MicroStrategy Incorporated has unveiled plans to offer $700 million in convertible senior notes due 2028, aiming to further its aggressive Bitcoin acquisition strategy. The notes, not registered under US securities laws, are targeted at qualified institutional buyers and will mature on September 15, 2028, featuring semi-annual interest payments starting March 2025. This move is part of a larger scheme to redeem $500 million in senior secured notes and potentially increase its Bitcoin holdings.

In addition to the main issuance, the company will provide an option for the initial buyers to acquire an extra $105 million in notes within 13 days post-issuance. The strategy includes a notice to redeem outstanding senior secured notes by September 26, 2024, which will free up the 69,080 Bitcoin currently held as collateral.

Since 2020, MicroStrategy has emerged as a major corporate player in the cryptocurrency realm, amassing over 244,800 BTC valued at roughly $14.2 billion. With multiple note offerings totaling billions since its initial foray into Bitcoin, the company continuously leverages its financial maneuvers to maintain its status as the largest corporate Bitcoin holder.

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In a major announcement, Trump’s DeFi project has announced the launch of its crypto token. During the X Spaces discussion, they also shared how the WLFI tokens will be distributed. 63% of the tokens will be sold to the public, 17% will go to user rewards, and 20% will be kept for the project team.

*THIS IS DEVELOPING STORY*

Bhutan, the serene Buddhist kingdom nestled in the Himalayas, has become a significant player in the cryptocurrency space, boasting ownership of 13,011 BTC, valued at approximately $780.49 million. This revelation, according to Arkham Intelligence, marks the first time Bhutan’s Bitcoin holdings have been made public, positioning it as the fourth largest government holder of the cryptocurrency on Arkham’s platform.

The source of Bhutan’s Bitcoin wealth is uniquely attributed to its robust Bitcoin mining operations, rather than law enforcement seizures—a common source for other nations. Arkham’s report highlights that these operations, managed by the kingdom’s investment arm, Druk Holdings, began escalating early in 2023. The country has set up mining facilities in various locations, including a major site at the former Education City project, verified by time-lapse satellite imagery.

Further emphasizing Bhutan’s commitment to sustainable practices, earlier this year, Druk Holdings expanded its partnership with Bitdeer, enhancing their mining capacity from 100 to 600 megawatts. Utilizing its abundant hydropower resources, Bhutan is pioneering a 100% carbon-free Bitcoin mining operation, showcasing its potential as a leader in environmentally friendly cryptocurrency mining.

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“Anarchy is order; government is civil war.” – Bellegarrigue

The advent of decentralized money gave rise to an intriguing cognitive bias among early adopters. Bitcoin’s success is convincing many that we can do away with trusted institutions altogether—that trust itself can be engineered away. This hubris is reflected in how we deploy our collective resources and capital.

In the absence of appropriate social structures, we have become risk averse and generally mistrusting of each other. As a result, Bitcoin commerce has become marginalized and many revolutionaries have retreated into…

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The daily net flow of U.S. Bitcoin ETFs as of September 16, 2024, reveals significant movements across various funds. BlackRock’s IBIT ETF leads in holdings with 357,277 BTC but reported no net inflow for the day. On the other hand, Fidelity’s FBTC ETF experienced the highest net inflow, adding 1,705 BTC to its reserves, now totaling 174,838 BTC.

Grayscale’s GBTC ETF saw a decline, losing 121 BTC, leaving it with 222,086 BTC. ARK Invest’s ARKB ETF gained 1,658 BTC, now holding 45,008 BTC. Other noteworthy increases included Bitwise’s BITB ETF with a 719 BTC addition and Valkyrie’s BRRR ETF, which grew by 28 BTC.

Overall, the combined total of Bitcoin held by these ETFs reached 903,101 BTC, with a net inflow of 4,249 BTC valued at approximately $244.54 million. This data highlights the active management and varying investor interest levels in Bitcoin-related investment products across different firms.

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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South Asian country Bhutan, a Buddhist kingdom on the Himalayas’ eastern edge, has been revealed as a major Bitcoin holder, owning 13,011 BTC worth around $780.49 million, according to a report by Arkham Intelligence. The public data company identified Bhutan’s Bitcoin addresses, marking the first time this information has been publicly shared.

BREAKING: BHUTAN GOVERNMENT’S $750M BTC NOW ON ARKHAMBhutan’s Bitcoin holdings are now labeled on Arkham. These holdings come from Bitcoin mining operations carried out by the Kingdom of Bhutan’s investment arm, Druk Holdings.Arkham is the first to publicly identify these… pic.twitter.com/a8ScUNJJ9F

— Arkham (@ArkhamIntel) September… Read more on BitcoinMagazine

The debt based monetary system has become quite extreme. On one hand, the US crossed the $35 trillion national debt milestone, placing a $104k burden on every US citizen. On the other hand, the Congressional Budget Office (CBO) puts federal expenditures for 2024 at 24.2% of GDP.

This divergence between profligate spending and debt ballooning puts the economy on a narrow path. It is exceedingly unlikely that USG would opt to reduce spending, most of which goes to social programs, entitlements and the military. The latter alone is the key ingredient that backs USD as world currency.

Conversely, this entails another Fed balance sheet expansion, with three 0.25% rate cuts this year already…

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