Crypto News: Justin Suns $30M Crypto Move, Rumble Invests in Bitcoin, and SEC Chair Exit
Keep up with all the exciting updates from StealthEX and CryptoDaily! Each week, we bring you the biggest stories from the world of crypto. Wondering whats been happening lately? Weve put together a simple and easy-to-follow recap of the most important news. No complicated terms or overwhelming detailsjust clear and helpful updates to keep you informed. Whether youre a crypto pro or just curious, weve got you covered. Ready to explore whats new? Lets get started!
Justin Sun Commits $30M to Trumps Crypto Venture
Justin Sun, the founder of Tron, has invested $30 million into President-elect Donald Trumps new crypto project, World Liberty Financial. The venture aims to function as a digital asset bank, offering lending, borrowing, and investment opportunities in its own token, WLFI.
This hefty investment makes Sun the projects largest backer. Known for his bold moves, including paying $6.2 million for a controversial art piece at a Sothebys auction, Sun shared his enthusiasm on X. He praised the project, calling it a step toward solidifying the US as a global blockchain leader. He also voiced support for Trumps efforts to drive innovation in decentralized finance (DeFi).
World Liberty Financial is being promoted by Trump and his sons, who hold roles as Web3 ambassadors. With a launch goal of raising $300 million and a $1.5 billion valuation, the project initially marketed its offering offshore. Suns contribution, however, represents a domestic investment, marking a significant milestone. The project responded with gratitude, highlighting a shared vision for blockchain growth.
Currently, US access to the platform is limited to accredited investors. Non-US participants can already join, and the project plans to extend access to all Americans soon. Over 100,000 individuals have shown interest in buying the WLFI token, though only a fraction has officially invested.
With Suns backing, the platform has seen a surge in activity, surpassing $30 million in sales and unlocking revenue-sharing agreements tied to Trumps LLC. Excitement around the project continues to grow, with further developments anticipated in the near future.
Rumble Dives Into Bitcoin with $20M Investment Plan
Video-sharing platform Rumble is stepping into the crypto world, announcing plans to invest up to $20 million of its cash reserves in Bitcoin. The move highlights the growing trend of companies adopting Bitcoin as part of their financial strategies.
Rumble, known for its alternative approach to mainstream platforms, is diversifying its treasury. The companys Board of Directors has approved the purchase, signaling strong belief in Bitcoins long-term potential. The initial phase of the plan focuses on acquiring up to $20 million worth of the cryptocurrency, according to a public statement made on Monday.
Chris Pavlovski, Rumbles CEO, shared insights into the decision. He described Bitcoin as a hedge against inflation and praised its independence from government-controlled monetary policies. Pavlovski noted that Bitcoin adoption is still in its early stages but is accelerating, thanks to a crypto-friendly U.S. administration and rising institutional interest. He emphasized Bitcoins ability to resist the effects of money printing, making it a valuable addition to the companys financial strategy.
Rumbles move mirrors steps taken by other major companies, including MicroStrategy, Tesla, and Block, all of which have embraced Bitcoin. Smaller firms have also started following suit, highlighting the growing appeal of cryptocurrency as a corporate asset.
Pavlovski also emphasized Rumbles commitment to strengthening its ties with the crypto community. The company aims to position itself as a leading platform for video and cloud services tailored to crypto users. Rumbles Bitcoin purchases will remain flexible, with management adapting the plan based on market conditions and the companys financial needs.
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MicroStrategy Buy Bitcoin Worth $5.4 Billion
MicroStrategy made waves on Monday by announcing a monumental $5.4 billion Bitcoin purchase, adding 55,500 BTC to its reserves. However, this bold move hasnt translated into gains for the companys stock. Instead, MicroStrategys shares have dropped 25% from their $540 peak.
Michael Saylor, MicroStrategys executive chairman and a well-known Bitcoin advocate, has been at the forefront of leveraging debt to acquire the cryptocurrency. This strategy has propelled the companys stock price up an astounding 2,660% since the start of 2023. Yet, the latest acquisition hasnt boosted sentiment for either MicroStrategys shares or Bitcoins price.
Despite the sheer scale of this purchase, neither the market nor investors appear to be reacting as expected. The lack of immediate impact raises questions about whether such large acquisitions still carry the same influence they once did. While Saylors strategy has been hailed as visionary, recent developments highlight the complexities of tying a companys value so closely to Bitcoins performance.
