There's a valuable lesson from @saylor's recent #Bitcoin purchase. Unlike his previous strategy of buying #BTC immediately, this time he waited a few days.

#MSTR showed unusual resilience, maintaining around $1,500 while #Bitcoin dropped by $2,000.

I believe this is because the market knew he had $800M but was uncertain about the purchase price of Bitcoin. The lower the price, the higher the $BTC-per-share concentration, given the unchanged conversion price of the debt.

Therefore, the lower he bought, the wider the delta between the potential concentration of #bitcoin-per-share and the conversion price, resulting in resilience in the stock price.

Now that he's revealed his hand, that mystery has vanished, and #MSTR is back to moving with historical correlations.

The takeaway is clear: @saylor should raise debt but delay the purchase. This approach has shown to establish a price floor.
#Bitcoin #BTC #MSTR #Bitcoin