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Hoth Therapeutics to buy up to $1 million worth of Bitcoin

Hoth Therapeutics, a publicly-traded biopharmaceutical company, has adopted Bitcoin (BTC) as a treasury asset.

The clinical-stage biopharmaceutical company announced on Nov. 20 that its board of directors had approved adding BTC to its balance sheet. In the first step of this significant move, Hoth Therapeutics will buy up to $1 million in Bitcoin, according to details in a press release.

Big move as Hoth buys Bitcoin

Hoth points to Bitcoin’s traction as an investment asset, global adoption and rising institutional purchase as key to its decision. Bitcoin ETFs and options approval, increased ETF inflows and assets as well as plans for strategic BTC reserves has also buoyed several platforms.

The Hoth management team also looked at BTC as a hedge against inflation and store of value as crucial features.

“As Bitcoin continues to grow, gaining investor attention and acceptance as a major and primary asset class, we believe that Bitcoin will serve as a strong treasury reserve asset,” Robb Knie, chief executive officer of Hoth said.

“With recent approval of Bitcoin ETFs and increasing activity from institutional investors, it is a strong addition to our treasury strategy. We believe its inflation-resistant characteristics may make it a reliable asset as a functional store of value,” Knie added.

Hoth’s move comes as MicroStrategy, the company that has acquired a massive BTC haul since its first purchase in 2020, added to its holdings with a $4.6 billion purchase. Other companies, including ‘Asia’s MicroStrategy’ Metaplanet are looking to follow suit.

Endowments, pension funds and family offices are among those to also take a serious look at Bitcoin.

Meanwhile, the price of Bitcoin has surged to new all-time highs above $94,000 amid positive sentiment since Donald Trump’s re-election. Analysts say the benchmark crypto asset will surpass $100k, going parabolic in the next months.

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BlackRock’s Bitcoin ETF options brings in nearly $2b in trade on day one

  • Bitcoin hit a record of more than $94,000 following the launch of options contracts on BlackRock’s IBIT
  • 289,000 contracts were Calls and 65,000 were Puts, meaning investors were bullish on a Bitcoin price rise
  • Joe Constori said the market is bullish that Bitcoin’s price will reach $100,000 by the end of 2024

Options contracts on BlackRock’s iShares Bitcoin Trust (IBIT) saw “unheard-of” notional exposure levels, helping push Bitcoin to a record of over $94,000.

Taking to X, Bloomberg ETF analyst James Seyffart, said:

“Final tally of $IBIT’s 1st day of options is just shy of $1.9 billion in notional exposure traded via 354k contracts. 289k were Calls & 65k were Puts. That’s a ratio of 4.4:1. These options were almost certainly part of the move to the new #Bitcoin all time highs today.”

Buying calls is bullish as investors only profit if the price of Bitcoin goes up. With the new options contract, investors can speculate on price movements by trading shares at predetermined prices.

Joe Constori, head of growth at Theya and institutional lead at the Bitcoin Layer, said on X that “TLDR; the market is bullish that Bitcoin’s price ends the year well over $100k.”

Bloomberg’s senior ETF analyst Eric Balchunas added:

“$1.9b is unheard of for Day One. For context, $BITO did $363m and that’s been around for four years. And also this is with 25,000 contract position limits.”

Increasing institutional interest

The launch of BlackRock’s options contracts comes as institutional interest in Bitcoin rises. With the IBIT options, investors can gain exposure to new avenues of investment while managing their risk through the call and put options without owning the underlying asset.

In January, the US Securities and Exchange Commission (SEC) approved the first 11 spot Bitcoin exchange-traded fund (ETFs). Since then, the market has grown with BlackRock leading the way.

At the end of October, BlackRock’s IBIT reached $30 billion in net assets in a record 293 days. Two weeks later, it reached $40 billion in net assets in 211 days, showcasing rising interest in crypto investments.

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Bitfinex Securities launches first tokenized US Treasury bill in El Salvador

  • Bitfinex Securities is teaming up with NexBridge to bring a tokenized US Treasury bill to El Salvador.
  • USTBL leverages Bitcoin’s technology of Liquid Network and Blockstream AMP.
  • Proceeds of the $30 million initial raise are to be allocated in iShares Treasury Bond 0-1yr UCITS ETF, per the announcement.

Bitfinex Securities and NexBridge, a digital asset issuer focused on tokenization of financial assets, have teamed up to launch the first tokenized US Treasury bill in El Salvador.

The tokenized T-bill, USTBL, leverages Bitcoin technology. Specifically, the issuers are leveraging the flagship digital asset’s Liquid Network and Blockstream AMP, an asset management platform that allows users to issue and manage crypto assets on the Liquid Network.

