Week 24 Newsletter: Bitcoin, Final Stretch Blast Alpha and more
TL DR:
Whales gobble up $BTC like krill
Huge liquidation causes 25% drop in $CRV
Funding Friday bags
Bitcoin to hit $1M by 2033?
1/ MicroStrategy’s new $500M bet
MicroStrategy isn’t just dabbling in Bitcoin; they’re doubling down in a big way.
The company announced plans to offer $500 million in convertible senior notes to qualified institutional buyers.
That number just got a 40% bump today as well…
What’s all this cash being raised for? You guessed it—more Bitcoin!
A massive $700 million bet is no small change, signaling continued strong confidence in Bitcoin's future for Saylor’s army.
2/ DeFi Technologies adopts $BTC as treasury asset
Next up, DeFi Technologies, a public Canadian company, is taking a page from the Bitcoin playbook.
They’ve adopted Bitcoin as their primary treasury reserve asset and purchased 110 BTC to kickstart this strategy.
Here’s what their CEO had to say:
More companies holding Bitcoin indicates increasing institutional trust in $BTC as a hedge against inflation.
3/ Semler's $17M Bitcoin buy and $150M more planned
Semler Scientific, a medical technology company, didn’t just get on the roster to sit on the sidelines.
They recently purchased an additional 247 Bitcoin for $17 million, bringing their total holdings to 828 $BTC, worth approximately $59 million.
But they’re not stopping there—they plan to invest up to $150 million more in Bitcoin as one of their 2 north stars (aka eyes on the prize focus).
Here’s what the CEO, Doug Murphy-Chutorian, had to say:
"Semler remains focused on our two strategies of expanding our healthcare business and acquiring and holding Bitcoin".
4/ Metaplanet’s $16M Bitcoin purchase
Last but definitely not least, we have Metaplanet.
This Japanese company disclosed another additional purchase of $16 million worth of Bitcoin, which sent their shares up by 10%.
This international interest shows that the Bitcoin buying spree isn’t just confined to the U.S., solidifying Bitcoin's status as a global store of value.
Milk Road Take: Seeing whales and major players like MicroStrategy, DeFi Technologies, Semler, and Metaplanet scoop up more Bitcoin during dips is like getting a nod from the cool kids.
These trailblazers are creating a playbook for others to follow, signaling long-term confidence in crypto despite price fluctuations. This is only the beginning.
P.S. There’s 1,678 Bitcoin whales right now and its growing fast (whales = wallets with 1k+ $BTC).
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