second Trump administration to usher in pro-crypto legislation and regulatory reforms. Trump is set to assume office on 20 January.

Stablecoins: A Key Focus of US Crypto Policy

The rise of stablecoins has turned them into a cornerstone issue in US crypto policy discussions. In April 2024, US Senators Kirsten Gillibrand and Cynthia Lummis introduced the Lummis-Gillibrand Payment Stablecoin Act to the Senate. Senator Gillibrand called for the passage of stablecoin regulations, stating that such measures are essential for maintaining the US dollar’s global dominance.

Former Speaker of the House Paul Ryan also voiced support for stablecoins in an op-ed published in June. He argued that overcollateralised stablecoins, which collectively hold over $120 billion in short-term US government securities, could help reduce the national debt crisis while preserving the dollar’s status as the world’s reserve currency.

In October, Senator Bill Hagerty introduced the Clarity for Payment Stablecoins Act, which proposed a regulatory framework for stablecoin issuers. One notable provision within the bill suggested that smaller stablecoin issuers, with a market capitalisation of under $10 billion, should be regulated at the state level rather than federally.

Crypto VCs Eye Stablecoins for 2025

The stablecoin sector is poised for significant growth in the coming years, with venture capitalists turning their attention to this burgeoning asset class. Guy Young, founder of stablecoin-focused platform Ethena, has predicted that the market capitalisation of stablecoins will reach $300 billion by 2025.

Current stablecoin market overview. Source: RWA.XYZ

Current stablecoin market overview. Source: RWA.XYZ

This growth is expected to be driven by major players like Circle and Tether, as well as the increasing adoption of stablecoins in emerging market economies. Deng Chao, CEO of institutional asset manager HashKey Capital, highlighted the use of stablecoins in providing banking solutions to the global unbanked population as a key driver of their appeal.

Chao noted that stablecoins are among the primary digital assets that venture capitalists are targeting for investments in 2025, underlining the sector’s potential for transformative impact on global financial systems.

As the cryptocurrency industry continues to expand and gain recognition, stablecoins remain at the forefront of innovation, bridging the gap between traditional finance and decentralised technologies.

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BitcoinMarket

Bitcoin Price Dips to $92.5K Amid Federal Reserve Interest Rate Concerns

by Isaac lane
written by Isaac lane

Bitcoin’s recent price correction to $92,500 has been attributed to growing concerns over the United States Federal Reserve’s tightening monetary policy. The flagship cryptocurrency, which briefly breached the $100,000 psychological mark on 7 January for the first time since 19 December, faced a sharp downturn as economic and monetary factors came into play.

Federal Reserve Policy and Economic Resilience

Ryan Lee, chief analyst at Bitget Research, explained that Bitcoin’s decline was primarily driven by strong US economic data, which heightened expectations of potential interest rate hikes. “This development makes cryptocurrencies less attractive as investments, while the Federal Reserve’s signals of tighter monetary policy further intensify market corrections,” he noted.

Bitcoin liquidation heatmap. Source: CoinGlass

Bitcoin liquidation heatmap. Source: CoinGlass

The Federal Reserve’s focus on maintaining higher interest rates has delayed market expectations of a rate cut. According to the CME Group’s FedWatch tool, the first potential rate reduction is now projected for 18 June. Meanwhile, the Fed is expected to keep rates unchanged at its upcoming 29 January meeting, with a 95.2% probability reported.

Market Liquidations and Investor Sentiment

Bitcoin’s dip also triggered significant liquidations, with CoinGlass data showing over $631 million worth of leveraged long positions wiped out in the past 24 hours. This liquidation event is expected to prompt a consolidation phase as traders adjust their positions.

Lee added that macroeconomic indicators will continue to play a crucial role in shaping investor behaviour and market dynamics in the coming weeks.

Potential for Further Correction

Analysts suggest Bitcoin could drop below the $90,000 mark before embarking on its next major rally. John Glover, Chief Investment Officer of Ledn and former Barclays managing director, believes this correction might be necessary to conclude the current phase of reduced market liquidity.

