Nasdaq-listed Bitcoin development firm MicroStrategy has announced plans to raise $700 million through a new offering of convertible senior notes due in 2028, with the aim of using the proceeds to redeem existing debt and buy Bitcoin.

Canadian Bitcoin mining firm Cathedra Bitcoin has announced that it is abandoning its traditional mining operations in favor of a more direct approach to Bitcoin accumulation.

The team behind World Liberty Financial, the cryptocurrency project promoted by former US President Donald J. Trump and his sons, has confirmed plans to launch a governance token called WLFI.

Top stories in the Crypto Roundup today:

• MicroStrategy to Raise $700 Million to Expand Bitcoin Holdings
• Bitcoin Miner Shifts Strategy to Buy Bitcoin on the Open Market
• Trump-Backed Crypto Project World Liberty Financial Confirms Governance Token Launch
• Ethereum’s Daily Issuance Plunged 88% Since the Merge

MicroStrategy to Raise $700 Million to Expand Bitcoin Holdings

Nasdaq-listed Bitcoin development firm MicroStrategy has announced plans to raise $700 million through a new offering of convertible senior notes due in 2028, with the aim of using the proceeds to redeem existing debt and buy Bitcoin.

According to the company’s announcement, it plans to redeem $500 million worth of senior secured notes with a 6.125% yield due in 2028. Initial purchasers of the notes will have the option to buy up to an additional $105 million aggregate principal amount of notes within 13 days.

Led by Michael Saylor, MicroStrategy has been a driving force in the institutional adoption of Bitcoin. The company has amassed 244,800 BTC over time and is the world’s largest corporate Bitcoin holder, with over $14.3 billion of the cryptocurrency in its treasury.

Bitcoin Miner Shifts Strategy to Buy Bitcoin on the Open Market

Canadian Bitcoin mining firm Cathedra Bitcoin has announced it’s abandoning its traditional mining operations in favor of a more direct approach to Bitcoin accumulation.

The company, which has been involved in Bitcoin mining for seven years, will now focus on acquiring as much Bitcoin as possible on the open market, mirroring the strategy employed by MicroStrategy.

In a recently unveiled “Bitcoin Treasury Strategy Memo,” Cathedra outlined its new plan, stating that "all capital allocation decisions" will be directed towards maximizing the firm's Bitcoin reserves on a per-share basis.

The move, the firm wrote, “represents the formalization of a policy we have always held loosely in our minds but have not always allowed to guide our decisions in a disciplined way.”

Cathedra justified its decision by citing the underperformance of traditional Bitcoin mining operations in terms of shareholder value, noting that nine of the top ten Bitcoin miners by market capitalization now hold less Bitcoin per share than they did three years ago.

In contrast, firms like MicroStrategy, which have adopted a more aggressive Bitcoin accumulation strategy, have been rewarded by the equity markets. The firm is now moving to develop data operating centers to generate “predictable cash flows,” and is set to retain the Bitcoin it generates from existing mining operations.

Similar to MicroStrategy and other companies that have embraced a Bitcoin-centric strategy, Cathedra will explore various financing options, including equity issuances, debt options, and hybrid securities.

Trump-Backed Crypto Project World Liberty Financial Confirms Governance Token Launch

The team behind World Liberty Financial, the  cryptocurrency project promoted by former US President Donald J. Trump and his sons, has confirmed plans to launch a governance token called WLFI.

During a live X Spaces talk, the former U.S. President said his NFT projects attracted him to the cryptocurrency space, and said crypto is “big and yet it’s a fledgling compared to what it will be.”

The WLFI token, which won’t be transferable and won’t provide any economic rights, will see 63% of its supply get sold to the public, 17% for user rewards, and 20% to compensate the team. It will be used for governance of the project, according to the team.

The token sale will be limited to accredited investors under a Regulation D exemption from the Securities and Exchange Commission. This exemption allows companies to raise capital without registering securities with the SEC, primarily by offering securities to accredited investors or through private offerings.

Ethereum’s Daily Issuance Plunged 88% Since the Merge

Little over two years ago the Ethereum network underwent its Merge upgrade, which saw its consensus mechanism move from Proof-of-Work to Proof-of-Stake as the network merged with the Beacon Chain.

Before the upgrade, around 13,000 new ETH were issued per day but now, with around 14 million ETH staked, this issuance has dropped roughly 88% to 1,700 ETH per day.

In addition to the supply reduction the Merge saw Ethereum’s ESG Benchmark score, created by CCData and the Crypto Carbon Ratings Institute, surge from 10.7 to 26.

Bybit, on the other hand, continued its growth trajectory, with both its spot and derivatives market shares reaching new all-time highs of 9.89% and 15.9%, respectively.

This took Ethereum's overall ESG ranking from 6th to 1st, a position it has maintained since it claimed the top ranking in Q4 2022.

State of the Crypto by Top Tier Exchange Volume

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