Bitcoin Hovers Around $117K, Ether Stays Below $3000
Strategy Bags Another $472mn In Bitcoin, Total Holding Crosses 600,000 BTC.
Michael Saylor’s Strategy, the world’s largest public holder of Bitcoin, made another major investment in the asset during the past week as BTC surged to new historic highs of $118,000.
Strategy acquired 4,225 Bitcoin for $472.5 million last week, the company announced in a US Securities and Exchange Commission filing on Monday.
Strategy’s new Bitcoin buy averaged $111,827 per coin, with BTC surging from about $108,000 on July 7 to $118,000 by the end of the week, according to CoinGecko.
Biotech Firm Sonnet To Form $888mn HYPE Treasury.
Nasdaq-listed biotech company Sonnet BioTherapeutics announced a strategic pivot into crypto, unveiling an $888 million entity to launch a Hyperliquid digital asset treasury.
On Monday, Sonnet said it formed a business combination with the newly created Rorschach to launch a treasury strategy focused on the HYPE token, the native crypto token of the fast-growing Hyperliquid ecosystem.
The deal includes transforming Sonnet into Hyperliquid Strategies Inc, which is expected to be the largest United States-listed public company holding the HYPE token on its balance sheet. The company aimed to hold 12.6 million HYPE tokens, worth about $583 million when the agreement was made.
Grayscale Submits Confidential IPO Filing With SEC.
Cryptocurrency-focused asset manager and exchange-traded fund issuer Grayscale said on Monday that it had filed to list its company shares with the Securities and Exchange Commission under a new clause that enables confidential filings ahead of a final public offering.
Entering public markets would enable Grayscale to seek more funding opportunities through strategies such as public stock offerings, which was leveraged by Michael Saylor’s Strategy, or convertible note offerings, such as GameStop’s $2.25 billion offering from June 13.
Grayscale’s filing comes over a month after Circle, the issuer of the world’s second-largest stablecoin USDC, upsized its IPO to over $1.05 billion and debuted on the New York Stock Exchange on June 5.
Crypto Exchange Coinbase Hits Record $100bn Valuation.
The biggest crypto exchange platform, Coinbase, was at a pivotal crossroads during Monday’s trading session just after Bitcoin sailed to record price heights over the weekend.
According to data from sources, Coinbase’s stock ended up 1.8% at $394.01 per share on the day. At the same time, shares hit a peak of $398.50.
At Monday’s closing price, Coinbase has a market cap of nearly $100.36 billion, the highest market cap the crypto exchange has recorded in history.
Bitwise CIO anticipates Coinbase becoming a trillion-dollar company at some point.
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