BTC/USD, 1-day chart. Source: Rekt Capital

BTC/USD, 1-day chart. Source: Rekt Capital

“This could lead us to test the $90,000 level again before the next significant move higher. Using wave analysis, we appear to be completing what I view as the fourth wave, suggesting a rally toward the $126,000–$128,000 range following this consolidation phase,” Glover explained.

Crypto analyst Rekt Capital also highlighted the importance of Bitcoin holding above the $91,000 support level. In a post on X (formerly Twitter), he wrote: “Bitcoin has failed its Daily retest, losing $101,165 convincingly as support. As a result, Bitcoin has reverted back into its $91,000–$101,165 range once again.”

Long-Term Optimism

Despite the current challenges, analysts remain optimistic about Bitcoin’s long-term prospects. Some predict a cycle peak exceeding $150,000 by late 2025, driven by a projected $20-trillion increase in the global money supply. This expansion could potentially attract $2 trillion in investments into Bitcoin, providing a significant boost to its price.

While Bitcoin faces short-term volatility, its trajectory remains bullish as investors navigate macroeconomic conditions and market sentiment.

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BitcoinMarketNews

Crypto Market Slide Amid Inflation Fears

by Oscar phile phile
written by Oscar phile phile

The crypto market took a hit on Wednesday as macroeconomic concerns and inflation fears rattled investors. Bitcoin and Ether, the two largest cryptocurrencies, led the decline, with significant losses across the broader crypto landscape.

Bitcoin and Ether Lose Momentum

Bitcoin fell by 5%, slipping to $96,527 after briefly surpassing the $100,000 milestone earlier this week, according to The Block. Ether saw a sharper decline, tumbling 8.5% to $3,353. Other major cryptocurrencies such as Dogecoin and Avalanche suffered double-digit losses, contributing to a 7.48% drop in The Block’s GMCI 30 index, which tracks the performance of the top 30 cryptocurrencies.

Earlier in the week, Bitcoin and Ether surged on optimism tied to Donald Trump’s impending presidential inauguration and rising perpetual futures funding rates. However, this rally proved short-lived as broader macroeconomic issues came to the forefront.

Inflation Concerns Weigh on Markets

Min Jung, an analyst at Presto Research, highlighted that crypto’s decline mirrors broader market trends. “Both the NASDAQ and S&P 500 dropped over 1% yesterday due to concerns about inflation, following ISM data showing faster-than-expected U.S. economic growth,” Jung noted.

This data raised fears of persistent inflation, pushing bond yields higher, with the 10-year U.S. Treasury yield reaching its highest level since April. Market sentiment soured as traders began anticipating prolonged monetary tightening by the Federal Reserve.

Federal Reserve Policies Add Pressure

Comments from Federal Reserve Chair Jerome Powell in December have fueled ongoing market unease. Powell emphasised the Fed’s commitment to curbing inflation, dashing hopes for rate cuts in the near term.

Rachael Lucas, a crypto analyst at BTC Markets, pointed out that traders are bracing for higher interest rates. “The market is pricing in the likelihood that the Fed will keep rates elevated for longer. This is amplifying volatility, particularly in risk assets like cryptocurrencies,” Lucas explained.

According to CME Group’s FedWatch Tool, there is a 95.2% probability that the Fed will maintain the U.S. interest rate at 4.25% to 4.5% in its next decision on Jan. 29.

Trump’s Inauguration Fuels Speculation

Donald Trump’s upcoming inauguration on Jan. 20 is also adding to market uncertainty. With a pro-crypto majority in Congress and key appointments like Scott Bessent as Treasury Secretary and Elon Musk as an advisor, the new administration signals a potential pivot towards cryptocurrency-friendly policies.

Scott Bessent

While this has spurred some optimism among crypto enthusiasts, it has also heightened volatility as investors remain cautious about potential policy changes.

Key Events to Watch

Investors are eyeing several economic data releases this month to gauge the trajectory of inflation and monetary policy. The FOMC minutes, non-farm payroll data later this week, and the Consumer Price Index (CPI) report on Jan. 15 will be critical indicators.

