Michael Saylor Believes Demand for Bitcoin Products Is 10x the Supply
MicroStrategy co-founder and executive chairman says his company is re-branding as a bitcoin development company during CNBC interview.
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MicroStrategy co-founder and executive chairman says his company is re-branding as a bitcoin development company during CNBC interview.
The world’s largest crypto has now roughly tripled in price in 2023, surely signaling the end of the industry’s long bear market.
Bitcoin approached the $50,000 level Monday for the first time in more than two years, but selling pressure on exchanges stalled the advance.
Spot bitcoin ETFs attracted Thursday their third-largest net inflows since debut, increasing their holdings by 9,260 BTC.
With a roster of bitcoin ETFs already trading, companies will need to figure out how to differentiate their products.
The recently launched spot bitcoin ETFs, excluding Grayscale’s GBTC, added nearly another 5,000 tokens to their holdings yesterday, and now at more than 192,000 BTC, hold more of the crypto than MicroStrategy (MSTR), whose total stood at 190,000 as of the end of January.
GBTC is expected to lose further funds to newly created ETFs unless there is a meaningful cut to its fees, the report said.
All but one of the recently launched spot bitcoin exchange-traded funds (ETF) charge a lower fee than the largest gold ETF, making them a cheaper investment into a gold-like asset.
MicroStrategy (MSTR), the software firm whose executive chairman is bitcoin maximalist Michael Saylor, reported weaker-than-expected fourth quarter earnings on Tuesday, but the majority of its conference call presentation focused on the crypto.
The updated S-1 document brings the spot Ethereum ETF application more “in line” with the recently approved spot BTC ETF prospectus, one analyst noted.