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MicroStrategy's Michael Saylor Sells $216 Million in Stock Options to Buy Bitcoin
MicroStrategy's Executive Chairman Michael Saylor has initiated the sale of $216 million worth of his stock options in the company, as detailed in a recent U.S. Securities and Exchange Commission filing. He plans to sell 310,000 stock options awarded in 2014 and expiring in April, at a rate of 5,000 shares per trading day over the next four months, subject to a minimum price condition. Saylor's decision to exercise these options is aimed at fulfilling personal obligations and acquiring additional Bitcoin for his personal account. Despite these sales, Saylor maintains a significant equity stake in MicroStrategy, which holds approximately 189,000 BTC, valued at around $8.5 billion. MicroStrategy's shares saw an 8.5% increase on Tuesday, contrasting with the general downturn in cryptocurrency-focused stocks. This move comes amid rising anticipation of a potential spot Bitcoin ETF approval by the SEC, which could broaden investor access to Bitcoin.
Klaytn Foundation Unveils Gold-Pegged Coin and DeFi Platform on Klaytn Blockchain
The Klaytn Foundation has introduced the Gold-Pegged Coin ($GPC) and its DeFi platform Goldstation on the Klaytn blockchain, marking a significant development in tokenized gold and DeFi outside of Ethereum. Developed by South Korean digital transformation firm CREDER, $GPC is the first gold token on Klaytn's blockchain and distinguishes itself by not charging percentage-based transaction fees. This feature, combined with Klaytn's low gas fees, makes gold token trading more cost-effective and accessible. The Klaytn Foundation, which oversees the blockchain developed by South Korean internet giant Kakao, plans to continue supporting metal RWA tokenization projects. Klaytn's blockchain is diversifying its applications by venturing into DeFi, real-world asset tokenization, and by participating in the Bank of Korea's CBDC pilot project.
Etherscan Acquires Solscan to Expand Blockchain Data Services
Etherscan, a leading blockchain explorer for the Ethereum blockchain, has acquired Solscan, a prominent blockchain explorer for the Solana ecosystem. This strategic move aims to enhance the accessibility of blockchain data across multiple networks. With this acquisition, Etherscan plans to integrate beneficial features from both platforms, leveraging Solscan's expertise in presenting detailed insights and analytics in a user-friendly manner. Solscan, which was founded in 2021 and attracts over 3 million monthly users, offers comprehensive data services including address, token data, and transaction information. The acquisition is seen as a significant step in blockchain exploration, promising improved support, user interfaces, and seamless user experiences for both Etherscan and Solscan users.
Trading Desk Insights
Bitcoin experienced a substantial decline of more than 10% since the early hours, reaching a session low of 40,800. During this downward movement, liquidations swiftly surged, totaling $400 million within a mere two hours and an astonishing $640 million over the last 24 hours. Open interest took a significant hit, plummeting by $2 billion. This descent is closely correlated with the ascendancy of the US Dollar Index and the surging 10-year yield, both of which are exerting pressure on risk assets across the board.
Transaction volumes on the Arbitrum network have surpassed those of Solana-based applications, resulting in an all-time high for the ARB token as the Total Value Locked (TVL) eclipses the $2.5 billion mark.
Matrixport, a financial services firm, dispelled sanguine anticipations, asserting, "We contend that all applications currently fall short of a critical prerequisite that must be met prior to SEC approval. While this requirement may potentially be satisfied by the second quarter of 2024, we anticipate that the SEC will reject all proposals in January."
In other developments, the final week of 2023 witnessed inflows totaling US$243 million into digital asset Exchange-Traded Products (ETPs), elevating the year's cumulative flows to US$2.2 billion.
Equity futures faced a decline on Wednesday, setting the stage for another turbulent session on Wall Street, particularly after Nasdaq endured its most substantial daily drop in nearly three months.
Traders are eagerly anticipating insights this afternoon concerning the state of the economy and the potential trajectory of Federal Reserve policy, as the minutes from the Federal Reserve are slated for release at 2pm ET today.
Richmond Federal Reserve President Thomas Barkin expressed optimism on Wednesday regarding the economy's prospects for a gentle landing. Nevertheless, Barkin underscored that the possibility of additional rate hikes remains a viable consideration.
Technical Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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