MicroStrategy buys Bitcoin ahead of spot ETF decision

MicroStrategy has once again carried out a major Bitcoin purchase while the SEC will soon pronounce on the ETF spot. L’MSTR action reached a 2-year high at $670, up 11%.

The pro-Bitcoin software company announced on Wednesday, through its founder and ex-boss Michael Saylor, that it had purchased 14,620 bitcoins at a unit price of around $42,110. Total value of the transaction: $615 million.

MicroStrategy now holds 189,150 BTC, worth a total of almost $6 billion. The US-based firm acquired its digital coins at an average price of $31,168. It has been in the green with its investment since last October.

MicroStrategy has been betting on the queen of crypto for several years, and has continued to buy Bitcoin throughout 2023. Its previous announcement on the subject came at the end of November with the purchase of 16,130 BTC.

This latest transaction comes at a time when the US regulator SEC will shortly be ruling on applications from certain managers to launch a spot Bitcoin ETF. Analysts believe that the federal agency, which has never yet approved such a product, should eventually give the green light. The potential forthcoming approval of a spot exchange-traded fund has fueled the rally in the market’s leading cryptocurrency this year.

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Yesterday, MicroStrategy shares hit a 2-year high of $670, up around 11%. The stock hadn’t touched this level since November 2021. MRST’s price exploded by over 350% in 2023 in the wake of the Bitcoin price rally.

The only thing we can count on is that Bitcoin will advance in 2024. […] Institutional adoption makes the difference. Spot ETF news and monetary policy easing are good news,” Saylor said earlier this month on CNBC.

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