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MicroStrategy Buys Additional 13,005 Bitcoin for $489 Million

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With the current BTC price, MicroStrategy’s total Bitcoin holding is worth more than $3.4 billion.

MicroStrategy Inc (NASDAQ: MSTR) has continued its Bitcoin acquisition spree as it has purchased another $489 million worth of BTC. As of the 21st of June, the Nasdaq-listed business intelligence company holds 105,085 Bitcoins.

The company announced its latest Bitcoin acquisition earlier today. According to the company, the newly acquired BTC totaled 13,005 at an average price of about $37,617, fees and expenses included. The purchase came after MicroStrategy generated $500 million in cash from the sale of debt to fund the purchase of BTC.

Before MicroStrategy purchased the most recent Bitcoin, the company had unveiled plans to buy Bitcoin in a filing with the US Securities and Exchange Commission (SEC). In the filing, MicroStrategy said it would be selling up to 1 billion of its class A common stock through an “Open Market Sale Agreement” with Jefferies LLC. The company added that proceeds from the stock sales would be used to buy more Bitcoin. MicroStrategy explained:

We intend to use the net proceeds from the sale of any Class A common stock offered under the prospectus for general corporate purposes, including the acquisition of bitcoin, unless otherwise indicated in the applicable prospectus supplement.

MicroStrategy Focuses on Bitcoin Acquisition

In addition, MicroStrategy has made Bitcoin acquisition a focus for the company. The company said that it mainly pursues two corporate strategies. Apart from growing its enterprise analytics software business, a major strategy for the company is to acquire and hold BTC.

In the SEC filing, the Nasdaq-listed company added that it is currently seeking opportunities to implement Bitcoin-related technologies like blockchain analytics into its software offerings. Also, the company intends to hold its Bitcoin holdings long-term and not engage in regular trading.

MicroStrategy became the first publicly-traded company to buy Bitcoin in August 2020. At the time, the company bought 21,454 BTC worth $250 million, making BTC its primary treasury reserve asset. When MicroStrategy made its initial Bitcoin purchase, BTC was trading at $11,653 per coin. This means that the price of Bitcoin has surged about 5 times since the first purchase.

After debuting into the crypto space in August last year, MicroStrategy had purchased more and held more than 90,000 BTCs before its latest acquisition, announced on the 21st of June.

At the time of writing, Bitcoin is hovering around $33,000. With the current BTC price, MicroStrategy’s total Bitcoin holding is worth more than $3.4 billion. According to MicroStrategy, its new subsidiary – MacroStrategy, manages about 92,079 BTC of its coins.

MSTR stock is currently at $595.79, a 7.64% decline over its previous close of $646.46. The company has grown nearly 403% in the last twelve months and 53.57% in its year-to-date record. In addition, MicroStrategy stock has gained more than 26% over the past month. However, MSTR has shed 17.65% over the past three months and has dropped 0.30% in the last five days.

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.



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leos tag. Page 1 | Coinspeaker

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At the heart of the Leonicorn Ecosystem is the $LEOS token, a BEP-20 digital coin that is built based on the EVM-compatible Binance Smart Contract. Holders of the LEOS token enjoy multiple incentives bordering on liquidity mining and staking programs. 



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CNBC’s Jim Cramer Advises Robinhood Shareholders to Reduce Positions as It Becomes Meme Stock

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Although Jim Cramer is urging Robinhood investors to trim some of their positions, he also advises that they still retain a sizable stake in the company.

CNBC’s Jim Cramer has asked Robinhood (NASDAQ: HOOD) shareholders to reduce how much of the trading app’s shares they hold since HOOD has become a meme stock. Cramer suggests that shareholders should take their profits and get out of the position before losses begin.

Speaking about the recent HOOD spike, the Mad Money host likened Robinhood to AMC (NYSE: AMC) and GameStop (NYSE: GME). The movie theater chain and video-game retailer both spiked earlier this year, with the rise caused by sentiments originating from Reddit. Cramer said:

“Meme stocks are easy money on the way up. But as we’ve seen with GameStop and AMC of late, you have to take profits while you still have them by selling gradually on the way up.” 

Cramer believes that the upward momentum of meme stocks does not last too long, and it’s best to make profits while their prices are still high. The former hedge fund manager suggests that any investor who gets too carried away by the recent surge in value and refuses to quickly capitalize in a practical way may get burned down the line. According to him: 

“It doesn’t matter how much you love [Robinhood], discipline always trumps conviction.”

