the rise of the Bitcoin treasury, from December 30 to January 6

the rise of the Bitcoin treasury, from December 30 to January 6

The price of Bitcoin (BTC) plunged below $ 43,000 on Thursday in a selloff that was fueled by the Federal Reserve’s renewed promise to begin undoing its support for the pandemic stimulus. For the so-called diamond hand investors among us, the slide presents an attractive entry point to continue accumulating BTC at discount rates.

2021 was the year that institutions and corporations became big drivers and shakers in the Bitcoin market. At the end of the year, corporations and mutual funds had roughly 1.48 million BTC, which represents 7% of the current circulating supply. Do you think the FUD is going to shake up these big strategic investors?

Below is the condensed version of the latest “Crypto Biz” newsletter, which is sent to your email every Thursday. For the full summary of the business developments that moved in the last week, sign up below to receive the full newsletter.

Bitcoin corporate treasuries rise

The number of publicly traded companies owning Bitcoin grew in 2021 as more corporate executives began to recognize the value proposition of the digital asset. According to on-chain analyst Willy Woo, corporate treasuries have gained market share from major exchange-traded funds, sending a strong signal that corporations are having a greater impact on the Bitcoin market.

WonderFi plans to buy Bitbuy parent company for USD 162 million

WonderFi Technologies, a decentralized finance platform backed by the business mogul Kevin O’Leary, announced this week that It will acquire the company that owns Bitbuy, First Ledger Corp, in a transaction valued at USD 162 million. Founded in 2016, Bitbuy is a licensed cryptocurrency exchange operator in Canada with more than 375,000 users. To finance the purchase, WonderFi will issue 70 million new shares, pay $ 15.7 million in advance and $ 23 million in deferred cash over 12 months.

Read:  Bitcoin has stalled, but here's why professional traders still expect a price of $ 80,000 in January

Canaan expands its presence in Kazakhstan

Rising fuel prices this week caused unprecedented political turbulence in Kazakhstan, forcing the cabinet that presides over the country to resign unexpectedly. Just a day earlier, the Chinese Bitcoin mining manufacturer, Canaan Inc, announced that it had expanded its commercial ties with the Central Asian country. As of December 31, 2021, Canaan had installed 10,300 AvalonMiner units in Kazakhstan. Political turmoil in Kazakhstan had a negative impact on the Bitcoin network, which saw its hash rate plummet to 13.4% in a matter of hours.

NFT-focused holding company closes $ 50 million Series A

Digital asset curator Metaversal concluded a $ 50 million investment round that was co-led by CoinFund and Foxhaven, with additional participation from Dapper Labs, Digital Currency Group, Rarible, and Theta Blockchain Ventures, among others. Metaversal will use the proceeds to expand its business focused on NFTs, which includes acquiring more digital collectibles and supporting promising projects in this area.

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