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CRYPTO DIGEST: MicroStrategy Buys More BTC, HSBC’s Crypto ETFs, FTX Return, Fidelity Strategy, Kennedy Supports Bitcoin

Michael Saylor Bitcoin MicroStrategy
By Nicolo Finazzi
Nicolo Finazzi

7 Min

June 29, 2023

MicroStrategy Boosts Bitcoin Holdings: Adds 12,333 BTC Worth $347 Million

Key Highlights:

  • MicroStrategy, led by Michael Saylor, purchases an additional 12,333 bitcoins for $347 million.
  • The move brings MicroStrategy's total bitcoin holdings to 152,333 BTC, worth over $4.6 billion.
  • The company reaffirms its confidence in Bitcoin's long-term potential and position as a strategic treasury reserve asset.

MicroStrategy, under the guidance of CEO Michael Saylor, continues to show its strong belief in the future of Bitcoin. The company recently announced its purchase of an additional 12,333 bitcoinsworth $347 million. This move brings MicroStrategy's total bitcoin holdings to an impressive 152,333 bitcoins, valued at over $4.6 billion.

The decision to increase their bitcoin holdings demonstrates MicroStrategy's confidence in the long-term potential of cryptocurrencies. As a pioneer in the corporate adoption of Bitcoin, MicroStrategy has been actively accumulating bitcoins as a strategic treasury reserve asset.

By expanding their bitcoin holdings, MicroStrategy aims to capture the value appreciation of this digital asset over time. This strategic move not only strengthens MicroStrategy's balance sheet but also demonstrates its confidence in Bitcoin as a store of value and hedge against inflation. Saylor’s ongoing commitment to Bitcoin has garnered significant attention from both the crypto community and traditional investors, and the company's relentless pursuit of accumulating bitcoins showcases its dedication to harnessing the potential of cryptocurrencies in the evolving financial landscape.

HSBC Hong Kong Adds Support for Bitcoin and Ethereum ETFs

Key Highlights:

  • HSBC Hong Kong announces support for Bitcoin and Ethereum ETFs.
  • Customers gain access to cryptocurrencies through traditional financial channels.
  • The move reflects the growing acceptance of digital assets within the traditional banking system.

HSBC Hong Kong has made a significant move towards embracing the world of cryptocurrencies by introducing support for Bitcoin and Ethereum exchange-traded funds (ETFs). This development opens up new avenues for customers to invest in and trade cryptocurrencies through traditional financial channels.

The bank has made the ETFs available on its mobile app, "Easy Invest.”, where they will function as securities and provide traders with access to Bitcoin and Ethereum futures. The offerings include CSOP Bitcoin Futures ETFCSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF, as confirmed by a representative from HSBC Hong Kong. Chinese crypto journalist Colin Wu initially reported this news.

By offering support for Bitcoin and Ethereum ETFs, HSBC Hong Kong aims to bridge the gap between traditional banking services and the rapidly evolving world of digital assets. This move reflects the growing interest and demand for cryptocurrencies among both retail and institutional investors.

Just few days after BlackRock and other major banks announcements, the introduction of crypto-related products by a major player like HSBC signals a shift in the perception and acceptance of cryptocurrencies within the traditional financial system. It also provides customers with a more accessible and regulated avenue to participate in the crypto market.

As cryptocurrencies continue to gain prominence and attract wider interest, financial institutions are recognizing the need to offer crypto-related services to meet customer demand. HSBC Hong Kong's decision to support Bitcoin and Ethereum ETFs underscores its commitment to staying at the forefront of financial innovation and meeting the evolving needs of its clientele.

FTX Sets Course for Relaunch of Global Cryptocurrency Exchange

Key Highlights:

  • FTX initiates talks to relaunch its flagship international cryptocurrency exchange.
  • The move highlights FTX's determination to recover from the recent bankruptcy.
  • Revival efforts aim to strengthen FTX's position in the competitive crypto market.

FTX, a well-known player in the cryptocurrency industry, is determined to move forward and revive its flagship international exchange despite the past challenges. After facing bankruptcy, the company has initiated talks and discussions aimed at reviving its operations and making a strong comeback in the cryptocurrency market.

