Nasdaq-listed business intelligence firm MicroStrategy added nearly 9,000 BTC to its corporate balance sheet last quarter, bringing the company’s total BTC holdings to 114,042 coins, worth over $7 billion.

The amount of ether being burned on a daily basis has set new records for two days in a row, with over 30,000 ETH being burned since Wednesday as a result of the implementation of EIP-1559.

The Australian Securities And Investments Commission (ASIC) has given early approval to fund managers looking to launch bitcoin spot exchange-traded funds (ETFs). Several funds have already begun the application process after spot ETFs were greenlit.

Join us at DeFi Live, a newly announced conference seeking to provide a platform for the leaders at the forefront of the decentralised finance (DeFi) industry - hosted virtually on November 10th and in-person in London on November 11th.

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Top stories in the Crypto Roundup today:

• MicroStrategy’s Bitcoin Holdings Are Now Worth Over $7 Billion
• Amount Of Ethereum Being Burned Daily Sets New Record
  
• Australian Securities Regulator Gives Early Bitcoin ETF Approval
• CryptoCompare Becomes DeFi Live Media Partner
• Sponsored: Crypto.com - The World’s Fastest Growing Crypto App

MicroStrategy’s Bitcoin Holdings Are Now Worth Over $7 Billion

Nasdaq-listed business intelligence firm MicroStrategy added nearly 9,000 BTC to its corporate balance sheet last quarter, bringing the company’s total BTC holdings to 114,042 coins, worth over $7 billion.

According to the firm’s Q3 financial results, the firm spent a total of $3.16 billion purchasing the BTC it owns at an average price of approximately $27,713 per coin. The firm first started investing in bitcoin last year with a $425 million purchase.

By the end of 2020, MicroStrategy had already accumulated $1.125 billion worth of the flagship cryptocurrency. In December, its CEO Michael Saylor publicly advised Elon Musk to convert part of Tesla’s balance sheet into BTC. Two months later, Tesla revealed it had invested $1.5 billion in BTC.

Commenting on MicroStrategy’s Q3 results, Saylor revealed the firm will “continue to evaluate opportunities to raise additional capital to execute on our Bitcoin strategy.” The CEO has revealed he personally holds 17,732 BTC, which he bought at an average of $9,882 per coin.

Amount Of Ethereum Being Burned Daily Sets New Record

The amount of ether being burned on a daily basis has set new records for two days in a row, with over 30,000 ETH being burned since Wednesday as a result of the implementation of EIP-1559.

The upgrade changes Ethereum's monetary policy by burning part of the transaction fees in every new block that previously belonged to Ethereum miners in an effort to alleviate the fees for network users.

A total of 675,000 ETH, worth nearly $3 billion, have been burned since EIP-1559 was launched on the network. As a result of the burns, the daily net emission of ETH has gone negative for a few days so far, with the trend seemingly showing the cryptocurrency could become deflationary next year.

The token burns have been helping Ethereum’s price soar, with its market capitalization now being above half a trillion dollars.

Australian Securities Regulator Gives Early Bitcoin ETF Approval

The Australian Securities And Investments Commission (ASIC) has given early approval to fund managers looking to launch bitcoin spot exchange-traded funds (ETFs). Several funds have already begun the application process after spot ETFs were greenlit.

The regulator’s approval came after months of consulting with experts in the cryptocurrency industry and issuing new guidance for the space detailing a draft of regulatory requirements for funds to list bitcoin spot ETFs.

In a statement, ASIC wrote it recognizes the “the interest in, and demand for, ETPs and other investment products that hold crypto-assets in Australia,” and that fund managers will need to appoint a bitcoin custodian who will be “required to ensure crypto-assets are held in safe and secure custody”.

Funds must also front a minimum of $10 million in net tangible assets to launch a BTC ETF.

CryptoCompare Becomes DeFi Live Media Partner

DeFi Live is a newly announced conference seeking to provide a platform for the leaders at the forefront of the decentralised finance (DeFi) industry. 

Hosted virtually to a global audience on November 10th and in-person in London on November 11th, DeFi Live will showcase some of the industry’s best talent, and will welcome DeFi’s most passionate proponents to the premier crypto event of the 2021 bull run!

Notable aspects of the agenda include panel discussions addressing a wide variety of the hottest industry topics, such as:

• How NFTs and DeFi will build a brighter future
• How venture firms are investing in DeFi
• The rise of DAOs
• NFTs and gaming - the key to achieving mass adoption of DeFi
• Transitioning to living in the Metaverse

Across these panels, the conference will feature high-profile guests, speakers and participants, all of whom have made tangible impacts to the awareness and acceptance of decentralised finance. Notable contributors include the Co-Founder and Vice-Chairman of Blockchain.com Nicolas Cary, Ava Labs’ VP of Marketing Jay Kurahashi-Sofue, and Mati Greenspan, Founder and CEO of Quantum Economics.

To attend the event and witness crypto history in the making, use the CryptoCompare event code for a 25% discount on tickets: https://bit.ly/3AUKdbi

Crypto.com - The World’s Fastest Growing Crypto App

Buy bitcoin and 100+ cryptocurrencies with 20+ fiat currencies. New users can enjoy 0% credit/debit card fees on all crypto purchases made in their first 30 days. Join 10 million users and download the Crypto.com App now.

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