This week’s Crypto Biz discusses Microsoft’s board’s Bitcoin attitude, JPMorgan’s mining stock correction, MARA’s BTC acquisition, and impending crypto company listings.
The exchange’s CEO called conversations about re-entering the US market “premature” after its November 2023 withdrawal as part of a $4.3 billion settlement with the US government for sanctions breaches, money laundering, and unlicensed money transmission in a Dec. 9 interview.
“As of now, we are focusing on our worldwide rollout’,” said exchange CEO Richard Teng. In 2022, Binance USD (BUSD) was one of the biggest stablecoins with a high market capitalisation of $23.3 billion. US regulatory issues forced the discontinuation of its products.
Nearly a year after BUSD’s products ended, the exchange is seeking new stablecoin partnerships. Binance and Circle established a strategic alliance during Abu Dhabi Finance Week on Dec. 10.
Binance will add USD Coin to its corporate treasury and provide trading pairs and promotions, while Circle will supply technology, liquidity, and worldwide connections.
The agreement might provide USDC a stronger presence outside the US and bring Binance closer to the US market.
This week’s Crypto Biz discusses Microsoft’s board’s Bitcoin attitude, JPMorgan’s mining stock correction, MARA’s BTC acquisition, and impending crypto company listings.
At the Dec. 10 annual meeting, Microsoft shareholders rejected a proposal to devote 1–5% of revenues to Bitcoin. Despite Bitcoin’s greater volatility than corporate bonds, the National Centre for Public Policy Research’s resolution encouraged profit diversification, noting MicroStrategy and BlackRock’s BTC adoption. Microsoft’s board rejected the proposal in an SEC filing, calling it “unnecessary” and adding the business “already closely evaluates this topic.”
JPMorgan analysts raised price estimates for MARA Holdings, CleanSpark, Riot Platforms, and IREN based on their electrical power assets and Bitcoin holdings. According to Reginald Smith and Charles Pearce’s Dec. 10 report, each stock is trading close to or over its revised objective. A four-year gross profit projection valued miners before. The study also noted MicroStrategy’s 450% year-to-date increase compared to Bitcoin’s 125%. Its treasury has $40 billion in BTC. Marathon, Riot, and CleanSpark have BTC treasuries of $3.9 billion, $1.1 billion, and $890 million.
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