MicroStrategy Adds $600M Worth of Bitcoin to its Portfolio

• MicroStrategy boosted its Bitcoin holdings by more than 10% in just one month.
• The SEC has called for comments on Fidelity’s spot Ether ETF application.

MicroStrategy strengthened its position as the largest corporate holder of Bitcoin in November by purchasing an extra 16,130 BTC, worth around $608 million. MicroStrategy’s co-founder Michael Saylor revealed on November 30 that the business purchased the bitcoin for about $593.3 million, or $36,785 per piece. Earlier on, MicroStrategy claimed it held 174,530 BTC, or approximately $6.6 billion.

MicroStrategy has acquired an additional 16,130 BTC for ~$593.3 million at an average price of $36,785 per #bitcoin. As of 11/29/23, @MicroStrategy now hodls 174,530 $BTC acquired for ~$5.28 billion at an average price of $30,252 per bitcoin. $MSTR

— Michael Saylor⚡️ (@saylor) November 30, 2023

MicroStrategy is one of the organizations that has shown interest in Bitcoin in recent years. The software developer announced in 2020 that it would use Bitcoin as its treasury reserve asset and has continuously bought significant amounts of the cryptocurrency

MicroStrategy held 158,400 bitcoins as of the end of October, having gained 6,607 bitcoins from the start of the third quarter. It has now boosted its holdings by more than 10% in just one month.

Saylor, the company’s former CEO, believes Bitcoin is a hedge against inflation and would be a good strategy for investors to receive maximum returns. Saylor has also advised investors to purchase the company’s shares as a way to gain crypto exposure.

Saylor views Bitcoin as a “dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.” The prominent investors believe Bitcoin is a preferable asset to gold and real estate.

MicroStrategy’s strategy appears to have paid off in recent months. The current price of MicroStrategy’s Nasdaq stock, MSTR, is $493.15 a share. Although shares are down 2% from the previous day’s close, it represents a 17% gain over the last month.

SEC Calls for Comments on Fidelity’s ETF Application

In other news, the US Securities and Exchange Commission (SEC) has called for public comments on Fidelity’s spot Ether ETF application. The SEC urged “interested persons” to provide feedback on the Fidelity offering, proposing that the Cboe BZX Exchange list and trade shares of the Fidelity Ethereum Fund.

Has been long known that Fidelity entered the spot ETF race but this filing *essentially* starts the ~240+ day clock for their spot #Ethereum ETF. Just another step in the process. Will have definitive deadline dates in the coming weeks pic.twitter.com/gdW9ZQDgs9

— James Seyffart (@JSeyff) November 30, 2023

The SEC’s call for feedback is an important step toward the possibility of an ETF based on cryptocurrency being introduced into the American financial . The regulator also set up a 21-day comment period.

Fidelity submitted its initial application for approval of the fund in mid-November, joining the ranks of other companies vying for a spot cryptocurrency exchange fund (ETF) in the US.

The introduction of Fidelity’s Ether ETF would provide US investors with a regulated investment vehicle and be a significant step toward advancing the mainstreaming of cryptocurrencies.

Okay the window for potential spot #Bitcoin ETF approval is looking like its gonna be between Jan 5 & Jan 10 2024. I spoke with @thomasg_grizzle & @ScottW_Grizzle this morning and nailed this call. pic.twitter.com/y9JYdEpjNH

— James Seyffart (@JSeyff) November 30, 2023

Despite multiple applications from several organizations, the SEC has yet to authorize the listing of any spot crypto ETF for the U.S. markets. However, some crypto experts believe the regulator could approve such applications as early as next year.