Sui Blockchain to Tap Bitcoin Liquidity Through Babylon Labs and Lombard Protocol Partnership
Babylon Labs and Lombard Protocol have announced a strategic collaboration to bring Bitcoin liquidity to the Sui blockchain. This initiative aims to integrate Bitcoin with Sui, a Layer 1 blockchain designed for decentralized finance, using LBTC as a key collateral asset. The goal is to enable Bitcoin holders to utilize their holdings more effectively within the Sui ecosystem.
Starting in December, Bitcoin holders can stake their BTC via the Babylon protocol and receive LBTC, a liquid staking token minted on Sui by Lombard Protocol. LBTC will serve as a core asset within Suis DeFi network, allowing users to lend, borrow, and trade. By leveraging Bitcoins $1.8 trillion market cap, this integration aims to unlock significant liquidity for DeFi applications on Sui.
Lombards liquid staking model has already proven successful on Ethereum, where LBTC has surpassed $1 billion in minted assets, with over half actively used in DeFi. The collaboration brings this model to Sui, supported by Cubists infrastructure for secure deposits, minting, staking, and bridging.
Babylon Labs CTO Fisher Yu emphasized the shared vision of enhancing Bitcoins utility in decentralized systems, while Jameel Khalfan from the Sui Foundation highlighted the compatibility of Suis programmable framework with Bitcoins liquidity. Lombard Co-Founder Jacob Phillips praised the partnership for unlocking Bitcoins untapped potential without sacrificing security or accessibility.
Gary Gensler to Step Down as SEC Chair in January 2025
Gary Gensler, the 33rd Chair of the U.S. Securities and Exchange Commission (SEC), will resign on January 20, 2025, coinciding with President-elect Donald Trumps inauguration. Gensler, who has led the SEC since April 2021, announced his departure through an official SEC press release and a personal post on X (formerly Twitter).
During his tenure, Gensler spearheaded major regulatory initiatives aimed at strengthening market integrity and protecting investors. The SEC highlighted his efforts in enforcing laws and recovering billions for harmed investors while enhancing the resilience of U.S. capital markets.
In his announcement, Gensler expressed gratitude to President Joe Biden for entrusting him with the role and praised the SEC staff as dedicated public servants. The SEC has met our mission and enforced the law without fear or favor, he noted.
Genslers decision to step down comes a year before his term was set to end in 2026. His resignation aligns with the incoming Trump administration, which has been openly critical of his leadership, particularly in matters involving cryptocurrency. Trump previously announced plans to dismiss Gensler on his first day in office, citing dissatisfaction with the SECs aggressive approach to crypto enforcement under Genslers watch.
During his time as chair, Gensler pursued 46 enforcement actions against crypto firms in 2023, including high-profile cases against Coinbase and Binance. He described the industry as fraught with fraud and non-compliance. His stance on crypto has been a point of contention, making his early departure another significant shift in the regulatory landscape as the Trump administration takes over.
MARA Holdings Adds 5,771 BTC, Expanding Bitcoin Reserves to $3.4 Billion
Bitcoin mining giant MARA Holdings has bolstered its cryptocurrency holdings with the purchase of 5,771 BTC for $573 million. The acquisition, made at an average price of $95,554 per Bitcoin, pushes the companys total reserves to an impressive 33,875 BTC, currently valued at $3.4 billion.
To fund this acquisition, MARA leveraged proceeds from its recent 0% convertible note offering, which raised $1 billion and generated $980 million after fees. A significant portion of these funds was allocated to purchasing Bitcoin, while also contributing to corporate activities and mining expansion. This strategy reflects MARAs commitment to using innovative financial tools to scale operations and grow its Bitcoin holdings without immediate interest obligations.
The companys approach underscores its focus on accumulating Bitcoin as a core asset, mirroring the strategies championed by MicroStrategy. Like MicroStrategys Michael Saylor, MARA is capitalizing on market dips and leveraging corporate debt to secure long-term growth. This aggressive acquisition strategy has yielded a 35% BTC return per share, highlighting the financial advantages of the companys method.
MARA also plans to allocate funds to scale its mining operations, repay debt, and explore strategic acquisitions. By diversifying its investments while deepening its exposure to Bitcoin, MARA positions itself as a leader in the mining sector, benefiting from BTCs price appreciation while ensuring operational stability and growth potential.
This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.
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