Layer 2 Networks Surge to $9.24 Billion TVL as MicroStrategy Expands Bitcoin Holdings
The cryptocurrency market is showing dynamic movements as the total value locked (TVL) across layer 2 networks has risen to $9.24 billion, up from $9.08 billion yesterday. The top five layer 2 networks are leading this growth, with Base holding the largest share at $3.70 billion, reflecting a daily increase of 2.31%. Arbitrum follows closely with $3.05 billion, marking a modest rise of 0.56%. Optimism has a TVL of $700.98 million, gaining 0.67% from the previous day. Meanwhile, Mantle has surged by 11.02% to reach $491.66 million, while Blast has seen a slight decline of 0.06%, now at $395.99 million.
In the broader market, Bitcoin (BTC) is currently priced at $104,568, down from $105,964 yesterday. Ethereum (ETH) is trading at $3,299, a decrease from $3,323. These price fluctuations come amid significant movements in the industry, including notable fundraising efforts. Today alone, a total of $11.60 million was raised, with Wingbits securing the largest round at $5.60 million, followed by GRVT with $5 million and SONEX at $1 million. Cumulatively, this week has seen a total of $21.50 million in fundraising.
In a significant development, MicroStrategy Inc. announced the acquisition of an additional 11,000 BTC for approximately $1.1 billion. This purchase brings the company's total Bitcoin holdings to 461,000 BTC, acquired at an average price of $63,610 per Bitcoin. MicroStrategy continues to leverage at-the-market stock sales and debt instruments to fund its Bitcoin purchases, solidifying its status as one of the largest corporate holders of the cryptocurrency.
Additionally, the crypto space is bracing for regulatory changes as the SEC has launched a dedicated crypto task force aimed at establishing a clear regulatory framework. This initiative, led by Commissioner Hester Peirce, is a response to the ongoing legal uncertainties surrounding digital assets.
In another notable move, Circle has entered the tokenization race by acquiring Hashnote, a real-world asset issuer valued at $1.3 billion. This acquisition positions Circle to expand its offerings in the growing tokenization market.
As the market evolves, the intersection of cryptocurrency and traditional finance continues to capture attention, with potential implications from high-profile initiatives like Trump's reported $500 billion AI investment plan. The coming days will be crucial for observing how these developments influence the crypto landscape.
