The new acquisition comes at a time when the price of Bitcoin has experienced a decline, falling below $64,000.
MicroStrategy, the company led by prominent Bitcoin maximalist Michael Saylor, has announced the purchase of an additional 9,245 BTC for a total of $623 million.
Yesterday, March 19, Saylor posted the following on X (formerly Twitter):
“MicroStrategy has acquired an additional 9,245 BTC for ~$623.0M using proceeds from convertible notes & excess cash for ~$67,382 per Bitcoin. As of 3/18/24, $MSTR hodls 214,246 $BTC acquired for ~$7.53B at average price of $35,160 per Bitcoin.”
With this latest purchase, MicroStrategy further strengthens its Bitcoin treasury, now accumulating an impressive total of 214,246 BTC. The company, known for its determined allegiance to the leading cryptocurrency, has once again demonstrated its commitment to the accumulation of digital assets as a store of value.
US Court Sanctions SEC for Misconduct Against Debt Box
The United States District Court has imposed sanctions on the Securities and Exchange Commission (SEC) for what Judge Robert J. Shelby called “bad faith” in a legal case against Debt Box.
The SEC had initially filed a request to dismiss the case without prejudice, which was denied by Shelby. The judge criticized the regulatory agency for providing false information to the court regarding the evidence it had obtained to secure a temporary restraining order. As well as freezing Debt Box assets in August last year.
According to court documents dated March 18, Shelby declared that the SEC’s conduct represented a “gross abuse of power” conferred by Congress and that it undermined the integrity of the judicial process in question. The “critical evidence” presented by the SEC was revealed to be baseless and presented in a deliberately false and misleading manner.
Bitcoin Mining Company Bit Digital Reports 39% Increase in Profits for Fiscal Year 2023
Nasdaq-listed Bitcoin mining company Bit Digital has announced strong financial growth for fiscal 2023, revealing profits totaling $44.9 million. Which represents a significant increase of 39% compared to the previous year.
According to the report presented by the company, Bit Digital reported having acquired 1,507 BTC during the year 2023. This represents an increase of 21% compared to the previous year. This value of Bitcoin is estimated to be approximately USD 97 million, considering current market prices.
The company attributed this growth to a “higher active hash rate.” Although he acknowledged that it was partially offset by the increase in network difficulty.
SEC Requests Budget Increase to Address Emerging Challenges, Including Cryptocurrency Market
The US Securities and Exchange Commission (SEC) has submitted a request to Congress for an additional $158 million in funding in next year’s federal budget. Citing the need to address “significant growth and change in our markets,” with particular emphasis on the challenges presented by “cryptocurrency markets,” described as a Wild West.
According to the SEC’s Congressional Budget Justification, the agency is seeking a budget allocation of $2.594 billion for fiscal year 2025. An increase from the $2.436 billion requested for the previous year.
SEC Chairman Gary Gensler expressed in the 148-page document the critical need for additional financial resources. Highlighting that “technology is rapidly transforming our markets and business models.” The report also includes a detailed analysis of last year’s performance.
By Audy Castaneda
