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  • 12/21/24: MicroStrategy's 3,000% Share Increase 🚀🏢💰

12/21/24: MicroStrategy's 3,000% Share Increase 🚀🏢💰

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Top News

  1. MicroStrategy buys 5,262 BTC, joins Nasdaq-100

  2. Crypto.com launches US sports prediction market

  3. IRS confirms crypto staking is taxable upon receipt

Specs’ Insights

1. MicroStrategy buys 5,262 BTC, joins Nasdaq-100

⌐◪-◪ → Saylor is a Bitcoin bull, bull, bull.

MicroStrategy’s bullishness knows no bounds. The company has proposed increasing Class A common shares by 3,000%, from 330 million to a staggering 10.33 billion shares. This move is part of their 21/21 plan, aiming to raise $42 billion ($21B in equity, $21B in fixed-income instruments) for future Bitcoin purchases.

This announcement coincided with MicroStrategy joining the NASDAQ-100, making them the first Bitcoin company to be included. The move gives a $5.8 trillion passive fund market with $2.59B flowing daily indirect Bitcoin exposure.

On top of that, they just bought 5,262 more BTC at an average price of $106,000, bringing their total holdings to 444,262 BTC. Saylor’s unrelenting confidence in Bitcoin has some speculating he might actually be from the future.

2. Crypto.com launches US sports prediction market

⌐◪-◪ → Prediction markets are the new casinos.

Crypto.com has entered the prediction market game in the U.S., starting with the Super Bowl.

As a major brand with deep ties to sports fans (thanks to partnerships with F1 and other AAA sponsorships), Crypto.com’s entry into prediction markets is a natural fit. Their new platform competes with Polymarket, which currently boasts $211M in Super Bowl-related trading volume.

Crypto.com’s edge? A sleek UI and seamless integration with their wallet app make onboarding "normies" far easier than Polymarket. Better yet, it’s fully compliant with U.S. regulations under the CFTC, thanks to guidance from Kalshi.

The battle between crypto-native prediction markets and traditional sports betting just got interesting. Trade the outcome of THE BIG GAME now (nice dodge of the NFL trademark, btw).

3. IRS confirms crypto staking is taxable upon receipt

⌐◪-◪ → The tax man wants your staking rewards!

The IRS has doubled down on its stance that cryptocurrency staking rewards are taxable as income upon receipt, as per Revenue Ruling 2023-14 issued earlier this year.

The ruling reaffirms that taxpayers must include the fair market value of staking rewards in their gross income for the year they gain control over the tokens — a position that has been consistent despite ongoing legal challenges.

Notably, investor Joshua Jarrett has led the charge in disputing this stance, arguing that staking rewards should only be taxed when sold or converted into fiat. His lawsuit continues to draw attention to the broader debate over staking taxation.

The controversy underscores the complexity of taxing new financial technologies. While some hope for clearer and more user-friendly tax policies, others believe big changes could come with the Trump administration’s incoming Department of Government Efficiency.

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