February 26, 2024

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Next FOMC meeting: Mar 20th 2024

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The News Room

MicroStrategy Buys Additional 3,000 BTC, Total Holdings Now Worth $9.9 Billion

MicroStrategy has expanded its Bitcoin holdings by acquiring an additional 3,000 BTC for about $155 million at an average price of $51,813 each from Feb. 15 to Feb. 25, as disclosed in a recent filing. This latest acquisition brings the company's total Bitcoin portfolio to 193,000 BTC, valued at approximately $9.9 billion with an average purchase price of $31,544 per Bitcoin, totaling around $6.1 billion in acquisition costs. These purchases were funded using proceeds from the issuance and sale of MicroStrategy shares, from which the company garnered approximately $750 million by selling 1,272,077 shares under a prior agreement, with $137.8 million of these proceeds received since the start of the year. This move is part of MicroStrategy's ongoing strategy to invest in Bitcoin, having previously announced plans in November to potentially raise up to $750 million through new Class A common stock shares sales, successfully selling 1 million shares for $610 million by December's end.

Riot Platforms Reports Revenue Boost and Production Growth Amidst Strategic Energy Management

Riot Platforms, a leading Bitcoin mining and data center hosting firm, reported an 8% increase in total revenue for 2023, reaching $280.7 million, with Bitcoin mining revenue constituting $189 million or 67% of this total. This surge was attributed to a 19% growth in Bitcoin production, totaling 6,626 BTC, and a rise in Bitcoin prices, despite the company reducing power usage by over 95% during peak energy demand periods. Although Riot saw a significant improvement from a net loss of $509.6 million in 2022 to $49.5 million in 2023, this was due to higher operational expenses. The company also benefited from $71.2 million in power credits from ERCOT grid support during demand surges. Ending the year with strong balance sheet figures, Riot plans to increase its hash rate capacity, aiming for 28 EH/s by the end of 2024, amidst a backdrop of increasing Bitcoin mining difficulty.

OANDA Launches Crypto Trading in the UK with Coinpass Acquisition

U.S.-based forex trading pioneer, OANDA, is launching OANDA Crypto, a cryptocurrency trading platform in the UK, leveraging last year's acquisition of a majority stake in the FCA-registered crypto firm Coinpass. Set in a regulatory-friendly environment, this platform will offer trading in over 63 cryptocurrency pairs including Bitcoin, Ether, and Ripple, with plans to expand its offerings. Highlighting the UK's well-educated and active market as a key attraction, OANDA aims to align with markets where it has traditionally operated, appreciating the UK's higher regulatory standards. Already offering crypto trading in the U.S. through a partnership with regulated Paxos, OANDA has also shifted its focus from mainland Europe to Poland, emphasizing its commitment to operating within regulated environments.

Trading Desk Insights

Bitcoin is poised for a breakout from its two-week-long trading range. A move above 53,200 would ignite bullish momentum, propelling prices towards 57,800, a level unseen since November 2021. Bulls received a favorable boost as the offer at $52,000 on Binance was removed just before this morning's rally, providing additional breathing room. However, Bitfinex still faces substantial resistance between $53,000 and $54,500.

In terms of ETF flows, the market absorbed another round of net inflows on Friday, totaling $232.3 million. Meanwhile, outflows from Grayscale have diminished to $44.2 million.

Dog-themed coins are experiencing a resurgence. PEPE is poised for a breakout, surging by 15% today, with FLOKI following closely behind, up by 5% and ready for a potential takeoff.

ETH continues its ascent towards 3,200, with ETHBTC outperforming BTC by 18% since the recent low recorded on February 12th.

UNI dominated the headlines this week, witnessing a staggering price surge of almost 80% after the foundation proposed the highly anticipated staking rewards system. Other DeFi tokens such as $CRV, $COMP, and $AAVE are also gaining traction on this news. It's worth noting that an early Uniswap whale, holding $10.6 million worth of tokens, sold $1 million worth of UNI during the recent rally.

U.S. equity futures exhibited minimal changes on Monday following record highs in key stock benchmarks, as investors awaited inflation data scheduled for release later in the week. Investors are closely monitoring the sustainability of AI momentum amidst lingering economic and inflationary risks. Additionally, they're anticipating the release of the monthly personal consumption expenditures price index, the Fed's preferred inflation gauge, due out on Thursday.

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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.

Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.

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