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MicroStrategy Acquires More Bitcoin; SEC Expected to Approve First U.S. Spot Bitcoin ETF

Growing optimism surrounds the potential approval of the first U.S. spot Bitcoin ETF in early January 2024, as MicroStrategy increases its Bitcoin holdings and major asset managers prepare for the potential market shift.

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Overview

  • MicroStrategy, the largest corporate holder of Bitcoin, has acquired an additional 14,620 BTC for roughly $615.7 million, increasing the company’s holdings to 189,150 BTC, valued at around $5.9 billion.
  • Expectations are growing for the U.S. Securities and Exchange Commission (SEC) to approve the first U.S. spot Bitcoin exchange-traded fund (ETF) in early January 2024.
  • The SEC's impending decision on spot ETF applications has led to a record net bullish positioning by asset managers and other reportables, according to data tracking website MacroMicro's bitcoin futures smart money index.
  • Ark Invest CEO Cathie Wood has expressed optimism about the SEC's depth of knowledge and understanding of the issues surrounding a Bitcoin ETF, predicting approval by Jan. 10, 2024.
  • BlackRock, the world's largest asset manager, is also preparing for the potential approval of a Bitcoin spot ETF, with a leak revealing that the SEC has set a Dec. 29 deadline for 'final updates' to their applications.