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MicroStrategy has aggressively expanded its Bitcoin holdings, acquiring 15,400 bitcoins recently, bringing its total to 402,100, valued at approximately $38.4 billion. Despite a short-term stock dip, shares have surged over 500% year-to-date, reflecting strong investor confidence, especially with the anticipated Nasdaq 100 inclusion. Executive Chairman Michael Saylor's vision for Bitcoin adoption among corporations continues to shape the company's strategy, positioning it as a key player in integrating digital assets into corporate treasury management.
IG
REX Financial has launched the REX Crypto Equity Premium Income ETF, utilizing a covered call strategy to generate income from 25 cryptocurrency stocks. The ETF tracks the BITA Crypto Assets & Digital Payments Index, which has surged 80% in 2023, reflecting growing interest in the crypto sector. This marks REX's third covered call ETF, following previous launches focused on Nasdaq and AI stocks, as the market for cryptocurrency ETFs continues to expand amid evolving regulatory landscapes.
Hiccups are emerging in leveraged ETFs tracking MicroStrategy as their popularity surges amid a bull market, raising concerns about investor euphoria. These funds, designed for daily returns, are struggling to meet their goals due to high volatility and a lack of swap supply, leading to significant discrepancies in returns. Despite these challenges, the single stock ETF market continues to grow, with new funds being launched.
The Nasdaq 100 rose 1.1%, while the Dow Jones fell 0.3%, amid mixed market signals. Bitcoin and Ether declined by 2.2% and 2.5%, respectively, as the VIX dropped below 14, indicating reduced volatility. Corporate upheavals included Intel's CEO ousting and significant labor strikes at Volkswagen AG. Key economic indicators are set to be released this week, including US factory orders and the jobs report.
Bitcoin's ascent toward the $100,000 mark is facing challenges, leading to growing skepticism among bulls. Despite strong institutional buying, particularly from MicroStrategy, there is a noticeable shift in capital flows within the broader crypto ecosystem, affecting both institutional and non-institutional investors.
MicroStrategy Inc. has made its fourth consecutive weekly purchase of Bitcoin, acquiring 15,400 tokens for $1.5 billion from November 25 to December 1, as reported in a filing with the US Securities and Exchange Commission. The firm has invested over $13.5 billion since November 11 and now holds approximately $38 billion in Bitcoin.
Bitcoin exchange-traded funds in the US now hold over 1 million tokens, representing about 5% of the total supply, comparable to the holdings of Satoshi Nakamoto. A potential new buyer may emerge as a Senate ally of Donald Trump proposes a bill for the Federal Reserve to sell gold to acquire 1 million Bitcoin for a government stockpile. Meanwhile, MicroStrategy, led by Michael Saylor, holds approximately $38 billion in Bitcoin and continues to raise capital for further purchases.
Bitcoin is poised for a nearly 40% gain in November, nearing the $100,000 mark, following Donald Trump's election victory, which has reinvigorated the cryptocurrency market. The month is set to be Bitcoin's best since February, driven by strong ETF inflows and bullish investor sentiment.As Trump’s presidency is expected to legitimize the crypto industry, factors like reduced supply from the recent halving and increasing institutional demand are anticipated to propel Bitcoin's price further, with bulls predicting it could reach $100,000 by the end of 2024.
Switzerland's Canton Bern has passed a historic bill to assess the impact of Bitcoin mining, with 85 lawmakers in favor and 46 against. The report will explore Bitcoin mining's potential to stabilize the energy grid and utilize wasted energy, further solidifying Switzerland's position as a crypto-friendly nation. This move follows a broader trend of countries like El Salvador and Bhutan engaging in Bitcoin mining, while companies like MicroStrategy adopt Bitcoin as a strategic reserve asset.
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