In a bold move signaling continued confidence in Bitcoin, business analytics firm MicroStrategy announced another massive purchase of the cryptocurrency this week.
In a filing with the SEC, Microstrategy disclosed buying approximately 13,005 bitcoin for around $615 million in cash at an average price of $47,274 per coin. This increases the company’s total holdings to over 129,699 BTC, currently worth more than $5.4 billion.
The latest buy-in came just days ahead of a crucial decision from the SEC on the first U.S. spot Bitcoin ETF application. The commission is set to rule on the ProShares Bitcoin ETF proposal by January 17th, 2023 after delaying a determination multiple times previously.
In a statement, MicroStrategy CEO Michael Saylor said the company views Bitcoin “as a dependable store of value” and will continue acquiring the cryptocurrency as part of its treasury strategy. He also expressed hope that a spot ETF approval would make Bitcoin more accessible and help further legitimize the emerging asset class.
Some analysts see MicroStrategy’s bullish move as a vote of confidence that the SEC may finally green light the spot ETF. The business intelligence firm has been one of the largest corporate holders of Bitcoin for several years running. Its latest purchase ranks among the biggest single-day buys ever by a public company.
Regardless of the SEC’s ruling, MicroStrategy is clearly positioning itself for the long haul in Bitcoin. With prices hovering near two-year lows amid wider crypt0 volatility, the company may also be taking advantage of a buying opportunity. Only time will tell if history judges these bets as visionary. But for now, MicroStrategy is putting its money where its mouth is when it comes to Bitcoin.