MicroStrategy added 850 BTC to its balance sheet, increased holdings to 190,000 BTC

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9 Feb 2024

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BNB price
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1.66%
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MicroStrategy added 850 BTC to its balance sheet, increased holdings to 190,000 BTC

By Denis Omelchenko
February 7, 2024 at 8:13 am
Edited by Dorian Batycka
NEWS

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Michael Saylor founded analytical software company MicroStrategy acquired an additional 850 BTC for $37.2 million in January.
Saylor disclosed in an X post on Feb. 7 that this latest purchase has propelled MicroStrategy‘s Bitcoin holdings to 190,000 BTC, valued at more than $8.1 billion at current prices.

In January, @MicroStrategy acquired an additional 850 BTC for $37.2 million and now holds 190,000 BTC. Please join us at 5pm ET as we discuss our Q4 2023 financial results and answer questions about our #bitcoin strategy and business outlook. $MSTR https://t.co/j5SbcELsue
— Michael Saylor⚡️ (@saylor) February 6, 2024

According to the company’s press release, as of Feb. 5, the total cost of the purchased BTC stood at $5.93 billion, averaging $31,224 per BTC. Despite a 6% year-over-year decrease in total revenues to $124.5 million, MicroStrategy reported a notable increase in subscription services revenues during the same period, up by 23% to $21.5 million.
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Michael Saylor starts selling $216m in MicroStrategy shares to purchase more BTC
MicroStrategy CEO Phong Le characterized 2023 as an “extraordinary year,” emphasizing the company’s strategic capital raising efforts to bolster its Bitcoin holdings.

“We believe that the combination of our operating structure, Bitcoin strategy, and focus on technology innovation provides a unique opportunity for value creation for our shareholders.”
Phong Le

MicroStrategy CFO Andrew Kang highlighted the company’s benefit from the “significant increase in Bitcoin prices in Q4,” along with strategic capital markets activities and available cash.
In December 2023, MicroStrategy made another substantial Bitcoin purchase, acquiring 14,620 BTC at an average price of $42,110 per coin, amounting to over $615 million. The company commenced its Bitcoin accumulation in 2020 amidst the global pandemic, with Saylor aiming to hedge against what he perceived as the growing threat of inflation.
Read more:
Expert calls MicroStrategy shares overvalued, predicts price correction
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South Korea to implement virtual asset act, regulator to meet Gary Gensler in US

By Anna Kharton
February 7, 2024 at 8:10 am
Edited by Dorian Batycka
NEWS

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The South Korean Financial Services Commission will implement the Virtual Asset User Protection Act starting July 19.
According to local media reports, market manipulation, illegal trading, and the use of undisclosed important information about virtual assets are prohibited according to the enforcement decree and supervisory regulations.
In addition, starting from the second half of the year, if the amount of illegal profit exceeds 5 billion won, a maximum penalty of life imprisonment may be imposed. Fines may be set after the Financial Services Commission has notified the Attorney General of the charges.
Business operators such as virtual asset exchanges must manage deposits left by virtual asset users to buy and sell virtual assets through banks. Business operators of virtual assets must also securely store more than 80% of the economic value of users’ virtual assets separately from the Internet.
You might also like: South Korea excludes decentralized crypto wallets from overseas declarations
South Korea’s chief financial regulator, the Financial Supervisory Service (FSS), sought advice from the U.S. Securities and Exchange Commission (SEC). Lee Bokhyun, head of FSS, presented a business plan for 2024. Among other things, it includes a visit to New York. During the trip, Lee plans to meet with SEC Chairman Gary Gensler.
In recent months, the regulator has been actively taking steps to tighten crypto industry regulation. For example, Seoul plans to create two special bureaus to supervise the crypto market.
In mid-December, the FSC also published a legislative notice with the provisions of the cryptocurrency law, which is expected this summer. Several requirements were presented to crypto platforms.
You might also like: South Korea to mandate crypto disclosure for 5,800 officials in 2024
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South Korean crypto executives sentenced in $7.5m fraud case

