Bitcoin ETF token sees significant inflows of over $800 million following MicroStrategy's purchase of Bitcoin
ETFSwap, a decentralised platform enabling the buying and trading of tokenized Exchange-Traded Funds (ETFs), has seen a surge in demand for its native Bitcoin ETF token, ETFS. This increase in demand comes in the wake of MicroStrategy's recent $800 million Bitcoin (BTC) purchase.
The presale of ETFS tokens has raised over $2 million, with over 300 million tokens bought by institutional investors. The proceeds from this sale will be used to purchase more Bitcoin, aiming to substantially increase the company's holdings.
MicroStrategy, an American business intelligence company, announced another purchase of 11,931 BTC, valued at $786 million. This massive BTC buy comes at a time when investors can access innovative ETF markets through ETFSwap. Michael Saylor, the founder of MicroStrategy, revealed the purchase in an X post on Thursday.
As of June 4, 2022, MicroStrategy now holds a total of 226,331 BTC, acquired for $8.33 billion at an average of $36,798. The company used the proceeds from convertible notes and excess cash to buy the BTC at an average price of $65,883.
ETFSwap's Bitcoin ETF token, ETFS, offers investors an opportunity to gain access to the soon-to-be-launched ETF and its advanced trading platform. The current price of the Bitcoin ETF token on ETFSwap is $0.01831.
The company integrates advanced Artificial Intelligence (AI) powered ETF trackers and screeners, aiming to democratize access to the ETF market and launch its own ETF by 2025. ETFSwap allows users to swap crypto assets for tokenized institutional ETFs, providing a unique platform for investors.
While there is no specific information about which institutions have purchased over 300 million tokens of the ETFSwap Bitcoin ETF tokens in recent weeks, the continued demand from investors for tokenized ETFs is evident. The presale of ETFS tokens is open to all investors eager to buy ETFS tokens early and capitalize on its projected surge in value.
MicroStrategy has plans to continue its Bitcoin buying operation, signalling a continued interest in the cryptocurrency. The inflows in the ETFSwap Bitcoin ETF token, triggered by MicroStrategy's massive BTC buy, highlight the interconnectedness of the cryptocurrency market and the potential for growth in this sector.
