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14 Jun 2021

MicroStrategy to buy more bitcoin

MicroStrategy is in the process of acquiring more bitcoins. Therefore, we examine the previous note offerings to understand what could happen this time.
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The first note offering on MicroStrategy took four days to complete, followed by a 10-day long process of acquiring bitcoins for the proceeds. MicroStrategy purchased 29,646 bitcoins at an average price of $21,925, with the market seeing a strong bull trend during the accumulation period.
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The second note offering took three days to complete. MicroStrategy then spent five days purchasing bitcoin, with the market seeing a sharp bounce on the announcement of MicroStrategy completing its offering before tumbling downwards. MicroStrategy bought 19,452 bitcoin at an average price of $52,765 in this round.
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The current note offering took seven days and was completed yesterday. MicroStrategy is set to purchase bitcoin worth $500 million in the upcoming days, which will likely lead the bitcoin balances of MicroStrategy to surpass 100,000 BTC. This time, the note announcement coincided with a local top, and the announcement did not seem to have any impact on the price. This could suggest that many have been front-running MicroStrategy this time around.
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