Here’s what happened in crypto. Want to know what happened in crypto today? This is the latest news on everyday trends and issues that are affecting Bitcoin price, blockchain, DeFi, NFTs, Web3, and crypto regulation.
Today’s newsletter includes news that Arizona state lawmakers have passed a Bitcoin strategic reserve bill, analysts say leveraged memecoin exchange-traded fund (ETF) filings indicate issuers are trying regulators from the Trump administration, and MicroStrategy is seeking more funding for Bitcoin buys.
Arizona Senate moves forward with Bitcoin reserve legislation. Here’s what happened in crypto
For example, Arizona lawmakers approved a Bitcoin strategic reserve bill, which aims to utilize the world’s first cryptocurrency as a savings technology for the state.
On Jan. 27, the Arizona State Senate Finance Committee approved the Strategic Bitcoin Reserve Act (SB1025) with five votes in favour and two against it. The bill is co-sponsored by Senator Wendy Rogers and Representative Jeff Weninger.
The bill would establish a strategic Bitcoin reserve within the US Treasury “the storage of government Bitcoin holdings,” allowing other public funds to store their digital assets in “a secure, segregated account within the strategic Bitcoin reserve.”
Tuttle’s 10 leveraged crypto ETFs filings show issuers testing limits
Tuttle Capital has submitted applications for ten crypto-based leveraged exchange-traded funds (ETFs), some for meme coins, which analysts say demonstrate that issuers are pushing the limits of Trump-era regulators.
Here’s what happened in crypto. Among Tuttle’s proposed
Among Tuttle’s proposed ETFs are two-times leveraged long funds on meme-coins, including Official Trump (TRUMP) and Melania Meme (MELANIA) — the currency launched by Donald Trump
To be very clear here. This is issuers pushing the boundaries of what this SEC will allow,” Bloomberg ETF analyst James Seyffart wrote in a Jan. 27 X post.
MicroStrategy proposes 2.5 million share offering to fund Bitcoin purchases
Shares sink as MicroStrategy proposes stock offering while planning to buy more Bitcoin. BTC $102,783, indicating that it plans to keep buying the digital asset.
MicroStrategy plans to sell 2.5 million units of its perpetual strike preferred stock, which is a security that holds a liquidation preference to common stock and will pay dividends at a fixed rate, it announced on Jan. 27. It can also be converted into common stock by holders.
Its offering will come at a per-share liquidation preference of $100, according to MicroStrategy. Dividends are payable quarterly, starting March 31.
In the announcement, MicroStrategy called itself the “world’s first and largest Bitcoin Treasury Company
In the announcement, MicroStrategy called itself the “world’s first and largest Bitcoin Treasury Company,” a clear indication that its business intelligence software is no longer its core business. In the fiscal third quarter, the company’s revenues fell 10.3% year over year to $116.1 million. Its gross profit margin fell to 70.4% from 79.4% for the third quarter of 2023.