MicroStrategy scoops up $347 million in BTC amidst spot Bitcoin ETF gold rush

MicroStrategy has announced the purchase of 12,333 Bitcoins for $347 million cash over the past two months.
The pro-Bitcoin technology firm now holds 152,333 BTC worth more than $4.6 billion.
The announcement comes at a time when there is a gold rush of spot Bitcoin ETF applications led by BlackRock, WisdomTree, Invesco and Fidelity.

MicroStrategy, one of the largest publicly traded business analytics firms, continued accumulating Bitcoin through the recent crypto bloodbath. In an announcement early on Wednesday, the firm revealed its purchase of 12,333 BTC for $347 million between April and June 27, 2023.

The timing of the announcement coincides with the recent revival of interest in spot Bitcoin Exchange Traded Fund (ETF) filings by several large financial institutions.

Also read: Bankrupt FTX begins revival of international exchange, The Wall Street Journal reports

MicroStrategy announces $347 million in Bitcoin purchase

MicroStrategy has acquired 12,333 BTC in exchange for $347 million in cash between April 29 and June 27, according to the firm’s announcement on Wednesday. Taking into account the latest purchase, MicroStrategy now owns 152,333 BTC worth over $4.6 billion at the current price of $30,190.

Michael Saylor’s analytics firm is one of the largest public holders of Bitcoin.

Typically, the accumulation of Bitcoin by firms like MicroStrategy is considered bullish for the BTC price. It signals rising demand from institutional investors. The timing of the announcement and the purchases coincides with the gold rush for filing spot Bitcoin ETFs.

BlackRock leads gold rush of spot Bitcoin ETF filing

BlackRock flagged the race to file Bitcoin spot ETF applications with the US financial regulator, the Securities and Exchange Commission (SEC). Following the SEC’s crackdown on cryptocurrencies and exchanges, the largest asset management firm in the world revealed its plan to foray into crypto custody and the ETF business to meet its clients’ needs.

BlackRock was closely followed by WisdomTree, Invesco and Fidelity. The past two weeks marked the rising institutional interest in Bitcoin and during the same period, the asset climbed from $25,000 to $31,000, crossing the key psychological barrier at $30,000.

Crypto intelligence tracker Glassnode revealed that the Bitcoin price rally was induced by US-based traders, despite the SEC’s crackdown on the sector in June 2023.

Bitcoin month-on-month price change by trading session and region

Institutions in the US are therefore leading the Bitcoin price rally. MicroStrategy’s Bitcoin purchase and the recent spot Bitcoin ETF filings are key bullish catalysts for BTC. Check this post for Bitcoin price targets.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.