Business intelligence firm MicroStrategy continues its aggressive Bitcoin accumulation as anticipation grows regarding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States.
In an 8-K filing with the U.S. Securities and Exchange Commission, MicroStrategy disclosed the purchase of an additional 14,620 BTC between November 20 and December 26, 2023, at a cost of $615.7 million. The filing revealed that the latest Bitcoin acquisition cost for MicroStrategy averaged about $42,110 per BTC, encompassing fees and associated expenses.
This recent procurement escalates MicroStrategy's total Bitcoin holdings to 189,150 BTC, purchased for an aggregate cost of approximately $5.9 billion. The average purchase price per BTC stands at roughly $31,168. Preceding this significant acquisition, MicroStrategy made a hefty purchase of 16,130 Bitcoins in November 2023, acquiring them at $36,785 per Bitcoin. The company had previously bought 6,067 BTC between September and October 2023 and 12,333 BTC in June.
This acquisition reaffirms MicroStrategy's unwavering commitment to Bitcoin investment, a philosophy closely tied to the vision of its co-founder and Bitcoin advocate, Michael Saylor. The timing of this announcement, just ahead of January 10, aligns with widespread speculation surrounding the SEC's potential approval of a spot Bitcoin ETF or multiple such ETFs.
Saylor expressed optimism about a spot Bitcoin ETF, highlighting its potential as a groundbreaking development on Wall Street, providing previously unavailable access to BTC for mainstream retail and institutional investors. However, not all industry voices share this enthusiasm. Trezor Bitcoin analyst Josef Tětek warned that a spot Bitcoin ETF might steer individuals away from self-custody and possibly lead to significant amounts of unsecured Bitcoins. Skeptics, including BitMEX co-founder Arthur Hayes, cautioned about the risks associated with a spot Bitcoin ETF, emphasizing that its overwhelming success could potentially jeopardize Bitcoin.
