COINDESK DAILY: MicroStrategy Adds $5.4B of Bitcoin; Trump Taps Pro-Crypto Scott Bessent for Treasury Secretary
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 25 November 2024
⏱️ 3 minutes
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Summary
Host Christine Lee breaks down the latest news in the crypto industry from MicroStrategy's $5.4B bitcoin purchase to Trump picking Scott Bessent for Treasury Secretary.
MicroStrategy has added another 55,500 BTC to their stack in the most recent bitcoin purchase. The company now holds nearly 387,000 BTC in total. Plus, Tether is reportedly in talks with Cantor Fitzgerald to support the firm's plan for a bitcoin lending program and president-elect Trump picks pro-crypto hedge fund manager Scott Bessent for Treasury Secretary. "CoinDesk Daily" host Christine Lee breaks down the biggest headlines in the crypto industry today.
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This episode was hosted by Christine Lee. “CoinDesk Daily” is produced by Christine Lee and edited by Victor Chen.
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Transcript
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| 0:00.0 | Micro Strategy keeps buying Bitcoin and Trump's pick for Congress Secretary wants his company to offer Bitcoin-backed loans with Tether. |
| 0:08.0 | It's Monday, November 25th. This is CoinDest Daily. I'm your host Christine Lee. |
| 0:17.0 | Bitcoin Accumulation Company, Micro Strategy, on a 55,500 Bitcoin buying spree over the past week for $5.4 billion, bringing its total holding to nearly 387,000 BTC. |
| 0:33.3 | Microstrategy recently entered the top 100 U.S. publicly traded companies by market cap, |
| 0:38.5 | briefly surpassing a $100 billion valuation. |
| 0:42.4 | Micro Strategy is waiting in the wings to find out if it's been included in the NASDAQ 100 index, |
| 0:47.6 | which begins its annual re-ranking this week with the results set to be announced on December 13th. |
| 0:54.1 | Canacord, Bernstein, and Benchmark each raising their price targets for MSTR stock to |
| 0:58.9 | 510, $650, respectively, buy ratings maintained. |
| 1:05.0 | But with Bitcoin unable to breach the $100,000 sell wall and falling under $96,000 Monday morning, New York, MSTR is also declining |
| 1:14.2 | over 2%. Howard Lutnik, chair of Wall Street trading firm Cantor Fitzgerald, is in talks with |
| 1:20.6 | John Carlo DeVizani, owner of the largest table coin issuer tether, to allow clients to borrow money |
| 1:26.6 | using Bitcoin as collateral, |
| 1:28.4 | according to a Wall Street Journal report Sunday. The lending initiative was first announced in |
| 1:33.3 | July and will start with $2 billion in funds, which could eventually grow to tens of billions |
| 1:39.0 | of dollars. Cantor has been the custodian for tether's U.S. Treasury since 2021. |
| 1:49.3 | They've also acquired a 5% stake in Tether, reportedly worth around $600 million. |
| 1:56.9 | Lutnik is also serving as co-chair of Trump's transition team, and last week became Trump's pick to lead the U.S. Department of Commerce, |
| 2:00.7 | a role that would position him to influence the U.S. crypto landscape. Lutnik said last week that if his position is confirmed, he will step down from Cantor, |
| 2:05.3 | as well as his positions at BGC and Newmark. |
| 2:08.4 | De Vesini reportedly said privately earlier this year that Lutnik will use his political clout |
| 2:13.5 | to try to diffuse threats facing tether. |
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