PLUS: Weekly crypto fund flows May 29, 2024 | [Read Online]( ð¥ This company just bought $40M in Bitcoin ð PLUS: Weekly crypto fund flows [fb]( [tw]( [in]( [email](mailto:?subject=Post%20from%20Milk%20Road&body=%F0%9F%A5%9B%20This%20company%20just%20bought%20%2440M%20in%20Bitcoin%20%F0%9F%93%88%3A%20PLUS%3A%20Weekly%20crypto%20fund%20flows%20%0A%0Ahttps%3A%2F%2Fthemilkroad.beehiiv.com%2Fp%2Fcompany-just-bought-40m-bitcoin) Todayâs edition is brought to you by Stacks - the leading Bitcoin L2 gearing up for the largest update yet with the Stacks Nakamoto Release - [Bitcoin is more than you think.]( [Check out the top 8 DeFi Apps on Stacks.]( [breaker] GM. This is Milk Road, making your hump day a whole lot smoother with the latest in crypto. ð« Hereâs what we got for you today: - Healthcare company goes big on Bitcoin ð° - Chart of the day: Weekly crypto fund flows ð - PayPal USD now available on Solana ðª
[Prices as of 9:30AM ET. Click here for our Fear & Greed Index]( [breaker] HEALTHCARE COMPANY BETS BIG ON BITCOIN ð° Semler Scientific ($SMLR), a NASDAQ-listed healthcare company, just went full crypto and decided to stash most of their cash in Bitcoin! Forget gold; they believe Bitcoin is the ultimate long-term store of value and the best way to dodge inflation. Yesterday, they dropped the news that they bought 581 Bitcoin, worth a cool $40 million. The market went bananas! ð
[Source: @FrankAFetter]( A few weeks ago, Semler Scientific disclosed holding $62.9M in cash, which means a whopping 63.6% of their treasury is in $BTC. We've seen this trend take off since [Tesla]( started allocating part of its treasury to Bitcoin back in 2021. ð« The Milk Man canât help but wonder, what if the biggest 5 companies allocated just 1% of their treasury to $BTC? Let's do some quick napkin math: - Let's take Apple, Amazon, Meta, Google and Microsoft - If we add up all the Cash & Cash Equivalents + Long-Term Investments like stocks, bonds, and real estate, these companies hold about $639.2 billion. (Talk about big bucks!) - Now, if they all decided to allocate a very conservative 1% to $BTC, that would be ~93,669 Bitcoin. - This would account for about 0.47% of the total circulating supply, without even considering the 6M Bitcoin thatâs estimated to be lost for good. Crazy, rightâ¦Â Well, want to hear something even crazier? Let's talk about Metaplanet, better known as Japan's MicroStrategy. Metaplanet Inc., a Japanese Bitcoin consulting firm, has seen its shares jump from 41 JPY to 90 JPY (Japanese Yen). Right now, the company is sitting on 117.7 BTC, worth a cool Â¥1.2B ($7.7M USD). And on Tuesday, Metaplanet's board decided it was time for a little more action, so they announced theyâll be purchasing an extra Â¥250M ($1.6M USD) worth of Bitcoin. Their stock went up 370% from the initial $BTC purchase, last month, to itâs recent high.
[Source: @teddyfuse]( MetaPlanet is on a mission to scoop up Bitcoin like it's the last slice of pizza at a party. They've also announced plans to triple their number of authorized shares (aka selling new shares to the public) to accumulate even more $BTC, copying the strategy of American Bitcoin champ MicroStrategy. Why is this working? The Japanese Yen is tanking, so Metaplanet's Bitcoin stash is a sweet hedge against the Yen's nosedive, with Bitcoin up 173% against the JPY in the past year and hitting new highs.
