Monat: August 2024

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South Korea’s national pension fund buys $34M of MicroStrategy shares

The National Pension Service, South Korea’s national pension fund, has reported purchases of nearly $34 million in MicroStrategy shares.

NPS is South Korea’s largest public pension fund and the third-largest in the world with over $729 billion worth of assets.

Wu Blockchain shared the news via X:

Details filed with the US Securities and Exchange Commission indicate the NPS acquired 245,500 of MicroStrategy shares at a total of $33.5 million. The filing relates to the fund’s investments in the quarter ending June 30, 2024.

According to news outlet Infomax, the National Pension Service’s investment in shares of the US-based MicroStrategy accounts for 0.04% of the fund’s total investment in US stocks.

Apart from MSTR, the fund also holds more than $51 million in Coinbase shares, $31.5 million in Roblox and over $61 million in shares of Block, Inc. The fund also holds shares of AI-chip powerhouse Nvidia, and tech giants Google and Microsoft.

MicroStrategy shares up 92% YTD

While the MicroStrategy stock has plummeted 20% as the crypto market struggles with choppy conditions. Despite falling from highs of $180 in mid-July to currently around $131, MSTR remains more than 92% up year-to-date.

MicroStrategy, as well as top crypto related companies such as Coinbase, are largely bullish amid growth and projections for Bitcoin. For Michael Saylor-led MicroStrategy, part of the success has come after adopting the strategy of adding BTC to its balance sheet.

MSTR has soared alongside Bitcoin since MicroStrategy first bought BTC in 2020, the latest surge coming amid Bitcoin’s push to reclaim $60k.

Saylor said in a recent post on X that MSTR has outperformed 499 of the 500 stocks in the S&P 500.

The company acquired an additional 12,222 BTC in Q2, 2024, adding more than $805 million in BTC to its haul. Currently, MicroStrategy holds 226,500 BTC worth over $13 billion.

The post South Korea’s national pension fund buys $34M of MicroStrategy shares appeared first on CoinJournal.

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Poodlana token sale nears $8M ahead of Raydium listing

Poodlana, the fast-growing Solana meme coin, is set to list on Raydium, on Friday after running one of the most successful token sales of the year. 

Poodlana token listing is nearing

With four hours to go, the developers have raised over $7.9 million from investors, a figure that could top $8 million.

Poodlana, unlike other cryptocurrencies that spend months before listing in exchanges, will start trading almost immediately after the sale ends. Precisely, it will start trading on Raydium, just one hour after that. 

Raydium has grown into the most popular Solana DEX. Data by DeFi Llama shows that the network has over $910 million assets in the ecosystem. At the same time, it has handled over $2.7 billion worth of transactions in the last 7 day and is continuing to gain market share. 

Raydium is not the only exchange that is expected to list Poodlana. MEXC, one of the biggest crypto exchanges in the world, has pledged to list the token on August 19th while the developers have hinted that a major tier 1 exchange – most likely Binance or OKX – will list it on August 23rd.

Listing the Poodlana token is just the beginning of what is expected to be a long journey to make the POODL token one of the biggest meme coins in the world. After its launch, the developers will continue marketing the token in a bid to make it the most popular asset in crypto. 

The next phase will involve building the ecosystem, such as introducing staking, where users can earn returns. They will also launch more airdrops and bonuses to reward long-term holders. 

The ecosystem growth is important in the meme coin industry, which is often short-term. Just this year, many meme coins like MOTHER, DADDY, and WATER surged, attracted buyers, and have now imploded.

Poodlana’s appeal

Poodlana hopes to change the short-term nature of meme coins. As part of its appeal, the developers have named it after Poodle, a highly popular Japanese dog that often sells for more money than other brands like Shiba Inu and Floki.

At the same time, it is a luxury brand that sees itself as Hermes, the most popular brand among the elite. While most luxury brand stocks like Kering and Burberry have slumped, Hermes stock has risen to the highest point on record.

There are other reasons to be bullish on Poodlana now that cryptocurrencies are retreating and the sentiment has waned. In a statement, Miles Deutscher, a popular crypto analyst, hinted that this boring phase could be a form of accumulation and that cryptocurrencies could bounce back soon.

The main catalyst for these coins will be the upcoming Federal Reserve interest rate cuts, the end of the summer season, and the end of the American election. You can buy the POODL token here.

The post Poodlana token sale nears $8M ahead of Raydium listing appeared first on CoinJournal.

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Floki becomes official crypto partner of Nottingham Forest

Floki has partnered with English Premier League club Nottingham Forest Football Club, becoming the football club’s official cryptocurrency partner for 2024/2025 season.

The partnership comes just two days after Floki announced its marketing campaign for the play-to-earn metaverse game Valhalla.

Boost for Floki’s marketing

As revealed, the campaign will run for the upcoming EPL season. Now Floki, whose native token will power the Valhalla game, will also tap into the Premier League’s global appeal to market the cryptocurrency.

“This dual approach – Valhalla’s league-wide campaign and Floki’s partnership with Nottingham Forest – presents a unique chapter in our marketing journey: we’re not just aligning with world-class football, we’re establishing a presence across the entire Premier League landscape,” the Floki team wrote.

Floki’s role as Nottingham Forest’s official partner will see the crypto project enjoy brand marketing in the stadium, media presence, social media integration and other exclusive experiences.

The crypto project’s brand name will for instance, feature on camera-facing LED adverts, with this set for a 3-minute appearance during all of Nottingham Forest’s home games.

Other than Floki, there are other crypto projects and companies that have partnered with EPL clubs.

Recently, crypto exchange Kraken struck a partnership with Tottenham Hotspur, while OKX partnered with Manchester City since  July 2022.

The post Floki becomes official crypto partner of Nottingham Forest appeared first on CoinJournal.