28 Mar 2023
What happens when Michael Saylor buys bitcoin?
Spoiler: Prices go up - then down.
Preview
MicroStrategy BTC purchase announcements tend to be followed by short-term negative price action. On Monday, BTC quickly fell 2.2% after MicroStrategy announced a purchase of 6,455 BTC and a repayment of its Silvergate loan in full. From January 1 to March 23, MicroStrategy issued and sold $339.4m of its class A common stock. The Silvergate prepayment was fully funded using proceeds from the sale of Shares. This was MicroStrategy’s largest BTC purchase since November 29, 2021.
