Bitcoin ETF

Galaxy

Bitcoin

Spot

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<p class="has-drop-cap">Bitcoin (BTC) briefly reclaimed the $30,000 level on Friday, likely driven by <a aria-label="renewed optimism (opens in a new tab)" href="https://www.cnbc.com/2023/10/20/coinbase-confident-a-us-bitcoin-etf-will-be-approved.html" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">renewed optimism</a> that the Securities and Exchange Commission (SEC) will approve the long-awaited spot Bitcoin exchange-traded fund (ETF). The surge in crypto prices boded well for MicroStrategy’s (NASDAQ: $MSTR) shares, which climbed 3.1% at the market open.&nbsp;</p>
<h3 id="microstrategy-is-the-largest-corporate-btc-holder">MicroStrategy is the Largest Corporate BTC Holder&nbsp;</h3>
<p>Shares of MicroStrategy jumped 3.1% at the market open on Friday after an improved sentiment in the crypto markets drove Bitcoin above the $30,000 mark for the first time since July. MicroStrategy’s stock was changing hands at $353 per share at the time of writing.</p>
<p>The positive impact of Bitcoin’s resurgence on MicroStrategy’s shares is no surprise, given that Michael Saylor’s company is the world’s <a href="https://tokenist.com/microstrategy-now-holds-1-in-every-150-btc-with-seemingly-no-exit-strategy/" rel="noopener noreferrer nofollow" class="deco-link">largest corporate holder of the maiden cryptocurrency</a>. According to the most recent regulatory filings, the business intelligence firm owns 158,245 BTC, with a total worth of more than $4.69 billion at current market prices.</p>
<p>This figure makes MicroStrategy the biggest publicly-listed corporate owner of Bitcoin, ahead of Fred Thiel’s Marathon Digital (NASDAQ: $MARA) and Michael Novogratz’s Galaxy Digital (TSE: $GLXY). The latter two hold 13,286 and 12,525 BTC, respectively, <a aria-label="per CoinGecko data (opens in a new tab)" href="https://www.coingecko.com/en/public-companies-bitcoin" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">per CoinGecko data</a>. The fourth-biggest Bitcoin owner is EV giant Tesla (NASDAQ: $TSLA), which holds 10,500 Bitcoins, followed by Coinbase’s 9,182.&nbsp;</p>
<p>MicroStrategy’s <a href="https://tokenist.com/microstrategy-tops-up-bitcoin-holdings-to-4-68b-stock-down-0-8/" rel="noopener noreferrer nofollow" class="deco-link">latest BTC purchase</a> was revealed in late September when the company bought 5,445 coins for roughly $147.3 million in cash at an average price of $27,053.</p>
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<h3 id="coinbase-chief-legal-officer-confident-that-sec-will-approve-spot-bitcoin-etf">Coinbase Chief Legal Officer Confident that SEC Will Approve Spot Bitcoin ETF</h3>
<p>Bitcoin’s surge above the $30,000 threshold on Friday was likely fueled by a fresh wave of optimism caused by the growing confidence that the SEC will approve the much-debated spot BTC ETF. Paul Grewal, the chief legal officer of Coinbase, told CNBC on Friday he firmly believes the first-ever spot Bitcoin ETF will be approved by the securities regulator soon.&nbsp;</p>
<blockquote class="wp-block-quote">
 <p>“I’m quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law.”</p> <cite>– Grewal said in an interview with CNBC.</cite>
</blockquote>
<p>The SEC’s recent attempts to crack down on the crypto industry haven’t worked out as planned.&nbsp; Earlier this month, a US federal judge, Analisa Torres,<a aria-label="Analisa Torres refused (opens in a new tab)" href="https://www.reuters.com/legal/us-sec-cannot-appeal-ripple-labs-decision-judge-rules-2023-10-04/" target="_blank" rel="noopener noreferrer nofollow" class="deco-link"> refused</a> to allow the government agency to appeal her <a href="https://tokenist.com/ripple-confident-us-banks-will-use-xrp-for-money-transfers/" rel="noopener noreferrer nofollow" class="deco-link">July decision</a> that Ripple Labs did not violate securities laws by selling XRP tokens on public exchanges.&nbsp;</p>
<p>After reclaiming the $30,000 mark briefly, BTC slightly retreated to $29,716.&nbsp;</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em><strong>Do you think the SEC will approve the first-ever spot BTC ETF anytime soon? Let us know in the comments below.&nbsp;</strong></em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/microstrategy-shares-up-2-5-as-bitcoin-briefly-crosses-30k/">MicroStrategy Shares Up 2.5% as Bitcoin Briefly Crosses $30k</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

MicroStrategy Shares Up 2.5% as Bitcoin Briefly Crosses $30k

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