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<p class="is-style-lead">Bitcoin institutional adoption surges, MicroStrategy makes another massive BTC purchase, and Avalanche secures major funding in today’s edition of the weekly recap.</p> 
<h3 class="wp-block-heading" id="u-s-bitcoin-etfs-breach-50-5-billion">U.S. Bitcoin ETFs breach $50.5 billion</h3> 
<ul class="wp-block-list"> 
 <li>Spot Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) ETFs in the U.S. have accumulated over 500,000 BTC in their first year since launch. The cumulative net inflows have reached $50.5 billion.</li> 
 <li>Meanwhile, MicroStrategy added another <a href="https://crypto.news/saylors-microstrategy-added-2-1b-in-bitcoin/" target="_blank">21,550 BTC</a> worth $2.1 billion to its holdings at an average price of $98,782. This brings its total Bitcoin treasury to 423,650 BTC.</li> 
</ul> 
<h3 class="wp-block-heading" id="microstrategy-joins-nasdaq-100">MicroStrategy joins Nasdaq-100</h3> 
<ul class="wp-block-list"> 
 <li>MicroStrategy <a href="https://crypto.news/microstrategy-joins-nasdaq-100-index-following-bitcoin/" target="_blank">will be included</a> in the Nasdaq-100 index starting Dec. 23, following a year that saw its stock value increase more than sixfold. The Nasdaq-100 index is up 29.4% in 2024.</li> 
 <li>The company’s performance and continued BTC accumulation strategy have cemented its position as the world’s largest corporate BTC holder.</li> 
</ul> 
<h3 class="wp-block-heading" id="bit-global-takes-legal-action">BiT Global takes legal action</h3> 
<ul class="wp-block-list"> 
 <li>Justin Sun-backed BiT Global <a href="https://crypto.news/bit-global-sues-coinbase-for-1b-over-wbtc-delisting/" target="_blank">filed a $1 billion lawsuit</a> against Coinbase. The company alleged the exchange unfairly delisted its WBTC product in favor of Coinbase’s own cbBTC token.</li> 
 <li>Riot Platforms expanded its Bitcoin mining operations. The company purchased <a href="https://crypto.news/riot-acquires-5117-btc-for-510m/" target="_blank">5,117 BTC</a> for $510 million following its $525 million convertible note offering, which was upsized by an additional $75 million.</li> 
</ul> 
<p> You might also like: <a rel="" href="https://crypto.news/nft-sales-spike-to-224m-pudgy-penguins-sales-surge-50/"> NFT sales spike to $224m, Pudgy Penguins sales surge 50% </a> </p> 
<h3 class="wp-block-heading" id="avalanche-secures-major-funding">Avalanche secures major funding</h3> 
<ul class="wp-block-list"> 
 <li>Avalanche (<a href="https://crypto.news/price/avalanche/" target="_blank">AVAX</a>) <a href="https://crypto.news/crypto-vc-funding-avalanche-labs-secures-250m-investment/" target="_blank">raised $250 million</a> from over 40 investment ventures led by Dragonfly, ParaFi Capital, and Galaxy Digital to support its “Avalanche9000” upgrade initiative.</li> 
 <li>The funding will be used to develop technology aimed at reducing transaction costs and attracting more network validators.</li> 
</ul> 
<h3 class="wp-block-heading" id="ripple-s-stablecoin-breakthrough">Ripple’s stablecoin breakthrough</h3> 
<ul class="wp-block-list"> 
 <li>Ripple received <a href="https://crypto.news/ripple-secures-new-york-regulatory-nod-for-stablecoin/" target="_blank">final approval</a> from the New York Department of Financial Services to launch its RLUSD stablecoin, targeting the $200 billion global liquidity market.</li> 
 <li>CEO Brad Garlinghouse emphasized that official RLUSD launch announcements would come directly from Ripple, warning users about potential scams.</li> 
</ul> 
<h3 class="wp-block-heading" id="microsoft-rejects-bitcoin-treasury-proposal">Microsoft rejects Bitcoin treasury proposal</h3> 
<ul class="wp-block-list"> 
 <li>Microsoft shareholders <a href="https://crypto.news/microsoft-shareholders-reject-bitcoin-treasury-proposal/" target="_blank">voted against</a> adding Bitcoin to the company’s treasury holdings on Dec. 10, following the board’s recommendation to reject the National Center for Public Policy Research’s proposal.</li> 
</ul> 
<p> Read more: <a rel="" href="https://crypto.news/project-garuda-takes-flight-first-phase-of-indonesias-digital-rupiah-achieved/"> Project Garuda takes flight: First phase of Indonesia’s Digital Rupiah achieved </a> </p>

Bitcoin ETFs hit $50b milestone, MicroStrategy expands holdings, Avalanche raises $250m | Weekly Recap

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