Bitcoin surged to a new record high near $95,000 on Tuesday, driven by the launch of options trading for spot bitcoin exchange-traded funds (ETFs). BlackRock and Grayscale introduced options for their iShares Bitcoin Trust and Grayscale Bitcoin Trust ETFs, respectively, marking significant developments in the cryptocurrency market.
The Options Clearing Corporation announced its preparation for the investment vehicles, allowing investors to trade options on these ETFs. According to Bloomberg analyst James Seyffart, the trading volumes were “unheard of” for the first day, indicating a high level of investor interest.
Meanwhile, MicroStrategy Chairman Michael Saylor plans to pitch bitcoin as an investment strategy to Microsoft’s board of directors, citing its potential to increase shareholder value and reduce stock volatility. The company has recently acquired another $4.6 billion worth of bitcoin, bringing its total holdings to nearly $17 billion.
Cryptocurrency prices were mixed on Wednesday following the early surge in bitcoin’s price. The Dow Jones Industrial Average component Core Scientific advanced more than 4%, while Core Scientific rival MARA Holdings rose over 10%. Other mining stocks like Miners Hut 8 and Bit Digital declined, however.
Source: https://www.investors.com/news/bitcoin-price-record-high-bitcoin-etf-options-blackrock-microstrategy