As crypto market grapple with macroeconomic pressures, volatility is likely to persist. Analysts advise caution, highlighting the importance of these upcoming events in shaping the market’s next move.

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BitcoinNews

The Bitcoin Market Correction Highlights Important Levels and Volatility

by V Sinclair
written by V Sinclair
Bitcoin experienced a sharp price decline recently, dropping from $108,275.70 to $96,170.47 within a short timeframe. This downward movement was accompanied by heightened selling pressure and increased market volatility. Besides, the price reached a low of $90,774.91, reflecting intense sell-offs. These movements suggest that bearish sentiment has dominated recent trading sessions.

The Relative Strength Index (RSI) indicated strong momentum initially, with values remaining above overbought levels. However, a sharp RSI decline below the 50-mark signaled a loss of bullish strength. Additionally, a rising trendline in the RSI hinted at a possible bullish divergence. This trendline contrasts with the bearish price movement, indicating potential market volatility.

Recent Market Dynamics and Key Levels

Candlestick patterns reveal high volatility. A series of green candles transitioned into prominent red ones during the sell-off. The key resistance and support levels stand at $108,275.70 and $90,774.91, respectively. These levels could play a crucial role in determining Bitcoin’s near-term price direction.

Moreover, the breakdown of the RSI from overbought zones aligns with the steep price drop. The market appears to be in a correction phase. Any movement around the mentioned levels will likely determine the next phase of Bitcoin’s price action.
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Bitcoin Surges Past $100K: Analysts Predict Next Price Milestones

by Isaac lane
written by Isaac lane

January 7, 2025 – Bitcoin’s bullish momentum continues as traders anticipate higher levels.

Bitcoin (BTC) held steady above the $100,000 mark on 7th January, following a volatile session on Wall Street. With a daily gain of 4%, market commentators are shifting focus to short-term price predictions and key chart patterns that hint at the cryptocurrency’s next moves.

Head-and-Shoulders Pattern Faces Reversal

The sustained rise in Bitcoin’s price has put bearish signals, such as the “head and shoulders” (H&S) pattern, into question. Traditionally, this pattern indicates a potential reversal, characterised by three peaks: a higher central “head” flanked by two lower “shoulders.”

Bitcoin’s recent all-time high of $108,000 represents the “head” in this pattern, with analysts closely monitoring the price as it challenges the “right shoulder” resistance.

BTC/USD chart. Source: Aksel Kibar/X

BTC/USD chart. Source: Aksel Kibar/X

Trader and analyst Aksel Kibar suggested that a breach of this level could invalidate the bearish pattern. “A pattern negation should be considered bullish,” Kibar stated in a thread on X (formerly Twitter). If invalidated, Kibar sees a bullish target of $116,000.

Even in a worst-case scenario, where Bitcoin retraces to $80,000, Kibar argued this would still align with a broader bullish pullback above the significant $73,800 level from March 2024.

Cup and Handle Pattern Signals $140K Target

In another positive development, the cup and handle pattern—a historically bullish chart formation—is gaining traction. Bitcoin recently retraced near $90,000 after revisiting its March highs, sparking concerns over a potential breakdown. However, traders now express renewed confidence in the formation.

BTC/USD 1-hour chart. Source: TradingView

BTC/USD 1-hour chart. Source: TradingView

“Bitcoin looks ripe to complete the cup and handle formation,” noted trader Jelle, setting a potential target of $140,000.

Similarly, Kibar maintains a bullish outlook, pointing to a long-term target of $137,000 if the pattern succeeds. Other analysts, including commentator MartyParty, have reiterated that the weekly cup and handle projection of $125,000 remains intact.

Fibonacci Levels and the Road Ahead

Zooming out further, Fibonacci retracement levels continue to provide key resistance points for Bitcoin. Keith Alan, co-founder of Material Indicators, highlighted that Bitcoin’s recent surge was capped by the 1.618 Fibonacci level, a familiar barrier from its 2021 bull run.

