This Week in Crypto (23-29 June)



Jun 29, 2021


Microstrategy bought 13,305 Bitcoins for over $489 million, and now it has over 100K Bitcoins in its holdings.  

Andreessen Horowitz launched the $2.2 billion crypto fund, which is more than double the previously estimated $1 billion fund the VC fund had allegedly planned.

VanEck applies for Bitcoin Futures Mutual Fund days after the United States Securities Exchange Commission delayed making decisions on VanEck's Bitcoin ETF application.

Over the next three years, 50,000 EV charging stations may accept crypto payments as Ireland-based HIPS Payment Group Limited and the Swedish firm Vourity join hands. 

There is never a dull moment in the crypto space. We see a plethora of exciting news coming out of the crypto industry week after week. Last week was no different. Though the crypto prices continued to remain stressed last week, the crypto industry leaders and companies continued to buy more cryptocurrencies, build momentum and expand their crypto services and offerings globally. For example, Microstrategy invested over $489 million worth of Bitcoins to its holdings, whereas VanEck applied to launch Bitcoin Futures Mutual Fund to the US SEC. 

Andreessen Horowitz, on the other hand, launched a $2.2 billion crypto fund to support blockchain companies by boosting their size and marketability. In Europe, we may see over 50,000 EV charging stations accept Bitcoins, Ethereum, and other cryptocurrencies over the next three years, which is great news for both EV and crypto enthusiasts.

Microstrategy Adds Even More Bitcoins to its Holdings

Amid plummeting Bitcoin prices, Microstrategy, the largest institutional holder of Bitcoin, bought even more Bitcoins, 13,305, to be specific. The company invested a total of $489 million and bought Bitcoins when the average BTC price hovered around $37,617. With this purchase, Microstrategy's Bitcoin holdings crossed the 100K mark for the first time. Now, it has 105,085 Bitcoins.

Microstrategy had conducted a $400 million debt raise to buy even more Bitcoins in early June, which was oversubscribed four times. It made the company significantly increase the debt offering to $500 million. With current BTC prices hovering around $34,691, the total value of Microstrategy's Bitcoin holdings comes to around $3.64 billion. 

After a Delay in Judgement on its Bitcoin ETF application, VanEck Applies for Bitcoin Futures Mutual Fund

VanEck, a leading US-based investment management firm, submitted an application with the United States Securities Exchange Commission for a new Bitcoin futures mutual fund. The company filed a prospectus on Monday. As per the prospectus, instead of investing in Bitcoin & other cryptocurrencies directly, the investment firm will invest in Bitcoin-based pooled investment vehicles and exchange-traded products. 

The exposure to Bitcoin futures will be managed through the Cayman Islands-based subsidiary of VanEck. It is fully owned by them. The prospectus notes:

“The subsidiary has the same investment objective as the fund and will follow the same general investment policies and restrictions, except that, unlike the fund, it may invest without limit in Bitcoin futures.”

As for the person in charge of the Bitcoin Futures Fund, it will be managed actively by the deputy portfolio manager for the VanEck Commodity Index Strategy and head of active trading, Gregory Krenzer. Working with Van Eck Associates Corporation since 1994, Gregory has built an excellent reputation when it comes to emerging markets, natural resource equities, and commodities. Overall, he has over 25+ years of experience under his belt. 

Andreesen Horowitz Launches $2.2 Billion Crypto Fund, its Largest so far! 

Andreesen Horowitz, a leading blockchain investment firm, has announced the launch of Crypto Fund III venture fund worth $2.2 billion on Thursday. The venture capital firm has a history of high-profile investments in the crypto space, including Facebook, Compound, Maker, among others. Previously, it was thought that Andreesen Horowitz will launch a $1 billion crypto fund. But the VC firm launched a $2.2 billion crypto fund, which displays the trust that Andreesen Horowitz has in the potential of the global crypto industry.

The fund will be co-led by Chris Dixon and Katie Haun, general partners at Andreessen Horowitz. With a focus on cryptocurrency networks and decentralized economy, Andreessen Horowitz's Crypto Fund III will focus on giving a boost to the size and marketability of blockchain projects with high upside potential. The previous crypto fund of Andreessen Horowitz was known as Crypto Fund II, and it was launched in August 2020.

Commenting on the launch of Crypto Fund III, Andreessen Horowitz said, “This fund allows us to find the next generation of visionary crypto founders, and invest in the most exciting areas of crypto." They further added, “We invest in all stages, from early seed-stage projects to fully developed later-stage networks.”

50,000 European EV Charging Stations to Accept Crypto Payments Over Three Years

What happens when two of the most exciting technologies meet at crossroads? We are about to find it out as 50000 European EV charging stations will begin accepting crypto payments over the next three years. It is becoming a reality after two European firms joined hands. Both EV & cryptocurrencies are among the most talked-about technologies of the 21st century. These two companies are HIPS Payment Group Limited, a leading Irish eCommerce and mobile payment solutions firm, and the Sweden-based firm Vourity, bringing payment technologies to niche sectors. 

Both companies have announced that they will begin rolling out crypto payment services for EV charging stations from November 2021. Though none of the companies have announced which cryptocurrencies they will support in the beginning, Ethereum may likely be one of the first cryptocurrencies to be supported by them as Vourity has published an image of a payment terminal with Ethereum's logo. Making a comment on which cryptocurrencies they will support, Vourity's CEO Hans Nottehad said, “We are currently evaluating what cryptos/coins we will support. It will be converted to fiat."