Crypto Daily｜Saylor Says Strategy Is At An "Inflection Point"; CZ Threatens Elizabeth Warren With Lawsuit

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Michael Saylor Boosts Yield, Says Strategy Is at an ‘Inflection Point’

Michael Saylor is raising the stakes for almost everyone that is touched by his multibillion dollar bet on Bitcoin.

The head of the digital asset treasury firm Strategy Inc. is boosting the yield on the preferred shares that he’s designated as the company’s primary source of funding going forward to help shore up faltering demand and keep the gambit going.

“We are kind of in an inflection point we believe, our multiple of net asset value has been trending down over time as the Bitcoin asset class matures and the volatility decreases,” Saylor, the co-founder and chairman of the company formally called MicroStrategy, said during an earnings conference call Thursday.

Coinbase Rises After Revenue Climbs More Than Estimates

Shares of Coinbase Global Inc. rose as much as 4% after the largest US crypto exchange reported revenue that exceeded Wall Street’s third-quarter estimates on the back of an uptick in trading while token prices climbed to record highs.

Revenue increased by 55% to 1.9 billion, ahead of analysts’ estimates of $1.8 billion. Revenue was $1.5 billion in the second quarter. Net income rose almost fivefold to $433 million, or $1.50 a share, from $75.5 million, or 28 cents, in the year-ago period.

CZ threatens Elizabeth Warren with lawsuit over ‘money launderer’ claim

Founder and former CEO of Binance, Changpeng Zhao, has for the past week been locked in a war of words and threats with Massachusetts Senator Elizabeth Warren.

The back and forth has the senator referring to the cryptocurrency entrepreneur as a “money launderer” and suggesting, “If Congress does not stop this kind of corruption (the pardoning of financial criminals), it owns it.”

Meanwhile, a lawyer for Zhao told the New York Post, “Mr. Zhao respectfully immediately requests the retraction of these false statements, both within the resolution and on X,” adding, “Mr. Zhao reserves his right to pursue all legal remedies available to address these false statements.”

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Thursday was $488.43 million. The total net asset value of Bitcoin spot ETFs is $143.94 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.71%.

The Bitcoin spot ETF with the highest net outflow on Oct. 30 was iShares Bitcoin Trust ETF , with a net outflow of $290.88 million. Followed by Cboe Global Markets, Inc , with a net outflow of 65.62 million, according to SoSoValue.