Crypto Biz: MicroStrategy’s Bitcoin bet swells

November 16, 2024 Coin Telegraph

This week’s Crypto Biz features MicroStrategy’s Bitcoin strategy, Coinbase’s and Kaiko’s recent acquisitions, MARA’s third-quarter earnings, and MoonPay’s new fiat gateway.

MicroStrategy is ramping up its Bitcoin (BTC) reserve strategy. On Nov. 11, the company disclosed another large purchase of the cryptocurrency, adding 27,200 BTC to its treasury for about $2.03 billion in cash.

According to the firm, the coins were purchased between Oct. 31 and Nov. 10, with an average cost of $74,463 per BTC, including fees and expenses.

The company remains by far the largest corporate holder of Bitcoin, followed only by major mining firms. According to the “Saylor Tracker,” named after the firm’s founder and chairman, Michael Saylor, MicroStrategy now holds 279,420 BTC, worth $24.9 billion as the coin price hovers around $89,000.

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Bitcoin mining stocks rocket 24% on macro climate, AI play: Analyst

October 29, 2024 Coin Telegraph

Bitcoin Network Difficulty

Deficit spending and lower interest rates have boosted global liquidity higher, benefiting Bitcoin and related markets, Blockware’s Mitchell Askew said.

Share prices of Bitcoin miners soared as high as 24.4% on Oct. 28 as Bitcoin rallied over $70,000 — with an analyst pointing to an increasingly favorable macroeconomic climate and miners’ continued diversification into AI.

“Deficit spending and lower interest rates are driving global liquidity higher [while] investors are fearful of high inflation over the long term, as evidenced by poor performance from treasury bonds since the Sept[ember] rate cut,” Mitchell Askew, head analyst at Bitcoin (BTC) mining firm Blockware told Cointelegraph.

As such, investors are turning to the Bitcoin markets where Bitcoin mining stocks are trading at a “beta.”

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Tesla likely still owns $780M in Bitcoin despite recent shuffle: Arkham

October 23, 2024 Coin Telegraph

Tesla likely still owns 0M in Bitcoin despite recent shuffle: Arkham

Arkham Intelligence

Tesla’s massive Bitcoin transfers initially sparked fears of a market dump, but Arkham's data suggests the assets are still under the firm's control.

Electric car manufacturer Tesla likely still owns its entire Bitcoin stash worth $780 million despite transferring all the funds to unidentified wallets on Oct. 15, according to a blockchain analytics firm.

“We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla,” Arkham Intelligence said in an Oct. 22 X post.

Tesla split the 11,509 Bitcoin between seven wallets holding between 1,100 and 2,200 BTC on Oct. 15, Arkham noted. Wallet addresses “1Fnhp” and “1LERL” received the largest batches worth $142.2 million and $128.1 million, respectively.

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Bitcoin miners may gain $13.9B yearly from 20% shift to AI and HPC: VanEck

August 18, 2024 Coin Telegraph

bitcoin miner

Bitcoin miners could increase profitability and improve "bad balance sheets" by allocating some of their energy capacity to the AI and HPC sectors, according to VanEck.

Bitcoin miners have the opportunity to potentially generate around $13.9 billion in additional yearly revenue if they partially transition to providing energy to the artificial intelligence and high-performance computing (HPC) sector by 2027, according to investment firm VanEck.

“AI companies need energy, and Bitcoin miners have it,” VanEck stated in an Aug. 16 report. The firm believes that Bitcoin miners, which face profitability risks from volatile operating costs and Bitcoin’s (BTC) price fluctuations, may find it beneficial for their financial positions to redirect some of their energy capacity towards the growing sectors.

“Bitcoin miners generally have bad balance sheets, either because of too much debt, too much share issuance, too much executive compensation, or some combination of all three,” VanEck claimed.

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Marathon Digital buys $249M Bitcoin, reserves reach 25K BTC

August 15, 2024 Coin Telegraph

Bitcoin

Marathon’s latest 4,144 Bitcoin buy comes as boss Fred Thiel last month said it was adopting a “hodl strategy” for the cryptocurrency.

Bitcoin miner Marathon Digital has purchased another $249 million worth of Bitcoin after raising $300 million from a senior note offering.

On Aug. 14, the miner said it used part of the note sale proceeds to buy around 4,144 Bitcoin (BTC) at an average price of roughly $59,500, which brought its “strategic Bitcoin reserve to over 25,000 BTC,” it added on X.

Marathon saw net proceeds of around $292.5 million for its convertible senior notes due September 2031, which bear a 2.125% annual interest rate and are convertible into cash, Marathon stock, or both.

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Cleanspark Secures 26,000 Bitmain Immersion Miners in $167.7M Deal

August 13, 2024 Bitcoin.com

Cleanspark Secures 26,000 Bitmain Immersion Miners in 7.7M Deal

ASIC miners

Cleanspark, a publicly-listed bitcoin mining company, recently shared in its 10-Q report that it has acquired 26,000 units of Bitmain’s S21 XP immersion-cooled bitcoin mining machines. These types of cutting-edge immersion miners, known for their quieter operation and impressive hashrate performance, are gaining traction in the industry. Cleanspark to Acquire Next-Gen Immersion-Cooled Mining Rigs From […]

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MARA Announces $250M Private Offering of Convertible Senior Notes to Buy More Bitcoin

August 12, 2024 Bitcoin.com

Bitcoin

Marathon Digital Holdings, Inc., now simply known as MARA, is rolling out a plan to offer $250 million in convertible senior notes set to mature in 2031. This move, targeting qualified institutional buyers, aims to generate funds for corporate ventures and the purchase of more bitcoin. MARA to Purchase More Bitcoin Following Private Sale As […]

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Marathon Digital shares plunge 8% after Q2 revenue miss estimates

August 2, 2024 Coin Telegraph

Coin Telegraph

Marathon Digital has missed consensus estimates for the second quarter in a row, though its year-on-year performance has risen by 78%.

United States-listed Bitcoin miner Marathon Digital shares fell 8% after filing its second quarter earnings, which fell short of Wall Street expectations.

Marathon reported revenue of $145.1 million in the second quarter, roughly 9% lower than the $157.9 million that analysts had anticipated, according to Yahoo Finance data.

The shortfall occurred despite a year-on-year revenue increase of 78% from $81.7 million in Q2 2023, according to its earnings report published on August 1.

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Bitcoin Mining Giant Marathon Digital Buys $100,000,000 Worth of BTC, Announces New ‘Full HODL’ Strategy

July 26, 2024 The Daily Hodl

Bitcoin

Digital asset technology company Marathon Digital (MARA) is stocking up its Bitcoin (BTC) holdings. In a statement, the Florida-headquartered firm says it just bought $100 million worth of the flagship cryptocurrency and currently holds over 20,000 BTC on its balance sheet, which is currently worth over $1.3 billion. The cryptocurrency miner says that aside from […]

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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Marathon Digital Ordered to Pay $138M for Contract Breach

July 24, 2024 Bitcoin.com

Marathon Digital Ordered to Pay 8M for Contract Breach

bitcoin.com

A federal court jury in Los Angeles has awarded Michael Ho $138 million after finding crypto mining firm Marathon Digital Holdings Inc. guilty of breaching a Non-Disclosure/Non-Circumvention Agreement. Ho had shared proprietary information about a large-scale energy supplier with Marathon, which had agreed not to bypass him. However, Marathon circumvented Ho and engaged directly with […]

marathon digital