April 19, 2024
MicroStrategy Boosts BTC, ARK Invest Acquires BITO
Bitcoin News

MicroStrategy Boosts BTC, ARK Invest Acquires BITO

MicroStrategy (MSTR), a leading corporate holder of bitcoin (BTC), augmented its holdings by acquiring 14,620 BTC, totaling approximately $615.7 million. Michael Saylor, the company’s executive chairman, disclosed the purchase, stating the acquisition was at an average price of $42,110 per BTC.

This recent addition elevates MicroStrategy’s bitcoin holdings to 189,150 BTC, valued at around $5.9 billion, acquired at an average price of $31,168 per BTC. MicroStrategy initiated its bitcoin acquisitions in August 2020, with the latest purchase preceding this occurring last month, involving 16,130 BTC valued at approximately $608 million.

In parallel, ARK Invest, under Cathie Wood, made strategic moves in its portfolio. The investment firm purchased 4.3 million shares of ProShares Bitcoin Strategy ETF (BITO) after divesting its Grayscale Bitcoin Trust (GBTC) holdings. This new stake is valued at $9.2 million based on closing prices. Simultaneously, ARK Invest sold $27.6 million worth of Coinbase (COIN) stock and acquired 20,000 shares of the Ark 21Shares Active Bitcoin Future Strategy ETF.

ProShares BITO, the U.S.’s first bitcoin-linked ETF, initiated trading in October 2021 and now constitutes 5.03% of ARK Next Generation Internet ETF (ARKW), ranking as its sixth-largest holding.

Bitcoin’s resilience is evident as it maintains support above $40,000 leading up to the final quarterly options expiry of 2023. On Friday, $7.7 billion worth of options linked to Bitcoin and $3.5 billion tied to ether will expire on Deribit. This marks Deribit’s largest expiry, with almost $5 billion set to expire in the money, potentially driving heightened hedging and trading activity, according to Luuk Strijers, the exchange’s chief commercial officer.

Photo by Karolina Grabowska

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