Welcome to This Week in Crypto, where we bring you the latest updates from the worlds of finance, gaming, and blockchain technology. In our first story, we delve into MicroStrategy’s ongoing Bitcoin-buying spree, as the company adds to its impressive digital coin holdings, now valued at $4.5 billion. Meanwhile, in the gaming industry, Mythical Games secures a significant $37 million in funding, allowing the publisher to pursue its plans for a new marketplace and explore the potential of non-fungible tokens (NFTs). Lastly, we explore the recent developments surrounding Damus, the Bitcoin-friendly social media app, as it navigates its way through Apple’s strict guidelines, making concessions to remain on the App Store. Stay tuned for all the details and insights on these intriguing stories!
MicroStrategy Bolsters Bitcoin Treasury with Largest Purchase, Holding 152,333 Coins
MicroStrategy, a business intelligence and cloud-based services provider, has continued its Bitcoin-buying spree and now holds a total of 152,333 digital coins, worth $4.5 billion. The company purchased 12,333 bitcoins for approximately $347 million in cash between April 29 and June 27, making it the largest purchase to date. MicroStrategy’s average purchase price stands at around $29,668 per coin. Co-founder Michael Saylor initially began buying Bitcoin in August 2020 as a hedge against inflation, and the company now holds more Bitcoin than any other publicly traded company. Despite Bitcoin’s price decline since its all-time high in November 2021, MicroStrategy’s stock has risen over 162% since its first Bitcoin purchase in 2020. Only time will tell whether Microstrategy’s massive Bitcoin ownership will pay off.
Blockchain Game Publisher Mythical Games Hits $1 Billion Valuation with $37 Million Funding
Blockchain game publisher Mythical Games has raised $37 million in Series C1 funding, allowing it to maintain its unicorn status with a valuation exceeding $1 billion. The funding will primarily be used to optimize the business and achieve profitability by the end of the year. The round was led by Scytale Digital and saw participation from various investors, including ARK Invest, Animoca Brands, and Andreessen Horowitz. Mythical Games plans to raise an additional $20 million to $30 million in the coming months, with the full round expected to close.
The publisher is preparing to launch its new game, Nitro National World Tour, in a few months and has been conducting presales of non-fungible tokens (NFTs) since February. Additionally, the funds will support the development of an in-game marketplace for another title, NFL Rivals, which has already surpassed 1 million downloads. Mythical Games recently announced the migration of its Mythical Chain from the Ethereum blockchain to the Polkadot ecosystem due to Ethereum’s slow transaction speeds and high costs. With $29 million in sales over the past 30 days, Mythical Games is one of the top blockchains in terms of NFT sale volume.
Bitcoin-Friendly Social Media App Damus Secures Partial Win to Stay on Apple's App Store
Damus, a decentralized social media app that supports Bitcoin’s Lightning Network, has achieved a partial victory in its battle to remain on Apple’s App Store. After being warned by Apple on June 13 that it could face expulsion for facilitating Bitcoin tip transactions, Damus made concessions to comply with Apple’s in-app purchase guidelines. The latest version of the app will no longer support “zaps” on content posts, as Apple considered it similar to selling digital content. While users can still engage in peer-to-peer transfers at the profile level, Damus founder William Casarin expressed disappointment at being forced to remove a core feature. The decision to remove the Damus app initially drew criticism from influential figures in the Bitcoin community, such as former Twitter CEO Jack Dorsey, who invested $5 million in Damus protocol’s development. This incident sparked a broader discussion about Apple’s strict guidelines and their potential impact on Bitcoin-friendly applications in the App Store. While Apple maintains that all apps are treated equally under its guidelines, some argue that these guidelines pose a barrier to wider Bitcoin adoption.
