I hope you had a good weekend, folks. In today's newsletter, MicroStrategy buys a record $5.4 billion in bitcoin, crypto game developer Sky Mavis cuts 21% of its workforce, Solana's monthly DEX volume exceeds $100 billion and more.

Meanwhile, U.S. spot Bitcoin ETFs lead a $3.1 billion net weekly inflow record into global crypto investment products. Plus, U.S. customs reportedly halt Bitmain imports amid speculation over sanctions.

Let's get started.

MicroStrategy buys record $5.4 billion in bitcoin

Business intelligence firm and corporate bitcoin holder MicroStrategy purchased another 55,500 BTC for $5.4 billion between Nov. 18 and Nov. 24, according to an 8-K filing with the SEC on Monday.

• It represents the company's largest set of acquisitions to date and follows the completion of a $3 billion debt offering on Nov. 21, with net proceeds of $2.97 billion, and the sale of 5,597,849 shares between Nov. 18 and Nov. 24 for approximately $2.46 billion.
• As of Nov. 24, the company said approximately $12.8 billion worth of shares remained available for sale as part of its planned $21 billion equity offering and $21 billion in debt, targeting a total $42 billion capital raise for further bitcoin acquisitions over the next few years.
• MicroStrategy now holds 386,700 BTC — worth around $37 billion — bought at an average price of $56,761 per bitcoin for a total cost of around $21.9 billion, including fees and expenses, according to co-founder and executive chairman Michael Saylor.
• The latest acquisitions follow the $4.6 billion and $2 billion sets of bitcoin purchases the firm announced over the past two weeks.
• Earlier on Monday, analysts at research and brokerage firm Bernstein said they anticipated MicroStrategy will acquire 4% of bitcoin's circulating supply over the next decade and raised their end of 2025 MSTR stock price target to $600.
• If achieved, MicroStrategy would hold approximately 830,000 BTC, or $830 billion worth of the cryptocurrency at a price of $1 million per bitcoin, by the end of 2033, the analysts said.

Axie Infinity game developer Sky Mavis lays off 21% of workforce

Axie Infinity crypto game developer Sky Mavis is laying off 21% of its workforce, affecting about 50 of its 250 global team, amid a "shift in priorities," according to CEO and co-founder Trung Nguyen.

• "I want to be absolutely clear: this decision is not related to the company's budget or financial health," Nguyen wrote on X. "It is a strategic move that allows for a sharper focus and positioning Sky Mavis for hypergrowth in 2025 and beyond."
• The company plans to prioritize expanding the Ronin Network and Mavis Marketplace and developing a new Axie Infinity game.
• Sky Mavis was founded in 2018 and rose to prominence as its play-to-earn game reached heights of 2.7 million daily active users during the pandemic.
• However, its Ronin Ethereum sidechain suffered a major hack in 2022, resulting in a loss of around $600 million.

Solana's monthly DEX volume surpasses $100 billion for the first time

Solana's decentralized exchanges surpassed $100 billion in monthly trading volume for the first time, generating a record $109.8 billion in November so far, doubling Ethereum's $55 billion.

• The surge in trading volume, up over 100% from October's $52.5 billion, was driven by the ongoing memecoin frenzy coupled with Solana's low transaction fees and user-friendliness, according to The Block's Research Director Eden Au.
• Solana-based platforms Raydium and Pump.fun have also hit record-high fee revenue of $182 million and $71.5 million, respectively, this month, according to DeFiLlama data.
• Au said it is likely that Solana will continue to add more retail users in the coming year — "As we likely enter a bull market in 2025, retail speculators who seek higher returns will flock to the memecoin space as liquidity trickles down from the major cryptocurrency market."

Ether gains momentum as capital shifts from bitcoin and derivatives activity increases

Capital is shifting from bitcoin to ether, with derivatives activity signaling strong confidence in ETH's near-term upside, according to analysts at Wintermute and QCP Capital.

• Ether gained over 6% in the past 24 hours, briefly trading above $3,500, while bitcoin fell around 1% to approximately $95,000.
• Increased demand for ether call options and record-high open interest indicates a preference for ether's upside potential over bitcoin, the analysts said.
• The shift has also sparked OTC demand for Ethereum-based altcoins like Pepe, which gained over 50% in two just weeks, as traders expect bitcoin to trade sideways until December, they said.

Pump.fun live streams are going too far — even for the crypto community's liking

Solana-based memecoin launcher Pump.fun has come under severe scrutiny after reports of users threatening self-harm and violence during promotional live streams if their tokens fail to reach certain price levels.

• The increasingly dangerous behavior, including criminal acts and suicide threats, is causing serious concern for even the most high-risk degenerate participants in the crypto community.
• Alon, one of the platform's founders, acknowledged the community's "very legitimate concerns" but claimed content is actively moderated and that "hundreds" of streams have been taken down.

In the next 24 hours

• The latest U.S. FOMC meeting minutes are released at 2 p.m. ET on Tuesday.

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