Bitcoin has advanced as optimism builds about an ETF approval by the SEC, with the cryptocurrency recovering amid renewed speculation. Michael Saylor of MicroStrategy, initially starting with bond offerings at ~0% interest rates, has adopted a strategy from Abracadabra MiM by issuing more MSTR shares to buy Bitcoin. This has driven up the price of both Bitcoin and MSTR shares, resulting in a 300% gain for investors in 2023. MicroStrategy continues its Bitcoin accumulation, adding 14,000 more Bitcoin to its portfolio. Cathie Wood of ARK Invest predicts an institutional surge following Bitcoin ETF approvals and has revamped ARK's crypto-related holdings, exiting Grayscale's GBTC in favor of investing in the ProShares Bitcoin Strategy ETF. Grayscale, a crypto asset manager, has updated its S-3 filing for a spot Bitcoin ETF, further fueling the anticipation as the countdown to ETF approval continues.
.@CathieDWood explains the decision ARK Invest has made to pivot away from GBTC, and toward the ProShares Bitcoin Strategy ETF (BITO). https://t.co/A7nTyOrAOi
Cathie Wood’s ARK invests in ProShares Bitcoin Strategy ETF after exiting GBTC: CNBC Crypto World https://t.co/sW4KZNgMP2
Cathie Wood’s ARK Revamps Crypto-Related Holdings Ahead of Bitcoin ETF Approval Decision https://t.co/IgR54rxGMX
$BITO (-1.6% pre) Cathie Wood Goes Big Into ProShares Bitcoin, Dumps Grayscale $GBTC - BBG https://t.co/aPgLBHjRVX
Bitcoin Rises as the Countdown to ETF Approval Is On https://t.co/CE1GFMamYU
Saylor initially started Bond offerings to buy BTC when interest rates were ~0% - He's since taken a play from Abracadabra MiM by issuing more MSTR shares to buy BTC which then drives the price of BTC up which also drives the price of MSTR up which allows him to sell more shares.
MicroStrategy Expands Bitcoin Portfolio as Bitcoin ETF Approval Expectations Rise https://t.co/OIqRS9Od7W
NEWS: Saylor’s Christmas shopping continues with MicroStrategy loading up on 14,000 more bitcoin https://t.co/QUExpR3my6
Microstrategy up pre-market on announcement of Bitcoin purchase, because the purchase drove Bitcoin up enough to mark previous purchases higher This is important because equity/debt investors are now forced into Saylor’s vision Scale invariance is now pre-ordained
$MSTR (+0.8% pre) MicroStrategy’s bitcoin bet produces over 300% gain for investors in 2023 - CNBC https://t.co/CRNGMVe743
Bitcoin recovered amid renewed speculation that the US securities regulator is getting close to approving an ETF investing directly in the biggest token https://t.co/nK2Mabb5qb
Bitcoin Advances as Optimism Builds About ETF Approval by SEC - BBG https://t.co/QJDdlvL63G
Cathie Wood Predicts Institutional Surge Following Bitcoin ETF Approvals https://t.co/swiyj0EDJk
More bullish news for the spot Bitcoin ETF. https://t.co/Okf3eo6TKh
Crypto asset manager Grayscale has updated its S-3 filing for a spot Bitcoin (BTC) ETF https://t.co/uzhFHXvycF