According to Cointelegraph: MicroStrategy, a major business intelligence firm, continues to amass Bitcoin as the crypto sphere anticipates possible U.S approval of a spot Bitcoin exchange-traded fund (ETF). As per its 8-K filing with the U.S. Securities and Exchange Commission, MicroStrategy, along with its subsidiaries, recently acquired an additional 14,620 BTC, amounting to $615.7 million in cash from Nov. 20, 2023, to Dec. 26, 2023. The company bought the Bitcoin for an approximate average price of $42,110 per Bitcoin, the filing disclosed.

This new acquisition increases the aggregate Bitcoin holdings of MicroStrategy and its subsidiary companies to 189,150 bitcoins, procured at an overall purchase cost of approximately $5.9 billion. The average purchase price for the bitcoins stands at roughly $31,168 per BTC.

MicroStrategy's CEO Michael Saylor has been an avid Bitcoin enthusiast, aligning with his vision. He believes that the approval of a spot Bitcoin ETF, expected by many to happen on January 10, could be the biggest event on Wall Street in the last 30 years. This is because such a product would provide mainstream retail and institutional investors previously untapped access to Bitcoin.

However, not everyone shares the same optimism regarding a possible spot Bitcoin ETF coming to market in the United States. Some skeptics, like BitMEX co-founder Arthur Hayes, assert that this could potentially "completely destroy" Bitcoin if it achieves too much success due to the issues presented by people being further distanced from self-custody, and the creation of "millions of unbacked Bitcoin".