The rise of the Bitcoin treasury, Dec. 30–Jan. 6

The price of Bitcoin (BTC) plunged below $ 43,000 on Thursday in a selloff that was fueled by the Federal Reserve’s renewed promise to begin undoing its support for the pandemic stimulus. For the so-called diamond hand investors among us, the slide presents an attractive entry point to continue accumulating BTC at discount rates.

2021 was the year that institutions and corporations became big drivers and shakers in the Bitcoin market. At the end of the year, corporations and mutual funds had approximately 1.48 million BTC, which represents 7% of the current circulating supply. Do you think FUD is going to shake up these big strategic investors?

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Increase in Bitcoin corporate treasuries

The number of publicly traded companies owning Bitcoin grew in 2021, as more corporate executives began to recognize the value proposition of the digital asset. According to online analyst Willy Woo, corporate treasuries have gained market share from major exchange-traded funds, sending a strong signal that corporations are having a bigger impact on the Bitcoin market.

Related: Bitcoin Could Outperform Stocks In 2022 Amid Fed Tightening: Bloomberg Analyst

WonderFi plans to buy Bitbuy’s parent company for $ 162 million

WonderFi Technologies, a decentralized financial platform backed by business mogul Kevin O’Leary, announced this week that it will acquire Bitbuy owner First Ledger Corp in a deal valued at $ 162 million. Founded in 2016, Bitbuy is a licensed cryptocurrency exchange operator in Canada with more than 375,000 users. To finance the purchase, WonderFi will issue 70 million new shares, pay $ 15.7 million in advance and $ 23 million in deferred cash over 12 months.

Canaan expands its presence in Kazakhstan

Rising fuel prices fueled unprecedented political unrest in Kazakhstan this week, forcing the country’s presiding cabinet to resign unexpectedly. Just a day earlier, Chinese mining manufacturer Bitcoin Canaan Inc announced that it had expanded its business ties with the central Asian country. As of December 31, 2021, Canaan had deployed 10,300 AvalonMiner units in Kazakhstan. Political turmoil in Kazakhstan had a negative impact on the Bitcoin network, which saw its hash rate plummet 13.4% in a matter of hours.

Related: Cointelegraph Consulting: 2021 Crypto Events in Hindsight

NFT-focused portfolio company closes $ 50M Series A

Digital asset curator Metaversal concluded a $ 50 million investment round that was co-led by CoinFund and Foxhaven, with additional participation from Dapper Labs, Digital Currency Group, Rarible, and Theta Blockchain Ventures, among others. Metaversal will use the proceeds to expand its NFT-focused business, which includes acquiring more digital collectibles and supporting emerging projects in the space.