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Nasdaq-listed business intelligence firm MicroStrategy added a total of 7,002 bitcoins to its treasury for about $414 million in cash during its fiscal fourth quarter. The move brings MicroStrategy’s total BTC holdings to 121,044 coins worth over $6.9 billion.

Digital asset manager Grayscale is launching a new product offering investors exposure to Ethereum rival Solana. The Solana Trust is going to be Grayscale’s 16th product offering catering to institutional and high-net-worth investors.

Publicly-traded cryptocurrency exchange Coinbase has announced it has acquired Unbound Security, a Tel Aviv firm that uses a new type of cryptography to store digital assets. The price of the acquisition has not been disclosed.

This week we are taking a look at existing brands that are getting involved with the NFT ecosystem, from eBay to Shopify and Twitter - brought to you in partnership with NFT data and discovery platform Masterpiece.

Top stories in the Crypto Roundup today:

  • MicroStrategy Adds 7,000 BTC to Its Treasury
  • Grayscale Launches Trust Offering Exposure to Solana
  • Coinbase Acquires Israeli Cybersecurity Firm
  • NFT Spotlight: Traditional Brands

 
24 hours chart of the price of BTC
 

MicroStrategy Adds 7,002 BTC to Its Treasury

 

Nasdaq-listed business intelligence firm MicroStrategy added a total of 7,002 bitcoins to its treasury for about $414 million in cash during its fiscal fourth quarter. The move brings MicroStrategy’s total BTC holdings to 121,044 coins worth over $6.9 billion.

MicroStrategy purchased its coins at an average price of about $29,534 each. The company’s CEO, Michael Saylor, has made bitcoin acquisition a second mandate for the 32-year-old company, with its other business being developing business-intelligence software.

The company’s unrealized gains on its cryptocurrency holdings are estimated to be around $3.4 billion. MicroStrategy’s growing BTC bets come as the company reports growing financial losses. In the first six months of the year, it lost $409 million pretax.

The firm’s CEO is also reportedly investing heavily in the flagship cryptocurrency. In late October, Saylor revealed he held 17,732 BTC purchased at an average price of $9,882 each.

 
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Grayscale Launches Trust Offering Exposure to Solana

 

Digital asset manager Grayscale is launching a new product offering investors exposure to Ethereum rival Solana. The Solana Trust is going to be Grayscale’s 16th product offering catering to institutional and high-net-worth investors.

The price of Solana has increased over 650% year-to-date, outperforming major competitors including ETH, ALGO, ADA and DOT. Its only major competitor offering investors similar returns this year was Avalanche (AVAX), which grew 680% but still has less than half of Solana’s market capitalization.

Grayscale’s CEO, Michael Sonneshein, was quoted saying:

  • In some sense, it [Solana] is a more cost-effective blockchain [than Ethereum], and today we are seeing over 500 decentralized apps and about 1.2 million monthly active users on the network. When you kind of take a step back, and you see how quickly it has been able to ramp up, it's certainly pretty impressive.”

According to available data, institutional investors have already been adding exposure to Solana. As seen in CryptoCompare’s latest Digital Asset Management Review report, Solana (SOL) investment products have, along with Litecoin-based products, outperformed bitcoin-based cryptocurrency investment products, with 21Shares’ ASOL fund and Grayscale’s LTCN returning investor 22% and 14.9% last month, respectively.

 
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Coinbase Acquires Israeli Cybersecurity Firm

 

Publicly-traded cryptocurrency exchange Coinbase has announced it has acquired Unbound Security, a Tel Aviv firm that uses a new type of cryptography to store digital assets. The price of the acquisition has not been disclosed.

The move comes at a time in which hackers continue to pose a major threat to cryptocurrency companies, with over 5,000 of Coinbase’s customers falling victim to elaborate phishing scams involving SIM cards.

Coinbase already invests heavily in security for its custody operations. The acquisition will give it access to new technology in the form of secure multi-party computation (MPC), which will protect customers’ assets “with a technique that provides the virtually impenetrable nature of cold, offline storage, with the frictionless convenience of hot, online wallets.”

MPC technology is set to be deployed across all of Coinbase’s services.

 
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NFT Spotlight: Traditional Brands

 

Adidas is one of the most recent brands to get involved with NFTs and the Metaverse. Most recently, they acquired space in the blockchain game “The Sandbox” and teased a collaboration with Bored Ape Yacht Club, Punks Comic and cryptocurrency investor Gmoney.

 

Budweiser also entered the NFT space this week with its “Heritage Collection,” comprised of 1,936 digital beer cans, all of which sold out less than an hour after their release. The collection featured 1,900 “Core Heritage Cans,” and a more limited run of 36 “Gold Heritage Cans”. Three of the Golden Cans have already sold in excess of $20,000 on secondary markets.

One of the most notable brands to engage with NFTs this year was Twitter. As a platform, Twitter is the home of thousands of PFP Avatars and is looking to introduce its own NFT system down the line. However, earlier this year, it also made headlines for giving away its own NFT collection. Since its launch, the collection has seen nearly 3,000 ETH worth of volume.

 
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