The post MicroStrategy buys BTC, Trump transfers ETH to Coinbase, spot ETF drama continues, Zhao grounded appeared on BitcoinEthereumNews.com.

This week, business intelligence firm MicroStrategy augmented its Bitcoin (BTC) stash with $615 million. The drama surrounding the spot BTC ETF continued, while, a U.S. court affirmed that Binance founder Changpeng Zhao remains in the country until his sentencing. MicroStrategy accumulates, Trump distributes MicroStrategy continued its Bitcoin buying spree on Dec. 27 when the firm purchased an additional 14,620 Bitcoin at an average price of $42,110 per token, according to chairman Michael Saylor. The company now holds 189,150 Bitcoin currently valued at $7.99 billion. MicroStrategy procured these tokens at an average price of $31,168 per coin, or approximately $5.9 billion. Meanwhile, reports from this week suggested that former U.S. President Donald Trump could be distributing his Ethereum (ETH) holdings. Data shows that an Ethereum wallet, which has been accumulating royalties from Trump’s NFT collection, transferred millions worth of ETH to Coinbase. ETF drama consumes BlackRock, VanEck, Coinbase, Bitwise Meanwhile, the drama surrounding the race for a spot BTC ETF spilled into this week. VanEck became the latest asset manager to update its filing for a spot BTC ETF with the U.S. SEC. In the update, the firm adjusted its redemption method to cash-only. Recall that Coinbase had been chosen by BlackRock and others for custody services in their spot BTC ETF filings. This week, the U.S.-based exchange replaced the CEO of its Custody entity with Rick Schonberg in what appears to be a preparation for the approval of a spot ETF. BlackRock further made disclosures pointing to an imminent approval of its product. The asset manager revealed on Dec. 29 that JPMorgan Chase and Jane Street are authorized participants of the upcoming spot BTC ETF.  Amid the sustained ETF race, prominent asset management firm Bitwise disclosed this week that it would be launching its spot BTC ETF with seed funding…

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Filed under: News - @ December 31, 2023 3:40 pm