“The announcement that MicroStrategy will issue more shares next year to buy more Bitcoin is pushing up the prices,” said Sean McNulty, director of trading at liquidity provider Arbelos Markets. “The market is being forward looking about MicroStrategy’s Bitcoin buys and that’s been the single biggest reason for market to go up. Watching MicroStrategy news is becoming a big part of my day.”
Bitcoin rose on Thursday after the digital asset’s stockpiler MicroStrategy announced a plan to issue more shares, a move that would allow it to buy even more tokens.
The digital asset was up 0.32% at US$98,747 ($134,104) as of 11:30 am in Singapore, off its intraday high of US$99,876.70. A broader gauge of cryptocurrencies comprising smaller tokens including Ether, Solana and meme-coin favorite Dogecoin was up 0.2%, recovering from losses on Wednesday.
