Crypto Biz Updates: MicroStrategy Increases Bitcoin Holdings, Ether ETFs Delayed

Bitcoin’s bull market is currently thriving due to the inflow of funds from exchange-traded funds (ETFs) and market anticipation of the next halving event. In February, the price of BTC surged by 45%, breaking $60,000 for the first time since late 2021. MicroStrategy, taking advantage of this market trend, has decided to double down on Bitcoin. The company plans to issue convertible notes, a type of short-term debt, to increase its holdings of Bitcoin, which currently stand at 193,000 BTC.

BlackRock, an asset manager, has also shown interest in incorporating Bitcoin exposure in its Strategic Income Opportunities Fund. The company filed an amendment with the United States Securities and Exchange Commission (SEC) for this purpose. The fund currently manages $36.5 billion in assets. Another interesting development in the market is the stability of Bitcoin miner reserves in February. With the halving event approaching, miner reserves remained steady at around 1.82 million BTC, suggesting a slower pace of sales compared to January.

MicroStrategy’s co-founder and executive chairman, Michael Saylor, referred to the current period as the “Bitcoin gold rush era,” which began in January 2024 and is expected to continue until about November 2034. In other news, MicroStrategy plans to raise $600 million through convertible notes to further bolster its Bitcoin holdings. The proceeds from this sale will be used for general corporate purposes and the notes can be converted into cash, MicroStrategy’s class A common stock, or a combination of the two.

The SEC has delayed its decision on approving or rejecting BlackRock and Fidelity’s spot Ether ETFs. This comes after the regulator previously approved spot Bitcoin ETFs. Market commentators have long speculated that the SEC would make a decision on Ether ETFs once the initial deadline in May approaches.

Fantom, a smart contract platform, is seeking the bankruptcy declaration of the Multichain Foundation. This move could potentially allow Fantom to recover the $122 million that was stolen from Multichain’s Fantom bridge last year. The Singapore High Court has granted Fantom a default judgment ruling for Multichain’s breach of contract and fraudulent misrepresentations. Fantom is also requesting the appointment of a liquidator, who would have the power to take over Multichain Foundation’s assets and recover owed debts.

Seamless Protocol is launching an Integrated Liquidity Market on Lido for wrapped staked Ethereum (wstETH). This market will offer borrowing strategies for tokenholders who wish to explore alternative options to traditional restaking. Tokenholders on Lido can utilize borrowing strategies and automatically reinvest returns from staked ETH to potentially enhance their rewards.

There have been complaints from a growing number of traders about funds being deducted from their MEXC exchange accounts. The exchange argues that these complaints are misinformation.