The Crypto Roundup: 17 July 2024

Latest price and news from the crypto space

Latest price from our hand picked list of digital assets

Metaplanet, a publicly traded company on the Tokyo Stock Exchange (TSE: 3350), recently announced the purchase of an additional 21.88 BTC for 200 million Japanese yen (roughly $1.2 million).

Major cryptocurrency exchange Kraken has confirmed receipt of Bitcoin and Bitcoin Cash transfers from the Mt. Gox Rehabilitation Trustee in a new step towards the end of the long-awaited compensation process for victims of the infamous Mt. Gox hack.

The team behind Bitkey, a self-custody Bitcoin wallet that combines a mobile app, hardware device, and recovery tools, has announced a new partnership with MoonPay, expanding users' options for purchasing Bitcoin.

Top stories in the Crypto Roundup today:

Japan's Metaplanet Increases Its Share Price Again by Buying More Bitcoin
Kraken Receives a Substantial Amount of BTC and BCH From the Mt. Gox Trustee
Bitkey, Jack Dorsey's Hardware Wallet, Partners with MoonPay for Bitcoin Purchases
Ondo Finance’s USDY Market Capitalization

Japan's Metaplanet Increases Its Share Price Again by Buying More Bitcoin

Metaplanet, a publicly traded company on the Tokyo Stock Exchange (TSE: 3350), recently announced the purchase of an additional 21.88 BTC for 200 million Japanese yen (roughly $1.2 million).

According to Metaplanet's latest statement, the firm's total Bitcoin holdings now stand at 225.6 BTC, valued at approximately $14.6 million. This recent purchase aligns with Metaplanet's continued strategy to capitalize on Bitcoin's price movements. On July 7, the firm took advantage of a price dip, acquiring 42.46 BTC for 400 million yen ($2.5 million).

The strategy led to an impressive growth in the firm’s stock price, but Metaplanet's return on its Bitcoin holdings remains below 3%, considering its average purchase price of $62,890 per Bitcoin.

Metaplanet is currently ranked as the 21st-largest corporate holder of Bitcoin globally, with the firm's approach often being compared to that of MicroStrategy as it has also committed to using various financial instruments to bolster its Bitcoin reserves. MicroStrategy’s Bitcoin holdings currently stand at 226,331 coins worth $14.6 billion.

Metaplanet’s Bitcoin strategy is partly driven by economic factors in Japan. The firm views Bitcoin as a hedge against the country's rising debt burden and the depreciating yen, which since January 2021 has depreciated by nearly 54% against the US dollar, while Bitcoin has surged over 145% against the yen in the past year.

Kraken Receives a Substantial Amount of BTC and BCH From the Mt. Gox Trustee

Kraken reportedly notified its clients via email about the successful receipt of these funds and indicated that while they aim to distribute the funds swiftly, creditors should expect a waiting period of 7-14 days for the funds to be credited to their accounts. Kraken emphasized that the distribution amounts have been predetermined by the Trustee.

Blockchain analytics platform Arkham observed a substantial transfer of approximately 48,641 BTC, valued at $3.1 billion, from Mt. Gox wallets to an unlabeled address. Subsequent analysis suggests this address is likely associated with Kraken.

Rehabilitation trustee Nobuaki Kobayashi released a statement confirming that repayments in Bitcoin and Bitcoin Cash have been made to over 13,000 rehabilitation creditors as of July 16. This process is being carried out through designated cryptocurrency exchanges in accordance with the established Rehabilitation Plan.

It's worth noting that other exchanges involved in the distribution process have varying timelines. Japanese exchanges Bitbank and SBI VC Trade have already distributed their allocated funds, while BitGo, Bitstamp, and Kraken have different payout deadlines ranging from 20 to 90 days.

This distribution is part of the resolution for the Mt. Gox incident, where the once-largest bitcoin exchange suffered a massive security breach in 2014, losing 850,000 bitcoins. The current reimbursement plan, announced in September 2023, involves distributing 142,000 BTC, 143,000 BCH, and 69 billion Japanese yen to affected creditors by October 2024.

Bitkey, Jack Dorsey's Hardware Wallet, Partners with MoonPay for Bitcoin Purchases

Bitkey, launched globally by Block in December 2023, uses a 2-of-3 multi-signature system for enhanced security, requiring two keys to authorize transactions. Recovery tools include cloud backup, trusted contacts, and an emergency access kit.

This collaboration aims to simplify the process of acquiring Bitcoin by incorporating MoonPay's extensive payment capabilities, including debit and credit cards, Apple Pay, Google Pay, and bank transfers. Additionally, MoonPay offers the unique ability to buy Bitcoin using PayPal, which is now available in the UK and the EU (excluding Croatia, Hungary, and Iceland).

The integration of MoonPay into the Bitkey ecosystem allows users to see it alongside existing partners such as Cash App and Coinbase within the Bitkey app. The move is designed to enhance the user experience by providing a more seamless and transparent process for buying Bitcoin.

Users can initiate Bitcoin purchases directly from the Bitkey app, which redirects them to the partner's platform to complete the transaction, ensuring ease of use and maintaining control over their assets.

Ondo Finance’s USDY Market Capitalization

The total market capitalization of Ondo Finance’s USDY stablecoin rose nearly 70% in June to $289 million, a new all-time high for tokens backed by U.S. Treasuries and bank deposits.

The rise marks the fourth consecutive increase in its end-of-month market capitalization, making it the 13th largest stablecoin in the space. Ondo’s USDY serves as a bearer instrument that offers a variable yield starting at 5% Annual Percentage Yield (APY).

Dig deeper into the stablecoin sector through CCData’s latest Stablecoins & CBDCs report.

State of the Crypto by Top Tier Exchange Volume

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