Allianz, Germany’s biggest insurer, buys 24% of MicroStrategy’s $2.6B notes
2024-11-22

Germany’s largest insurance company, Allianz, has 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:

A significant portion of Allianz’s investment could directly influence the Bitcoin BTCUSD price rally, as MicroStrategy plans to use the funds to “acquire additional Bitcoin and for general corporate purposes.”
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.
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.
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’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:
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.