MicroStrategy, Citi, Blockstream… All Whales Buying Bitcoin?

MicroStrategy Bitcoin crypto Michael Saylor

As the buying demand for cryptocurrencies spikes, banking giant Citigroup will start trading Bitcoin (BTC) futures. Meanwhile, Michael Saylor’s MicroStrategy and Blockstream are going bigger in Bitcoin.

Following Goldman Sachs and JPMorgan, Wall Street banking giant Citigroup is actively recruiting traders to begin working with Bitcoin futures. According to CoinDesk, Citi is angling to trade Bitcoin futures contracts on the Chicago Mercantile Exchange (CME), awaiting regulatory approval. Also, the bank is hiring aggressively in London for a crypto trading desk.

“We are presently considering products such as futures for some of our institutional clients, as these operate under strong regulatory frameworks,” a Citi spokesperson says.

This July, JPMorgan opened the access to crypto funds to all its wealth management clients. It is the first U.S. bank to give retail clients access to Bitcoin, Ethereum (ETH) and other crypto funds.

Meanwhile, Michael Saylor completes the latest purchase of Bitcoin via MicroStrategy. As Bitcoin’s biggest corporate investor, MicroStrategy purchased about 3,907 BTC for about $177 million in cash. This boosts the company’s Bitcoin holding to $5.4 billion.

Tether, Bitfinex Back Bitcoin Tech Giant Blockstream

Another big move in Bitcoin is Blockstream’s $210 million funding round. The Bitcoin technology giant has received backing from U.K. investment firm Baillie Gifford and iFinex, the parent company of crypto exchange Bitfinex and USDT stablecoin issuer Tether.

Blockstream focuses on building crypto-financial infrastructure based on Bitcoin. Its existing backers include Digital Currency Group, and Horizon Ventures, private investment arm of Hong Kong’s richest man Li Ka-shing.

Blockstream plans to acquire mining hardware manufacturer Spondoolies, building out a business line making specialized mining chips known as ASICs.

Also, the new capital will further the firm’s Bitcoin financial products as well as its Liquid sidechain network. The sidechain settlement network enables faster, more confidential Bitcoin transactions.

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