MicroStrategy’s Strategic Move: 14,620 Bitcoins Accumulated in Anticipation of ETF Green Light

Crypto News- In the midst of growing anticipation for the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States, MicroStrategy, a business intelligence firm, is actively accumulating Bitcoin. As revealed in its official 8-K filing with the U.S. Securities and Exchange Commission, MicroStrategy, along with its subsidiaries, recently completed the acquisition of an additional 14,620 BTC, totaling $615.7 million in cash. This strategic Bitcoin purchase, executed between November 20 and December 26, 2023, incurred an average cost of approximately $42,110 per BTC, inclusive of fees and associated expenses.

MicroStrategy’s Strategic Move: 14,620 Bitcoins Accumulated in Anticipation of ETF Green Light

With this latest acquisition, MicroStrategy’s combined Bitcoin holdings, including subsidiaries, now amount to 189,150 bitcoins. The aggregate purchase cost for these holdings stands at around $5.9 billion, with an average per BTC purchase price of roughly $31,168.

This move follows MicroStrategy’s notable acquisition of 16,130 Bitcoin in November 2023 at a price of $36,785 per Bitcoin. Previous Bitcoin purchases by the company include 6,067 BTC in September and October 2023, as well as 12,333 BTC in June.

MicroStrategy’s consistent and substantial Bitcoin investments underscore its dedication to the cryptocurrency, aligning with the vision of its co-founder and prominent Bitcoin advocate, Michael Saylor. This development unfolds just weeks before January 10, a date widely anticipated for the potential approval of a spot Bitcoin ETF or multiple ETFs by the U.S. SEC.

Michael Saylor envisions a spot Bitcoin ETF as potentially the “biggest development on Wall Street in 30 years,” facilitating entry for mainstream retail and institutional investors who were previously excluded from Bitcoin access. However, not everyone shares this optimistic view. Concerns have been raised, with some, including Trezor’s Bitcoin analyst Josef Tetek, expressing worries that a spot Bitcoin ETF could distance individuals from self-custody and potentially result in the creation of “millions of unbacked Bitcoin.” Skeptics, including BitMEX co-founder Arthur Hayes, caution that overly successful spot Bitcoin ETFs could pose a risk of “completely destroying” Bitcoin.