While everyone is eagerly anticipating the approval of a spot Bitcoin ETF, one company has already resolved its ETF needs. Yes, I am talking about MicroStrategy. Under Saylor’s leadership, the company with its massive Bitcoin accumulation is effectively functioning as a spot Bitcoin ETF.
MicroStrategy Buys Bitcoin
MicroStrategy recently purchased another 12,333 BTC for approximately $347.0 million at an average price of $28,136 per Bitcoin. So, did the Bitcoin price react to this move? Not really, purchases made by Saylor’s company often do not concern the king of cryptocurrencies. In fact, we have seen the price fall several times after the purchase announcement.
Just a few minutes ago, Michael Saylor announced the purchase as follows;
MicroStrategy has purchased an additional 12,333 bitcoins for ~$347.0 million in cash at an average price of ~$28,136 per Bitcoin. We now hold 152,333 bitcoins, acquired for ~$29,668 per Bitcoin.
Spot Bitcoin ETF Equals MSTR
With purchases made between April 29 and June 27, the company’s BTC holding exceeded 150,000. The latest significant purchase comes two months after MicroStrategy purchased an additional 1,045 bitcoins for a total of $23.9 million in April. Through leveraging and using its profits, the company constantly buys Bitcoin and has transformed into an unofficial Spot Bitcoin ETF due to this strategy. Positive fluctuations in BTC price also uplift MSTR shares. Conversely, a price drop leads to a plummet in shares.
As we have mentioned several times before, clients of trillion-dollar companies are showing intense interest in MicroStrategy shares. Numerous asset management companies, including BlackRock, hold MSTR shares for their clients.
Thanks to Michael Saylor’s audacious strategy, even without any approval from the SEC, qualified investors have the opportunity to buy Bitcoin from the stock market. Saylor, a former crypto adversary, changed his stance in the last bull season and has defined himself as the biggest Bitcoin bull.
The only problem is that the king of cryptocurrencies, Bitcoin, doesn’t seem to love Saylor. As of writing, it’s hovering around $30,300.
