Michael Saylor boosts MicroStrategy's BTC holdings with $150M investment. Mixin Network endures a $200M security breach, and Hong Kong is beefing up crypto laws.
MicroStrategy (MSTR) Buys Another $150 Million BTC

MicroStrategy (MSTR) Buys Another $150 Million BTC

Michael Saylor boosts MicroStrategy's BTC holdings with $150M investment. Mixin Network endures a $200M security breach, and Hong Kong is beefing up crypto laws.

Sep 26, 2023
| Issue

Hello and welcome to the first Datawallet Daily of the week! Today's top stories in crypto include:

As always, let’s first get started with a quick overview of market action over the last 24 hours.

MicroStrategy bought $150 million worth BTC since August

Software development company MicroStrategy (MSTR) disclosed in a regulatory filing on Monday that it has acquired around $150 million worth of bitcoin (BTC) between August 1 and September 24. According to the company, it purchased approximately 5,445 Bitcoins for about $147.3 million in cash, at an average price of roughly $27,053 per Bitcoin, including fees and expenses. This now puts MicroStrategy's Bitcoin treasury at over 160,000 BTC.

As a result, MicroStrategy now holds approximately 158,245 BTC, which were obtained at a total purchase price of approximately $4.68 billion, with an average purchase price of around $29,582 per Bitcoin. To finance this acquisition, the company stated that it issued and sold a total of 403,362 MSTR shares. In addition, MicroStrategy announced earlier in August its intention to potentially raise up to $750 million through the sale of more stock, with plans to allocate some of the proceeds towards purchasing additional Bitcoin.

Mixin Platform hit by $200 million exploit

The Mixin Network experienced a security breach on Sunday, leading to a significant financial loss of approximately $200 million. This unfortunate incident was disclosed by the team in a recent tweet. 

The Mixin Network project offers a convenient wallet for facilitating cross-chain asset transfers, as well as a decentralized exchange that enables the seamless swapping of various cryptocurrencies including Bitcoin, Ethereum, XRP, Litecoin, and Dogecoin. According to the official statement released by the Mixin Network team, the hackers targeted their "cloud service provider," resulting in a potential loss of assets valued at up to $200 million.

Crypto outflows continue for 6th consecutive week

Crypto investment products experienced their sixth consecutive week of outflows for the week ending September 24th. According to CoinShares data, digital asset outflows from crypto investment products totaled $9 million last week.

Bitcoin saw outflows for the third consecutive week, reaching $6 million in the past week. Short Bitcoin positions experienced outflows of $2.8 million. Ether also had its sixth consecutive week of outflows, with $2.2 million leaving the market over the past week.

On the other hand, altcoins like XRP and Solana witnessed inflows of $0.66 million and $0.31 million, respectively. The report noted that investors are showing greater interest in the altcoin space, as evidenced by continued inflows into XRP and SOL.

Hong Kong’s regulator ramps up measures designed to protect investors

Hong Kong's Securities and Futures Commission is enhancing investor education and the dissemination of information regarding virtual asset trading platforms. This comes after a significant cryptocurrency scandal that affected over 2,000 individuals who were allegedly victimized.

On Sunday, the SFC unveiled a range of initiatives, including the publication of multiple lists related to virtual asset trading platforms. These lists cover licensed platforms, platforms in the process of shutting down, and platforms that are considered licensed. The purpose of these measures is to ensure that information is shared with the public in a transparent and timely manner.

Other breaking news

Wrapping up

That’s all for today’s edition, folks. Today’s drop covered Hong Kong looking to up the ante on crypto regulation following the JPEX backlash, meanwhile, crypto outflows continue for a sixth straight week, with little signs of slowing down. Mixin hit by an exploit that could cost the firm $200 million in assets. Finally, MicroStrategy went on a shopping spree, pumping another $150 million in BTC. Stay tuned for more updates in our rapidly evolving space.