Want to stay updated on today’s crypto developments? Here’s the latest on Bitcoin prices, blockchain advancements, DeFi trends, NFTs, Web3 innovations, and crypto regulations.
MicroStrategy Plans $500 Million Stock Sale to Buy More Bitcoin
MicroStrategy has announced plans to raise $500 million through a stock sale to buy more Bitcoin. This move reinforces the company’s commitment to using Bitcoin as a treasury reserve asset.
The company intends to offer $500 million in convertible senior notes due in 2032. The net proceeds will primarily be used to acquire additional Bitcoin and for general corporate purposes.
The private offering will be available to qualified institutional buyers and will follow Rule 144A of the Securities Act of 1933. These notes will be unsecured, senior obligations of MicroStrategy, bearing interest payable semi-annually starting December 15, 2024, and maturing on June 15, 2032, unless repurchased, redeemed, or converted earlier.
Bitcoin Whales Buy $1.4 Billion Worth Amid Market Correction
On June 11, Bitcoin whales took advantage of a price dip, accumulating a total of 20,600 BTC, valued at $1.38 billion. According to blockchain analytics firm CryptoQuant, this marked the largest single-day inflow for Bitcoin whales since February 28.
As Bitcoin’s price dropped from $71,650 on June 7 to around $69,000, inflows into whale accounts ranged between 1,300 and 2,200 BTC per day. The price fell further on June 11, prompting a massive accumulation of 20,600 BTC.
Although Bitcoin briefly spiked in price after better-than-expected CPI results on June 12, it was trading at $67,500 at the time of reporting.
Terraform Labs Agrees to Pay $4.47 Billion to Settle SEC Lawsuit
Terraform Labs has agreed to pay the U.S. Securities and Exchange Commission (SEC) approximately $4.47 billion to settle a civil lawsuit. The settlement includes $3.6 billion in disgorgement fines, a $420 million civil penalty, and nearly $467 million in prejudgment interest.
This settlement follows a jury finding Terraform Labs and its co-founder liable for the collapse of the Terra ecosystem, which wiped out $40 billion in investor assets.
The SEC sued Terraform Labs in 2023, accusing the company and its founder, Do Kwon, of selling unregistered securities and defrauding investors after Terra’s collapse. The trouble began in 2022 when the TerraUSD algorithmic stablecoin started to destabilize, leading to a massive withdrawal of funds and a subsequent collapse, causing significant losses for investors.
Summary Review:Today’s crypto news highlights significant moves by major players like MicroStrategy and Terraform Labs, alongside notable market activity by Bitcoin whales. These developments underscore the dynamic and often volatile nature of the cryptocurrency space, with substantial financial maneuvers and regulatory actions continuing to shape the market landscape.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
