Germany’s largest insurer, Allianz, has acquired a substantial stake in MicroStrategy’s recent $2.6 billion convertible note offering. This investment, made by four different sub-organizations of Allianz, gives it 24% stake in the Bitcoin centric US firm.
Allianz’s investment could directly influence the Bitcoin price rally, as MicroStrategy plans to use the funds to “acquire additional Bitcoin and for general corporate purposes.”
Pseudonymous analyst Petruschki stated, “The positions were filed in July and October. The shares are held by the following sub-organizations: Allianz Global Investors Luxembourg 14.34%, Allianz Global Inv Of America LP 6.64%, Nicholas Applegate Cap MGMT Inc 3.74% and Allianz Global investors GMBH 0.04%.”
The announcement comes shortly after Bitcoin reached a new high of $99,000 after printing the largest-ever monthly candle of more over 40%, with eight days till the end of November, supporting expert forecasts for a rally beyond $100,000.
Also Read: MicroStrategy’s Profit Could Exceed $10B if Bitcoin Hits $100K
