SoSo Daily Mar 22 | Strategy Upsizes STRF Offering to $722.5 Million for Bitcoin Acquisition

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 PM on March 21, 2025, according to sosovalue, the total market cap of the crypto market stands at 2.85 trillion US dollars, witnessing a decrease of 2.14% compared to yesterday; the total trading volume is 74.06 billion US dollars, marking a decline of 23.6% from the previous day.

After reviewing the overall crypto market situation, let's shift our focus to the top 5 token gainers of the day:
As of 12:00 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Orca. As of 23:50 today, its market cap is 193.49M, with a coin price of 3.4690 USD, witnessing a 24-hour increase of 122%.
The second is jelly-my-jelly. As of 23:50 today, its coin price is 0.038690 USD, with a 24-hour increase of 94.1%.
The third is Tornado Cash. As of 23:50 today, its coin price is 12.687 USD, showing a 24-hour increase of 51.4%.
In fourth place is Solend. As of 23:50 today, its coin price is 0.30010 USD, with a 24-hour rise of 37.5%.
In fifth place is Swarm Markets. As of 23:50 today, its coin price is 0.091836 USD, increasing by 35% over the last 24 hours.




Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Strategy, formerly MicroStrategy, has increased its STRF perpetual preferred stock offering from $500 million to $722.5 million. The company plans to use the net proceeds of approximately $711.2 million for general corporate purposes, including acquiring more bitcoin. The offering involves 8,500,000 shares of 10% Series A Perpetual Strife Preferred Stock at $85.00 per share, with dividends accumulating at a fixed rate of 10% per annum. Major financial institutions like Morgan Stanley and Barclays Capital are involved as joint book-running managers. This move is part of Strategy's broader plan to raise $42 billion for bitcoin acquisitions. The company recently acquired 130 $BTC, bringing its total holdings to 499,226 $BTC, worth over $41 billion. Strategy's market cap is $78.6 billion, trading at a premium to its bitcoin net asset value.
Next news:The U.S. Department of the Treasury has lifted sanctions against Tornado Cash. Tornado Cash is a crypto protocol known for privatizing on-chain transactions. After imposing sanctions on the platform nearly three years ago, the Treasury has now removed it and several related digital wallet addresses from the OFAC Specially Designated Nationals list. This move follows a ruling by an appellate court that determined OFAC exceeded its authority in sanctioning Tornado Cash. OFAC sanctioned Tornado Cash in August 2022, accusing it of being used by cybercriminals, particularly individuals linked to North Korea and its hacking group Lazarus Group, for money laundering. Tornado Cash obscures the source of cryptocurrency transactions by mixing funds. Treasury Secretary Scott Bessent stated that protecting the digital asset industry from abuse by North Korea and other illicit actors is crucial for establishing U.S. leadership.
Next news:The German financial regulatory authority BaFin has found "defects" in Ethena's USDe stablecoin.
Next news:The U.S. Securities and Exchange Commission (SEC) held its first cryptocurrency working group roundtable at its headquarters in Washington, discussing the future regulation of digital assets. Participants included securities lawyers, cryptocurrency critics, and others who explored the question of "what constitutes a security." Miles Jennings, General Counsel for a16z Crypto, criticized the SEC's past regulatory approach for failing to achieve its objectives, stating that the current method is a failure. Newly appointed Acting Chair Mark Uyeda appointed Hester Peirce to lead the working group, indicating that the SEC will restart its cryptocurrency regulation efforts. Special advisors Rodrigo Seira from Cooley LLP and John Reed Stark from John Reed Stark Consulting LLC also shared their perspectives.
Next news:Coinbase is in advanced talks to acquire Deribit, a major trading platform for bitcoin and ether options. The discussions have been reported to regulators in Dubai, where Deribit holds a license. Deribit had previously engaged a financial adviser to explore acquisition opportunities. The potential acquisition value is estimated between $4 billion and $5 billion, though no final agreement has been reached yet.
Next news:Fairshake PAC, a political action committee focused on cryptocurrency interests, has provided last-minute financial support to Republican candidates in Florida races. This includes an advertisement for Randy Fine, a candidate in Florida, highlighting the PAC's involvement in local political campaigns.
Next news:South Korea plans to impose sanctions on cryptocurrency trading platforms such as BitMEX and KuCoin. According to reports, the South Korean government is considering measures against these platforms due to their failure to comply with local regulations. This move could have a significant impact on the operations of these platforms in South Korea.
Next news:The TON Foundation denies raising 400 million USD, stating that it is actually the VC holding Toncoin valued at over 400 million USD.
Next news:According to Reuters, Tether CEO Paolo Ardoino stated that Tether is in talks with one of the "Big Four accounting firms" to advance its reserve audit work, claiming that under the leadership of U.S. President Donald Trump, this audit is "more feasible." Earlier this month, Tether appointed Simon McWilliams as Chief Financial Officer to drive the audit progress. 99% of its treasury bonds are held by Wall Street brokerage Cantor Fitzgerald, whose former CEO Howard Lutnick served as Secretary of Commerce under the Trump administration.
Next news:Wu learned that, according to official registration documents, FIDELITY officially registered the FIDELITY SOLANA FUND in Delaware on March 20.

Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.com, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.