Asset management firms are increasingly turning to Bitcoin as a key part of their investment strategies. In recent developments, Samara Asset Group has announced plans to boost its Bitcoin holdings using proceeds from a €30 million bond, while the cryptocurrency itself has surged past $64,000, fueling market speculation.
Bitcoin Surges Beyond $64,000: Is This the Start of a Breakout?
Bitcoin surged past $64,000 for the first time since Oct. 7, sparking a wave of optimism and speculation among cryptocurrency analysts and traders. This significant price movement has reignited hopes that the much-anticipated breakout, which market participants have been eyeing throughout October, may finally be underway.
While Bitcoin regaining the $64,000 mark is not necessarily a new all-time high or even a long-term peak, it has notably shifted sentiment within the cryptocurrency community. This resurgence comes after Bitcoin's brief retracement to $59,000 on Oct. 10, during what has historically been one of Bitcoin’s strongest months.
Dan Tapiero, founder of 10T Holdings, commented on the significance of this move in an Oct. 14 post on X. Tapiero noted that Bitcoin’s price is “on the verge” of something much larger, indicating that a potential surge beyond the $70,000 mark could set off a major rally. He emphasized that once Bitcoin reclaims this key price level, it may rapidly ascend to unprecedented heights.
"Break of 70k and h6ll gonna break loose," Tapiero stated confidently. The last time Bitcoin crossed the $70,000 threshold was on June 6, when it briefly touched $71,082 before pulling back. Tapiero highlighted the coiling pattern in Bitcoin’s price action—a technical term used when an asset’s price tightens into a narrowing range. This pattern is often a precursor to a breakout, and traders are closely watching for this exact scenario to unfold.
At the time of writing, Bitcoin was trading at approximately $65,569, showing a 2.18% gain since Oct. 14. Market sentiment appears to be shifting from cautious optimism to outright bullishness as traders prepare for what could be the start of a significant upward move in Bitcoin's price.
The excitement surrounding Bitcoin’s recent price movement is not just about the immediate gains. Many analysts believe that the cryptocurrency’s long period of consolidation may finally be coming to an end. Bitcoin has been trading within a broad range of $58,000 to $72,000 since April 2024, with extended periods of sideways movement causing some traders to lose patience.
However, pseudonymous crypto trader Jelle expressed optimism about Bitcoin’s recent performance, noting that Bitcoin is “pushing for new highs again.” In an Oct. 14 post on X, Jelle pointed out that Bitcoin had formed two higher lows and a higher high—classic indicators of a bullish trend.
“Summer lull is behind us. Let’s have some fun,” Jelle remarked, suggesting that the quiet period for Bitcoin is over and that more exciting price movements could be on the horizon.
Other technical indicators are also adding fuel to the growing bullish sentiment. Crypto trader Matthew Hyland pointed out that Bitcoin’s 10-day Simple Moving Average (SMA), which tracks the average price of Bitcoin over the last 10 days, is now turning upward. According to Hyland, this is a significant development, as 80-90% of the time in 2024 when the 10-day SMA moved upward, Bitcoin’s price followed suit.
This is a positive signal for traders, as a rising SMA typically indicates strengthening momentum. Should this trend continue, it could further support the argument that Bitcoin is gearing up for a breakout, with the potential to challenge and exceed its previous highs.
October: Historically Strong for Bitcoin
October has long been a pivotal month for Bitcoin, and this year appears to be no exception. The month began with Bitcoin’s price hovering around $59,000, but the cryptocurrency has since rallied back into the green, posting a 2.48% gain since the start of October.
This upward momentum in Bitcoin's price has revived hopes that the so-called "Uptober" trend—where Bitcoin traditionally performs well in October—will continue to play out. With just over two weeks left in the month, traders are closely watching for signs that Bitcoin could test its next resistance levels and potentially break out to new highs.
Despite the excitement, it's important to note that Bitcoin's price is still trading within a familiar range. While $64,000 is a psychologically significant level, many analysts believe that a more substantial breakout will occur once Bitcoin clears the $70,000 mark. Should Bitcoin breach this level, it could pave the way for a new all-time high, potentially exceeding $75,000 or even higher in the months to come.
The coiling pattern identified by Tapiero, combined with the upward movement in the 10-day SMA and the formation of higher highs and higher lows, are all strong indicators that Bitcoin’s consolidation phase may be ending. If these signals hold, Bitcoin could be on the verge of a significant bull run that carries it into the fourth quarter and beyond.
