Germany’s largest insurance company, Allianz, has reportedly purchased nearly a quarter of MicroStrategy’s $2.6 billion convertible note offering, signaling increasing institutional interest in Bitcoin.
Allianz — the second-largest insurance provider in Europe — has acquired 24.75% of MicroStrategy’s $2.6 billion note sale for institutional investors, which closed on Nov. 21.
The insurance giant made the investment across four different sub-organizations, according to Bloomberg Terminal data shared by pseudonymous analyst Petruschki in a Nov. 22 X post. 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 AllianzbGlobal investors GMBH 0.04%.”
Allianz MicroStrategy investment, Bloomberg Terminal. Source: Petruschki
A significant portion of Allianz’s investment could directly influence the Bitcoin (BTC) price rally, as MicroStrategy plans to use the funds to “acquire additional Bitcoin and for general corporate purposes.”
BTC/USD, 1-month chart. Source: Cointelegraph
The news comes shortly after Bitcoin crossed the $99,000 record high after printing the biggest-ever monthly candle of over 40%, with eight days left before the end of November — bolstering analyst expectations for a rally above $100,000.
Cointelegraph approached the insurance company for comment. Allianz’s head of media relations, Heidi Polke, had no comment to share on the matter.
Related: US Bitcoin reserve during Trump presidency could pump BTC to $1M
Saylor’s MicroStrategy completes $3 billion note sale amid Bitcoin rally
MicroStrategy initially planned an offering of $1.75 billion aggregate principal amount of notes, which was first announced in a Nov. 18 statement.
However, the world’s largest corporate Bitcoin holder decided to upsize the note sale to $2.6 billion just two days later, on Nov. 20.
Related: Shiba Inu whale holds 10% of SHIB supply, up 250,000x to $2.5B
MicroStrategy completed the note offering on Nov. 21, raising $3 billion worth of capital, signaling that initial purchasers bought the maximum amount of additional notes during the offering, according to Michael Saylor, the founder and CEO of MicroStrategy.
MicroStrategy completes $3B sales. Source: Michael Saylor
MicroStrategy’s newly-raised capital could push Bitcoin above the $100,000 all-time high, which could occur before the end of the month, according to Ryan Lee, chief analyst at Bitget Research.
The analyst told Cointelegraph:
“If history repeats itself and Bitcoin prices grow as projected, a 14.7% from the current price level will push the coin well above the $100,000 target for the month. The post-halving cycle trend is also very positive when projecting the future of Bitcoin.”
Yet others worry about the growing leverage in crypto markets. On Nov. 12, Kris Marszalek, the co-founder and CEO of Crypto.com, warned that the crypto market will need deleveraging before Bitcoin can breach $100,000.
Magazine: Bitcoin dominance will fall in 2025: Benjamin Cowen, X Hall of Flame