MicroStrategy Buys $147M of Bitcoin 🤑

GM. This is Degen Scoop. It’s Tuesday, here’s the scoop:

• MicroStrategy Buys $147M of Bitcoin 🤑

• HTX Loses $7.9M in Hack 💻

• Bored Ape Yacht Club 🫱🏼‍🫲🏻 BAPE

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

MicroStrategy Announces A Purchase of $147M of Bitcoin, Now Possess $4.68B Total

MicroStrategy has announced its latest Bitcoin acquisition, purchasing ~5,400 Bitcoin between August 1 and September 24 at a total cost of $147.3M at an average price of $27,050 per Bitcoin. With this acquisition, MicroStrategy has now amassed a total of about 158,245 Bitcoin, purchased at an average price of approximately $29,582, amounting to an aggregate purchase price of $4.68 billion for its Bitcoin holdings.

MicroStrategy initially entered the cryptocurrency space in August 2020 and has consistently demonstrated its confidence in Bitcoin as a store of value and long-term investment. Despite challenges, MicroStrategy reported profitable quarters in 2023, with the primary driver of its profitability attributed to a one-time income tax benefit in Q1 and sustained profitability in Q2.

HTX, Formerly Known As Huobi, Hacked Out of $7.9M Worth of Ethereum

HTX, the crypto exchange formerly known as Huobi, suffered a hack in which approximately $7.9 million worth of ETH was stolen. While the losses represent a relatively small portion of held user assets, the exchange is seeking to recover the funds and has threatened to involve law enforcement. HTX has also offered a $400,000 white-hat reward to encourage the hacker to return the stolen funds and potentially become a security advisor for the exchange.

HTX currently holds around $2.7 billion worth of assets, with a significant portion being that of TRX and Bitcoin. This incident follows a trend of cryptocurrency exchanges offering bug bounties and seeking to recover funds after security breaches, as seen with CoinEX's recent proposal following a hack connected to North Korea's Lazarus Group. The exchange will dip into company funds to make sure that all users are whole and remain unaffected.

BAYC Teases A Collaboration With BAPE

Bored Ape Yacht Club teased a collaboration with Japanese streetwear brand BAPE (A Bathing Ape). The official Bored Ape Yacht Club Twitter account shared a photo featuring imagery from both BAPE and Bored Ape. No specific details about the collaboration have been provided yet and we’re left to surmise what could be brewing behind the scenes.

Founded in 1993 by Tomoaki "Nigo" Nagao, BAPE is a renowned streetwear brand known for collaborating with various brands and creators, including Marvel, Nintendo, Pharrell Williams, Kanye West, and more. Yuga Labs, the creator of Bored Ape, has previously collaborated with established fashion brands like Adidas and Gucci, while NFT holders have leveraged their Bored Ape assets for merchandise and derivative projects.

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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.