First Mover Americas: MicroStrategy Buys More BTC and ARK Invest Buys BITO

First Mover Americas: MicroStrategy Buys More BTC and ARK Invest Buys BITO

MicroStrategy (MSTR) announced on Wednesday that it had purchased an additional 14,620 bitcoin (BTC) for a total of $615.7 million.

The company’s executive chairman, Michael Saylor, took to Twitter to announce the news, stating that the purchase was made at an average price of $42,110 per BTC.

This recent purchase brings the company’s total holdings to 189,150 BTC, worth around $5.9 billion. MicroStrategy began purchasing bitcoin in August 2020.

ARK Invest, a well-known investment firm, has made a significant investment in the ProShares Bitcoin Strategy ETF (BITO) yesterday.

The firm sold its remaining holdings of the Grayscale Bitcoin Trust (GBTC) and used the proceeds to buy 4.3 million shares of BITO, which is valued at $9.2 million based on closing prices.

In addition, ARK Invest also bought 20,000 shares of the Ark 21Shares Active Bitcoin Future Strategy ETF.

The ProShares exchange-traded fund, which started trading in October 2021 as the first U.S. bitcoin-linked ETF, now accounts for 5.03% of the ARK Next Generation Internet ETF (ARKW), making it its sixth-largest holding.

As the clock ticks down to 2023’s last quarterly options expiry, bitcoin remains well supported, holding above $40,000. On Friday at 08:00 UTC, a staggering $7.7 billion worth of options tied to bitcoin (BTC) and $3.5 billion of options linked to ether (ETH) will expire on the crypto exchange Deribit.

This could result in a huge surge in volume as traders rush to liquidate their positions.

Deribit’s largest expiry to date was a total of over $11 billion, of which almost $5 billion will expire in the money. This is the largest amount ever, potentially resulting in above average hedging and trading activity.

MicroStrategy (MSTR.O) announced on Wednesday that it had purchased $615.7 million worth of bitcoin. This move comes as expectations grow that the top U.S. markets regulator will soon approve a spot bitcoin exchange traded fund (ETF).

MicroStrategy, a Virginia-based company, has seen its stock prices surge 350% this year. The company and its subsidiaries have also purchased about 14,620 bitcoins at an average price of roughly $42,110 between Nov. 30 and Dec. 26, according to a regulatory filing. In afternoon trading, the company’s stock prices jumped 8%.

MicroStrategy’s recent move to buy bitcoin has helped strengthen the appeal of its stock, which tends to move in tandem with the digital asset.

The firm’s decision to invest in bitcoin is not a short-term trading strategy, but rather reflects a belief that the digital asset will ultimately prove a superior store of value, according to analysts at TD Cowen.

The brokerage added that the company remains an attractive investment for those looking to gain bitcoin exposure.

This resurgence in interest has been driven by a series of filings from traditional finance powerhouses like BlackRock (BLK.N) in recent months.

A spot crypto ETF would track the market price of the underlying crypto asset, giving investors exposure to the token without having to buy the currency.

This would be a great way for investors to get into the crypto market without having to worry about buying and storing the currency themselves.

MicroStrategy, which began buying the cryptocurrency in 2020, said it together with subsidiaries now holds about 189,150 bitcoins bought for about $5.9 billion.

This would be a great way for investors to get into the crypto market without having to worry about buying and storing the currency themselves.

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