MicroStrategy Acquires $2B in Bitcoin as BTC Breaks $89,000

MicroStrategy has purchased approximately 27,200 Bitcoin for $2.03 billion, averaging $74,463 per coin, as BTC's price reached $89,000. This acquisition, completed between Oct. 31 and Nov. 10, brings the company's total Bitcoin holdings to 279,420 BTC, with an aggregate investment of about $11.9 billion. The firm's share price hit an all-time high of $350, coinciding with Bitcoin's rally.

This aligns with CEO Michael Saylor’s ongoing strategy to accumulate Bitcoin, supported by anticipated favorable policy changes. The business intelligence firm has raised enough capital to continue purchasing BTC in future years, with the goal of building a strategic reserve of Bitcoin treasuries.

As a reminder, MicroStrategy's most recent quarterly report showed sales of $116 million, falling slightly short of its target of $122.66 million. But, as Michael Saylor would say, "Bitcoin fixes this," so things are going well for the company overall.

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FTX Sues Binance, Seeking $1.76 Billion Recovery

FTX has filed a lawsuit against Binance and co-founder Changpeng Zhao (CZ), aiming to recover $1.76 billion allegedly transferred fraudulently. The lawsuit claims that a 2021 repurchase of Binance’s FTX shares was financed using insolvent funds from Alameda Research. Former Alameda CEO Caroline Ellison stated that Alameda used depositor funds for the repurchase.

The FTX estate alleges that Zhao triggered a bank run on FTX through “false, misleading” tweets, worsening the exchange’s financial crisis. Binance has dismissed the claims as “meritless,” pledging to defend itself against the lawsuit. This filing marks one of more than 20 lawsuits FTX has filed against entities to recover funds for creditors.

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Polymarket Bets on Bitcoin Reaching $100,000 By Year-End

Bitcoin’s rally past $85,000 has pushed Polymarket prediction market odds of reaching $100,000 by year-end up to 57%. The cost to bet “yes” rose to $0.57 on Nov. 11, a 78% relative increase from earlier that day. Polymarket has gained attention as users have wagered over $2.6 million on Bitcoin’s potential new highs, capitalizing on rising market confidence.

Polymarket’s cumulative trading volume surpassed $6 billion, largely influenced by bets on the US presidential election and Bitcoin's price movement. The decentralized prediction market allows users to bet on a wide range of events, from political races to financial forecasts. The enthusiasm on Polymarket highlights Bitcoin’s growing appeal and its volatility potential.

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Coinbase Stock Surges 75% Amid Pro-Crypto Sentiment

Coinbase’s stock, trading as COIN, has spiked 75% in the five days since the US election, hitting $324.24, the highest since November 2021. Coinbase and MicroStrategy are now among the top-traded stocks, benefiting from a favorable political climate for crypto following Donald Trump’s win. Coinbase’s leveraged ETF, GraniteShares CONL, also surged, up 182% over the last week.

Coinbase’s success may also stem from the company’s ongoing legal challenges against the SEC, as crypto-friendly candidates gain ground in Congress. CEO Brian Armstrong highlighted the election as a win for the crypto industry’s regulatory future. The stock’s momentum indicates investor optimism about the prospect of a more supportive regulatory framework for crypto.

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Data of the Day

The crypto market saw a record $427 million in short liquidations on Nov. 6, coinciding with Bitcoin’s climb from $69,480 to $75,670. This was the largest single-day liquidation event tracked by The Block, as open interest rose to $36.86 billion, indicating high interest in the futures market. The previous record, $266 million, was set in August and has now been decisively surpassed.

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More Breaking News

• Bitcoin’s rally past $88,000 led BlackRock’s spot Bitcoin ETF to reach a record-breaking $4.5 billion in trading volume yesterday.
• Former Alameda Research co-CEO Sam Trabucco has agreed to return two properties and a luxury yacht to creditors of failed FTX.
• The open interest in Bitcoin options contracts with strike prices above $90,000 has exceeded $2.8 billion on Deribit, a leading crypto options exchange.
• Split Capital proposes Blur adopt a 0.5% trading fee while eliminating creator royalties, aiming to maximize marketplace profits for Blur.
• Polymer Hub’s new real-time interoperability protocol is live on Ethereum, enabling efficient, cross-rollup communication for faster transactions.
• A crypto user mistakenly lost $25 million by sending staked tokens on Renzo to the wrong wallet; recovery may require a Renzo contract update.

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