BB DAILY 12-23-2024: MicroStrategy Expands Bitcoin Holdings, HyperLiquid Faces Hacker Speculation, and Trump Strengthens Digital Asset Agenda

MicroStrategy Adds Bitcoin for the Seventh Consecutive Week, Boosting Holdings to 444,262 BTC

MicroStrategy (MSTR), known for its commitment to acquiring Bitcoin (BTC), expanded its holdings for the seventh straight week. The company purchased 5,262 BTC for $561 million during the week ending December 22, bringing its total to 444,262 BTC.

The acquisition, at an average price of $106,622 per Bitcoin, was revealed by Executive Chairman Michael Saylor in a Sunday post on X. At current market prices, the company’s Bitcoin holdings are valued at $42.2 billion, with an average acquisition cost of $62,257 per BTC.

The purchase was funded through share sales under MicroStrategy’s at-the-market (ATM) program, which still has $7.08 billion available. The announcement coincides with MicroStrategy’s debut as a member of the Nasdaq 100 equity index. Its shares are trading at over $364.2 in pre-market trading, with little change.

HyperLiquid Faces $60 Million USDC Outflow Amid North Korean Hacker Speculation

HyperLiquid, a leading on-chain exchange for perpetual futures, saw $60 million in USDC outflows amid concerns of North Korean hacker activity, according to crypto analyst Tay. The platform still holds $2.2 billion in USDC, used as collateral.

Hackers linked to the DPRK have reportedly incurred $700,000 in trading losses, which Tay suggested might be tests for a future attack. “DPRK doesn’t trade. DPRK tests,” Tay warned.

HyperLiquid processes over 50% of on-chain perpetuals trading, with $8.6 billion in volume over the past day. Its token, HYPE, has surged over 600% since launching in late November, reaching a $10 billion market cap.

Trump Appoints Bo Hines as Executive Director of Crypto Council, Taps Stephen Miran to Lead Economic Advisers

Donald Trump announced new appointments to his advisory team on economic issues, including Bo Hines as the Executive Director of the Presidential Council of Advisers for Digital Assets, also known as the “Crypto Council.” Hines, a former Congressional candidate in North Carolina, will work alongside David Sacks to promote growth and innovation in the digital assets sector. Hines previously received funding from pro-crypto PACs during his 2022 campaign, some linked to FTX executive Ryan Salame.

Additionally, Trump named Stephen Miran, a former Treasury Department official, as the chair of his Council of Economic Advisers, highlighting his views on reducing financial regulations to foster innovation, particularly in the crypto economy.

MicroStrategy schedules Special Meeting to advance Bitcoin-focused 21/21 Plan with shareholder vote on key proposals

MicroStrategy has announced a Special Meeting for shareholders to vote on critical proposals aimed at driving its 21/21 Plan forward. These measures are designed to enhance the company’s ability to raise capital, align director compensation with its Bitcoin-focused strategy, and streamline corporate governance.

The proposals include:

1. A significant increase in authorized Class A shares from 330 million to 10.33 billion to bolster future capital-raising efforts.

2. Expanding authorized preferred shares from 5 million to 1.005 billion to create additional financing flexibility.

3. Amendments to the 2023 Equity Incentive Plan, introducing automatic equity awards for new Board members to ensure alignment with the company’s vision.

The shareholder vote is positioned as a pivotal step in advancing MicroStrategy’s commitment to its Bitcoin strategy and long-term growth.

Resources:

CoinDesk

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