Michael Saylor's bitcoin announcements no longer seem to pump MSTR stock
The last four times Michael Saylor announced a corporate bitcoin (BTC) purchase at Strategy, his stock price declined. In previous years, the market has generally reacted positively to his tweets. Although the company’s average cost basis per bitcoin is $66,357 — still well below current prices — Strategy (formerly MicroStrategy) has lost money on each of the company’s last 13 purchases. Depending on how one prefers to calculate the price of Strategy stock (MSTR) as of its November 11 announcement that coincided with a major price gap, it’s certainly true that it’s also lower than all 13 of its latest bitcoin purchases. Saylor’s last four BTC acquisition tweets sent MSTR lower over the following days. As bitcoin paused and then retraced the run-up to Donald Trump’s January inauguration, MSTR shareholders have benefited less and less from the company’s increasing BTC cost basis. MSTR trades lower on Saylor’s last four purchases Saylo...