MicroStrategy buys more bitcoin ahead of bitcoin ETF deadline

MicroStrategy bought $600 million worth of bitcoin as of Dec. 26, adding to purchases throughout November totaling nearly $600 million

article-image

MicroStrategy co-founder Michael Saylor | michael.com modified by Blockworks

share

MicroStrategy continues to load up on bitcoin with a purchase of 14,620 bitcoin.

The company shelled out $615 million for its most recent purchase, meaning that it’s spent nearly $1.2 billion on bitcoin since November. Previous disclosures, filed at the end of November, showed that the company bought roughly 16,000 bitcoin for nearly $600 million.

MicroStrategy Chairman and former CEO Michael Saylor posted on X that the company acquired its bitcoin at an average price of $31,168. In total, it’s spent roughly $5.9 billion for its 189,150 bitcoin. 

Read more: MicroStrategy bought nearly $600M bitcoin in less than 1 month

The 14,620 bitcoin acquired as of Dec. 27 were acquired at an average price of $42,110. Bitcoin (BTC) is hovering around $42,900 at the time of publication.

MicroStrategy kicked off its spending spree in June with a purchase of 12,000 bitcoin for around $340 million. The purchase, at the time, marked the largest buy the software platform company had made in two years.

Saylor, in the company’s November earnings call, said that the potential approval of spot bitcoin ETFs would be a “catalytic event” benefiting companies with bitcoin exposure.

“I think we’ll see more and more analyst coverage from traditional Wall Street banks as these ETPs make bitcoin exposure available,” he said on the earnings call. “More coverage means more education, means more awareness, and that results in more interest.” 

Read more: A look at crypto ETF milestones in 2023 — and where spot bitcoin funds stand

He’s not worried about the potential launch of any bitcoin ETFs either. In a Dec. 19 interview with Bloomberg, Saylor said that the ETFs charge a fee. MicroStrategy, on the other hand, gives investors exposure without a fee.

“We offer a high-performance vehicle for people that are Bitcoin long investors,” he said.

Bloomberg Intelligence Analysts James Seyffart and Eric Balchunas have speculated that there’s a possibility that the US Securities and Exchange Commission approves some of the bitcoin ETF proposals by Jan. 10

BlackRock, Ark, 21Shares and Franklin Templeton are just a few of the 13 potential proposals aiming to get funds launched. 

MicroStrategy’s stock is up over 337% in the past year, and is currently floating near its 52-week high of $622 in pre-market trading.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg

Research

In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.

article-image

BUZZ holds shares of Coinbase, Robinhood and MicroStrategy

article-image

Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile

article-image

The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally

article-image

While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders

article-image

Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume

article-image

DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit