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  • Crypto Alpha - 31 October 2024

Crypto Alpha - 31 October 2024

Daily Alpha on All Things Crypto, Web3 and Blockchain

TL;DR

  • MicroStrategy's Bold "21/21 Plan": $42 Billion in Bitcoin, Anyone?

  • BlackRock’s IBIT Bitcoin ETF Hits $30 Billion Milestone

  • Solana Spot ETF? Canary Capital Says “Why Not?”

  • Ondo Finance and Wellington Management Partner for Intraday Redemption Tech

  • Visa and Coinbase Make Crypto Transactions Easier with Debit Card Partnership

  • Starknet Launches StarGate v2.0 Bridge on Mainnet

  • BNB Chain Unveils 35 New Projects for MVB Accelerator Program

  • Coinbase Stock Dips After Missed Q3 Earnings and Revenue Targets

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Alpha of the Day

MicroStrategy's Bold "21/21 Plan": $42 Billion in Bitcoin, Anyone?

MicroStrategy just went all-in on Bitcoin again, announcing their “21/21 Plan,” which is exactly as ambitious as it sounds. Over the next three years, they’re looking to raise $21 billion from equity and another $21 billion from bonds—all with the goal of creating a massive $42 billion Bitcoin fund. For a company already known as the “Bitcoin whale,” this plan feels like a blockbuster sequel where the hero decides they really want all the digital gold. The big question is, can they pull it off? If they do, MicroStrategy’s “21/21 Plan” could be one for the record books.

BlackRock’s IBIT Bitcoin ETF Hits $30 Billion Milestone

BlackRock’s Bitcoin spot ETF, IBIT, has zoomed past $30 billion in assets under management, and it’s only been 293 days since launch. That’s like the financial equivalent of running a marathon in under two hours—it’s fast, impressive, and has everyone’s attention. The crypto world has been waiting for institutional giants like BlackRock to make these moves, and it’s clear IBIT is the star of the show. Whether it keeps up the pace or hits a few bumps along the road, BlackRock’s ETF might just be setting the standard for institutional Bitcoin investments.

Solana Spot ETF? Canary Capital Says “Why Not?”

Solana fans, rejoice! Canary Capital has filed with the SEC to launch a Solana Spot ETF, aiming to make Solana investments more accessible to the everyday investor. With Solana’s reputation for speedy transactions and lower costs, this move could add serious credibility to the ecosystem. For now, it’s in the SEC’s hands, but if Canary Capital gets the green light, Solana could see a surge of interest from investors looking to diversify. Who knows? This might just be the start of Solana’s mainstream breakout.

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Ondo Finance and Wellington Management Partner for Intraday Redemption Tech

Ondo Finance just secured a heavyweight partnership with Wellington Management, an asset management giant handling around $1 trillion. The two companies are joining forces to improve tech support for intraday redemptions—essentially, making it easier to move money around without the wait. In the world of finance, time really is money, and this partnership aims to make things fast and frictionless. Ondo’s move with Wellington could be a major win for those who need access to funds at a moment’s notice.

Visa and Coinbase Make Crypto Transactions Easier with Debit Card Partnership

Crypto just got a little more convenient, thanks to a partnership between Visa and Coinbase. Now, users can make deposits and withdrawals using their debit cards, essentially bridging the gap between traditional banking and digital currencies. For anyone who’s ever struggled with clunky transfer methods or long wait times, this is like a breath of fresh air. Whether you’re moving money in or cashing out, Visa and Coinbase’s collab makes crypto feel that much closer to the mainstream.

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Starknet Launches StarGate v2.0 Bridge on Mainnet

Starknet has officially launched its StarGate v2.0 bridge on the mainnet, bringing a new level of efficiency to the Ethereum layer-2 network. This isn’t just any bridge upgrade; it’s a beta that promises to make cross-chain transactions smoother and faster. For those keeping up with layer-2 developments, this is Starknet’s way of saying, “We’re not here to play.” With StarGate v2.0, Starknet might just be setting a new benchmark for interoperability and speed.

BNB Chain Unveils 35 New Projects for MVB Accelerator Program

BNB Chain has announced 35 promising projects selected for the eighth season of its MVB Accelerator Program, a launchpad for early-stage blockchain innovations. For up-and-coming developers, getting into MVB is like getting into the Ivy League of blockchain. Each of these projects brings something new to the table, whether it’s in DeFi, NFTs, or Web3, making this program one to watch. BNB Chain is putting its weight behind the next generation, and these projects could be tomorrow’s breakout stars.

Coinbase Stock Dips After Missed Q3 Earnings and Revenue Targets

Coinbase didn’t exactly hit a home run with its Q3 earnings and revenue results, leading to a sharp after-hours stock dip. It seems the market wasn’t impressed with Coinbase’s numbers, and the stock paid the price. For investors, it’s a reality check that crypto trading platforms aren’t invincible, even in the face of the crypto market’s recent rally. But hey, as crypto’s rollercoaster continues, maybe Coinbase’s stock will bounce back faster than expected.

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