Ethereum
The biggest news in crypto this week: Michael Saylor buys more BTC | Launch of Ethereum ETFs | Paradigm for investing $850 million
MicroStrategy’s Bitcoin (BTC) holdings as of June 15, 2024 close | Source: SaylorTracker
Proceeds from the sale will primarily be used to purchase more Bitcoin, according to a company press release, as well as for “general corporate purposes.” MicroStrategy is the largest Bitcoin holding company in the world, with 214,400 BTC worth over $14 billion on its balance sheet.
Offer details, including interest rate and conversion terms, will be determined closer to the sale date, with MicroStrategy noting that it “expects that the reference price used for calculate the initial conversion price of the tickets as the average weighted by the American composite volume. price of MicroStrategy’s Class A common stock from 9:30 a.m. to 4:00 p.m. EDT on the pricing date.
Paradigm raises $850 million to back early crypto companies
Cryptocurrency venture capital firm Paradigm has announced the close of its third fund, securing $850 million to invest in early-stage crypto projects.
In a blog post unveiling the new fund, co-founder Matt Huang highlighted the team’s strengthened conviction, stating that “crypto is now a main character on the global political stage.”
This condemnation reflects the growing importance of crypto regulation during the upcoming US presidential election and the looming June 30 deadline for the European stablecoin framework MiCA.
Paradigm has a successful track record of seed investing, as the company participated in the seed round for decentralized exchange Uniswap and led the Series B round for Flashbots last year.
Paradigm’s previous fund, launched in November 2021, secured a whopping $2.5 billion. However, the company’s investment history has not been without its flaws, as it invested $278 million in the collapsing cryptocurrency exchange FTX.