Michael Saylor, chairman and co-founder of MicroStrategy Inc., has intensified his commitment to Bitcoin with a substantial investment of $593.3 million, expanding the enterprise-software company’s cryptocurrency holdings.

In a filing on Thursday, MicroStrategy revealed the acquisition of 16,130 Bitcoins in November, elevating its total holdings to approximately $6.5 billion.

This move represents Saylor’s most significant purchase since the acquisition of 19,452 Bitcoins for just over $1 billion in February 2021.

Saylor initiated MicroStrategy’s Bitcoin investments in 2020 and has accelerated these efforts throughout 2023, aligning the company with the cryptocurrency’s resurgence after a challenging period marked by rising interest rates and notable crypto-related incidents.

Stepping down from the CEO position a year ago, Saylor emphasized his focus on advancing MicroStrategy’s dual strategy with a primary emphasis on Bitcoin.

MicroStrategy’s stock has witnessed a remarkable 250% surge this year, surpassing Bitcoin’s 125% rally.

The optimism stems from the anticipation of potential approval for a Bitcoin exchange-traded fund (ETF) in the United States.

Contrary to concerns that an ETF approval might diminish demand for MicroStrategy’s stock, analysts like Matthew J. Maley, Chief Market Strategist at Miller Tabak + Co., suggest that an ETF could enhance interest in the asset class without significant cannibalization.

In conjunction with its Bitcoin investment, MicroStrategy entered into an agreement with Cowen and Company, Canaccord Genuity, and BTIG to offer up to $750 million of common stock.

The initial announcement of this stock offering in August outlined intentions to utilize the proceeds for Bitcoin purchases, working capital, and debt repurchases.

Coinbase Global Inc. has witnessed a 62% surge in its shares this month, capturing the attention of investors amidst the current volatility in the cryptocurrency landscape.

While FTX’s Sam Bankman-Fried faces a fraud conviction, and Binance navigates regulatory scrutiny, traders are flocking to Coinbase, betting on increased business, especially if authorities greenlight Bitcoin-focused exchange-traded funds (ETFs).

This surge, adding $12 billion to Coinbase’s market value in November alone, marks a significant turnaround for the largest US crypto exchange.

The stock has more than tripled in 2023, defying the broader market trends and eclipsing the average analyst price target of approximately $84.

“Coinbase is in a better position today than really any other point as a public company,” notes Needham & Co. analyst John Todaro.

He sees 2022 and 2023 as pivotal years, weeding out weaker players in the industry. “Those who survived are going to come out of that stronger. And Coinbase is one that survived.”

The optimism surrounding Coinbase is fueled by regulatory clarity and the potential approval of US-listed Bitcoin ETFs, expected as early as January, according to Bloomberg Intelligence. Bitcoin’s nearly 130% surge in 2023 adds to this positive outlook.

Investors who bet against Coinbase shares have faced losses of $1.3 billion in the past 30 days, as the company overcame losses reported for seven consecutive quarters.

While competitors face legal challenges, the resolution of Binance’s dispute with the US Department of Justice is seen as a positive for Coinbase.

“A healthy development for the industry is positive for Coinbase, and an abrupt exit of large players is not,” highlights Oppenheimer & Co. analyst Owen Lau. The settlement with Binance is expected to uphold higher compliance standards for crypto exchanges.

Despite this surge, maintaining momentum remains uncertain, with over 40% of Wall Street analysts holding a hold-equivalent rating for Coinbase.

Notably, Cathie Wood’s Ark Investment Management LLC, although reducing its Coinbase holdings, remains the fourth-largest shareholder, emphasizing a cautiously optimistic stance in the crypto space.

Cryptocurrency trading firm FTX Trading Ltd. has received bankruptcy court approval to initiate the sale of its stakes in digital trusts managed by Grayscale Investments, a move aimed at raising funds to settle creditors owed substantial amounts.

Court documents reveal that FTX intends to execute the sale in a manner that optimizes value and minimizes disruption to the market for the digital investments.

Grayscale, known for selling investments linked to various digital currencies, structured trusts where buyers received shares rather than holding the actual currencies.

As of last month, FTX’s stakes in these trusts were valued at approximately $744 million, according to information presented in court papers.

Facing bankruptcy allegations last year, FTX has been diligently working with its advisers to identify assets and navigate a complex network of debts owed to various creditors, including those who deposited cash and cryptocurrency on the trading platform.

The recovery efforts have yielded around $7 billion in assets, including $3.4 billion in cryptocurrencies, as reported in court documents.

FTX’s move to sell its Grayscale stakes aligns with its commitment to settling outstanding debts and ensuring a fair resolution for its creditors.

The approval from the bankruptcy court marks a significant step in the ongoing restructuring process.

The case, filed under FTX Trading Ltd., docket number 22-11068, falls under the jurisdiction of the U.S. Bankruptcy Court for the District of Delaware.