Coinbase CEO Expects Bitcoin Spot ETF Approval 😏

GM. This is Degen Scoop. It’s FRIDAY and December is here, here are the stories that we’ll be closing the week out with:

• Coinbase CEO Expects Bitcoin Spot ETF Approval 😏

• MicroStrategy Acquires $600M of Bitcoin 🤑

• Ronaldo Sued Over Binance Support 👨‍⚖️

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Brian Armstrong, CEO of Coinbase, Optimistic on Spot Bitcoin ETF

Coinbase CEO Brian Armstrong expressed optimism about the approval of a spot Bitcoin ETF in the near future. While noting that he doesn't possess proprietary information, Armstrong mentioned that recent court rulings have pushed back on the SEC's reasons for denying ETFs, signaling a potential approval.

We maintain the same position and fully expect the ETFs to be approved by early 2024. The final date for the SEC to make a decision is around January 8th, so we’ll have a definitive yes or no by that time. Position yourself accordingly.

Armstrong cited the SEC's meeting with Grayscale to discuss its Bitcoin ETF application as a positive development. He also addressed concerns about Coinbase Custody holding a significant amount of Bitcoin for ETFs, stating that it's an endorsement of Coinbase's credibility and expressing hope for more diversity in the crypto custody business in the long term.

MicroStrategy Acquires Another 16,000 Bitcoin (~$600M)

MicroStrategy has increased its Bitcoin holdings to 174,530 BTC, worth approximately $6.6B. Regardless of market conditions, the one thing you can be certain of is the Saylor DCA. Should we see the supercycle play out next year, Saylor and MicroStrategy will be one of the largest benefactors.

Michael Saylor, the founder of MicroStrategy, announced the purchase of an additional 16,130 BTC for $593.3M. MicroStrategy has spent a total of $5.28B on Bitcoin and remains the largest corporate holder of the digital asset. It’s shocking that more corporations aren’t allocating to the sector, but here we are.

Saylor initially bought Bitcoin in August 2020, citing it as a hedge against inflation. The company's stock has surged 238% since adopting a "Bitcoin standard," and Saylor has emphasized Bitcoin's superiority over real estate and gold as a store of value and investment asset.

Ronaldo Hit With Class-Action Lawsuit For Promoting Binance

A class-action lawsuit filed in Florida seeks over $1B in damages from soccer star Cristiano Ronaldo for promoting Binance. The lawsuit alleges that Binance sold unregistered securities and operated illegally in the U.S., with Ronaldo driving traffic and investors to the platform through promotions.

The suit claims that Ronaldo benefited financially from promoting Binance and should have known his actions were potentially illegal. We saw this happen with FTX and its supporters being punished financially; most settled to avoid a drawn-out case in court.

The lawsuit cites Binance's alleged violations, including operating an unregistered exchange and not implementing anti-money laundering controls. Ronaldo's NFT collection with Binance is also mentioned in the lawsuit. Should the lawsuit have any degree of merit, Ronaldo’s team will likely aim to settle.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.