Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, to industry news, and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.
Another week, another new ATH—this time also in USD—1.5 months pre-halving. What’s next?
The US Securities and Exchange Commission (SEC) has bunted their decision on whether or not to allow CBOE (Chicago Board Options Exchange) to list and trade options on Bitcoin exchange-traded funds (ETFs), originally applied for in January. The delay extends until late April. Options provide a means to hedge risk by buying or selling financial products at predetermined prices within specific timeframes. Cboe, NYSE, and Nasdaq are all seeking to offer options on various ETFs. Grayscale, with $26 billion in assets under management, supports NYSE's rule change proposal for options on its GBTC fund. They advocate for consistent approval processes for options products across all commodity ETFs. Blockworks
MicroStrategy—back at it again—has increased its convertible debt offering to $700 million from $600 million, aiming to 'ape into’ more Bitcoin. The notes, issued with an interest rate of 0.625% per annum, mature in March 2030, with potential redemption in March 2027. Initial purchasers have an option to buy an additional $100 million worth of notes. MicroStrategy expects proceeds of $684 million to $782 million, with plans to close the offering on March 8. The company's stock surged over 20% amid the announcement. (MSTR recently purchased 3000BTC and currently holds 193,000 BTC.) In related news, Arkham Intelligence revealed Bitcoin holdings for Elon Musk's companies Tesla and SpaceX—11,510 BTC ($780m) and 8,290 BTC ($560m), respectively—aligning with their financial reports. Tesla is the third-largest public BTC holder, with over 9,720 BTC. SpaceX's BTC holdings, not publicly disclosed, saw adjustments of $373 million from 2021 to 2022, including sales. Pfft. Paper hands! Blockworks and CryptoSlate
If “conservative” capital had been waiting on the sidelines for Bitcoin to prove itself before dipping their toes, last week’s new ATH may have provided that confirmation: As Bitcoin surpassed $69,000 before its—ahem—mild price correction, BlackRock's Bitcoin ETF saw a new record ($788m) inflow amid the surge. Despite the subsequent 14% drop to around $60,000, analysts suggested there was no need for panic, citing normal volatility. Traditional finance—meet Bitcoin, Bitcoin—Trad Fi. The iShares Bitcoin ETF led trading volume at $3.7 billion, followed by Grayscale and Fidelity funds. Bitcoin (and stock markets also) rebounded after Tuesday's selloff, with S&P 500 and Nasdaq gaining 0.7% and 0.9% respectively. Decrypt
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As of 03/10/2024 at 1:00 AM EST, values in CAD.
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Disclaimer: This article is not intended to provide investment, legal, accounting, tax, or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.