[NEWS] MicroStrategy buys additional 14,620 BTC in anticipation of launch of Bitcoin spot ETF

MicroStrategy, the largest business intelligence company with the largest Bitcoin holdings, has increased its Bitcoin (BTC) holdings.

According to a filing with the SEC (U.S. Securities and Exchange Commission), MicroStrategy purchased 14,620 BTC for $615.7 million between November 20 and December 26 of last year. The company purchased Bitcoin at approximately $42,110 per BTC.

With the additional purchase, MicroStrategy's Bitcoin holdings total 189,150 BTC. The total purchase cost has reached approximately $5.9 billion. The average purchase price of Bitcoin is approximately $31,168 per BTC.

This increase marks the fourth consecutive month that MicroStrategy has increased its Bitcoin holdings. The reason for the purchase is said to be that a Bitcoin spot ETF will be approved between the 5th and the 10th, and he predicts that the price of Bitcoin will rise.

Michael Saylor, chairman and co-founder of MicroStrategy, considers Bitcoin to be the best investment product and has said, "If you're always thinking about buying Bitcoin, you should buy MicroStrategy stock."

Under Saylor's leadership, the company began purchasing Bitcoin in the summer of 2020. The initial investment was $250 million (about 36.2 billion yen). The company's investment strategy did not waver, as it continued to buy more even when the price of Bitcoin fell.

Saylor also said that the approval of a Bitcoin spot ETF could be the biggest event on Wall Street in the past 30 years.

Tim Draper, known as a Bitcoin enthusiast, predicted in an interview with Coin Bureau that the price of Bitcoin will "reach $250,000," and that it will "happen pretty quickly."

However, not everyone is equally optimistic about the possibility of a Bitcoin spot ETF coming to the market in the United States.

BitMEX co-founder Arthur Hayes claims that if a Bitcoin spot ETF is successful, it "could completely destroy Bitcoin."

Also, in a report published on the 3rd, cryptocurrency analysis firm Matrixport expressed the view that the SEC "will not approve all Bitcoin spot ETFs."

Reference:Announcement
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