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Block 1: Essential news
Coinbase X Apple Pay
Coinbase, America's largest crypto exchange, has integrated Apple Pay into its Onramp tool, which aims to simplify the purchase of cryptocurrencies via a one-click process. Deployed initially for a select group, Onramp enables users to easily convert fiat currencies into crypto via apps such as Metamask, Rainbow or Phantom, by connecting their bank accounts or debit cards. The tool, which offers lightweight identity verification checks (KYC) and free USDC transfers, aims to reduce the friction often associated with buying crypto. The integration of Apple Pay, used by around 60 million people in the US, enhances the platform's accessibility. The announcement led to a rise of over 4% in Coinbase (COIN) shares.
XRP (Ripple) recorded a spectacular rise, climbing 232% in 30 days, far outperforming the crypto market (+57.3%). Donald Trump's victory and the announcement of SEC Chairman Gary Gensler's resignation, scheduled for January 2025, supported XRP's share price. Under Gensler, XRP issuer Ripple was involved in a lawsuit with the SEC. The possibility of a favorable settlement with the arrival of the Trump administration is fueling optimism. Meanwhile, Ripple has invested in Bitwise's XRP fund and launched a tokenized money fund on the XRP Ledger, strengthening its ecosystem.
MARA accumulates BTC
MARA Holdings, leader in Bitcoin mining, has raised $1 billion via interest-free convertible bills. With this investment, the company acquired 6,474 BTC in November, bringing its total to 34,794 BTC, valued at $3.3 billion, and plans to buy another $160 million worth of BTC. Part of the funds will also be used to buy back existing debt. Since the announcement, MARA's share price has risen by 11.8%.
BlackRock on top of Bitcoin
In less than a year, Blackrock as accumulated over 500,000 bitcoins, representing a value of $47 billion at current prices, or 2.38% of the global BTC supply. BlackRock's IBIT Bitcoin ETF became the third best-performing product in the U.S. over the past year, with strong institutional growth. BlackRock CEO Larry Fink calls IBIT the fastest-growing ETF in history.
Bloomberg
Block 2: Crypto Analysis of the week
As mentioned in the introduction, MicroStrategy the pioneering bitcoin acquirer, has announced a massive new purchase of 15,400 BTC for a total of $1.54 billion, at an average price of $95,976 per unit. This new purchase brings its holdings to 402,100 BTC, with a current value of $38.2 billion, or almost 2% of all the bitcoins that will ever exist.
This latest purchase was financed through share sales via the company's at-the-market program, reinforcing its position as the world's largest institutional holder of BTC. This aggressive strategy reflects the Chairman's unwavering belief in bitcoin's potential as a store of value and strategic asset.
With an average acquisition cost of $58,263 per bitcoin, MicroStrategy's strategy has become a model followed by other companies, and its Executive Chairman, Michael Saylor, continues to actively campaign for the increased adoption of Bitcoin by large corporations.
In fact, Saylor shared a presentation he recently gave to Microsoft's board of directors, where he championed the idea that bitcoin could transform corporate cash flow.
The slides for the Microsoft Bitcoin Strategy presentation to the $MSFT Board of Directors. https://t. co/6HcB8VEJV0
- Michael Saylor⚡️ (@saylor) December 1, 2024
Overall, he argued that Microsoft's current strategy was outdated and that bitcoin was essential to outperforming in the markets. "If you want to dominate the markets, you need bitcoin. Your bonds are undermining your liquidity and stock market performance," said Saylor. As a reminder, although MicroStrategy's share price soared in 2024 (+491%), at the same time the company posted a net loss of $340.17 million in the third quarter and falling sales.
At a meeting with Microsoft's board of directors, Saylor proposed a bold strategy: to invest $100 billion a year in bitcoin. He estimates that this initiative could increase Microsoft's market capitalization by almost $4.9 trillion by 2034, adding $584 to the share price over ten years.
According to Saylor, this strategy would be more advantageous than traditional options such as share buybacks or holding bonds. But this is based on the soaring BTC price theory outlined by Saylor: bitcoin is projected to reach $1.7 million by 2034, and mass adoption of BTC could therefore generate trillions of dollars in value for Microsoft shareholders. To reach this price, bitcoin needs to rise by 1690% over the next 10 years, i.e. an average increase of 169% per year.
Saylor emphasized the importance of the current economic context and the need for large companies to adopt innovative strategies to capitalize on bitcoin's potential. "Microsoft can't afford to miss the next wave of technology, and that wave is Bitcoin," he said.
More generally, Michael Saylor presents bitcoin as a "must-have" for large companies wishing to optimize their cash flow, which would increase asset value and directly benefit MicroStrategy's cash flow. By convincing major players such as Microsoft to embrace Bitcoin, he is also attempting to reinforce the asset's legitimacy while aligning his personal interests, hoping to rise to the ranks of 21st century financial visionaries if his prophecy comes true. But the strategy adopted by MicroStrategy, through Saylor, involves many risks.
Block 3: Gainers & Losers
Cryptocurrency chart (Click to enlarge)
Block 4: This week's readings:
She was a Russian socialite and influencer. Police say she was a cryptocurrency laundering baroness (Wired)
Celsius founder Alex Mashinsky pleads guilty to fraud (Wired)
