Diversitas

1/6

Morning update:

Looking at the charts, not much has changed. Bitcoin continues to push higher and every dip gets absorbed by the market very fast✅🟢

2/6

The day was more interesting in terms of the news. First of all, we found out that on November 29th, Grayscale met with the SEC. Everyone is clearly working on getting their ETF approved as soon as possible. Exciting times🔥$BTC

3/6

Secondly, MicroStrategy announced that they have acquired an additional 16,130 $BTC for ~$593.3 million at an average price of $36,785 per bitcoin. As of 11/29/23, MicroStrategy holds 174,530 $BTC acquired for ~$5.28 billion at an average price of $30,252 per bitcoin🤯

4/6

Furthermore, MicroStrategy announced that they will issue more equity. Here we are talking about $750 million, which will be used to buy even more $BTC 👀

Any time MicroStrategy stock trades at a premium to their underlying bitcoin holdings, Michael Saylor simply issues more equity to buy $BTC.

$BTC trades higher -> Market bids MSTR -> MSTR issues equity & buys more $BTC -> Loop

P.S. The premium may go away once there’s a better alternative to get $BTC exposure. This will happen once the ETF is approved so maybe this $750 million raise may be the last one🤔

5/6

Here is also an interesting on-chain observation. Bitcoin exchange reserves are moving down fast. Apart from MicroStrategy, someone else is max bidding $BTC 👀