MicroStrategy, led by Michael Saylor, has once again significantly increased its Bitcoin holdings, purchasing an additional 34,164 BTC for $2.54 billion. This marks the company's third-largest single-week acquisition and its largest in over 16 months. The purchase brings MicroStrategy's total Bitcoin holdings to 815,061 BTC, acquired at an average cost of $75,527 per coin.
The majority of the funding, $2.18 billion, was generated through the sale of STRC preferred stock. This strategy, coupled with the proposed move to semi-monthly STRC dividends, aims to increase issuance capacity and, consequently, Bitcoin accumulation. With Bitcoin trading near $76,000, MicroStrategy's treasury is now back in profit.
In other market news, Tom Lee's Bitwise fund acquired 101,627 ETH for $235 million, its largest weekly ETH purchase this year. Lee remains bullish on Ethereum, citing institutional tokenization and AI demand as key drivers.
Polymarket is reportedly in talks to raise $400 million at a $15 billion valuation, a move that follows Kalshi's recent $1 billion raise at a $22 billion valuation. The difference in valuation may stem from Kalshi's status as a US-regulated entity.
The Aave decentralized finance protocol has released an incident report detailing a potential loss ranging from $120 million to $230 million due to an exploit. The exact impact on Aave will depend on how Kelp protocol socializes the losses among its users.