Microstrategy on Bitcoin, Ether ETF Delays and more doubles

The Bitcoin bull market is currently in full swing due to an influx of exchange-traded funds (ETFs) and anticipation of the next halving. In February, the price of BTC rose 45%, breaking $60,000 for the first time since the fourth quarter of 2021.

Using the market trend, the micro strategy doubled on Bitcoin (BTC). The company is set to issue convertible notes – short-term debt that can be converted into equity in the future – to add more coins to its 193,000 BTC holdings.

Meanwhile, asset manager BlackRock has submitted an amendment to the United States Securities and Exchange Commission (SEC) to include Bitcoin exposure in its Strategic Income Opportunities Fund (BSIIX). The fund currently has $36.5 billion in assets under management, according to BlackRock.

Another interesting look at the current market dynamics can be found by looking at Bitcoin miners in February. At the end of the month, the mining stock was stable at 1.82 million BTC, which shows a lower sales rate than in January, which reduced the event by half.

“I think we're in the midst of a bitcoin gold rush. It started in January 2024 and will run until November 2034,” Michael Saylor, founder and executive chairman of MicroStrategy, said at a recent Bitcoin event.

This week in the crypto biz, we cover microstrategy debt issuance to buy Bitcoin, SEC delay on Ether (ETH) ETFs, phantom multichain liquidity question, and more.

MicroStrategy is set to raise $600 million in convertible notes to buy more bitcoins.

MicroStrategy is set to raise $600 million in a move to buy more bitcoins. The company is considered the largest corporate owner of the cryptocurrency. The proceeds will be raised in the form of senior convertible notes maturing in March 2030 unless they are previously redeemed, withdrawn or converted in accordance with their terms. Microstrategy said it “intends to use” the net proceeds from the sale to purchase additional bitcoins for general corporate purposes. The notes will convert into cash, MicroStrategy Class A common stock, or cash and MicroStrategy Class A common stock. The company currently holds 193,000 BTC, according to BitcoinTreasuries.

SEC pushes back on BlackRock, Fidelity spot Ethereum ETF proposals

The US SEC has delayed its decision on whether to approve BlackRock and Fidelity SpotEther ETFs. The regulator first delayed its decision on crypto ETF applications in January, shortly after approving the live trading space for Bitcoin ETFs. The SEC can delay its decision up to three times. The delay comes as no surprise, given that market analysts and ETF analysts were expecting the SEC to rule on ETFs when the first deadline arrives in May.

Fantom wants to liquidate Multichain in an attempt to recover $122 million from exploitation

Smart contract platform Phantom could pave the way for the recovery of $122 million stolen from Multichain's Phantom Bridge last year, according to Singapore's High Court, which wants the Multichain Foundation to declare bankruptcy. According to Fantom, Singapore's High Court dismissed Multichain's “breach of contract and fraudulent representation” claims. The court will assess the damages and demand payment from Multichain. However, Phantom seeks to appoint a liquidator similar to a Chapter 7 bankruptcy in the United States. If approved, the liquidator will have, among other powers, the power to control Multichain Foundation's assets, recover transactions and acquire other assets for the purpose of paying creditors.

The seamless protocol introduces an integrated liquid market in Lido

Flawless Protocol is launching an Integrated Liquidity Market (ILM) for Ethereum (wstETH) on Lido, offering a lending mechanism for token holders looking for an alternative to traditional redemptions. According to Seamless, ILM allows stakeholders on Lido to automatically use a borrowing strategy and pooled positions on wstETH, meaning it reinvests the earned ETH from held to increase users' rewards. Seamless lending strategies target single-purpose loans, where the lender knows where the cash will be used and the borrower can't use it for anything else.

Before you go: A growing number of traders have been complaining about funds being deducted from their MEXC currency accounts, but the exchange argues that such complaints are misinformation.

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