BTC/USD 1-week chart with Fibonacci levels. Source: Keith Alan/X

BTC/USD 1-week chart with Fibonacci levels. Source: Keith Alan/X

Alan believes once Bitcoin breaks past this resistance and re-enters price discovery, the next levels are predictable. Key targets include $110,000 and $122,500, aligning with projections from the cup and handle pattern.

Looking beyond, Alan pointed to Bitcoin’s “Lifetime Channel,” which could act as a ceiling during this cycle. “The cycle top lies somewhere between $120K and higher Fibonacci resistance levels like 2.618, 3.618, or even 4.618,” Alan explained.

What’s Next for Bitcoin?

As Bitcoin solidifies its position above six figures, bullish patterns, and retracement levels suggest further upside potential. Traders are eyeing $110,000 as the next immediate milestone, while longer-term projections hint at targets as high as $140,000.

With patterns like the head and shoulders nearing invalidation and the cup and handle still in play, the next few weeks could be critical in shaping Bitcoin’s path forward. For now, the world’s largest cryptocurrency is holding firm, reigniting optimism among investors and traders alike.

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Bitcoin’s Birthday: Satoshi Nakamoto’s Hidden Message Explained

by V Sinclair
written by V Sinclair

When the pseudonymous creator of Bitcoin, Satoshi Nakamoto, launched the Genesis Block on Jan. 3, 2009, they left a timestamp referencing The Times newspaper’s front page from the same day.

The “Chancellor on brink of second bailout for banks” message has a much deeper meaning, one that still resonates with ardent Bitcoiners years later.

Satoshi’s Symbolic Bitcoin Message 

Despite the growing attention Bitcoin has earned since 2009, there’s a lot of mystery surrounding its creator, Satoshi Nakamoto.

It’s now the digital currency’s 12th anniversary, and their true identity is still unknown. Several candidates have been declared “the one” (or, in Craig Wright’s case, put themselves forward), though no conclusive answer has materialized.

Whoever Satoshi Nakamoto really was, it’s widely believed that they had a disdain for the traditional finance system.

They released the Bitcoin whitepaper on Oct. 31, 2008, when the world was going through the global financial crisis. By late 2010, they’d vanished, still unwilling to lay claim to the groundbreaking monetary system they’d created.

The trail of messages Satoshi Nakamoto left prior to their sudden disappearance has led many to believe that Bitcoin was a response to the events of 2007-2008. On the message board for the P2P Foundation, an organization focused on peer-to-peer technology, Satoshi Nakamoto wrote a memorable post introducing Bitcoin in February 2009.

In it, they showed their uneasiness at placing trust in fractional reserve banking:

“Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.”

Satoshi Nakamoto launched Bitcoin’s Genesis Block on 18:15:05 UTC on Jan. 3, 2009. The moment would become a keystone of Bitcoin history.

There were several unique features to the block, also known as block 0. The 50 BTC mining reward from the first transaction was made unspendable. Though the reason for this has been a topic of debate among Bitcoiners, there’s a good chance that Satoshi Nakamoto had accounted for the anomaly in their plans—this was an expert coder, after all.

Whereas new blocks are produced at an average of every 10 minutes, it took six days to find the next one on the chain. The reason behind this is also a mystery.

Some have even suggested that there could be a religious link: in the Book of Genesis, God created the heavens and earth in six days, then took a day of rest.

Notably, Satoshi Nakamoto only publicly announced Bitcoin to The Cryptography Mailing List on Jan. 9, the same day the next block on the chain was found.

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Bitcoin Drops to $92,000 Amid Profit-Taking and Economic Concerns

by Oscar phile phile
written by Oscar phile phile

Bitcoin rally in 2024 is starting to show signs of slowing down as it dropped 1.8% in the last 24 hours to $91,800. The largest cryptocurrency’s price has now fallen more than 14% from its December peak of $108,278, raising concerns of a potential correction. As the year closes, profit-taking from long-term holders and macroeconomic worries are weighing heavily on the crypto market.

