After rising and sinking, bitcoin returned to familiar territory at about $29.2K. PLUS: DavidDTawil tells CoinDesk TV that 'there seems to room in the universe for one MicroStrategy.' JPRubin23 reports
MicroStrategy and its bitcoin-focused strategy are going to be around for a while, despite the potential passage of a spot bitcoin ETF and other industry developments, David Tawil, president of crypto asset fund ProChain Capital, told CoinDesk TV'sTawil said that demand for the software developer's shares remained strong among investors seeking exposure to the world's largest cryptocurrency by market capitalization.
Tawil's comments came a day after MicroStrategy said it would sell some $750 million stock with the intent of adding to its bitcoin stash of 152,300 BTC worth over $4.5 billion. Much of its holdings have come since the pandemic and followed a strategy shift by its now Executive Chairman Michael Saylor, a bitcoin bull. Saylor has faced criticism that MicroStrategy's performance depends too deeply on an asset that has been famously volatile through much of its history.
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