USDBitcoin Adoption Increases by Major Firms: MicroStrategy, Genius Group, Tether, and More
MicroStrategy Acquires 2,138 Bitcoin for $209M, Boosting Holdings to 446,400 BTC
MicroStrategy, a business intelligence firm and prominent Bitcoin investor, has made headlines by acquiring 2,138 Bitcoin for $209 million, increasing its total holdings to 446,400 BTC, valued at approximately $41.5 billion. This purchase, completed between December 23 and December 29, 2024, was funded by selling 592,987 shares. MicroStrategy's Bitcoin yield has reached an impressive 74.1% year-to-date as of December 30, with significant gains noted since October 1. Over the past eight weeks, the company has consistently bought Bitcoin, adding a total of 194,180 BTC, although the pace of acquisitions has slowed since November. The firm previously acquired over 100,000 BTC that month alone.
Co-founder Michael Saylor has expressed a commitment to purchase Bitcoin regardless of price fluctuations, even if Bitcoin reaches $1 million per coin. Furthermore, MicroStrategy is seeking to expand its authorized shares, planning to increase its Class A common stock from 330 million to 10.33 billion shares, and its preferred stock from five million to over one billion. This move aims to give the company greater flexibility in future acquisitions. These developments underscore MicroStrategy’s aggressive investment strategy and bullish outlook on Bitcoin.
Tether Moves 7,629 Bitcoin to Reserve Account
On December 30, 2024, Tether transferred 7,629 BTC, valued at around $700 million, to its bitcoin reserve address, according to onchain data from Arkham Intelligence. This transaction marks Tether's largest allocation since March 2024 when it moved 8,888.88 BTC. Earlier, the firm also sent a similar amount on December 31, 2023. Tether, known for its dollar-pegged stablecoin USDT, announced in May 2023 its intent to allocate up to 15% of profits to bitcoin investments as part of its strategy to diversify holdings. Currently, the company possesses over $7.6 billion worth of BTC, equivalent to more than 82,000 coins.
This diversification effort follows a record profit of $5.2 billion in the first half of 2024, as mentioned by CEO Paolo Ardoino. Tether's reserves are primarily backed by U.S. Treasury bonds and cash equivalents, which produce yield for reinvestment. In recent years, Tether has also expanded its investments into sectors such as AI, bitcoin mining, and decentralized communications. Notably, the recent bitcoin transaction has yet to be reflected on Tether's transparency page, which was last updated earlier today.
Genius Group Invests $10M in Bitcoin to Enhance Treasury Strategy
Genius Group Limited (NYSE American: GNS) has successfully increased its Bitcoin Treasury by $10 million, bringing its total holdings to 319.4 BTC, valued at approximately $30 million. This investment aligns with the company’s "Bitcoin-first" strategy, which commits over 90% of its reserves to Bitcoin and aims for a total investment of $120 million in the cryptocurrency. In just six weeks since launching this strategy on November 12, 2024, Genius Group has achieved 25% of its investment goal. The latest purchase was made at an average price of $93,919 per Bitcoin, despite a recent price dip. The company's BTC Yield for Q4 2024 stands at a remarkable 1,649%, indicating significant performance per share.
Genius Group's current market capitalization is $40.6 million, reflecting a BTC/Price ratio of 0.75. Additionally, CEO Roger Hamilton expressed satisfaction with the Treasury expansion and its exceeding performance targets. To bolster its Bitcoin strategy, Genius Group will also launch the Genius BTC Academy and Blockchain Academy in January 2025, alongside acquiring XD Academy to enhance its educational offerings in blockchain technology, further solidifying its commitment to Bitcoin and blockchain education.
Janover to Accept Bitcoin and Crypto Payments, Stock Soars
Janover, a Nasdaq-listed real estate platform leveraging artificial intelligence, announced on December 30, 2024, that it will begin accepting payments in Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) for certain services. This strategic move aligns with the rising adoption of digital assets driven by increased regulatory clarity in both domestic and international markets. The company's CEO, Blake Janover, emphasized their commitment to participating in the cryptocurrency market responsibly, citing successful models such as MicroStrategy's investment strategies in Bitcoin.
Alongside accepting crypto for payments, Janover plans to allocate a portion of its treasury to these digital assets, reflecting a robust integration into its financial operations. Following this announcement, Janover's stock price soared, jumping from approximately $0.60 to $5.30 shortly after news broke, indicating a remarkable five-day performance increase of over 683%.
Hong Kong's Yuxing Technology Invests $6.3M in Bitcoin Amid Calls for Crypto Reserves
Hong Kong-based Yuxing Technology has made a significant investment in cryptocurrency by purchasing 78.2 Bitcoin for $6.3 million, acquiring these at an average price of $80,960 each between July 25 and December 31, 2024. This purchase was funded by selling an equal amount of USDT, demonstrating Yuxing's confidence in Bitcoin, which is currently trading around $95,000. The company believes in the potential for further price increases this year as market conditions improve.
Additionally, Hong Kong lawmaker Wu Jiexhuang has proposed that Bitcoin be included in the region’s financial reserves to enhance stability and reduce reliance on traditional assets. He suggested utilizing the “one country, two systems” framework to explore new financial strategies. However, this shift could impact the value of conventional assets and government reserves linked to them. To bolster its position in the crypto market, Hong Kong Exchanges and Clearing Limited (HKEX) launched a Virtual Asset Index Series for reliable Bitcoin and Ethereum pricing, while regulators finalize licenses for various crypto exchanges.
This article has been refined and enhanced by ChatGPT.