[Source: Google Finance]( This is exactly what the Milk Man has been preaching all along: more institutions are adding $BTC to their treasuries, and this rocket ship is just taking off! ð Even public companies from developing countries are joining the party. Take MercadoLibre, the e-commerce giant from Argentinaâthey've added 150 $BTC to their balance sheet. Why? Because they know that Bitcoin is an amazing shield against currency devaluation and inflation. ð¡ï¸ð¸ For a deeper dive, catch our latest episode on Milk Road Radio â where we explore Semler Scientific's bold Bitcoin investment, Metaplanet's skyrocketing success and what this means for institutions in the long run. We gave you a taste here, but the episode spills ALL the details in a snappy 20 minutes. [YouTube]( | [Spotify]( | [Apple Podcasts]( [STACKS AFTER THE GRAYSCALE TRUST APPROVAL]( With the rise of layer 2 solutions like [Stacks (STX)]( at the helm, users are separating BTC the asset from Bitcoin, the settlement layer for a global Bitcoin economy. With the announcement of the [Stacks Trust by Grayscale](, the worldâs largest crypto asset manager, adoption of the Bitcoin L2 will increase exponentially. Join the Bitcoin Builders community this year in Nashville during the [Bitcoin Builders Conference](, July 25-26. The Stacks ecosystem is also preparing for the Nakamoto Upgrade, which will bring fast block times and Bitcoin finality, marketing a new era of security, usability, and utility for builders and users. Ready to join the movement as Bitcoinâs season 2 heats up? [Check out the top 8 DeFi Apps on Stacks.]( [breaker] CHART OF THE DAY: WEEKLY CRYPTO FUND FLOWS ð Hold onto your crypto bags, folks! Last weekâs inflows of $1B were hotter than a jalapeño in a sauna. Thatâs the 3rd straight week of inflows! ð Letâs dive into the numbersâ¦
[Source: CoinShares]( Hereâs the scoop: - Bitcoin ([$BTC](): The king of crypto is still on its throne with a staggering $1.01 billion in inflows. After a sluggish April, Bitcoin is partying like itâs 2017 all over again. - Ethereum ([$ETH](): Our beloved [$ETH]( saw inflows of $36 million, the highest since March! - Regional Dominance: The US led the charge with a whopping $1.03 billion in inflows. - Europeâs Contribution: Germany and Switzerland chipped in with inflows of $48 million and $30 million, respectively. Not too shabby for the lands of precision engineering and chocolate. - Asiaâs Performance: Hong Kong, once the darling with $300 million in first-week Bitcoin ETF inflows, saw a $29 million outflow. Guess the honeymoon phase is over. - Other Action: Solana ([$SOL]() made a splash with $8 million in inflows. Seems like [$SOL]( just isnât quite ready for the limelight yet. Looks like the crypto market is shaking off its Spring sorrows and gearing up for a sunny summer. With Bitcoin leading the pack and Ethereum showing signs of life, itâs an exciting time to be on top of crypto flows! Will we see a 4th straight week of inflows this week? A/ Yes B/ No Reply to this email and let us know your thoughts! [breaker] BITE-SIZED COOKIES FOR THE ROAD ðª [Deeplink has joined the NVIDIA Inception Program â a unique program that nurtures startups at various stages of their cycle.]( This is a step into a future where connectivity is intuitive, efficient, and all-encompassing.* [Judge Orders SEC To Pay $1.8 Million In Legal Fees, Dismisses Case Against Debt Box.]( The SEC has been ordered to cover the attorney fees and relevant receivership fees of around $1.8 million incurred by Debt Box. The case has been dismissed without prejudice, allowing for potential future action by the SEC. [BlackRock Takes the Crown for the Largest Spot Bitcoin ETF From Grayscale.](BlackRock's IBIT has surpassed Grayscale's GBTC, becoming the largest spot bitcoin ETF in the U.S. The investment giant added IBIT to its income and bond-focused funds on Tuesday, contributing to its rise as the largest spot bitcoin ETF product. [Researchers 'hack time' to recover $3 million bitcoin wallet.]( A decade-old flaw in a password generator allowed hackers to recover over $3 million in $BTC that had been stuck in a wallet since 2013. [Gemini Earn users will get back $2.18 billion of their crypto in-kind, Winklevoss-owned exchange says.]( This represents a 232% recovery from when withdrawals were halted in November 2022 after Genesis Global Capital, to which Gemini had loaned the crypto, filed for bankruptcy. [Ripple Donates Another $25M to Influence Crypto-Related Policies.]( Ripple has donated an additional $25 million to Fairshake, a political advocacy group focused on electing crypto-friendly candidates. This brings Ripple's total donations to Fairshake to $50 million. [PayPal USD Stablecoin Now Available on Solana Blockchain.]( PayPal announced today that its PayPal USD (PYUSD) stablecoin is now available on the high-speed, low-cost Solana blockchain. Crypto.com, Phantom and Paxos are among the first to provide on-ramps for using PYUSD on Solana. [Wanna team up with the Milk Man?]( We currently have 3 positions open â check âem out and [apply here](! *This is sponsored content [breaker] MILKY MEMES ð¤£
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