MicroStrategy Buys $1.026 Billion Of Bitcoin

MicroStrategy Buys $1.026 Billion Of Bitcoin
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After raising more than $1 billion dollars to buy bitcoin last Friday, MicroStrategy announced today that it has completed a purchase of approximately 19,452 BTC, purchased for an aggregate price of $52,765 per bitcoin. CEO Michael Saylor announced the monumental purchase via Twitter.

In total, MicroStrategy has purchased an aggregate $2.171 billion worth of bitcoin, holding about 90,531 bitcoin in total (or about 0.43 percent of all of the bitcoin that will ever exist). The company announcement noted that these bitcoin have been purchased for an average price of $23,985 per coin (at the time of this writing, 1 BTC is valued at more than $49,000 on various OTC exchanges).

The move has emphasized that Saylor is more than willing to put his money where his mouth is and remains confident that bitcoin is the best possible asset for maintaining monetary energy into the future. 

“The company now holds over 90,000 bitcoins, reaffirming our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, can serve as a dependable store of value,” Saylor is quoted as saying in the announcement. 

After buying billions of dollars’ worth of bitcoin, is MicroStrategy going to finally sit back and relax? Does it have enough? The answer is no, it’s going to buy more. MicroStrategy plans to continue accumulating bitcoin. 

“We will continue to pursue our strategy of acquiring bitcoin with excess cash and we may from time to time, subject to market conditions, issue debt or equity securities in capital raising transactions with the objective of using the proceeds to purchase additional bitcoin,” Saylor said. 

Buying this much bitcoin this quickly recalls the “Bitcoin For Corporations” conference that Saylor hosted earlier this month. More than 8,000 individuals attended the conference, and shortly after it was held, Tesla bought $1.5 billion worth of bitcoin. Given how successful the conference was, one can only assume that we will be seeing more institutions buy loads of bitcoin in the future. Saylor and MicroStrategy seem to be aware of this and chose to act fast to accumulate more BTC.

There will only ever be 21 million bitcoin, and these companies are going to have to battle it out on the marketplace to accumulate more than their competitors. Once you get bit by the bitcoin bug, you can’t stop accumulating. One can never have enough.

The post MicroStrategy Buys $1.026 Billion Of Bitcoin appeared first on Bitcoin Magazine.


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As Bitcoin Surges, Investors Find Invictus Capital’s C10

As Bitcoin Surges, Investors Find Invictus Capital’s C10
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This is a promoted article provided by Invictus Capital.

As the bitcoin price finds its footing among all-time high levels, following a meteoric bull run that’s been ongoing for nearly a year, investors are increasingly looking for ways to get exposure to the asset. But many of these potential Bitcoiners are also interested in the broader cryptocurrency market, as well as mitigating the volatility that is so common in the space.

Many within this group have found Crypto10 Hedged (C10), a unique index fund provided by Invictus Capital that allows investors to maintain a portfolio of the top-10 performing cryptocurrencies through a single ERC-20 token (the C10 token), while mitigating the volatility that traditionally comes with investing so widely in the cryptocurrency market.

The fund’s assets under management have eclipsed $8.5 million in recent days, with significant gains from BTC’s rally. But it may surprise you to learn that C10 has outperformed even bitcoin’s stellar returns across 2021.

“The dominant crypto asset, bitcoin, has seen tremendous growth over the recent bull run, surpassing its previous all-time high of $20,000 by over 150 percent to more than $52,000,” said Andrew Knight, Invictus Capital’s vice president of analytics. “Altcoins such as ETH have yet to reach quite the same level of outperformance relative to their 2018 highs, however, they have been staging impressive resurgence off of the back of bitcoin’s rally, contributing to the C10 fund’s performance.”

C10 is structured in a unique way to capitalize on a bull run like this — in which bitcoin is surging and lifting most of the cryptocurrency market along with it. But it’s also structured to mitigate the volatility that almost certainly comes with these crypto rallies as well.

“The index fund comprises the top-10 cryptocurrencies by market capitalization, which rebalances weekly — a frequency optimized by our quant team to enhance returns by locking in profits from surging assets, and similarly reducing exposure to assets in free fall,” a release from Invictus Capital explained. “There is also a cap of 15 percent per asset, which ensures further risk mitigation by preventing single cryptocurrencies from dominating the portfolio.”

Furthermore, C10’s rebalancing process allocates cash every week in response to market movements. This allows the fund to hedge against downside volatility by allocating up to 100 percent exposure to yield-bearing cash when the market is trending down. It’s a unique aspect that helps protect investors from the volatility that traditionally comes with bitcoin and cryptocurrency investment.

Ultimately, this structure is designed for medium- to long-term investors, those who are embracing this class of financial asset as a future that will only grow brighter. In this way, it is a much-needed product in the space and one that can help investors who might be adverse to other, more risky avenues of bitcoin investment to get exposure to BTC.

“C10 is a tokenized index fund that serves as an excellent diversification tool for those interested in adding cryptocurrency to their portfolios,” concluded Daniel Schwartzkoppf, CEO of Invictus Capital.

The post As Bitcoin Surges, Investors Find Invictus Capital’s C10 appeared first on Bitcoin Magazine.


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Blockchain Australia ousts retail merchant crypto project Qoin

Blockchain Australia ousts retail merchant crypto project Qoin

Blockchain Australia has terminated Qoin’s membership of the association amid allegations that the crypto project is a pyramid scheme.

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Blockchain Australia — the industry body for the novel tech in the country — has expelled Qoin, a retail merchant crypto project based in Gold Coast, Queensland.

According to a notice of disciplinary action issued on Feb. 19, Blockchain Australia initially served Qoin with a summons to respond on Jan. 29.

However, Qoin reportedly failed to respond to the notice, forcing Blockchain Australia to expel the project from its membership ranks. Detailing its decision, the notice reads:

“On 17 February 2021, the Board of Blockchain Australia, having considered the Notice and the Response and the circumstances of the matter, resolved, pursuant to the Constitution, to terminate the Member’s membership of Blockchain Australia. The former Member has been asked to cease the use of the Blockchain Australia logo and name in connection with their business or promotional activities.”

However, the Qoin team claims that it was not given ample time to respond by Blockchain Australia. Speaking to Cointelegraph, Andrew Barker, the project’s chief marketing officer said that Qoin was appalled by the industry body’s decision:

“The fact that a National Association like BCA has chosen to attack rather than support Qoin, being the largest Australian-based Digital Currency project that engages over 400 families that service 28,000 validated merchants and near 50,000 Qoin wallet holders, is simply bewildering to us.”

According to Barker, Blockchain Australia is acting on allegations propagated by third-party entities who have expressed such views on social media channels like Twitter. The Qoin website no longer displays the project’s membership to Blockchain Australia.

Indeed, Blockchain Australia’s action comes amid allegations that Qoin is a crypto pyramid scheme. Tweeting back in January, crypto educator and founder of Nuggets News Alex Saunders stated:

According to Qoin’s website, the project works by incentivizing retail merchants to accept the crypto with over 28,000 participants according to the website. However, critics like Saunders say members are unable to cash out from the system.

According to the country’s consumer law, pyramid schemes are illegal and participants in such programs face fines of up to 200,000 Australian Dollars.

Blockchain Australia did not immediately respond to Cointelegraph’s request for comments.