Saylor Wants $42B To Buy More Bitcoin
Saylor Wants $42B To Buy More Bitcoin
Plus is Mr Beast a crypto pump and dumper?
TylerD's Market Summary
GM!
Today's top news:
Bitcoin even at $72k amidst massive ETF inflows
Saylor to raise $42B via MSTR to buy Bitcoin
COIN and HOOD both miss Q3 earnings as volumes drop
Mr Beast investigated for $20M+ in crypto pump & dumps
Runes eco inflow woes on display as MEMENTO MORI mints out
MicroStrategy Wants to Buy $42B More Bitcoin
Billionaires have been making a lot of Bitcoin comments lately.
Paul Tudor Jones said that "All roads lead to inflation" and to buy Gold, Bitcoin and commodities.
Then last week, Chamath went on the All-In pod and said that Bitcoin is "The resounding inflation hedge asset for the next 50 or 100 years."
Well Michael Saylor was taking notes - and he just made a major announcement of his own.
What Happened?
MicroStrategy announced plans to secure a whopping $42B in capital to buy more Bitcoin.
It will split funds equally between equity raises and fixed-income securities, as part of its new “21/21 Plan.”
For perspective, MicroStrategy holds 252,220 Bitcoin ($18.2B) right now, so this plan would more than triple its holdings.
MicroStrategy has funded its substantial Bitcoin acquisitions through a mix of equity offerings, debt instruments, and, now, the planned sale of fixed-income securities.
CEO Pong Le commented on their plans, stating:
"As a Bitcoin treasury company, we plan to use the additional capital to buy more bitcoin as a treasury reserve asset in a manner that will allow us to achieve higher BTC Yield."
Despite reporting a 10% year-over-year revenue decline and a $340 million quarterly loss, MicroStrategy remains committed to buying Bitcoin (perhaps its only out).
The company has fully embraced using its stock as a proxy for Bitcoin - and the market has embraced that as well.
Market Impact
If you haven't been watching, MicroStrategy stock (MSTR) has been a rocket this year.
Bitcoin is up 72% YTD.
MSTR is up a whopping 260% YTD.
And then there are the ETFs which trade as 2x levered MSTR, which are up even more.
Saylor has really found something here.
Why It Matters
For one, this level of demand would certainly have a major impact on Bitcoin's price.
The Bitcoin ETFs have seen $24B in net inflows this year so far, and we've seen that impact. This is bigger by more than 50%.
But it also comes with risks.
Many are starting to get worried about Saylor controlling such a major stake in Bitcoin via his personal holdings and through MSTR.
Some are pointing to MicroStrategy levering up like this as the next potential Luna-like disaster in the works.
It's certainly a risk, but given Saylor's history and commentary - it feels overblown.
They survived the last drawdown and are likely to survive the next one as well...
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
Ethereum led NFT trading volume with $3.3M on the day; Bitcoin was next with $1.9M, and then Solana with $1.4M
ETH NFT leaders were mostly red; Punks +1% at 26.1 ETH, Pudgy -1% at 8.77, BAYC -1% at 11.35, Milady -1% at 4.63, Azuki even at 4.9
Saints of LA (+150%) and Goblinarinos (+60%) led top movers
BTC NFT leaders were mixed; NodeMonkes -9% at 0.125 BTC, Puppets -1% at 0.138 BTC, OMB +1% at 0.161, Quantum Cats +2% at 0.239
The Runes leaders all fell 10-15% as traders flocked to MEMENTO MORI; DOG -12% at $425M mc, PUPS -15% at $140M, GIZMO -5% at $20M mc, BDC -10% at $79M
Casey Rodarmor's MEMENTO MORI opened up at a $15M mc on 100+ BTC in volume after minting out
New data shows that the Bitcoin onchain ecosystem is not growing and in fact has lost 2,000 BTC in TVL since May
RTFKT announced prizes for Cryptokicks owners in New "move-to- earn" initiative
ApeChain touted 3M+ APE traded and 20+ upcoming NFT mints in an update post
Doodles released Certified Viral #7 "spooky szn ready" as its latest viral social short
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token, protocol and airdrop news from the day:
The Arena saw 61% of its claimed tokens staked and 3,000 new users added to their platform already post-airdrop
Myriad welcomed 100,000 Decrypt users into beta access for their new prediction market
CUDIS, a Solana-based fitness tracking project with rewards via its wearable ring, was mentioned in Vogue Business
Nillion announced a $25M raise, aiming to create the first private data ecosystem
rektdrinks sold out in the US in just over 4 hours on Wednesday, with buyers getting 25k DRANK points per case
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are mixed again; BTC +1% at $72,230; ETH -1% at $2,640, SOL -1% at $175; MKR, KAS & PYTH led top alt movers up 7-10%
Memecoin majors were mostly green; DOGE +2%, SHIBA +1%, PEPE +2%, WIF +1%, POPCAT -3%, and MOG +12%
The BTC ETFs set a new local high in new inflows with $893M on the back of $875M from IBIT, a number bigger than all but 7 of the 590 ETFs launched in 2024 have seen all year
Michael Saylor announced plans to raise $42B in capital to buy Bitcoin for MicroStrategy
The US Treasury Department shared a report with concerns around stablecoins, arguing they should be replaced by a CBDC
Coinbase missed earnings after seeing just $1.21B in Q3 revenue vs $1.25B expected but did announce $1B in share buybacks, while also announcing another $25M in funding for Fairshake PAC to help elect pro-crypto candidates in the 2026 mid-terms
Robinhood's Q3 crypto volumes grew 112% year-over-year to $14.4B but fell substantially from Q1 2024 ($36B) and Q2 2024 ($21.5B), and they've responded by listing all of the leading memecoins on Robinhood EU Crypto
Reddit sold the majority of its crypto holdings in Q3 according to their latest filing with the SEC
Canary Funds filed for a Solana ETF
Mr Beast is being investigated for having pumped and dumped over $20M in crypto tokens across 50+ wallets
🚀 Memecoin Movers
$THECAT (+3,670% to $15M market cap, SOL)
$SHIBU (+70% to $11M market cap, SOL)
$BAN (+90% to $36M market cap, SOL)
$PROJECT89 (+48% to $17M market cap, SOL)
$FARTCOIN (+40% to $30M market cap, SOL)
📈 NFT Floor Price Increase (ETH)
Saints of LA (150%, 0.17 ETH Floor)
Crypto Trading Cards (97%, 0.69 ETH)
Goblinarinos (57%, 0.05 ETH)
Supreme Kong (49%, 0.39 ETH)
Beef Brothko (36%, 1.5 ETH)
🗓 Upcoming Mints and Events
Today is another busy day of drops to end the month, spanning PFPs and art across chains.
There are a few drops on ApeChain, a Nakamigos themed drop on Base, and art drops from Jack Kaido with Verse and rahul iyer with Art Blocks.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Nakabrickos (10:00 a.m. ET)
Jack Kaido x Avant Arte - ICYMI 2024 (10:00 a.m. ET)
rahul iyer x artblocks - Roll Some Bones (1:00 p.m. ET)
Artie Handz - the deviates (6:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.d.warner@gmail.com.