MicroStrategy, under the leadership of Michael Saylor, is making strategic moves to become the foremost bitcoin bank. Having acquired 252,220 BTC, valued over $15 billion, the company has outperformed many traditional investments through aggressive asset accumulation. Saylor, in a Bernstein interview, emphasized bitcoin’s role as a hedge against inflation and its potential to attract high-return seeking investors.

The firm’s ambition extends to creating diverse bitcoin capital market instruments, including equity and debt, aiming to evolve into a trillion-dollar entity. Saylor’s strategy involves leveraging US capital markets to further fuel their growth, potentially increasing bitcoin’s share in global financial capital from 0.1% to 7% by 2045.

Saylor argues that borrowing to invest in bitcoin, rather than traditional lending, is a smarter financial maneuver, reducing risks associated with counterparty defaults. This approach, coupled with bitcoin’s projected annual growth, positions MicroStrategy to significantly scale its operations and influence in the burgeoning crypto market.

The Block

Metaplanet Inc., a prominent Japanese firm, announced a substantial addition to its Bitcoin portfolio on October 11, 2024, with the purchase of 108.99 BTC, totaling 1 billion yen ($7.59 million). This recent acquisition brings their total Bitcoin holdings to 748.502 BTC, with an overall investment summing up to 6.965 billion yen ($52.8 million), reflecting a consistent and aggressive strategy similar to that of MicroStrategy’s approach in the U.S.

The company’s hefty investments in Bitcoin align with their broader financial strategy, emphasizing significant growth in cryptocurrency assets amid fluctuating market conditions. As of the latest update, Metaplanet’s portfolio, valued at approximately $45.2 million, accounts for a substantial part of their asset base, underscoring their commitment to integrating digital currencies into their corporate treasury.

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What We’re Watching: Polymarket

According to the world’s largest prediction market, Polymarket, the pro-Bitcoin candidate for the upcoming presidential election, Donald Trump has taken a 13% lead over Kamala Harris.

There are huge stakes on the line here this election regarding Bitcoin. Trump is promising very favorable regulations, in comparison to Harris, who has put forth no regulations and has an almost four year track record of…

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As of October 10, 2024, U.S. Bitcoin ETFs experienced a net outflow of 96 BTC, reducing the total holdings to 924,360 BTC. BlackRock’s IBIT ETF saw a positive inflow, adding 227 BTC to reach a total of 369,822 BTC, marking the day’s largest gain among the ETFs.

Conversely, Grayscale’s GBTC ETF experienced a notable outflow of 160 BTC, lowering its holdings to 220,187 BTC. Bitwise’s BITB ETF also saw a decrease, losing 163 BTC, bringing its total down to 39,043 BTC. Several other ETFs, including Fidelity’s FBTC, ARK Invest’s ARKB, Grayscale’s BTC, VanEck’s HODL, Valkyrie’s BRRR, Invesco’s BTCO, and Franklin Templeton’s EZBC, reported no changes in their holdings.

Overall, the day’s net outflow of 96 BTC, valued at approximately $5.78 million, reflects a mixed sentiment in the market. While some ETFs experienced gains, the outflows in major funds like Grayscale and Bitwise contributed to a slight overall decrease in Bitcoin ETF holdings.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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Murad Mahmudov is back igniting our X timelines, but you may have noticed these days the “former” Bitcoin maximalist isn’t posting much about Bitcoin.

For the uninitiated, Murad is a Bitcoin maximalist, albeit one who has run the ire of the culture for taboo ideas: see his 2021-2022 embrace of wrapped Bitcoin assets on other blockchains, and most recently, his incessant writing about a “memecoin supercycle.”

It’s a far cry from his posts circa 2018, when could be seen on “The Pomp Podcast,” saying things like “Bitcoin is the soundest hardest currency that…

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