MicroStrategy (MSTR) emerges as a strategic investment opportunity, particularly with its notable Bitcoin holdings surpassing $11 billion. The company's shares are deemed favourable with a "buy" rating and a target price of $990, attributed to the potential benefits from increased institutional demand for Bitcoin and the approaching cryptocurrency halving event in April. According to senior analyst Mark Palmer's research report, MicroStrategy presents a timely investment choice, with its Bitcoin holdings continuing to grow and the anticipation of the cryptocurrency reaching $125,000 by the end of 2025.
Palmer further highlights the positive impact of the new U.S. Bitcoin exchange-traded funds (ETFs) on Bitcoin demand, along with the historical price surges following previous halving events. The upcoming Bitcoin halving, expected around April 20, is also anticipated to contribute to MicroStrategy's upward price momentum. This halving event reduces the future supply of new Bitcoin, a development often viewed as a bullish catalyst by crypto market experts.
MicroStrategy's strategy of leveraging debt financing and share sales to acquire Bitcoin without additional fees has proven effective in increasing its direct exposure to the cryptocurrency. As of February 26, the company holds approximately 193,000 BTC, valued at over $11 billion. This approach, coupled with the positive outlook for Bitcoin, has bolstered MicroStrategy's share price, which currently stands at $871, marking a 9.4% increase for the day. Meanwhile, Bitcoin is trading at $57,083, reflecting a 9.2% gain over the past week, primarily driven by robust institutional demand.
FTX founder Sam Bankman-Fried, known as SBF, is facing a possible prison sentence of five and a quarter to six and a half years after being found guilty of fraud and money laundering charges. The request for this sentence comes from SBF's legal counsel, who filed a memo in the United States District Court in Manhattan. The sentencing, scheduled for March 28, follows a jury's verdict in November last year, where SBF was convicted on multiple counts, including wire fraud, securities fraud, and money laundering conspiracy.
Despite a Pre-sentence Investigation Report (PSR) recommending a 100-year sentence, FTX lawyers argue that such a punishment would be "barbaric" for a first-time offender like SBF, especially considering that victims are expected to recover their losses fully. The defense highlights SBF's lack of prior criminal record and his involvement in the misconduct along with several others. Additionally, letters from friends and family advocating for a lenient sentence have been submitted to the court.
During his time at the Metropolitan Detention Center in Brooklyn, where he has been held since last summer, SBF reportedly offered investment advice to prison guards. According to a report in The New York Times, he suggested that they invest in Solana's SOL token, a cryptocurrency with which he has a long-standing association. FTX, once valued at $32 billion, collapsed in November 2022, with SBF being found guilty of mismanagement of customer funds and other fraudulent activities.
Serenity Shield's token experienced a dramatic drop of nearly 99% in value after approximately 6.9 million SERSH tokens, valued at $5.6 million, were stolen from one of the team's MetaMask wallets. The team behind Serenity Shield, a project described as a "crypto inheritance" solution, confirmed the exploit and announced the suspension of all trades, deposits, and withdrawals of SERSH on centralized exchanges. They stated that they are working to redeploy all liquidity to new token contracts and will replace any liquidity lost due to the exploit.
In response to the security incident, Serenity Shield announced plans to relaunch with a new token contract, although no specific timeline was provided. The project emphasized its commitment to safeguarding its community's interests and minimizing exposure to such security vulnerabilities. Despite the token's initial sharp decline, SERSH partially recovered to $0.23 at the time of reporting, following a drop to $0.009 after the exploit.
Criticism arose from some users, including "Hamster Altcoins," who expressed dissatisfaction with the project's handling of the situation. They pointed out that administrators of Serenity Shield's Telegram channel were muting individuals who raised concerns. Additionally, concerns were raised about the project's use of a MetaMask hot wallet for storing funds, as hot wallets are considered less secure than cold wallets due to their online connectivity. The SERSH token was launched less than ten weeks before the incident, on December 18.