Subscriptions for the USTBL open on Nov. 19

According to a press release, the product will have an initial offering soft capped at $30 million, and will offer investors access to US Treasury returns in USD. USTBL is backed by iShares Treasury Bond 0-1yr UCITS ETF, the short-term Treasury bond ETF of asset management giant BlackRock.

Initial subscriptions open on November 19, 2024, and closes on November 29. However, investors will also get access via further subscription windows. Subscriptions are initially available in the stablecoin Tether (USDT), while the issuers have plans to add support for Bitcoin (BTC).

“The inclusion of USTBL tokens in investment portfolios will enable investors to balance digital asset exposure with the stability of traditional finance, offering a new level of diversification that can help reduce overall portfolio risk,” Jesse Knutson, head of operations at Bitfinex Securities, said in a statement.

Michele Crivelli, founder of NexBridge, added:

“By leveraging Bitcoin’s technology and infrastructure, we’re laying the foundation for a globally accessible financial ecosystem, bringing tokenized U.S. Treasuries to investors worldwide while maintaining full regulatory compliance.”

This launch comes amid massive traction across real-world assets tokenization. The RWA on-chain market has grown rapidly with products such as funds, bonds and credit.

According to rwa.xyz, the global RWA market is currently over $13 billion, with tokenized US treasuries, bonds and cash equivalents at $2.4 billion.

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Thumzup to add Bitcoin payments for gig economy workers

  • Thumzup will soon pay its gig workers via Bitcoin.
  • The Nasdaq-listed media and marketing firm recently added BTC as a treasury asset.

Thumzup, the media marketing company that recently adopted a Bitcoin (BTC) strategy with a $1 million purchase, has announced plans to add crypto payments for gig economy workers.

In a Nov. 19 announcement, Thumzup Media Corporation said it planned to soon add Bitcoin to its gig economy workers. The publicly-traded company will offer this option via its Account Specialist Program (ASP). It’s a move that expands on the marketing solutions provider’s businesses that allows its clients to pay cash to fans via Venmo and PayPal.

This latest move also adds to the growing adoption of cryptocurrency payments, particularly in the gig economy.

For its feature, Thumzup will leverage top crypto platforms like Coinbase to integrate BTC into its payout system.

“We’re thrilled to empower the gig economy with the option of Bitcoin payments, especially in tech-forward areas like Los Angeles and South Florida,” Robert Steele, chief executive officer of Thumzup, said in a statement.

“This initiative offers them faster transactions, lower fees, and more financial privacy. Plus, with Bitcoin’s growing acceptance, they can easily use their earnings for daily expenses or as a potential investment,” Steele added.

Thumzup plans to roll out the ASP feature with crypto payments from January 2025. While the new model is expected to see greater traction, Thumzup will continue to support traditional bank payments for those that prefer the existing options.

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Metaplanet to buy additional $11.7 million Bitcoin

  • Metaplanet to raise ¥1.75 billion (over $11.7) in bonds to buy Bitcoin (BTC).
  • The publicly-listed Japanese company has also unveiled a shareholder benefits program.

Metaplanet, a publicly-traded company listed in Japan, has announced plans to buy more Bitcoin (BTC) to add to its growing haul.

On Nov. 18, the Tokyo Stock Exchange listed Bitcoin Treasury Company announced it was looking to raise ¥1.75 billion in bonds to buy the flagship cryptocurrency.

The firm has issued one-year 0.36% bonds at ¥1.75 billion, approximately $11.7 million, and will use the proceeds to purchase more BTC. Currently, Metaplanet holds over 1,000 BTC.

Metaplanet is Japan’s MicroStrategy

Metaplanet’s board of directors resolved to issue the third series ordinary bonds during a meeting held on November 18, 2024, according to a regulatory disclosure. The bondholder will be EVO FUND, while the bonds will mature on November 17, 2025.

In Oct., Metaplanet announced it had adopted ‘BTC Yield’ as a key performance indicator. This followed the industry pioneer MicroStrategy whose strategy continues to inspire several other companies. On its part, MicroStrategy is eyeing $42 billion in capital over the next two-to-three years to buy Bitcoin.

Earlier this month, Michael Saylor revealed the US-based firm had acquired an addition 27,200 BTC for over $2 billion. Since the company started buying the scarce asset, it has hoarded 279,420 bitcoins purchased for over $11.9 billion.

Over the past year, MicroStrategy’s treasury operations have seen holders get 26.4% in BTC Yield – representing 157.5 BTC in daily accumulation. As Saylor recently noted, his company has achieved this “without the operational costs or capital investments typically associated with bitcoin mining.”

Metaplanet has announced a shareholder benefits program. According to the company, the program will offer exclusive perks and other added value offerings to shareholders. The firm is teaming up with VC Trade, Hotel Royal Oak Gotanda, The Bitcoin Conference, Bitcoin Magazine, and Webull Securities on this initiative.

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