Asus
- MicroStrategy acquired an additional 27,200 BTC, now holding a total of 279,420 BTC.
- US Spot Bitcoin ETFs now represent almost 5% of all Bitcoin holdings.
- The combined trading volume for US Spot Bitcoin ETFs, MicroStrategy, and Coinbase reached US$38 billion in a single day.
No bullish crypto week would be complete without an announcement by MicroStrategy and Michael Saylor that they’ve bought more Bitcoin. Well, almost, but here it is:
MicroStrategy has acquired 27,200 BTC for ~$2.03 billion at ~$74,463 per #bitcoin and has achieved BTC Yield of 7.3% QTD and 26.4% YTD. As of 11/10/2024, we hodl 279,420 $BTC acquired for ~$11.9 billion at ~$42,692 per bitcoin. $MSTR https://t.co/uCt8nNUVqd
— Michael Saylor⚡️ (@saylor) November 11, 2024
So, after buying another 27,200 BTC and now HODLing 279,420 BTC, and with the US Spot Bitcoin exchange-traded funds (ETFs) now accounting for almost 5% of total Bitcoin holdings, you might ask, what’s left to buy?
Records Broken, Left, Right and Centre
And it gets better – or worse, depending if you believe you have enough Bitcoin or not – as per Eric Balchunas, Bloomberg Senior ETF Analyst, the “Bitcoin Industrial Complex” has just hit a record in trading volume.
Related: Ken Fisher Claims Trump Positive on Crypto, But Won’t Change Much Overall
Balchunas has thrown the US Spot ETFs, MicroStrategy and Coinbase in one basket, labelling them the Bitcoin Industrial Complex, with arguably some of the largest holders of BTC. The bunch had US$38 billion (AU$57.8 billion) in trading volume on Monday, 11 November.
That number includes the largest ETF, BlackRock’s IBIT, seeing over US$4.5 billion (AU$6.8 billion) in trading volume, which Balchunas said is pointing “to a robust week of inflows”.
Just an insane day, it really deserves a name a la Volmageddon.
Eric Balchunas, Bloomberg Senior ETF Analyst
8 Out of 10 Public Companies That Own Bitcoin US-Based
And the mania didn’t stop at crypto, with Coinbase and MicroStrategy coming out on top, or in the top five rather, of stocks traded. Balchunas was impressed by what he called “feels like a craze”.
Bitcoin mania taking over the stock market too as Coinbase and Microstrategy are both in Top 5 most traded stocks today, something i’ve never seen, only Tesla and Nvidia more. Both up an absurd 18% today. Feels like a craze, at least for the moment.. pic.twitter.com/W9T4IPXmQM
— Eric Balchunas (@EricBalchunas) November 11, 2024
To which the crypto community replied: “You ain’t seen nothing yet.”
Not surprisingly, and entirely unrelated to Trump’s election win, is the fact that most public companies holding BTC are based in North America.
Related: Standard Chartered Predicts Solana to Outperform BTC, ETH, With New All-Time High Before 2025
While MSTR, Marathon Digital, Riot Platform, Tesla and Hut 8 Corp are in the top five of HODLers, the only company outside of US/ Canada is Bitcoin Group SE, a German holding company with a focus on cryptocurrencies.
Other notable non-North American holders include Japanese Nexon and Metaplanet, as well as Thailand-based Brooker Group’s BROOK.
