BB DAILY 01-06-2025: MicroStrategy Increases Bitcoin Holdings to 447,470 BTC, Gemini Settles CFTC Lawsuit for $5M, Poilievre Tops Polls for Canadian Prime Minister, and Prosecutors Estimate Over One Million Victims in Do Kwon’s Terraform Labs Collapse
Major moves in the crypto world: MicroStrategy’s record Bitcoin investment, legal battles for Gemini and Do Kwon, and political shifts as Pierre Poilievre rises in Canadian election odds.
Because Bitcoin
January 7, 2025
MicroStrategy boosts Bitcoin holdings to 447,470 BTC, achieving 74.3% FY 2024 yield
MicroStrategy has purchased 1,070 BTC for approximately $101 million at an average price of $94,004 per bitcoin. In Q4 2024, the company achieved a Bitcoin yield of 48.0%, with an annual yield of 74.3% for FY 2024. As of January 5, 2025, MicroStrategy holds 447,470 BTC acquired for around $27.97 billion at an average price of $62,503 per bitcoin.
Gemini settles CFTC lawsuit for $5 million, avoiding trial over Bitcoin futures misrepresentation
The Winklevoss twins’ Gemini Trust Co. has agreed to pay $5 million to settle a Commodity Futures Trading Commission lawsuit that alleged the cryptocurrency exchange misled regulators while attempting to launch the first US-regulated Bitcoin futures contract. The settlement, disclosed in a joint filing on Monday, avoids a jury trial previously set for January 21 in New York. Gemini resolved the case without admitting or denying liability.
Pro-crypto Pierre Poilievre leads Polymarket odds to replace Justin Trudeau as Canada’s prime minister
Pierre Poilievre, leader of Canada’s Conservative Party and a pro-crypto advocate, is the favorite to succeed Justin Trudeau as prime minister, according to Polymarket. After Trudeau announced his resignation on Monday, users placed $257,000 in bets on Poilievre, giving him 92% odds of winning the upcoming federal election expected this spring. The market, which opened on December 30, 2024, has reached $412,095 in total trading volume.
US Prosecutors Estimate Over One Million Victims in Do Kwon’s Terraform Labs Collapse
Prosecutors overseeing Do Kwon’s criminal case estimate that over one million people worldwide may have been victims of Terraform Labs’ collapse. On January 6, Acting US Attorney Daniel Gitner informed the US District Court for the Southern District of New York that a website would be set up to notify victims of their rights, as other methods were deemed impractical. The exact number of victims is unclear due to the decentralized nature of transactions, but the estimate exceeds hundreds of thousands.
Kwon, who faces nine felony charges related to fraud at Terraform, pleaded not guilty after his extradition from Montenegro on January 2. The Terra ecosystem’s collapse in 2022 contributed to a broader crypto market downturn. Kwon will face charges alongside other high-profile crypto figures like Sam Bankman-Fried. In a civil case, Kwon and Terraform were found liable for fraud and ordered to pay $4.5 billion in penalties.
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