🌎 Institutional Adoption Drives Crypto Market Developments

Weekly Crypto Recap: Institutional Adoption and Funding Rounds

The past week saw significant developments in the crypto space, with institutional adoption surging and major funding rounds announced. This recap highlights the key events that shaped the market.

U.S. Bitcoin ETFs Reach New Milestone

Spot Bitcoin ETFs in the U.S. have accumulated over 500,000 BTC in their first year since launch, with cumulative net inflows reaching $50.5 billion. This milestone demonstrates the growing interest in Bitcoin and institutional investment in the crypto market.

MicroStrategy Adds to Its Bitcoin Treasury

MicroStrategy, the world’s largest corporate Bitcoin holder, 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’s continued Bitcoin accumulation strategy has cemented its position in the market.

MicroStrategy Joins Nasdaq-100 Index

MicroStrategy will be included in the Nasdaq-100 index starting December 23, following a year that saw its stock value increase more than sixfold. The Nasdaq-100 index is up 29.4% in 2024, reflecting the company’s strong performance.

BiT Global Takes Legal Action Against Coinbase

Justin Sun-backed BiT Global filed a $1 billion lawsuit against Coinbase, alleging the exchange unfairly delisted its WBTC product in favor of Coinbase’s own cbBTC token. This move highlights the competitive nature of the crypto market.

Riot Platforms Expands Bitcoin Mining Operations

Riot Platforms expanded its Bitcoin mining operations, purchasing 5,117 BTC for $510 million following its $525 million convertible note offering. This move demonstrates the company’s commitment to Bitcoin mining.

Avalanche Secures Major Funding

Avalanche 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 December 10, following the board’s recommendation to reject the National Center for Public Policy Research’s proposal.