Billionaire CEO of enterprise analytics firm MicroStrategy, Michael Saylor, has reaffirmed his steadfast dedication to Bitcoin with a new acquisition of $593 million worth of the cryptocurrency.
Saylor announced the purchase in a tweet on November 30, disclosing that MicroStrategy had secured 16,130 Bitcoins at an average price of $36,785 per coin. This latest investment elevates the company’s total Bitcoin holdings to 174,530 BTC, obtained for around $5.28 billion, averaging $30,252 per Bitcoin.
MicroStrategy’s Bitcoin Hoard Continues to Grow
With this recent acquisition, MicroStrategy has solidified its position as the largest institutional holder of Bitcoin. The company now possesses over 0.83% of the total 21 million Bitcoins that will ever be in existence.
MicroStrategy’s Bitcoin allocation far surpasses that of any other publicly traded company. The closest competitor, Marathon Digital, holds just 13,726 BTC, valued at approximately $517 million at current market prices.
Michael Saylor, MicroStrategy’s CEO, has consistently articulated his extremely optimistic outlook for Bitcoin through social media, interviews, and conferences. He envisions Bitcoin gaining wider acceptance as a robust asset akin to gold, with its value appreciating over the long term as more institutions and even nation states accumulate holdings.
Many experts speculate that the approval of a spot Bitcoin exchange-traded fund (ETF) in the U.S. could be the next catalyst to trigger significant inflows from Wall Street into Bitcoin, potentially driving prices higher.
Growing Optimism Around a Bitcoin ETF
Several Bitcoin ETF applications are currently awaiting approval from the Securities and Exchange Commission (SEC). While the SEC has rejected such filings in the past, recent developments suggest a possible shift in their stance, raising hopes for the approval of a spot Bitcoin ETF.
Notably, the SEC is engaged in discussions with Grayscale regarding the potential transformation of the Grayscale Bitcoin Trust into an ETF. This development is viewed as highly positive by the cryptocurrency community.
The anticipation of an imminent approval for a Bitcoin spot ETF, coupled with Bitcoin’s inherent scarcity and increasing real-world utility, has fueled bullish sentiment in the market in recent weeks.
Taking advantage of what is perceived as a favorable market, Michael Saylor and MicroStrategy have once again expanded their Bitcoin treasury. With holdings now surpassing $6 billion in value, they find themselves well positioned to benefit from any future appreciation in the price of Bitcoin as market optimism continues to grow.
