The Cincinnati-based miner is expected to list on the NYSE under the ticker symbol GRDI in a SPAC deal with Adit EdTech to close in Q1 2022.
For those who can afford it, the recent dips in Bitcoin price have been nothing more than an opportunity to buy the digital asset at a discounted price. This has certainly been the case for El Salvador and now MicroStrategy, as both these entities have moved swiftly to take advantage of the price dip to increase their holdings. El Salvador had quickly snapped up another 100 BTC when the price had fallen to $54,000, with the president once again saying that the country got the coins at a discount. MicroStrategy, the publicly traded firm that holds the largest amount of bitcoin on its balance sheet, followed in the footsteps of El Salvador. This time buying up $414 million worth of BTC. Related Reading | Report Shows Institutional Investors Are Abandoning Bitcoin For Altcoins MicroStrategy Deepens Bitcoin Bet MicroStrategy has renewed its promise to keep adding bitcoin to its balance sheet with its latest purchase. The firm which is headed by Bitcoin maximalist Michael Saylor announced that it had bought even more bitcoins to add to its already impressive holdings. MicroStrategy’s latest purchase consisted of a $414 million buy, which amounted to 7,002 BTC added to its balance. This recent purchase brought the total of MicroStrategy’s bitcoin holdings to a whooping 121,044 coins. The firm bought the digital asset at an average of $59,187 per coin, well below its record $69K high at the beginning of November. MicroStrategy has purchased an additional 7,002 bitcoins for ~$414.4 million in cash at an average price of ~$59,187 per #bitcoin. As of 11/29/21 we #hodl ~121,044 bitcoins acquired for ~$3.57 billion at an average price of ~$29,534 per bitcoin. $MSTRhttps://t.co/OA8VWG1bZX — Michael Saylor⚡️ (@saylor) November 29, 2021 BTC recovers above $57K | Source: BTCUSD on TradingView.coms MicroStrategy has gradually filled its coffers with bitcoin and has so far spent approximately $3.57 billion in total. Despite bitcoin’s drop from its all-time high, the firm continues to remain in profit with an average price of $29,534 per bitcoin. Companies Betting Big On Bitcoin MicroStrategy is not the only company that has thrown its hat in the ring with bitcoin, although it holds the largest volume of all publicly traded companies. Electric vehicle maker Tesla had also announced that it holds bitcoin on its balance sheet. Tesla which is headed by another Bitcoin maximalist in the person of Elon Musk holds 48,000 BTC on its balance sheets, currently worth around $2.99 billion. Related Reading | El Salvador Buys Bitcoin Dip As Omicron Variant Ravages Market Galaxy Digital is headed by Mike Novogratz, an outspoken crypto bull that has reiterated the potential of bitcoin numerous times. The firm also holds16,402 bitcoins on its balance sheet, $956.69 million in today’s value. Square Inc. headed by Twitter boss, Jack Dorsey holds 8,027 BTC, while Marathon Patent Group holds around $280.7 million in bitcoin (4,813 BTC). A recurring theme around all these companies is that no matter when they entered the market, they are all in profit by at least 100% of the value the bitcoins cost at the time of purchase. Featured image from Forbes, chart from TradingView.com
BTC, stocks and commodities took a hit after the Federal Reserve acknowledged that inflation is more than just a “transitory” problem and hinted that tapering could occur sooner than expected.
AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project’s recent airdrop.
How looking at the history of technological adoption can give us insights into where Bitcoin could be embraced the fastest.
Powell said it’s time to retire the word “transitory” when discussing inflation; Bitcoin is the people’s lifeboat.
Galaxy Digital Holdings Ltd. has revealed the firm is looking to raise $500 million in an exchangeable senior note offering. The investment company, founded by billionaire investor Mike Novogratz in January 2018, aims to use the funds to “accelerate growth initiatives across its business lines.” Galaxy Reveals Exchangeable Senior Note Offering The investment firm Galaxy […]
Nick Foster of Houston-based bitcoin mining company Kaboomracks joins Bitcoin Magazine for an interview, discussing the current state of at home mining.
On-chain data shows that the percentage of Ethereum supply present on exchanges has set new lows of around 14%. Ethereum Supply On Exchanges Continues To Go Down As pointed out by an analyst in a CryptoQuant post, the ETH supply present on exchanges has been going down since a while now. It has now hit new lows of about 14%. The “percentage supply on exchanges” is an indicator that shows the share of the total Ethereum supply stored in wallets of all exchanges. Usually, this supply present on exchanges is said to be the selling supply of ETH, and so if the indicator’s value goes up, it means there is a higher number of coins in the available sell supply. Due to supply-demand dynamics of the market, this kind of trend can prove to be bearish for the cryptocurrency’s price. On the other hand, if the metric’s value moves down, it implies the available supply of Ethereum has reduced. Prolonged such trend can create a supply shock in the market, which can turn out to be bullish for the coin’s price. Related Reading | Exchanges See Bitcoin Outflows For 7th Straight Day As BTC Price Begins Recovery Now, here is a chart that shows the trend in the percentage of total ETH supply on exchanges in the past year: Looks like the indicator’s value has been gradually going down | Source: CryptoQuant As you can see in the above graph, the percent ETH supply on exchanges has shown a steady downtrend during the entire year so far. Currently, the value of the indicator sits around 14%, a new low. At the start of the year, the metric’s value was about 21% so that in the past year 7% of ETH supply has been taken off exchanges. Related Reading | Ethereum Scarcity: After London Fork, ETH’s Supply Change Drops To Almost Zero Also, back in May, when the price of Ethereum was at similar levels as now, the metric’s value was around 18%, a sizeable difference. Because of this the analyst believes that the current supply shock isn’t fully reflected in the price yet. And that it won’t be long until a difference is seen. ETH Price At the time of writing, Ethereum’s price floats around $4.6k, up 10% in the last seven days. Over the past month, the crypto has gained 5% in value. The below chart shows the trend in the price of the coin over the last five days. ETH’s price looks to be recovering from the crash | Source: ETHUSD on TradingView A few days back, Ethereum and the wider market had a crash due to fud from the latest COVID variant. However, ETH looks to have already recovered from it. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
Comments from the Federal Reserve might have sent BTC price tumbling, but SHIB, RGT and AMPL ignored the taper talk by posting double-digit gains.