Bitcoin (BTC), Ether (ETH) and cryptocurrency-linked stocks like MicroStrategy are seeing a sharp downturn after news broke that FTX announced filing for Chapter 11 bankruptcy and Sam Bankman-Fried stepping down as CEO. Crypto-linked stocks decline MicroStrategy (MSTR), led by the outspoken advocate of Bitcoin Michael Saylor, is down 32.57% on Nov. 11 in a 5-day period. MicroStrategy holds about 130,000 Bitcoin and, therefore, its stock price is heavily correlated with BTC/USD. Meanwhile, the tech-heavy NASDAQ has gained 0.79%. Mining stocks have seen losses today, with the Hashrate Index Crypto Mining Stock Index showing a 0.14% loss at midday Nov. 11. …

The third quarter earnings for business intelligence firm MicroStrategy revealed a narrowed net loss of $27.1 million for the quarter, while it continues to grow its Bitcoin (BTC) portfolio despite poor crypto market conditions. The world's largest publicly traded corporate Bitcoin owner confirmed it still owns 130,000 BTC at the end of Q3 2022. That amount represents 0.62% of all Bitcoin that will ever be owned, which it says was acquired for a total cost of around $4 billion, or $30,639 per BTC. The company reported on Nov. 1 impairment charges for the quarter of $727,000, far less than the …

Executive chairman of Microstrategy, Michael Saylor, does not like to be called out. He responded to a poll shared by Eric Wall, a crypto researcher, that suggested he had not used Bitcoin’s (BTC) layer-2 Lightning Network more than three times with a Twitter poll of his own. The correct answer is Yes, and I will make three more transactions of 1,000,000 sats each to the 3 posters of the most liked #Lightning⚡️ memes in the comments below. https://t.co/qXZ90q4Ly9 — Michael Saylor⚡️ (@saylor) October 4, 2022 Saylor replied to the poll with a resounding yes, and kickstarted a meme competition with …

MicroStrategy, the business intelligence and tech company that holds the world’s largest Bitcoin reserve, is hiring a Bitcoin Lightning software engineer to create a Lightning Network-based software-as-a-service platform. The new engineer will be responsible for building a Lightning Network-based platform to address enterprises’ cybersecurity challenges and enable new e-commerce use-cases, according to a job posting linked to the MicroStrategy website. Besides “an adversarial mindset,” the successful applicant will have certificates, knowledge of tools and programming languages, and experience with decentralized finance (DeFi) technologies. MicroStrategy is looking to hire a Bitcoin Lightning Software Engineer to build a Lightning Network-based SaaS platform. …

MicroStrategy owns 0.62% of all the Bitcoin (BTC) that will ever be mined. The company’s executive chairman, Michael Saylor, announced that the company had bought another 301 Bitcoin for roughly $6 million, at an average price of ~$19,851 per BTC. In sum, the company is one of the largest holders of Bitcoin on the planet, holding 130,00 Bitcoin. Clearly, Saylor likes round numbers, buying 301 Bitcoin to reach the 130,000 milestone. MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion …

MicroStrategy CEO and Bitcoin (BTC) advocate Michael Saylor doubled down on his support for Bitcoin as he explained the issues related to transferring the value of physical properties such as gold, company stocks or equity and real estate during the Australia Crypto Convention. Speaking about the underlying proof-of-work (PoW) consensus mechanism, Saylor highlighted that Bitcoin is backed by $20 billion worth of proprietary mining hardware and $20 billion worth of energy. He then pointed out that traditional assets such as gold (in high quantity) and land are nearly impossible to carry forward across geographical boundaries, adding: “If you have a …

Cryptocurrency has converted another veteran of Wall Street after ex-Morgan Stanley executive Kevin Lepsoe launched a new platform for decentralized finance (DeFi). His new firm, Infinity Exchange, received a nice injection of seed funding in a bid to boost DeFi adoption among institutions. In his pledge to help build “DeFi 2.0,” Lepsoe described one of the biggest pain points of DeFi 1.0 — and it’s one you probably haven’t heard of. As it turns out, if you want institutions to adopt your products and services, you need to give them a product suite they’re familiar with. Until then, DeFi offers …

Ahead of Ethereum's (ETH) transition to proof-of-stake, Bitcoin (BTC) maxi Michael Saylor has come out swinging against what he says is "misinformation and propaganda" about the environmental impacts around proof of work (PoW) BTC Mining. The MicroStrategy executive chairman, who recently stepped down as CEO, shared a lengthy post on his Twitter account on Sept. 14, detailing seven of his "high level thoughts” on BTC mining and its impact on the environment. Given the sheer volume of misinformation & propaganda circulating lately, I thought it important to share the truth regarding #Bitcoin Mining and the Environment.https://t.co/CRkayFwDsj — Michael Saylor⚡️ (@saylor) …

Karl Racine, Attorney General for the District of Columbia in the United States, has announced that his office will be suing business intelligence firm MicroStrategy and its co-founder Michael Saylor for charges related to tax evasion. In a Wednesday Twitter thread, Racine announced a lawsuit against MicroStrategy and its previous CEO Michael Saylor, claiming that he “never paid any DC income taxes” and the company “conspired” to assist him in evading paying for taxes. According to the attorney general, Saylor owes back taxes for “hundreds of millions of dollars” worth of income during his time as a DC resident. “With …

MicroStrategy CEO and Bitcoin (BTC) bull Michael Saylor said that Ether (ETH) is ‘obviously’ a security as he doubled down on labeling BTC as the only commodity in the crypto sector. In an interview with Altcoin Daily, Saylor was questioned on his take regarding the classification of both BTC and ETH as commodities by United States Senators such as Kirsten Gillibrand and Cynthia Lummis, along with figureheads from the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC). Saylor provided a lengthy run down on what he thou are the fundamental differences between the Bitcoin and Ethereum …

Coinbase has long been considered an important bellwether of the cryptocurrency market. Last year, when the company was expanding its workforce, adding institutional clients and issuing stock, crypto prices were hitting record highs. Now, in the depths of crypto winter, Coinbase finds itself slashing a fifth of its workforce, losing retail trading volume and contending with downgrades of its credit and stock. This week’s Crypto Biz dissects Goldman Sachs’ latest downgrade of Coinbase and also looks at the latest developments surrounding Three Arrows Capital. Goldman Sachs downgrades Coinbase stock to ‘sell’ After a promising debut on the Nasdaq stock exchange …

Business intelligence firm MicroStrategy has added to its Bitcoin (BTC) holdings, reaffirming CEO Michael Saylor’s bullish outlook on the digital asset despite its recent struggles. In a Form 8-K filing with the United States Securities and Exchange Commission (SEC), Microstrategy disclosed that it had acquired an additional 480 BTC at an average price of roughly $20,817. The total purchase amount was $10 million in cash. With the purchase, MicroStrategy now holds 129,699 BTC, making it the largest corporate holder of Bitcoin. The total value of its holdings is roughly $3.98 billion. MicroStrategy has purchased an additional 480 bitcoins for ~$10.0 …