By Rony Roy
February 7, 2024 at 7:57 am
Edited by Dorian Batycka
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A South Korean court has sentenced two executives from the cryptocurrency exchange Bitsonic for orchestrating a fraud that resulted in a $7.5 million loss to customers.
According to local media outlet Yonhap News, The Seoul District Court sentenced Bitsonic’s CEO, Jinwook Shin, to seven years in prison and the vice president of technology, referred to as Mr. A, to one year in jail.
The court found Shin guilty of fraud, forging and falsifying records, and obstructing a business via computer.
Bitsonic’s technology vice president, Mr. A, received a one-year jail sentence for computer-related business obstruction charges.
Their actions have led to a significant erosion of trust in cryptocurrency exchanges, with the court noting the damage caused by their lack of remorse and responsibility evasion.
Shin was arrested on Aug. 7, 2023, following allegations that he manipulated transaction volumes on the exchange between January 2019 and May 2021. He achieved this by using Bitsonic’s funds to purchase the exchange’s own token, thereby artificially boosting its price.
Further, Shin entered false entries of South Korean Won into the exchange’s system to simulate cash deposits. Mr. A supported these fraudulent activities by creating a program that inflated prices by purchasing cryptocurrency owned by Shin.
Additionally, Shin misled investors with a fake announcement about a partnership with an international exchange. This deception came to light when investors were unable to withdraw their funds, leading to the discovery that Shin had diverted $7.5 million in customer deposits for his own use.
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Bitsonic ceased its operations in August 2021, attributing the closure to both internal and external issues, leaving a “significant amount” of customer funds unaccounted for.
In a related development, Seoul’s Prosecutors Office arrested the CEO and two executives of Haru Invest, a crypto yield platform, on the same day.
The arrests came after Haru Invest suspended withdrawals in June 2023, with accusations against the executives for embezzling $830 million worth of cryptocurrency from 16,000 users. It is alleged that they misappropriated the majority of these funds through reinvestments conducted from March 2020 to June 2023.
South Korea is increasing its focus on the blockchain and cryptocurrency sector, seeking more oversight and regulation. The government is requesting reports on unregistered service providers and requiring crypto asset disclosures from its officials.
The nation’s leading financial authority has introduced regulations to protect crypto investors while federal prosecutors target violators. Among the notable actions is the pursuit of Terraform Labs and its founder, Do Kwon, which is linked to a $60 billion ecosystem collapse that impacted the global cryptocurrency market.
Read more: Terraform Labs ex-financial officer extradited back to South Korea
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Analysts upbeat, predict BNB and Meme Moguls to rally in February 2024

February 7, 2024 at 7:15 am
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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
In 2023, BNB fell by 8.8%. However, there are predictions that the coin will likely recover in 2024, especially with the upcoming Bitcoin halving. Meanwhile, Meme Moguls (MGLS) has raised over $2.1 million in its presale.

Binance prepares for Bitcoin halving

Binance, the world’s largest cryptocurrency exchange, is expecting an increase in trading activity ahead of the Bitcoin halving nears.
Subsequently, this may support BNB prices.
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Over the last 24 hours, BNB’s average daily trading volume rose by 58% to $953 million. Following this increase, BNB prices slightly increased.
Analysts predict BNB will break above $350 by the end of the week.

Meme Moguls raises over $2 million in presale

So far, the Meme Moguls presale has raised over $2 million.
The presale will conclude by the close of February.
The development team plans to showcase their game’s preview next week, giving investors a glimpse of integrated features.
Later, changes will be made before the platform launches for testing on March 11.
You might also like: Investors watching Shiba Inu, Dogecoin, and Meme Moguls meme coins
Meme Moguls is launching a meme-based stock market, connecting the meme and investor communities.
Players can build an income stream throughout the ecosystem, including winning tournaments, ranking in the in-game leaderboard, and staking MGLS.
In stage 5 of the presale, MGLS is trading for $0.0036, rising to $0.0042 in the next phase.
Presale participants can win rewards from the Meme Moguls prize pool.
Read more: Stacks and Chainlink bullish as Meme Moguls plans to take over tradfi
Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.
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SEC pushes back deadline for decision on the Invesco and Galaxy Ethereum ETF

By Anna Kharton
February 7, 2024 at 7:15 am
Edited by Dorian Batycka
NEWS

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The U.S. Securities and Exchange Commission (SEC) has delayed considering an application for a spot Ethereum (ETH) ETF, proposed by Invesco and Galaxy Digital.
The SEC said it would initiate proceedings to determine whether to approve or deny a proposed rule change allowing the Cboe BZX Exchange to list and trade shares of the Invesco Galaxy Ethereum ETF. Opening the proposed investment vehicle to public comment will push the decision deadline to 35 days after publication in the Federal Register.
Previously, in December 2023, the SEC had already postponed a decision on Invesco Galaxy’s application. At that time, a more extended period was needed to examine the proposed rule change. This will allow the Chicago Board Options Exchange (CBOE) to list and trade shares of the firm’s mutual fund called the Invesco Galaxy Ethereum ETF.
You might also like: SEC Commissioner: Ethereum ETF approvals won’t be same as Bitcoin
Other authors of applications to launch spot Ethereum ETFs also faced the postponement of deadlines. This included applications for the Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures ETF. Despite the postponement of the date for consideration of applications, experts believe that the tool will be approved in the near future.
Amid expectations for the approval of spot Ethereum ETFs in the United States, CoinGecko experts also studied the global market for similar products. They found that Europe and Canada account for nearly 98% of the $5.7 billion Ethereum ETF market.
You might also like: BlackRock’s Larry Fink points to value in Ethereum ETFs, crypto asset class
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