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Microsoft Has Entered The Chat!
1,179 institutions in the USA HODL Bitcoin.
Coinsauce
October 25, 2024
Welcome back to the Daily Coinsauce Newsletter! Let’s dive into today’s updates—there’s a lot to unpack!
💧Top headlines from the last 24 hours:
• Microsoft to ask shareholders to assess BTC as a corporate treasury asset.
• Denmark proposes 42% tax on unrealized gains for Bitcoin.
📕Educational :
• 1,179 institutions have joined Bitcoin's cap table this year.
Lets dive in.
📅 Today
Microsoft has entered the chat 🙏
Microsoft’s latest SEC filing has sparked excitement with a proposal titled “Assessment of Investing in Bitcoin” slated for their December 10th board meeting. With a massive $3.2 trillion market cap and $75.5 billion in cash reserves, Microsoft entering Bitcoin could be a game changer.
Right now, however, the board recommends voting against this proposal. Despite this, Bitcoin surged to $68,600 following the news, showing the impact of even a potential move by a tech giant like Microsoft.
Denmark proposes unrealistic taxes on Bitcoin 🙏
Denmark is shaking up crypto tax laws with a new proposal set for 2026. The plan? To tax unrealized crypto gains, meaning investors would owe taxes on Bitcoin profits even before selling. The bill, scheduled for debate in Parliament in 2025, also suggests that crypto exchanges report user transactions across the EU.
If passed, Denmark would make history as the first country to tax unrealized Bitcoin profits. This aligns with a broader trend, as countries like the U.S. and Italy are also exploring higher taxes on unsold crypto assets.
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🌎 Other News
Kraken Exchange to launch its own blockchain 'ink’. ‘ Read more
Celestia unveils Ginger upgrade. Read more
SEC requests an extension of the Ripple case till January 2025. Read more
Solana clocks record-breaking fee revenue. Read more
Pennsylvania House of Representatives passes pro-crypto bill. Read more
📕 Educational
Bitcoin is drawing big players. Institutional investors now own around 20% of U.S. Bitcoin Spot ETFs, with asset managers stacking up 193,000 BTC, based on Form 13F filings. Thanks to spot ETFs, 1,179 institutions have hopped on Bitcoin’s cap table this year, including hedge funds, banks, and even pension funds.
Meanwhile, retail holders make up the remaining 80% of ETF buyers, showing that everyday investors are still a massive force in the market. The average buy-in price for these ETF holders? Just under $60,000 per BTC.
Source : Ki Young Ju
📊 Stat of the day
The ETH/BTC ratio has been down for 9 out of the last 10 quarters.
🤣 Meme of the day
That concludes our update for today!
We appreciate you joining us for the latest news. We aim to provide the best-in-class insights and highlights that keep you well-informed and ready.
Remember to join us on Telegram and Twitter for additional updates and giveaways. Until then, see you next time!
Disclaimer: None of the content shared in the newsletter is financial advice. Always do your own research and analysis before investing.
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