TechFlow reported on December 26 that Bitcoin prices rose on Thursday, primarily driven by MicroStrategy's announcement of its plan to raise funds through a stock offering to purchase more Bitcoin. According to filings submitted to the U.S. Securities and Exchange Commission (SEC), the company is seeking to increase the authorized number of shares for its Class A common stock and preferred stock. Sean McNulty, Head of Trading at liquidity provider Arbelos Markets, said market expectations around MicroStrategy’s increased Bitcoin purchases have become one of the key factors driving price gains.
In addition, Bitcoin options with notional value of $13.95 billion and Ethereum options worth $3.77 billion are set to expire on Friday on Deribit, where open interest has exceeded $43 billion, hitting a record high. McNulty added, "Market makers may unwind hedges, which could lead to market volatility on Friday."