Samara Asset Group Expands Bitcoin Holdings with €30 Million Bond Initiative
In related news, publicly-listed asset management firm Samara Asset Group is stepping up its efforts to expand its Bitcoin holdings by raising funds through a €30 million ($32.8 million) bond. The company, which has long regarded Bitcoin as a core part of its treasury reserve strategy, plans to use the proceeds from this bond issuance to strengthen its Bitcoin position and increase its investments in disruptive technologies.
The news was announced on Oct. 14, with Samara revealing that Pareto Securities, a leading Nordic investment bank, would serve as the sole manager in arranging a series of investor meetings. These meetings are expected to lead to the issuance of the multi-million euro senior secured bond, which will allow Samara to significantly expand its investment portfolio.
According to Samara’s official statement, the bond’s proceeds will be used to acquire "additional limited partnership stakes" and to expand its Bitcoin holdings. CEO Patrick Lowry confirmed that the firm has been “hodling Bitcoin for years” and intends to use the funds raised to further increase its Bitcoin treasury, which is a central element of its financial strategy.
“An up to 30 million euro senior secured Nordic bond may follow subject to, inter alia, market conditions,” the firm said. The bond’s proceeds would be used for “additional limited partnership stakes” and investments in Bitcoin, which the firm uses as a “primary treasury reserve asset.”
Currently, Samara holds around 421 BTC, but Lowry has set an ambitious target of crossing the 1,000 BTC threshold by the end of the year. In a recent interview, Lowry explained that the amount of Bitcoin the company will acquire depends on the size of the bond issuance. “Any assets that we raise that don’t deploy to the funds will be held in Bitcoin as a part of our core treasury management strategy,” he said.
Lowry expressed admiration for MicroStrategy CEO Michael Saylor, whose firm has famously accumulated 244,800 BTC as of September 2024. While Lowry acknowledged that it would be a “dream” to stack as much Bitcoin as Saylor, Samara’s more modest target is to build its reserves steadily, aiming for 1,000 BTC by the close of 2024.
While Bitcoin is at the center of Samara’s treasury strategy, the firm is also heavily focused on investing in disruptive technologies. Lowry emphasized that the company’s mission is to “advance humanity through technology,” and it does this by investing not only in Bitcoin but also in innovative funds and managers. These investments are part of Samara’s broader strategy to position itself as a leader in cutting-edge sectors that are shaping the future of finance and technology.
“With Bitcoin as our primary treasury reserve asset, we also enhance our liquidity position with bond proceeds,” Lowry said. This approach gives the company financial flexibility, enabling it to respond to both market opportunities and challenges while maintaining a strong liquidity base.
Samara Asset Group, formerly known as Cryptology Asset Group, was co-founded in 2018 by some of the most prominent figures in the crypto and financial sectors. Bitcoin bull Mike Novogratz, who is well-known for his long-standing advocacy of Bitcoin and digital assets, co-founded Samara alongside Apeiron Investment Group and Christian Angermayer’s family office. Based in Malta, Samara is publicly listed on the German electronic stock exchange Xetra.
Samara has grown significantly since its founding. As of June 2024, the firm reported a net asset value of €189 million ($206 million). Its investment portfolio includes several key players in the digital asset space, such as the mining firm Northern Data, Deutsche Digital Assets, and Nextmarkets, among others.
Samara’s move to increase its Bitcoin holdings comes at a time when Novogratz’s other major crypto investment firm, Galaxy Digital, is also expanding its Bitcoin position. According to blockchain data firm Arkham Intelligence, Galaxy Digital purchased nearly 500 BTC between Oct. 7 and Oct. 14, a sum worth approximately $32.4 million at current market prices.
Riding the Bitcoin Wave Amid Growing Institutional Interest
Samara’s bond issuance and increased focus on Bitcoin is part of a broader trend of growing institutional interest in the cryptocurrency. As more asset management firms and institutional investors view Bitcoin as a reliable store of value and an attractive alternative to traditional assets, companies like Samara are positioning themselves to benefit from the anticipated long-term growth of digital assets.
Samara’s strategic shift toward expanding its Bitcoin holdings also mirrors similar moves by companies like MicroStrategy and Galaxy Digital, which have placed significant portions of their treasuries into Bitcoin. These firms believe that Bitcoin's deflationary nature and its position as a hedge against inflation make it an ideal asset for long-term growth.
Lowry’s goal of reaching 1,000 BTC by the end of 2024 demonstrates the firm’s commitment to its Bitcoin-centric treasury strategy. As the cryptocurrency market continues to evolve, Samara’s bet on Bitcoin could pay off handsomely, particularly if the asset continues to gain traction among institutional investors.
