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  • MicroStrategy has realized unrealized gains exceeding $1.1 billion as the value of its Bitcoin holdings reached $5.7 billion with Bitcoin surging past $37,000.
  • BlackRock is advancing toward SEC approval for its Spot Bitcoin ETF, with expectations set for January 2024.

As the Bitcoin price surges to $37,000 in an unstoppable rally, the one person who’s having the last laugh is MicroStrategy’s chairman and Bitcoin evangelist Michael Saylor. Under his leadership, MicroStrategy has accumulated over 158,000 Bitcoins over the last three years with an average BTC holding price of under $30,000.

The rising value of Bitcoin (BTC) has propelled MicroStrategy (MSTR), the asset’s largest public holder, to unrealized gains exceeding $1.1 billion. This amount surpasses their cumulative investment by 25%. MicroStrategy, founded by Executive Chairman Michael Saylor, witnessed its bitcoin holdings surge to $5.7 billion as the price surpassed $37,000.

The company, known for its vocal support of BTC, possesses over 158,000 Bitcoins acquired over three years through company funds and bond sales. The current value of these holdings constitutes over 80% of MicroStrategy’s $7.1 billion stock market capitalization.

The accumulated cost for MicroStrategy’s Bitcoin holdings is over $4.6 billion, according to Bitcoin Treasuries data, making it more than ten times larger than the next significant institutional holder, Marathon Digital, with 13,000 bitcoins valued at $500 million.

MicroStrategy’s most recent known purchases occurred in the weeks leading up to Sept. 24, involving the acquisition of 5,445 Bitcoins for just under $150 million, averaging $27,053 per Bitcoin. The recent surge in Bitcoin’s price is attributed to optimism about potential U.S. regulatory approval of BTC-focused exchange-traded funds (ETFs), which experts believe could trigger substantial cryptocurrency investments.

This optimism heightened with news of the SEC engaging in discussions with Grayscale Investments regarding its application to transform the Bitcoin trust GBTC into a Bitcoin ETF.

Bitcoin ETF Expectations and BTC Price Rally

It’s just a matter of a month or two before the first spot Bitcoin ETF will come to the US, as per the current regulatory developments. BlackRock, a significant player in the financial industry, is making strides toward obtaining approval from the U.S. Securities and Exchange Commission (SEC) for its Spot Bitcoin ETF, and the anticipated timeline is set for January 2024.

This vote of confidence from BlackRock regarding SEC approval follows the company’s registration of an Ethereum Trust in Delaware, contributing to the growing excitement surrounding its involvement in the cryptocurrency space.

On the other hand, as the Bitcoin price nears $37,000, expectations have soared that Bitcoin could easily touch $40,000. However, fresh investors should maintain caution considering the technical setup for the Bitcoin price chart.

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Popular crypto analyst Ali Martinez explained that the TD Sequential indicator signals a sell on the weekly #BTC chart as it nears a crucial resistance zone between $38,500 and $42,000. Anticipating a correction towards $33,000, I intend to capitalize on the dip for a buy before the uptrend recommences. Confirmation of this scenario would require a weekly candlestick closure below $42,500.

Martinez also wrote that following its late October rally past $34,000, Bitcoin ($BTC) miners have engaged in selling activities. Over 5,000 BTC, valued at around $175 million, have been divested since that surge.

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