Key Points
- U.S. Bitcoin ETFs have accumulated over 500,000 BTC, reaching $50.5 billion, and MicroStrategy has added 21,550 BTC to its holdings.
- Avalanche has raised $250 million for its upgrade initiative, while Ripple has received approval to launch its RLUSD stablecoin.
Bitcoin ETFs in the U.S. have seen a significant increase in their holdings since their inception.
In just one year, these ETFs have managed to accumulate over 500,000 Bitcoin (BTC), with net inflows reaching a staggering $50.5 billion.
MicroStrategy’s Bitcoin Accumulation
In other news, MicroStrategy has purchased an additional 21,550 Bitcoin, worth approximately $2.1 billion.
The average purchase price was $98,782, bringing the company’s total Bitcoin holdings to 423,650.
Following a successful year that saw a more than sixfold increase in its stock value, MicroStrategy will be added to the Nasdaq-100 index on Dec. 23.
This inclusion, along with its continued Bitcoin accumulation strategy, has solidified MicroStrategy’s position as the largest corporate Bitcoin holder.
Legal Actions and Funding Rounds
BiT Global, backed by Justin Sun, has filed a lawsuit against Coinbase, alleging the unfair delisting of its WBTC product in favor of Coinbase’s cbBTC token.
Riot Platforms, on the other hand, has expanded its Bitcoin mining operations by purchasing 5,117 Bitcoin for $510 million.
This purchase was made possible by a $525 million convertible note offering, which was upsized by an additional $75 million.
Avalanche (AVAX) has secured major funding, raising $250 million from over 40 investment ventures, including Dragonfly, ParaFi Capital, and Galaxy Digital.
The funds will be used to support its “Avalanche9000” upgrade initiative and to develop technology aimed at reducing transaction costs and attracting more network validators.
Ripple’s Stablecoin and Microsoft’s Decision
Ripple has received the final go-ahead from the New York Department of Financial Services to launch its RLUSD stablecoin.
This new stablecoin is aimed at the $200 billion global liquidity market.
In contrast, Microsoft shareholders have voted against adding Bitcoin to the company’s treasury holdings.
This decision was made on Dec. 10, following the board’s recommendation to reject the proposal made by the National Center for Public Policy Research.
