Recent convertible preferred note program by microstrategy

In September, microstrategy completed the issuance of about $1.01 billion 0.625% convertible preferred notes, which will mature in 2028 and plan to use part of the proceeds to purchase bitcoin.

The private placement ended on September 19 targeting institutional investors and can be converted into cash or microstrategy stocks. Meanwhile, in recent news, on October 25, Cointelegraph reported that since 1999, microstrategy's stock price has risen over 1500%, while microsoft has risen 1460% during the same 25-year period.

Institutional investors buying on the occasion of BTC recovery

If the bull market dominates and pushes up prices, this evolution will confirm the first-quarter increase in 2024. This will then mark the recovery of the bull market, which is an encouraging development following a 30% drop from the high point in March. In the wave of this optimistic sentiment, institutional investors have also poured in, gaining investment opportunities through spot bitcoin ETFs. According to SosoValue, as institutional investors buy more stocks on behalf of their clients, the inflow of funds is enormous.

On October 29, the issuer of the U.S. spot bitcoin ETF purchased $0.87 billion worth of BTC support shares for customers, while blackrock's IBIT received $0.642 billion, increasing its managed BTC scale to over $24.9 billion.

Bitcoin market on October 31:

Currently, the running channel appears to be slightly contracting, with the price experiencing a significant decline followed by a slow recovery, the bearish volume unable to form a solid arrangement, moving averages fluctuating, forming a gradually rising trend. Despite some corrections under the foundation of repair and rise, it has not had an impact on the overall trend, showing a continued recovery in rhythm. On the four-hour level, after narrow range consolidation, the price recovers from the probe, maintaining an alignment of bullish volume, indicating an upward flat opening in the running channel. Short-term oscillations and consolidations are building up bullish strength, limiting the downward probing intensity, not bullish on excessive pullback space. Bitcoin can be bought in the morning at 72,300-71,800, with a target near 73,500.

According to a report released by the U.S. Department of the Treasury on Wednesday, the Treasury expressed concern over the growth of the stablecoin market, suggesting that privately issued stablecoins should ultimately be replaced by central bank digital currencies (CBDC) supported by the government. The report, prepared by the U.S. Treasury Department's Office of Debt Management, states: "Similar to how the private issuance of 'wildcat' currency in the late 19th century was replaced by government-supported central bank currencies, central bank digital currencies (CBDCs) may need to substitute stablecoins as the primary form of digital currency supporting tokenized transactions."