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What happened in the crypto market today? Crypto Startups Raise $100 Billion | T-Mobile Bitcoin Mining | MicroStrategy will buy $700 million of BTC
MicroStrategy (MSTR) Bitcoin Holdings June 17, 2024 | SaylorTracker
MicroStrategy plans to allocate a portion of the net profits, estimated at $687.8 million after deducting initial discounts from buyers, to acquire more Bitcoin for its treasury.
The company has already accumulated a significant amount of Bitcoin and is now the largest corporate holder of BTC in the world, with around 214,400 coins valued at approximately $14 billion according to the latest records.
The notes will have an annual interest rate of 2.25% and will mature in June 2032, with MicroStrategy retaining the option to redeem them early in specific circumstances after June 2029.
Crypto Startup Funding Surpasses $100 Billion in a Decade
The cryptocurrency industry has witnessed a decade of venture capital inflows, with estimates placing total funding above $100 billion following a recent rebound in investment amid a cryptocurrency market recovery.
Data from DeFiLlama suggests the total raised could reach $101 billion since 2014, while The Block Research puts the number closer to $95 billion as of 2017. Venture capital and token sales have been a crucial fuel for the growth of the crypto sector, but the billions invested have not always translated into success stories.
Traditional exits, like large acquisitions or public listings, have been scarce and, according to Paul Veradittakit of Pantera Capital, “have taken longer than I think is typically expected from traditional venture capital. Coinbase’s direct listing in 2021 is a rare exception.
Adding to investors’ scars are high-profile failures like FTX and BlockFi, which have led some big players like Tiger Global and Temasek to withdraw from the space, with the latter writing off a large stake in FTX following its collapse, and saying in the year past that he had no plans to invest in cryptocurrency exchanges.
Looking at trading, Coinbase Ventures leads the pack with the most investments since 2017, with the most recent quarter seeing a rise in crypto venture funding to $2.5 billion, coinciding with a broader market recovery of encryption.