Profit-Taking Pressure Mounts

After Bitcoin’s remarkable surge of over 117% this year, investors are increasingly cashing out their profits. The amount of profit-taking is currently surpassing $1.2 billion on a seven-day moving average, although this is lower than the peak of $4 billion seen earlier in December. Notably, most of the profits are coming from long-term holders who have kept their assets for several years, leading to substantial selling pressure.

The shift in sentiment has extended to the broader cryptocurrency market. Ether (ETH) has fallen 0.7% to $3,320, a 17% drop from its December highs, while Solana (SOL) has been a relative outperformer, with its SOL/BTC ratio up 0.35%. The CoinDesk 20, an index of the top 20 cryptocurrencies by market cap, has also slid 3.74%, with Ripple (XRP) and Stellar (XLM) bearing the brunt of the losses, down by 6% and 6.3%, respectively.

The Impact on Crypto-Related Stocks

The price slump in cryptocurrencies has also affected stocks of companies tied to the crypto industry. MicroStrategy (MSTR) and Coinbase (COIN) experienced declines of 7% and 5.3%, respectively, while major bitcoin mining companies such as Marathon Digital (MARA) and Riot Platforms (RIOT) saw their shares drop more than 7%. The sell-off underscores the interconnectedness of the crypto ecosystem with both digital asset prices and related equities.

Macroeconomic Factors Weigh on Market Sentiment

The downturn in the crypto market is being compounded by weaker-than-expected U.S. economic data. The Chicago PMI, which measures the performance of the manufacturing and non-manufacturing sectors in the Chicago area, posted its lowest reading since May, indicating a potential economic slowdown. Additionally, there is growing uncertainty surrounding the Federal Reserve’s interest rate policy, with the central bank indicating that it will pause rate cuts until at least March 2025.

Bitcoin profit-taking (Glassnode)

Bitcoin profit-taking (Glassnode)

The political environment is also adding to market jitters, as the U.S. prepares for the inauguration of President-elect Donald Trump on January 20. These macroeconomic concerns have sent shockwaves through traditional markets as well, with major indices such as the S&P 500, Nasdaq, and Dow Jones all losing more than 1%.

Outlook for 2025: Consolidation and Potential Growth

Looking ahead, experts remain cautiously optimistic about Bitcoin’s long-term prospects. Joe Carlasare, partner at Amundsen Davis, notes that while the market has exceeded expectations in 2024, there are signs of exhaustion, suggesting a phase of consolidation may be in order. However, Carlasare is hopeful about Bitcoin’s adoption continuing to grow, predicting that it will move more in line with traditional markets in 2025.

“If the U.S. avoids a significant growth slowdown, Bitcoin should perform well, though the ride may be bumpier than in 2024,” Carlasare said.

Bitcoin’s ability to weather the current volatility will depend on a combination of factors, including macroeconomic developments, continued institutional adoption, and investor sentiment. As the market digests the gains of 2024, it’s likely to see more fluctuations in the short term before any sustained upward trajectory. However, for those holding long-term, the outlook remains positive, with many anticipating that Bitcoin will continue to play a significant role in the evolving financial landscape.

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BitcoinMarket

Decentralised Exchange Volume Hits Record High of $462 Billion in December

by Isaac lane
written by Isaac lane

Decentralized exchanges (DEXs) reached new heights in December, with monthly trading volume soaring to a record $462 billion, according to data from DeFi analytics platform DefiLlama. This milestone continues the momentum from November, which saw a volume of $374 billion.

Uniswap Leads the Way

Uniswap remained the largest DEX by trading volume, recording $106.4 billion over the last 30 days. PancakeSwap secured the second spot with $96.4 billion in monthly volume, while Solana’s Raydium came in third with $58 billion.

Raydium’s success aligns with a revenue boost in Solana-based decentralized applications (DApps) during November. Syndica, a research platform, reported that Solana DApps generated $365 million in revenue that month, driven largely by memecoins created on the Solana memecoin launchpad, Pump.fun.

