HomeBlockchainTop Crypto News of the Week: Michael Saylor Increases BTC Holdings, Ethereum...

Top Crypto News of the Week: Michael Saylor Increases BTC Holdings, Ethereum ETFs Debut, Paradigm’s $850M Investment

MicroStrategy Announces Plans to Sell Notes to Buy More Bitcoin

MicroStrategy, the world’s largest corporate Bitcoin holder, has announced plans to sell $400 million in convertible senior notes. The proceeds from the sale will primarily be used to buy more Bitcoin, further solidifying the company’s position as a major player in the cryptocurrency market.

With 214,400 BTC worth over $14 billion on its balance sheet, MicroStrategy has been a pioneer in corporate adoption of Bitcoin. The specifics of the offering, including the interest rate and conversion terms, will be determined closer to the sale date. The company expects the reference price used to calculate the initial conversion price for the notes to be based on the U.S. composite volume weighted average price of MicroStrategy’s class A common stock.

In other news, cryptocurrency venture capital firm Paradigm has raised $850 million for its third fund, aimed at bolstering early-stage crypto ventures. Co-founder Matt Huang emphasized the growing importance of crypto on the world stage, citing upcoming regulatory developments in the U.S. presidential election and Europe’s MiCA stablecoin framework deadline.

Paradigm has a successful track record in early-stage investments, having backed projects like Uniswap and Flashbots. However, the firm has also faced challenges, such as its investment in the collapsed cryptocurrency exchange FTX. Despite this, Paradigm’s latest fund signals continued confidence in the future of crypto innovation and investment.

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