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Strategy Buys $1.3 Billion of Bitcoin Using Mostly Common Stock
Michael Saylor’s Strategy accelerated its Bitcoin buying with a nearly $1.3 billion purchase — the biggest in seven weeks — leaning again on its common stock despite earlier pledges to pivot to perpetual preferred shares.
The company, formerly known as MicroStrategy, bought 17,994 Bitcoin between March 2 and March 8, according to a regulatory filing Monday. Roughly $900 million of the purchase was funded through sales of Class A common stock. The remaining $377 million — about 30% of the total — came from at-the-market sales of its “Stretch” preferred shares, which were sold at a discount to face value.
The move marks an acceleration from last week, when just 3% of the total was funded through Stretch, despite management previously signaling that Strategy would prioritize Stretch sales. Still, the shift falls short of a major shift in funding strategy.
Sharplink Posts $734 Million Loss as Ethereum Staking Revenue Soars
Ethereum Treasury Sharplink disclosed a full-year loss of $734 million, driven by a decrease in the value of its Ethereum holdings in the second half of the year.
The company generated $28 million in revenue for the fiscal year ended in December, mostly from staking.
CEO Joseph Chalom argued that the company has been built in a way to weather market cycles.
Tom Lee’s BitMine Buys $123 million of Ethereum
BitMine Immersion Technologies, the top Ethereum treasury firm by total holdings, continues with its substantial ETH accumulation, adding another 60,976 coins for nearly $123 million.
Its total stash has risen to 4,535,563 ETH, valued at over $9 billion at current levels. Nevertheless, the firm’s average entry price for its ETH fortune is still well over $3,700 per coin, which means that it still sits on unrealized losses of billions of dollars.
Aside from owning 3.76% of all the Ethereum supply, though, the company still holds 195 BTC, a $200 million stake in Beast Industries, a $14 million stake in Eightco Holdings, and $1.2 billion in cash reserves.
Coinbase Introduces Leveraged Futures for Bitcoin and Ethereum in Europe
European Coinbase users can now place even larger bets on leading cryptocurrencies, such as Bitcoin and Ethereum.
On Monday, the crypto exchange launched futures contracts with up to 10x leverage for the market’s two largest cryptocurrencies across 26 different European countries.
Traders can also tap a crypto equity index, which includes exposure to top tech firms, Coinbase stock, and spot crypto exchange-traded funds.
Bitcoin Die-Hard Jack Dorsey Doesn't Like Stablecoins, But Block Will Use Them Anyway
Longtime Bitcoiner and Block CEO and co-founder Jack Dorsey has very reluctantly gotten onboard with the idea that the company's customers are embracing stablecoins.
"I don't like that we're going to support stablecoins, but our customers want to use them," he said. "I don't think it's wise to go from one gatekeeper to another."
Dorsey's hesitant embrace of stablecoins isn't exactly a heel turn, but it is a departure from his allegiance to the first and largest cryptocurrency by market capitalization.
Bitcoin & Ethereum Spot ETF Flow
The overall net inflow of the US Bitcoin spot ETF on Monday was $167.03 million. The total net asset value of Bitcoin spot ETFs is $88.34 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.41%.
The Bitcoin spot ETF with the highest net inflow on March 9 was iShares Bitcoin Trust (IBIT), with a net inflow of $109.31 million, according to SoSoValue.
Source: SoSoValue
The overall net outflow of the US Ethereum spot ETF on Monday was $51.32 million. The total net asset value of Ethereum spot ETFs is $11.53 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 4.71%.
The Ethereum spot ETF with the highest net outflow on March 9 was iShares Ethereum Trust ETF (ETHA), with a net outflow of $55.14 million, according to SoSoValue.
Source: SoSoValue
