Your daily digest of the biggest moves in the crypto market - November 1st, 2024

Tether Reports $2.5B Profit in Q3, Holds Over $100B of U.S. Treasuries

Tether reported $2.5 billion in net profits for Q3 2024, bringing its year-to-date profit to $7.7 billion. The company's flagship cryptocurrency, USDT, neared a market cap of $120 billion. Profits were driven by $1.3 billion from U.S. Treasury yields and $1.1 billion from the appreciation of gold holdings. Tether's reserves include $125.5 billion in assets against $119.4 billion in liabilities, with $105 billion held in cash and equivalents, $5 billion in gold, and $4.8 billion in Bitcoin. The company's venture arm, Tether Investments, reported a net equity value of $7.7 billion. Despite allegations of a U.S. criminal investigation, Tether denied any wrongdoing and emphasized its compliance with U.S. sanctions. CEO Paolo Ardoino highlighted Tether's commitment to U.S. debt and its role in the digital asset ecosystem as a major liquidity provider and payment method in emerging markets.

📊 COMMUNITY POLL

Will TON hit $5.02 on Nov 2nd?

MicroStrategy shares ‘audacious’ plan to buy more bitcoin

MicroStrategy, the largest corporate Bitcoin holder, announced an ambitious plan known as the "21/21 Plan" to raise $42 billion over the next three years to acquire more Bitcoin. The company intends to raise $21 billion from equity issuances and another $21 billion from fixed-income securities. This strategy leverages Bitcoin as a treasury reserve asset, aiming to boost shareholder value. Since 2020, MicroStrategy has spent $9.9 billion to buy 252,220 BTC. They plan to raise $10 billion in 2025, $14 billion in 2026, and $18 billion in 2027. This bold move has seen MicroStrategy's stock price surge by 257% this year, outperforming Bitcoin's 59% increase. The company's annual BTC yield target is now set at 6-10% for the next three years.

📊 MARKET PULSE

The community weighs in: Will SOL outperform BNB in weekend gains?

US Bitcoin ETFs Amass Over Half of Gold’s Holdings in First Year

U.S.-listed Bitcoin exchange-traded funds (ETFs) have rapidly accumulated tens of billions in assets, reaching half the amount held by gold ETFs in record time. Since their launch in January 2024, Bitcoin ETFs have attracted substantial inflows, totaling $23.89 billion and $70 billion in total net assets. In comparison, U.S.-listed gold ETFs hold $137.3 billion in assets. This means that in just 10 months, Bitcoin ETFs have amassed over 50% of the assets held by gold ETFs, which have been around for two decades. Analysts attribute this rapid adoption to increasing mainstream interest in digital assets, with daily inflows ranging from $192 million to $893 million. Both Bitcoin and gold are expected to continue seeing gains due to geopolitical uncertainty, concerns over the strength of the dollar, and the upcoming U.S. election. Bitcoin has emerged as the best-performing asset of 2024, climbing 65% year-to-date to $69,533, while gold has risen 16% to $2,746.09 per ounce.

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