Bitcoin ETFs hit $50b milestone, MicroStrategy expands holdings, Avalanche raises $250m | Weekly Recap

Bitcoin institutional adoption surges, MicroStrategy makes another massive BTC purchase, and Avalanche secures major funding in today’s edition of the weekly recap.

U.S. Bitcoin ETFs breach $50.5 billion

• Spot Bitcoin (BTC) ETFs in the U.S. have accumulated over 500,000 BTC in their first year since launch. The cumulative net inflows have reached $50.5 billion.
• Meanwhile, MicroStrategy added another 21,550 BTC worth $2.1 billion to its holdings at an average price of $98,782. This brings its total Bitcoin treasury to 423,650 BTC.

MicroStrategy joins Nasdaq-100

• MicroStrategy will be included in the Nasdaq-100 index starting Dec. 23, following a year that saw its stock value increase more than sixfold. The Nasdaq-100 index is up 29.4% in 2024.
• The company’s performance and continued BTC accumulation strategy have cemented its position as the world’s largest corporate BTC holder.

BiT Global takes legal action

• Justin Sun-backed BiT Global filed a $1 billion lawsuit against Coinbase. The company alleged the exchange unfairly delisted its WBTC product in favor of Coinbase’s own cbBTC token.
• Riot Platforms expanded its Bitcoin mining operations. The company purchased 5,117 BTC for $510 million following its $525 million convertible note offering, which was upsized by an additional $75 million.

Avalanche secures major funding

• Avalanche (AVAX) raised $250 million from over 40 investment ventures led by Dragonfly, ParaFi Capital, and Galaxy Digital to support its “Avalanche9000” upgrade initiative.
• The funding will be used to develop technology aimed at reducing transaction costs and attracting more network validators.

Ripple’s stablecoin breakthrough

• Ripple received final approval from the New York Department of Financial Services to launch its RLUSD stablecoin, targeting the $200 billion global liquidity market.
• CEO Brad Garlinghouse emphasized that official RLUSD launch announcements would come directly from Ripple, warning users about potential scams.

Microsoft rejects Bitcoin treasury proposal

• Microsoft shareholders voted against adding Bitcoin to the company’s treasury holdings on Dec. 10, following the board’s recommendation to reject the National Center for Public Policy Research’s proposal.