🐶 Dogecoin Maxi

Plus, MicroStrategy may be headed for the S&P 500 — and it could mean big things for Bitcoin.

Sebastian Soran
February 16, 2024

Happy Friday, Zingernation! Dogecoin mastermind Billy Markus puts his money where his mouth is. The memecoin’s co-creator holds less than 0.006 BTC, worth a little more than $300 currently.

Wonder what his Dogecoin holdings are.

Plus, JPMorgan Chase upgraded its Coinbase rating, MicroStrategy approaches S&P 500 eligibility and more.

And, today’s partner created the world's first dual-processing hearing aids to give you 2x the power and crystal clear hearing.

MARKET SNAPSHOT

TOP STORY

Coinbase Rides The Bitcoin ETF Wave

Briefly: JPMorgan Chase upgraded its rating on Coinbase from Underweight to Neutral Thursday, citing the recent surge in Bitcoin prices and the positive impact on Coinbase's earnings power.

So Basically: The upgrade comes in the wake of a significant appreciation in Bitcoin and Ethereum prices, driven in part by the successful launch and adoption of U.S. spot Bitcoin ETFs, analyst Kenneth Worthington said in a note.

So Then: These ETFs have seen a net $3.9 billion in inflows since their introduction on Jan. 11, contributing to bullish sentiment in the cryptocurrency market, the analyst said.

So What? Coinbase stands to benefit from these developments, in JPMorgan's view. The company's business model, which relies heavily on transaction-based revenue, is poised to capitalize on the increased trading volumes and higher token prices, Worthington said.

What Next: Read more here.

A MESSAGE FROM HEAR

You Won’t Believe Your Ears

hear.com created the world's first dual processing hearing aids to give you 2x the power and crystal clear hearing.

How? The secret is cutting-edge German technology, engineered to separate noise and speech to produce unheard of levels of clarity.

Experts say it's the biggest upgrade in sound the industry has ever seen. And the best part is, these medical-grade devices are nearly invisible, so your friends and family will barely notice.

Over 385K happy customers and counting:

Bluetooth and smartphone compatible
Award-winning customer service
Accepts all major insurance plans

See why hear.com is the world’s #1 online hearing aid company and trial the Horizon AX for 45 days, risk-free.

FIVE ZINGERS

Battle Of APYs: Robinhood Gold now offers its best rates yet, allowing you to earn 5.25% APY on uninvested funds.

Up To No Good: Microsoft found hacking groups from Russia, Iran, China and North Korea are using OpenAI's tools.

After FTX? Architect Financial Technologies raises $12 million in an investment round, bringing its total funding to $17 million.

Ring Ring: Citigroup tracks private bankers' client calls to boost wealth management growth.

AI In Fintech: PayPal Ventures helped fund Rasa, a conversational AI platform, with $30 million in a Series C funding round.

ONE FOR THE ROAD

MicroStrategy Joining S&P 500 Could Result In Bitcoin 'Automatically Infiltrating Nearly Every Portfolio’

Briefly: MicroStrategy, the largest corporate holder of Bitcoin, could potentially make a major impact on the standard way of investing if it joins the S&P 500 index, as some in the cryptocurrency industry suggest.

What Happened: Unchained analyst Joe Burnett believes that, if MicroStrategy secures a spot on the index, it would lead to a broad exposure of Bitcoin across a wide range of investment portfolios — and, potentially, the cryptocurrency “automatically infiltrating nearly every portfolio.”

Why It Matters: MicroStrategy’s investment in Bitcoin has proved fruitful, with the company holding around 190,000 BTC purchased at an average price of $31,224, which means they have gained $3.9 billion so far.

What Else: MicroStrategy’s founder Michael Saylor announced that the company is shifting from a focus on business intelligence to becoming a “Bitcoin development firm.” This statement came shortly after Bitcoin’s price soared past $50,000.