MicroStrategy’s Bitcoin Boost: Stacks More BTC as ETF Speculation Peaks

Dec. 27, 2023
MicroStrategy’s Bitcoin Boost: Stacks More BTC as ETF Speculation Peaks

Business intelligence firm MicroStrategy has once again bolstered its Bitcoin (BTC) holdings, adding 14,620 BTC to its portfolio between November 20 and December 26. The purchase, valued at $615.7 million in cash, was officially disclosed in MicroStrategy’s 8-K filing with the U.S. Securities and Exchange Commission.


This recent acquisition, priced at approximately $42,110 per BTC, including fees and other expenses, contributes to MicroStrategy and its subsidiaries now holding a total of 189,150 bitcoins. The aggregate purchase price for these bitcoins stands at around $5.9 billion, with an average purchase price per BTC of roughly $31,168.

This move follows MicroStrategy’s substantial purchase of 16,130 BTC in November 2023, acquired at $36,785 per Bitcoin. The company consistently demonstrated its commitment to Bitcoin investment by purchasing 6,067 BTC in September and October 2023 and 12,333 BTC in June.

ETF Excitement Grows with MicroStrategy’s Latest Move

The timing of MicroStrategy’s latest acquisition is noteworthy, occurring just weeks before January 10, a date eagerly awaited by the crypto community. This is the day when speculation is rife that the U.S. Securities and Exchange Commission (SEC) might approve a spot Bitcoin exchange-traded fund (ETF) or multiple ETFs.

MicroStrategy’s co-founder and outspoken Bitcoin advocate, Michael Saylor, views a potential spot Bitcoin ETF approval as a groundbreaking development on Wall Street. Saylor believes that such a product could open the doors for mainstream retail and institutional investors who were previously unable to access BTC.

However, not everyone shares Saylor’s optimism regarding the prospects of a spot Bitcoin ETF in the U.S. Josef Tetek, a Bitcoin analyst at Trezor, warns that such ETFs could lead people away from self-custody and even result in the creation of “millions of unbacked Bitcoin.”

Skeptics, including BitMEX co-founder Arthur Hayes, go as far as expressing concerns that overly successful spot Bitcoin ETFs could pose a threat to the very essence of Bitcoin, potentially leading to its destruction.

As the anticipation builds up for the potential approval of a spot Bitcoin ETF, the crypto community is closely watching the developments, acknowledging both the opportunities and risks associated with this significant financial milestone.

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Ammar Raza

Associate editor
Skilled in crafting compelling content, with a deep enthusiasm for blockchain technology. I offer precise and easily comprehensible perspectives on cryptocurrencies, decentralized finance, and the ever-evolving landscape. Count on me as a reliable resource to remain informed about the latest advancements in the world of crypto.