Allianz, Germany's largest insurance company, has purchased nearly a quarter of the $2.6 billion convertible bond offering of MicroStrategy, indicating growing institutional interest in Bit.
Allianz — Europe's second-largest insurance provider — has purchased 24.75% of MicroStrategy's $2.6 billion bond sale to institutional investors, which closed on November 21.
According to data from the Bloomberg Terminal, the insurance giant's investment was made through four different subsidiaries, which were shared by anonymous analyst Petruschki in a post on X on November 22. Petruschki said:
"The positions were established in July and October. The shares are held by the following subsidiaries: Allianz Global Investors Luxembourg 14.34%, Allianz Global Inv Of America LP 6.64%, Nicholas Applegate Cap MGMT Inc 3.74% and AllianzbGlobal Investors GMBH 0.04%."
Allianz's investment in MicroStrategy, Bloomberg Terminal. Source: Petruschki
A significant portion of Allianz's investment could directly impact the Bit price increase, as MicroStrategy plans to use the funds to "purchase additional Bit and for general corporate purposes."
BTC/USD, 1-month chart. Source: TinTucBitcoin
This news comes right after Bit surpassed the record high of $99,000, after posting the largest monthly candle ever with over 40%, with eight days left before the end of November — bolstering analysts' expectations of a surge past the $100,000 mark.
TinTucBitcoin reached out to the insurance company for comment. Allianz's head of communications, Heidi Polke, had no comment to share on the matter.
Saylor's MicroStrategy completes $3 billion bond sale amid Bit price surge
Initially, MicroStrategy had planned to issue $1.75 billion in total bonds, announcing it first in a release on November 18.
However, the world's largest Bit holder decided to expand the bond sale to $2.6 billion just two days later, on November 20.
MicroStrategy completed the bond sale on November 21, raising $3 billion in capital, indicating that the initial buyers had purchased the maximum additional bonds in the offering, according to MicroStrategy founder and CEO Michael Saylor.
MicroStrategy completes $3 billion sale. Source: Michael Saylor
MicroStrategy's new capital raise could push Bit past the $100,000 record high, which may happen before the month ends, according to Bitget Research's lead analyst Ryan Lee.
The analyst told TinTucBitcoin:
"If history repeats and Bit price rises as expected, a 14.7% increase from the current price will push the currency well beyond the $100,000 target this month. The post-halving cycle trend also looks very promising in predicting Bit's future."
However, many are concerned about the increasing leverage in the crypto markets. On November 12, Crypto.com co-founder and CEO Kris Marszalek warned that the crypto market will need to deleverage before Bit can surpass $100,000.
