Michael Saylor’s Strategy Acquires 1,895 Bitcoin For $180 Million

Monicah W

Michael Saylor's Strategy Acquires X Bitcoin

Michael Saylor’s Strategy, previously known as MicroStrategy, has made another Bitcoin purchase. This time, the firm has acquired 1,895 BTC for $180 million, bringing its total Bitcoin holdings to 555,450 BTC.

Michael Saylor’s Strategy Purchases 1,895 Bitcoin

In a press release, Strategy announced that it had acquired 1,895 BTC for $180.3 million at an average price of $95,167 per bitcoin. The company has also achieved a BTC yield of 14.0% year-to-date (YTD). Meanwhile, MicroStrategy now holds 555,450 BTC, which it acquired for $38.08 billion at an average price of $68,550 per Bitcoin.

Strategy has also been on a hot streak, having acquired Bitcoin almost every week since the year began. Last week, Michael Saylor’s company acquired 15,355 Bitcoin for $1.42 billion, one of its largest purchases this year.

Amid this recent purchase, MicroStrategy’s stock price is in the red. Nasdaq data shows the stock is currently down almost 3% in pre-market trading, trading at around $383.

However, it is worth mentioning that the MSTR stock price is up just over 36% year-to-date. It also remains the best-performing asset among all major assets since Saylor and his company adopted the Bitcoin Strategy back in 2020. For context, the stock is up 210% in the last year.

Bernstein Predicts Other Companies To Adopt BTC Model

With Strategy’s Bitcoin plan flourishing, Bernstein analysts predict that listed corporates will follow suit and allocate around $205 billion in capital for BTC acquisition. They believe this capital allocation will be led by small, low-growth companies trying to emulate MicroStrategy’s Bitcoin treasury model.

For their bull case, Bernstein expects another $124 billion in inflows from MSTR alone, especially after MicroStrategy upsized its capital raise plans to $84 billion by 2027 for Bitcoin purchases. The company has already achieved 32% of this goal in just six months.

Meanwhile, the analysts explained why low-growth companies are more likely to adopt this strategy, noting that such companies with high cash have a better market fit with the MSTR Bitcoin playbook. These companies apparently have no visible road for value creation, and Strategy’s success offers them a rare growth path.

The post Michael Saylor’s Strategy Acquires 1,895 Bitcoin For $180 Million appeared first on CoinGape.

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Paul Atkins To Face Nomination Hearing for US SEC Chair Role Next Week

Paul Atkins To Face Nomination Hearing for US SEC Chair Role

US Securities and Exchange Commission (SEC) Chairman nominee Paul Atkins will appear before the Senate Banking Committee for his long-awaited confirmation hearing in the coming week. The committee will decide whether Atkins is a suitable replacement for Gary Gensler and will also consider other pro-crypto nominations.

Paul Atkins US SEC Chair Hearing

According to the released schedule, the US Senate hearing for Atkins is scheduled for Thursday, March 27. 

In addition to this hearing, the Senate panel intends to weigh the nomination of Jonathan Gould to serve in the Office of the Comptroller of the Currency. Anyone who occupies this office is responsible for overseeing U.S. national banks. This is a key area of interest for crypto firms, especially to reverse the debanking menace permanently.

Before now, Paul Atkins served as a commissioner with the US SEC but is very supportive of digital asset initiatives. 

He was in charge of a Washington firm that managed clients with financial compliance issues. The broader crypto ecosystem expects him to sustain the pro-crypto momentum that President Donald Trump brought to the US following his inauguration.

Paul Atkins the Trump Choice for SEC

In December, President Donald Trump nominated Paul Atkins as the next chair of the SEC, citing his pro-crypto stance. 

Trump also highlighted that Atkins is a proven leader in “common sense” regulations. At the time, several market observers pointed out the SEC’s regulation-by-enforcement approach.

Prior to his confirmation, Trump designated Mark Uyeda as acting Chairman. Uyeda has upheld the president’s pro-crypto agenda, and Atkins is expected to maintain the current status quo.

In the long term, he is expected to implement policies that favor the crypto ecosystem, which may eventually change the regulatory outlook of the region and attract more investors.

US SEC Turnaround Under Mark Uyeda

Mark Uyeda has served as the SEC’s interim chairman since January 20, when Trump was inaugurated. 

In this position, many changes have come to the crypto ecosystem within two months. Some lawsuits against crypto firms have been retracted. While it started with the Coinbase lawsuit, other cases tied to Uniswap, Robinhood Crypto, OpenSea, and Kraken have also been closed.

The US SEC closed the Ripple lawsuit earlier this week, a major pivot that shows no legal obligation for Paul Atkins if confirmed. Similarly, the US President also recently signed an executive order establishing the strategic Bitcoin reserve. 

This reserve, according to industry leaders, may also expand to altcoins like XRP soon.

