Leading stablecoin issuer Tether has a revealed a breakdown of its reserves for the first time. The data provided does not mention any independent review by an accounting firm and shows the bulk of its reserves are in cash, cash equivalents, or short-term deposits.

Nasdaq-listed business intelligence firm MicroStrategy has disclosed a $15 million bitcoin purchase. It bought 271 BTC at an average price of $55,387 per coin when the crypto market was enduring a correction.

Coinbase’s first-quarter revenue more than tripled compared to the last quarter of 2020. According to documents filed with the U.S. Securities and Exchange Commission (SEC), Coinbase generated earnings per share of $3.05, and its total revenue was $1.8 billion.

Sponsored: Invictus Capital, the alternative investment firm offering a range of dollar-denominated backed blockchain-based investment funds, has so far offered investors unparalleled returns. In the last year the top-performing funds, Crypto20 and Crypto10 Hedged, have achieved an increase of 979% and 441% respectively, and the Invictus Margin Lending (IML) fund boasted an industry-leading performance of 20% APY.

Top stories in the Crypto Roundup today:

• Tether Reveals Breakdown of Its Reserves for the First Time
• MicroStrategy Adds Another $15 Million of Bitcoin to its Reserves
• Coinbase’s Revenue Tripled in The First Quarter
• Sponsored: Learn More About Invictus Capital's $10,000 Giveaway

 

Tether Reveals Reserve Composition for the First Time

Leading stablecoin issuer Tether has a revealed a breakdown of its reserves for the first time. The data provided does not mention any independent review by an accounting firm and shows the bulk of its reserves are in cash, cash equivalents, or short-term deposits.

The breakdown of its reserves comes as part of the firm’s efforts to comply with a settlement agreed to with the New York Attorney General’s office (NYAG), after the prosecutor investigated it and its sister company Bitfinex over the cover-up of $800 million in losses.

Tether’s reserves also include secured loans, corporate bonds, and other investments. The main category is commercial paper, a form of corporate debt that can be easily converted to cash, but isn’t usually backed by any form of collateral. Maturities on it often last several days.

As of March 31, 2021, Tether’s reserves were composed of 75.85% cash and equivalents, 12.55% secured loans, 9.96% in corporate bonds and precious metals, and 1.64% in other investments. The final category includes digital currencies.

The cash section was broken down into 65.39% commercial paper, 24.2% fiduciary deposits, 3.87% cash, 3.7% reverse repo notes, and 2.94% Treasury bills.

MicroStrategy Adds Another $15 Million of Bitcoin to its Reserves

Nasdaq-listed business intelligence firm MicroStrategy has disclosed a $15 million bitcoin purchase. It bought 271 BTC at an average price of $55,387 per coin when the crypto market was enduring a correction.

The firm has now spent $2.24 billion on the flagship cryptocurrency. CEO Michael Saylor’s treasury reserve policy involves “stacking sats” to accumulate as much BTC as possible, and the purchase was made as the market dipped over an announcement from Tesla CEO Elon Musk revealing the electric car maker stopped accepting bitcoin payments.

In the wake of Musk’s announcement, MicroStrategy’s stock price also took a hit, dropping as much as 7% in pre-market trading. Investors likely factored in the company’s exposure to bitcoin and the cryptocurrency’s price drop at the time.

It also comes as data seems to show signs of rising inflation. The U.S. consumer price index (CPI) beat estimates after rising 4.2% year-over-year in April, the fastest rate in 12 years.

Coinbase’s Revenue Tripled in The First Quarter

Coinbase’s first-quarter revenue more than tripled compared to the last quarter of 2020. According to documents filed with the U.S. Securities and Exchange Commission (SEC), Coinbase generated earnings per share of $3.05 and its total revenue was $1.8 billion.

The Nasdaq-listed cryptocurrency trading platform fell short of analysts’ expectations of $3.07 in earnings per share. Approximately 94% of the company’s revenue came from cryptocurrency trading fees.

Its net profits more than quadrupled when compared to the previous quarter, as it reported $771 million. Year-over-year, the firm reported a 24x increase. Trading volume tripled quarter-over-quarter, and its active users more than doubled from 2.8 million to 6.1 million.

The company revealed that it’s “important for investors to remember that our business is inherently unpredictable.” It did predict, however, it will have between 5.5 million and 9 million monthly users over the entirety of the year. Over the next eight weeks, Coinbase plans on listing the popular meme-inspired cryptocurrency Dogecoin (DOGE).

Uniswap V3: Liquidity by Hour

Uniswap V3 has arrived, and liquidity is on the rise! See liquidity by the hour below, and see more on Uniswap V3 here.

Uniswap is a decentralized exchange using an automated liquidity protocol on the Ethereum network. Unlike traditional centralized exchanges it does not use an order book, and allows traders to trade directly from their ETH wallets without any intermediaries, making it censorship-resistant.

Learn More About Invictus Capital's $10,000 Giveaway

Invictus Capital, the alternative investment firm offering a range of dollar-denominated backed blockchain-based investment funds, has so far offered investors unparalleled returns. In the last year the top-performing funds, Crypto20 and Crypto10 Hedged, have achieved an increase of 979% and 441% respectively, and the Invictus Margin Lending (IML) fund boasted an industry-leading performance of 20% APY.

The total assets under management (AUM) of funds managed by the company's team of veteran investment professionals peaked at $112 million in February, and ended the quarter at just over $100 million — a 50% growth over the quarter. The InvictusCapital.com token (ICAP), which allows loyal investors the chance to share in Invictus Capital’s success, has appreciated over 400% since its launch in Q1 this year. 

As part of the company’s broader plan to become a global leader in alternative asset investing, Invictus has integrated Binance Smart Chain based assets for fund investments. This integration solves the pain of high fees associated with using Ethereum and Bitcoin.

To celebrate the newly launched Binance Smart Chain (BSC) feature, a $10,000 giveaway will be distributed randomly to ten lucky users. 

The promotion starts on 30 April 2021 and ends on 31 May 2021 at 11:59 GMT and it’s not available to U.S. residents. Read more about the promotion rules here.

Disclaimer:

Cryptocurrency trading involves high risk, and is not suitable for all investors. Before deciding to trade cryptocurrencies, tokens or any other digital asset you should carefully consider your investment objectives, level of experience, and risk appetite.

Its content does not constitute financial advice. Please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice.

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