Monthly decentralized exchange volume. Source: DefiLlama

Monthly decentralized exchange volume. Source: DefiLlama

Other notable performers included Aerodrome, with a monthly volume of $31 billion, and Orca, which recorded $22 billion. Combined, Lifinity, Curve Finance, and Hyperliquid contributed an additional $43.6 billion to the December totals.

Memecoins Face Market Cap Decline

While DeFi trading volumes hit record levels, the memecoin market experienced a sharp correction in December. CoinMarketCap data reveals that the overall memecoin market cap peaked at $137 billion on December 9 before plummeting to $92 billion by December 23. By the end of the month, the total market cap for memecoins had partially recovered to $95 billion, representing a 20% decline from December 1.

Top decentralized exchanges by monthly trading volume. Source: DefiLlama

Top decentralized exchanges by monthly trading volume. Source: DefiLlama

The early surge in memecoin interest was likely fuelled by US-based trading platforms listing new memecoins, alongside Pepe (PEPE) reaching an all-time high.

A Strong End to 2024 for DEXs

The record-breaking December figures mark a significant moment for the decentralized finance (DeFi) sector. Analysts attribute the rising DEX volumes in part to increasing regulatory clarity in the United States, following Donald Trump’s presidential election victory in November.

With Uniswap, PancakeSwap, and Solana’s Raydium dominating the scene, decentralized exchanges are closing 2024 on a high note, despite challenges in the broader cryptocurrency market.

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MicroStrategy Acquires 2,138 Bitcoin for $209 Million, Yield Reaches 74% in 2024

by Isaac lane
written by Isaac lane

Business intelligence firm and prominent Bitcoin investor MicroStrategy has announced its latest acquisition of 2,138 Bitcoin, valued at $209 million. This purchase brings the company’s total Bitcoin holdings to an impressive 446,400 BTC, worth approximately $41.5 billion at current market prices. The acquisition marks the eighth consecutive week of Bitcoin purchases by the company.

The firm disclosed on December 30 that it acquired the cryptocurrency between December 23 and December 29, at an average price of $97,837 per BTC. According to filings, MicroStrategy funded the acquisition by selling 592,987 shares during the same week.

74% Year-to-Date Bitcoin Yield

MicroStrategy’s investment strategy has paid off, with its Bitcoin yield reaching 74.1% year-to-date as of December 30. From October 1 to December 29 alone, the yield stood at 47.8%. This performance metric reflects the company’s continued commitment to its Bitcoin strategy, which has been spearheaded by co-founder and executive chairman Michael Saylor.

Source: Michael Saylor

Source: Michael Saylor

Saylor hinted at the purchase on December 29, pointing to “disconcerting” lines on the Saylor Tracker, a data tool dedicated to monitoring MicroStrategy’s Bitcoin acquisitions. Previously, Saylor affirmed the company’s unwavering commitment to Bitcoin, stating they would continue to buy the cryptocurrency regardless of its price, even if it reaches $1 million per coin.

Regular Purchases Since October

Since October 31, MicroStrategy has consistently bought Bitcoin on a weekly basis, adding 194,180 BTC to its holdings during this period. However, the volume of Bitcoin acquired has significantly decreased compared to November, when the company purchased over 100,000 BTC.

Plans to Issue More Shares

In a filing dated December 23 with the United States Securities and Exchange Commission (SEC), MicroStrategy announced plans to increase its authorized share count for Class A common stock and preferred stock. The proposed changes would raise the number of authorised Class A common stock from 330 million shares to 10.33 billion shares, and preferred stock from five million to more than one billion shares. This move would provide the company with greater flexibility to issue additional shares as needed to fund future Bitcoin purchases.

Commitment to Bitcoin Investment

MicroStrategy’s latest move highlights its aggressive approach to Bitcoin investment, positioning itself as one of the largest corporate holders of the cryptocurrency. Despite fluctuations in Bitcoin’s market price, the company remains steadfast in its strategy, aiming to solidify its position as a leading proponent of digital assets.

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