Michael Saylor, the CEO of enterprise analytics firm MicroStrategy, has reaffirmed his unwavering commitment to Bitcoin by acquiring an additional $593 million worth of the cryptocurrency. In a tweet on November 30, Saylor announced that MicroStrategy had purchased 16,130 Bitcoins, averaging at a price of $36,785 per coin. This acquisition brings MicroStrategy’s total Bitcoin holdings to 174,530 BTC, purchased for about $5.28 billion at an average price of $30,252 per Bitcoin.
MicroStrategy: The Largest Institutional Holder of Bitcoin
With this latest purchase, MicroStrategy solidifies its position as the leading institutional holder of Bitcoin. The company now possesses over 0.83% of the 21 million maximum supply of Bitcoins that will ever exist. No other publicly traded company comes close to MicroStrategy’s Bitcoin allocation. Marathon Digital, the next largest corporate holder, has accumulated just 13,726 BTC, valued at approximately $517 million at current prices.
Saylor has been outspoken about his extremely bullish outlook on Bitcoin through social media, interviews, and conferences. He firmly believes that Bitcoin will gain widespread adoption as a valuable asset, similar to gold, and will appreciate in value in the long run as more institutions and nation states acquire holdings.
The Potential Impact of a Bitcoin ETF Approval
Many experts speculate that the approval of a spot Bitcoin exchange-traded fund (ETF) in the United States could trigger substantial inflows of institutional funds into BTC and drive prices higher. Currently, several Bitcoin ETF applications are awaiting approval from the Securities and Exchange Commission (SEC). While the SEC has previously rejected similar filings, recent developments indicate a potential shift towards approving a spot Bitcoin ETF.
The SEC is currently in discussions with Grayscale regarding the conversion of the Grayscale Bitcoin Trust into an ETF product. This development is regarded as a positive sign by the cryptocurrency community. The prospect of an imminent Bitcoin spot ETF approval, combined with Bitcoin’s limited supply and increasing real-world utility, has sparked bullish sentiment in the market.
As the market optimism builds, Michael Saylor and MicroStrategy have seized the opportunity to expand their Bitcoin treasury while prices are still deemed relatively low. With their holdings now surpassing $6 billion in value, they are well positioned to capitalize on any future appreciation in the price of Bitcoin.
