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What happened in the cryptocurrency market today? Crypto Startups Raise $100 Billion | T-Mobile Mining Bitcoin | MicroStrategy to buy $700 million worth of BTC
MicroStrategy (MSTR) Bitcoin Holdings as of June 17, 2024 | SaylorTracker
MicroStrategy plans to allocate a portion of the net proceeds, estimated at $687.8 million after deducting buyers’ initial discounts, to acquire more Bitcoin for its treasury.
The company has already amassed a significant amount of Bitcoin and is now the largest BTC-holding company in the world with around 214,400 coins worth around $14 billion according to the latest filings.
The notes will have an annual interest rate of 2.25% and will mature in June 2032, with MicroStrategy retaining the option to redeem them early in specified circumstances after June 2029.
Crypto startup funding surpasses $100 billion in a decade
The cryptocurrency industry has witnessed a decade of venture capital inflows, with estimates placing total funding at around $100 billion following a recent investment resurgence amid a cryptocurrency market rally.
Data from DeFiLlama suggests the total raised could reach $101 billion since 2014, while The Block Research puts the figure closer to $95 billion as of 2017. Venture capital and token sales have been a crucial fuel for the growth of the cryptocurrency industry, but the billions in investments have not always translated into success stories.
Traditional exits, such as large acquisitions or public listings, have been scarce and, according to Pantera Capital’s Paul Veradittakit, “have taken longer than I think you would normally expect from traditional VC. Coinbase’s direct listing in 2021 represents a rare exception.
Adding to investors’ scars are high-profile failures like FTX and BlockFi, which have led some big players like Tiger Global and Temasek to withdraw from the space, with the latter writing off a large stake in FTX after its collapse, and said last year he had no plans to invest in cryptocurrency exchanges.
When it comes to deals, Coinbase Ventures leads the pack with the most investments since 2017, with the latest quarter seeing an increase in cryptocurrency funding to $2.5 billion, coinciding with a more broad cryptocurrency market rally.