FTX Starts Payouts
On Tuesday (2/18) FTX begins the first phase of it's distributions to creditors/investors who submitted a claims in the amount to under $50,000. This distribution will be approximately $1.2 billion. The distribution is expected to influence the cryptocurrency market significantly. Analysts predict that this and future payouts could inject substantial liquidity into the market, potentially boosting investment and trading activity. This surge in capital could enhance market confidence and contribute to a bullish trend in the crypto market as many of these recipients will re-enter the market. A total of 16 billion will be paid out over all distribution phases.
GameStop and Bitcoin?
GameStop is considering investing in Bitcoin. The company currently holds over $4.5 billion in cash. The CEO of GameStop Ryan Cohen post a photo of himself and Michael Saylor a few days ago on X. In December 2023, the board at GameStop approved a new investment policy, allowing Cohen and two other board members to make investment decisions on behalf of the company with just the agreement of them three.
After the news broke GameStop shares bumped up 18% to over $30 during after-hours trading. The shares settled back down but remained at a high level.
States MSTR Holdings
12 US states currently hold $330 million stake in MSTR (Strategy) through their state pension funds or treasury as of the end of 2024. Via this investment these state are indirectly invested in Bitcoin. The chart below shows California, Florida, and Wisconsin as the leaders with their holdings.
Quick Hits
- 31K Jobs Created in the US from Bitcoin Mining Industry.
- Elon pushing for an audit of the gold at Fort Knox. Huge story for the markets and economy if this happens.
- Wisconsin’s investment board increased its holdings in BlackRock’s iShares Bitcoin Trust (IBIT) to over 6 million shares.