As reported by the Wall Street Journal (WSJ), FTX has initiated the solicitation process to attract interested parties for the re-establishment of the exchange. The company is exploring potential joint venture arrangements with investors to facilitate the revival of its global platform, and former clients may have the opportunity to participate in the newly formed exchange as compensation for their claims, with indications that a rebranding may accompany the relaunch.

FTX's move to reestablish its international presence showcases the resilience and adaptability of the crypto industry. Despite the challenges faced, companies like FTX continue to push forward, adapting to market conditions and striving to deliver innovative solutions to their customers.

As the talks progress, the crypto community eagerly anticipates FTX's relaunch, which could mark a significant turning point for the exchange and reaffirm its position as a key player in the global cryptocurrency landscape.

Fidelity Set to Launch Spot Bitcoin ETF, Broadening Crypto Investment Options

Key Highlights:

  • Fidelity plans to submit a filing for a spot Bitcoin ETF with the U.S. securities regulator.
  • The ETF would offer investors exposure to Bitcoin without the need to directly hold or manage the cryptocurrency themselves.
  • If approved, the spot Bitcoin ETF would provide traditional investors with a regulated and accessible avenue to invest in Bitcoin through their regular brokerage accounts.

In an exciting development for cryptocurrency enthusiasts, asset manager Fidelity is preparing to submit a filing with the U.S. securities regulator for a spot Bitcoin exchange-traded fund (ETF). This move underscores Fidelity's commitment to expanding its presence in the digital asset space and providing investors with greater opportunities to participate in the growing crypto market. In fact, just last week the Boston-based financial firm announced its participation in the consortium that recently launched the crypto exchange EDX Markets.

According to reports, Fidelity's planned spot Bitcoin ETF aims to offer investors exposure to the underlying cryptocurrency without the need for them to directly hold or manage Bitcoin themselves. If approved, the ETF would enable traditional investors to gain exposure to Bitcoin through their regular brokerage accounts, potentially fostering greater adoption of digital assets among mainstream investors.

Fidelity's decision to enter the spot Bitcoin ETF market comes at a time when regulatory clarity around cryptocurrencies is improving, making it more feasible for established financial institutions to venture into this space. By launching a Bitcoin ETF, Fidelity would join the ranks of other asset managers seeking to bridge the gap between traditional finance and digital currencies, allowing investors to diversify their portfolios and access the potential returns offered by cryptocurrencies.

Democratic Candidate Kennedy Jr. Advocates Bitcoin, Raises Concerns about CBDCs

Key Highlights:

  • Robert F. Kennedy Jr., the US presidential candidate, has expressed his support for Bitcoin.
  • He views Bitcoin as a means of financial liberation.
  • Kennedy also raised concerns about CBDCs as tools of control and surveillance.

Robert F. Kennedy Jr., a prominent figure in the Democratic Party and a presidential candidate, recently delivered a speech to The New York Post where he expressed his views on cryptocurrency and central bank digital currencies (CBDCs). In his speech, Kennedy praised Bitcoin as a decentralized form of currency that empowers individuals and provides financial freedom.

Kennedy highlighted the potential of Bitcoin to serve as a means of economic liberation, particularly for those who are unbanked or marginalized by traditional financial systems. He emphasized the decentralized nature of Bitcoin, which operates independently of government control and censorship.

On the other hand, Kennedy expressed concerns about CBDCs, viewing them as instruments of control and surveillance. He raised questions about the potential risks associated with CBDCs, such as loss of privacy and increased government oversight of individual financial transactions.

Kennedy's remarks reflect the ongoing debate surrounding the role of cryptocurrencies and CBDCs in the future of finance. While some advocate for the democratizing power of decentralized cryptocurrencies like Bitcoin, others caution against the potential risks and centralized control of CBDCs.

As the world continues to explore the possibilities and challenges of digital currencies, Kennedy's perspective adds to the diverse range of opinions shaping the future of financial innovation.