Robinhood shares advanced 50.4% to close at $70.39 after initially hitting an $85 high on Wednesday. This was on the back of a 24.2% gain the brokerage firm made on Tuesday and now roughly represents an 80% gain in two days. This recent Robinhood uptick is enough to see the company dubbed a meme stock.

Cramer Hedges Opinion on Robinhood Stock

Although Jim Cramer is urging Robinhood investors to trim some of their positions, he also advises that they still retain a sizable stake in the company. In his opinion, this is to allow for additional growth as he believes the brokerage firm has a solid future ahead of it.

Cramer had advised investors to buy Robinhood shares on Monday. At the time, he believed Robinhood CEO and co-founder Vlad Tenev would transform it into a diversified fintech company, one capable of competing with other established players such as Square and PayPal.

The Recent Robinhood IPO

Robinhood went public on July 29th on the NASDAQ with an initial public offering (IPO) of $38 a share. At the offering, Robinhood offered some of the shares to retail investors. This was unusual because Wall Street usually does this with institutional investors and other persons with a high net worth.

Robinhood experienced a rocky start to its public offering as share prices dropped 8% to $34.82. As a result of this, the trading app managed to raise close to $2 billion after selling 52.4 million shares which was lower than its initial forecast. 

Currently, Robinhood has a market capitalization of $32 billion. In its relatively short time of being a public company, the company’s stock has traded as low as $33.25.

The term ‘meme stock’ refers to under-the-radar stocks listed in the US market. These stocks are usually without fundamentals and suddenly catch the fancy of individual investors or day traders. A social media frenzy is also one of the major reasons a stock becomes a meme stock.

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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.



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Luxury Fashion Brand Burberry Launches NFTs in Partnership with Mythical Games

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This collaboration is a unique positioning of branded NFTs in popular blockchain-based games. It sets up new synergies between the emerging blockchain gaming market and the fashion world.

The NFT gaming market is booming this summer of 2021, and London-based luxury fashion brand Burberry finds a good use case for itself. Joining hands with Mythical Games, Burberry has introduced the first set of non-fungible tokens. As a result, Burberry will feature its NFTs in the blockchain game Blankos Block Party. Thus, these NFTs will pave the way for digital ownership in gaming.

Blankos Block Party is a multi-player game featuring digital vinyl toys and running live on the blockchain. Thus, the Burberry NFTs appearing in the game will represent exclusive Burberry items.

The British fashion brand noted that its NFT digital collection – Burberry’s B Series – will feature limited-edition product drops. Users can buy these NFTs as in-game purchases through the Blankos Block Party marketplace starting August 11. Rod Manley, Burberry Chief Marketing Officer said:

“Gaming is a unique space for us to test and learn and trial digital innovations that embody our values and celebrate creativity amongst our communities. Partnering with Mythical Games feels like a natural next step, going beyond our in-house games by bringing the Burberry universe into an established environment. It has been fantastic to work so closely with Mythical Games to bring this new customer experience to life.”

Burberry NFTs: Blanko Shark Characters

The Burberry Blanko is basically a shark character with the name Sharky B. Inspired from the brand’s Animal Kingdom house code, it also carries Burberry’s new TB summer Monogram. Users can purchase, upgrade and sell this Burberry Blanko NFT within the Blankos Block Party marketplace.

The Burberry branded in-game NFT accessories include – jetpack, armbands and pool shoes. Players in the game can apply them to any Blanko they own. Besides, the user can train the Sharky B NFT to master an array of powers including agility and speed. This will also help to ensure the toy’s uniqueness and rarity.

Burberry noted that its NFTs will help unlock value for the gaming community. It will also encourage players to interact with its brand on a digital platform that encourages art and design.

This will be the first digital item released as part of Burberry’s B Series. These limited-edition product drops shall be available on Burberry’s channels.

“Mythical is transforming the way creators and brands engage with their audiences through blockchain and player ownership. The Burberry x Blankos collaboration is a highly anticipated first for both our companies – the first NFT collection for Burberry, and the first luxury brand in Blankos Block Party. We’re incredibly excited to bring the iconic TB monogram into the dynamic, unique world of Blankos, giving players a new way to interact with a beloved and forward-thinking brand,” said Nicole Yang, Mythical Games Vice President of Marketing.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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