MicroStrategy Buys $1.1B More BTC

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Good Morning.

Marco and Karon are in Singapore for Token. Today’s issue is written by the Launchy Team.

The market experienced a volatile period in recent days. Bitcoin initially saw a surge, reaching a high near $60,000, but subsequently faced a pullback. Currently, it's hovering around $58,670. The price action suggests a degree of uncertainty in the market, with bulls and bears vying for control.

In Today's Email:

• What Matters: MicroStrategy’s $1B BTC purchase 📈 

• Product: ZKsync Decentralized Governance 🏛️

• Charts: Polymarket’s $900M election bet, Liquid restaking token TVL 📈 

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WHAT MATTERS

MicroStrategy Acquires Additional 18,300 BTC

State of play: MicroStrategy has acquired an additional 18,300 BTC for approximately $1.11B at an average price of $60,408 per Bitcoin between August 6 and September 12 2024 according to its latest SEC filing.

• This brings MicroStrategy's total bitcoin holdings to 244,800 BTC, valued at roughly $14B.

• The firm has spent around $9.45B, with an average price of $38,585 per Bitcoin.

• The acquisition was funded through stock sales, following an agreement in August to offer up to $2B in shares.

• MicroStrategy had already sold 8M shares, raising $1.11B.

• MicroStrategy’s stock remained relatively unchanged, gaining just 0.1% in pre-market trading.

What’s next: Michael Saylor said that “MicroStrategy’s mission is to securitize bitcoin and serve as the institutional bridge between traditional, mainstream investors and Bitcoin.”

For builders and investors: MicroStrategy’s substantial BTC purchase, despite market fluctuations, strengthens the narrative of Bitcoin as a long-term store of value.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

PRODUCT OF THE WEEK

ZKsync Decentralized Governance

ZKsync has activated its decentralized governance system on the mainnet. The governance model aims for a balanced distribution of decision-making power among token holders, security experts, and ecosystem guardians.

• The governance system operates through three bodies: Token Assembly, Security Council, and Guardians.

• Token Assembly allows token holders to vote directly on proposals.

• The Security Council reviews and approves code changes for the protocol.

• Guardians hold veto power to ensure decisions align with ZKsync’s core values.

• The system aims to prevent any single party from gaining control over governance.

Other cool products:

• Code, a new global payments platform.

• hxro, a new derivatives protocol on Solana.

• Capsule. a cross-app embedded wallet infrastructure.

• DeceX, a decentralized and anonymous social platform.

• Push, a chain notifications & messaging for dapps and wallets.

CHARTS OF THE WEEK

Polymarket's 2024 Presidential Election Bet Reaches $900M

State of play: Polymarket has accumulated more than $900M in bets for the outcome of the 2024 US presidential election. The prediction market is closely split, with Vice President Kamala Harris holding a slight edge over Donald Trump in terms of odds.

• Kamala Harris leads with a 50% chance of winning and ~$135M in bets.

• Donald Trump has 49% odds with ~$148M wagered.

• Harris flipped Trump’s lead on August 12 when the market totalled $572M.

• Polymarket has seen record activity in August, with 63,620 active traders and $472.84M in monthly volume.

• Polymarket's cumulative volume now exceeds $1.75B.

Our take: Polymarket’s record activity signals growing engagement with decentralized prediction markets and reflects both the increasing integration of DeFi in political forecasting and the shifting ways people engage with major events.

Liquid Restaking Token TVL

Credits to Hashed and Re7Capital for the original chart

State of play: Restaking protocols have seen significant growth but are now stabilizing. Despite a 38% decline in dollar-denominated ETH staked from its June peak, ETH units staked have remained flat.

• Eigenlayer holds an 84% market share, with a recent net outflow of 94k ETH (~$222M).

• Symbiotic has experienced a positive change of +253k ETH ($598M), while Karak saw a -14k ETH outflow ($33M).

• Liquid restaking represents 75% of the total value locked (TVL) in restaking protocols.

Our take: Eigenlayer remains dominant but faces liquidity challenges, while Symbiotic is gaining traction.

QUICK BITES

• Circle announces HQ move to New York ahead of IPO.

• CFTC says prediction markets are vulnerable to manipulation.

• Magic Eden did not receive a ‘Wells Notice’ like rival OpenSea.

• Circle partners with Sony’s blockchain lab on USDC expansion.

• US spot Bitcoin ETFs log highest daily inflows in nearly two months.

• Stablecoin issuers freeze $5M worth of stablecoins tied to Lazarus Group.

• The SEC claims 'crypto asset securities' does not imply tokens are securities.

NOTEWORTHY READS & MEME

• Goku’s read on Ethereum Red Wedding.

• Eli5DeFi’s thread on Blockchain-Focused Hardware (BFH).

• Delphi Digital’s thread on The L2 Wars" - Where Are We Now?

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.