Overview

This report highlights the developments in the blockchain industry from December 16 to December 20. The FASB fair value accounting rules have taken effect, accelerating the era of corporate Bitcoin reserves. MicroStrategy continues to increase its BTC holdings, purchasing 15,350 BTC last week. The U.S. Bitcoin spot ETF market cap has surpassed its gold ETH counterpart. Gate.io ranks fourth globally in 24H spot trading volume. MetaMask is expanding its crypto payment card pilot program, allowing U.S. users to pay directly through their wallets.

Projects

FASB Fair Value Accounting Rules Take Effect, Accelerating the Era of Corporate Bitcoin Reserves

The Financial Accounting Standards Board (FASB) has officially implemented new fair value accounting rules for Bitcoin. Under these rules, companies can report Bitcoin holdings at current market value in their financial statements rather than at purchase price. This significant change in accounting standards will boost corporate Bitcoin adoption by allowing companies to accurately reflect both the market value and unrealized gains of their holdings—moving beyond the previous limitation of recording only book losses. [1]

Implementing this rule will eliminate the distortion in financial statements caused by holding Bitcoin assets, boosting corporate confidence in Bitcoin as a reserve asset. Pioneers like MicroStrategy will benefit from this change, as their Bitcoin holdings will be more transparently reflected in their financial performance.

MicroStrategy Expands Bitcoin Holdings with 15,350 BTC Purchase last week

According to SEC documents disclosed Monday, MicroStrategy purchased 15,350 Bitcoin between December 9 and 15 at an average price of $100,386 per Bitcoin. [2] The company’s stock price has surged over 500% this year as it accelerates its Bitcoin acquisitions. MicroStrategy plans to raise $42 billion in the next three years through stock sales and convertible bonds to fund additional Bitcoin purchases. Recently, the company acquired $1.5 billion worth of Bitcoin through stock sales. This marks MicroStrategy’s sixth consecutive week of Bitcoin purchases, bringing its total holdings to approximately $45 billion.

This aggressive Bitcoin investment strategy demonstrates MicroStrategy’s strong confidence in cryptocurrency’s long-term value, though it represents a high-risk approach by tying the company’s future directly to Bitcoin’s performance. Following its inclusion in the Nasdaq 100 Index, the interplay between MicroStrategy’s stock and Bitcoin holdings will likely significantly influence the broader market.

U.S. Bitcoin Spot ETF Surpasses Gold ETF in Scale

U.S. Bitcoin ETFs’ assets under management (AUM) have reached $129.3 billion, surpassing gold ETFs at $128.9 billion. This milestone is particularly significant given that gold ETFs have been around for 20 years, while Bitcoin ETFs achieved this growth in a much shorter time. According to Nate, President of The ETF Store, spot Bitcoin ETFs could grow to triple the size of gold ETFs in the long term. [3]

This achievement marks a significant shift as cryptocurrency assets challenge traditional financial markets. Within 11 months, Bitcoin ETFs have accumulated $129 billion in AUM, surpassing gold ETFs—long-standing market leaders. Bitcoin is gradually becoming the new favorite in investors’ asset allocation and can potentially replace gold as the new safe-haven asset.

Gate.io Ranks Fourth Globally in 24H Spot Trading Volume

Gate.io ranked fourth among global centralized exchanges in 24-hour spot trading volume, with a trading volume of $82.74 billion, marking a 46.74% increase from the previous day. This achievement demonstrates Gate.io’s competitive strength in the global cryptocurrency market. As a leading trading platform, Gate.io has built a strong user base and enhanced market liquidity by offering diverse trading pairs, comprehensive market services, and robust security features.

The significant growth in trading volume reflects increased market activity and users’ high trust in Gate.io’s technological stability and service transparency. This achievement also mirrors the recent rise in overall crypto market activity, particularly during periods of heightened trading in hot assets and increased market volatility. As a pioneer in launching the Pilot zone, this data highlights Gate.io’s success in technological innovation, user experience optimization, and sustained investment in emerging markets. [4]

MetaMask Expands Crypto Payment Card Pilot Program, Enable U.S. Wallet Payments

According to Cointelegraph’s post on X, MetaMask has expanded its US pilot program for a crypto payment card, allowing users to pay directly from their wallets. As of February 2024, MetaMask reported that its current active user base is nearly equivalent to its peak during the last bull market. Monthly active users have grown by 55% over four months, rising from 19 million in September last year to over 30 million in January this year. The ability for U.S. users to make direct payments through the MetaMask wallet further enhances its utility, potentially driving an increase in user adoption in the future. [5]

Notice
Users should exercise caution when participating, be mindful of risks, and conduct thorough research before involvement. Gate.io does not guarantee the future development of projects.


References：

1. X, https://x.com/pete_rizzo_/status/1868446105366577599
2. Micro Strategy, https://assets.contentstack.io/v3/assets/bltb564490bc5201f31/bltde49d9b927f523d7/676023f4e462065ec33f0bfc/form-8-k_12-16-2024.pdf
3. X, https://x.com/NateGeraci/status/1869192425073443109
4. Coingecko, https://www.coingecko.com/en/exchanges
5. X，https://x.com/Cointelegraph/status/1869770629232410966

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Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they purchase before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.