The post Paul Atkins To Face Nomination Hearing for US SEC Chair Role Next Week appeared first on CoinGape.

Bitcoin and US Stock Markets Hinge on Trump-China Tariff Deal Hopes

Crypto and TradFi markets had a strong opening today, as Bitcoin briefly jumped 5% due to optimism about a tariff deal. China and institutional investors in the US wish to avoid a trade war if possible.

Despite these encouraging signs, no deal has actually been reached, and Bitcoin also suffered subsequent losses. The whole market is in a state of flux until the situation becomes more clear.

How Will Bitcoin Perform Under Tariffs?

The crypto markets are full of fear right now, and it’s difficult to determine a safe bet moving forward. Since the market suffered huge liquidations yesterday, it opened with cautious optimism today.

This trend was particularly influenced by Bitcoin, which briefly jumped around 5% due to hopes about a potential deal on Trump’s tariffs.

bitcoin price chart
Bitcoin Daily Price Chart. Source: TradingView

The price of Bitcoin has fluctuated wildly due to the tariffs as speculation about a sell-off increases. However, the whole market is in a chaotic state right now.

Today, the Dow Jones Industrial Average surged 1,285 points, or 3.4%, while the S&P 500 and Nasdaq Composite both jumped 3.4% and 3.3%, respectively. Nonetheless, hundreds of stocks have fallen 20% or more.

Stock Market Reacts to Tariffs
Stock Market Reacts to Tariffs. Source: The Kobeissi Letter

Meanwhile, Bitcoin has a few advantages that can protect it from tariff volatility. For example, a recent report from Binance Research claims that the least risky cryptoassets are the most insulated from drops.

This includes RWAs and centralized exchanges, but Bitcoin is a close third.

Furthermore, the markets are very optimistic about a deal to avoid the tariffs. Yesterday, rumors of a pause triggered a trillion-dollar rally, highlighting traders’ desperation for good news.

Despite the retaliatory tariffs, China is similarly eager to avoid a full-blown trade war with the US. Trump claimed that he is making progress with China and South Korea, fueling optimism.

Nonetheless, it’s important not to overstate Bitcoin’s chances of success under tariffs. Despite the hopes on both sides of the Pacific, China confirmed that it’s prepared to fight a trade war if Trump forces its hand.

This might explain Bitcoin’s price drops despite its strong performance since yesterday. Ultimately, all we can do is wait and hope.

The post Bitcoin and US Stock Markets Hinge on Trump-China Tariff Deal Hopes appeared first on BeInCrypto.

FTX Repays $5 Billion in Second Round as Market Eyes Altcoin Season

Bankrupt crypto exchange FTX has kicked off its second round of repayments to creditors, disbursing over $5 billion to individuals and entities with approved claims.

This follows the firm’s initial payout of $1.9 billion and marks a major step in the collapsed exchange’s bankruptcy proceedings.

Will FTX Payout Spark a Potential Market Rally?

In a May 30 update, the defunct firm confirmed that the second round of distribution targets eligible claims in the Convenience and Non-Convenience Classes that have met the necessary pre-distribution conditions.

“This represents continued progress returning cash to FTX’s customers and creditors. I am proud of the outstanding success of the recoveries to date. Our work continues on recovering more for creditors and resolving outstanding claims,” John Ray III, FTX CEO, said.

The exchange furthered that payouts began the same day and are expected to be completed within one to three business days. BitGo and Kraken are handling the distribution.

Sunil Kavuri, a prominent FTX creditor advocate, shared that Kraken began processing FTX US distributions on May 30, with international disbursements scheduled for June 2. The total for US claims stands at $312 million, of which $168 million belongs to claims over $50,000.

Meanwhile, FTX creditors are receiving varying amounts depending on their classification.

The exchange pointed out that customers with Dotcom Entitlement Claims are receiving 72% of their eligible funds, while those under US Customer Entitlement Claims receive 54%.

Convenience Claimants, typically with smaller balances, will receive 120% of their initial claims. In addition, roughly 61% of General Unsecured and Digital Asset Loan Claims will also be repaid during this phase.

Meanwhile, FTX has also issued a security notice warning users of rising phishing scams tied to the payout process. The exchange urged all claimants to remain vigilant and verify communication sources before taking any action.

This is because several industry analysts are watching the distributions closely and are predicting a potential uptick in crypto trading activity. Since much of the payout will be in stablecoins, recipients may quickly reallocate funds into other digital assets.

Market analyst Miles Deutscher believes this liquidity could act as a short-term catalyst for altcoins, especially as investor sentiment improves.

Researchers at Coinbase also echoed this view. They suggested that institutional recipients may look to re-enter the market, especially as regulatory clarity improves across key jurisdictions.

The post FTX Repays $5 Billion in Second Round as Market Eyes Altcoin Season appeared first on BeInCrypto.