Bitcoin institutional adoption surges, MicroStrategy makes another massive BTC purchase, and Avalanche secures major funding in today’s edition of the weekly recap.
U.S. Bitcoin ETFs breach $50.5 billion
Spot Bitcoin (BTC) ETFs in the U.S. have accumulated over 500,000 BTC in their first year since launch. The cumulative net inflows have reached $50.5 billion.
Meanwhile, MicroStrategy added another 21,550 BTC worth $2.1 billion to its holdings at an average price of $98,782. This brings its total Bitcoin treasury to 423,650 BTC.
MicroStrategy joins Nasdaq-100
MicroStrategy will be included in the Nasdaq-100 index starting Dec. 23, following a year that saw its stock value increase more than sixfold. The Nasdaq-100 index is up 29.4% in 2024.
The company’s performance and continued BTC accumulation strategy have cemented its position as the world’s largest corporate BTC holder.
BiT Global takes legal action
Justin Sun-backed BiT Global filed a $1 billion lawsuit against Coinbase. The company alleged the exchange unfairly delisted its WBTC product in favor of Coinbase’s own cbBTC token.
Riot Platforms expanded its Bitcoin mining operations. The company purchased 5,117 BTC for $510 million following its $525 million convertible note offering, which was upsized by an additional $75 million.
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Avalanche secures major funding
Avalanche (AVAX) raised $250 million from over 40 investment ventures led by Dragonfly, ParaFi Capital, and Galaxy Digital to support its “Avalanche9000” upgrade initiative.
The funding will be used to develop technology aimed at reducing transaction costs and attracting more network validators.
Ripple’s stablecoin breakthrough
Ripple received final approval from the New York Department of Financial Services to launch its RLUSD stablecoin, targeting the $200 billion global liquidity market.
CEO Brad Garlinghouse emphasized that official RLUSD launch announcements would come directly from Ripple, warning users about potential scams.
Microsoft rejects Bitcoin treasury proposal
Microsoft shareholders voted against adding Bitcoin to the company’s treasury holdings on Dec. 10, following the board’s recommendation to reject the National Center for Public Policy Research’s proposal.
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