Business intelligence firm MicroStrategy continues to accumulate Bitcoin as the anticipation of potential approval for a spot BTC exchange-traded fund (ETF) in the United States grows. Between November 20, 2023, and December 26, 2023,
MicroStrategy and its subsidiaries made another significant purchase, acquiring 14,620 BTC for $615.7 million in cash, as disclosed in the firm’s 8-K filing with the U.S. Securities and Exchange Commission. This latest addition costs MicroStrategy approximately $42,110 per BTC, inclusive of fees and other expenses.
With this purchase, MicroStrategy and its subsidiaries now hold a total of 189,150 bitcoins, representing an aggregate purchase price of around $5.9 billion and an average asset price per BTC of approximately $31,168.
This move follows MicroStrategy’s previous substantial acquisition of 16,130 Bitcoin in November 2023 at a price of $36,785 per Bitcoin. Earlier in the year, the company also made notable Bitcoin purchases in September, October, and June.
MicroStrategy’s consistent Bitcoin investments align with the vision of its co-founder and prominent Bitcoin advocate, Michael Saylor.
The timing of this announcement, just weeks before January 10, aligns with widespread expectations for the potential approval of a spot Bitcoin ETF or multiple such ETFs by the U.S. Securities and Exchange Commission (SEC).
Michael Saylor believes that a spot Bitcoin ETF could be the “biggest development on Wall Street in 30 years,” as it would open doors for mainstream retail and institutional investors who previously lacked access to BTC.
However, not everyone shares this optimism. Some, including Trezor’s Bitcoin analyst Josef Tetek and BitMEX co-founder Arthur Hayes, express concerns about potential drawbacks, such as distancing users from self-custody and the risk of creating unbacked Bitcoin or even the potential harm to the Bitcoin market if ETFs become overly successful.
