原文标题：MicroStrategy’s Bitcoin Anniversary: A Look Back at Its Acquisitions and Market Influence
Original author: Valdrin Tahiri, CCN
Original translation: Fairy, ChainCatcher
Summary of key points
MicroStrategy (MSTR) started buying Bitcoin in August 2020.
The company purchased more than 15,000 bitcoins five times.
Is there a correlation between these purchases and MSTR's stock price?
On August 11, 2020, MicroStrategy made its first bold foray into Bitcoin (BTC), making headlines and ushering in a new era for the entire industry.
Led by Michael Saylor, MicroStrategy has rapidly risen to become one of the world's largest public Bitcoin holders, revolutionizing the way companies think about financial management and transforming the industry's attitude toward digital assets.
As we approach the fourth anniversary of this decision, let’s dive into some of MicroStrategy’s major Bitcoin purchases and see how these strategic moves impacted the market.
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MicroStrategy’s most iconic purchase occurred on August 11, 2020.
At the time, the company’s chairman, Michael Saylor, announced that the Nasdaq-listed company had purchased 21,454 bitcoins for $250 million. The investment marked a major shift in MicroStrategy’s strategy, incorporating bitcoin into the company’s financial strategy.
Saylor calls Bitcoin a "reliable store of value" and sees it as a hedge against inflation.
His vision was clear: to set a new standard for corporate financial management and demonstrate the company’s confidence in the future of Bitcoin. And it turns out he has indeed set a new standard—MicroStrategy has become one of the best-performing technology companies in the world.
Following the announcement, Bitcoin’s price surged, reflecting the market’s growing confidence in its legitimacy as an asset. MicroStrategy’s stock also rose as investors appreciated the bold move. This initial purchase paved the way for MicroStrategy to become the leading company to publicly hold Bitcoin, reshaping industry norms.
Top 5 Bitcoin Purchases
Bitcoin purchases have been a big part of MicroStrategy’s stock price performance.
Here are the five largest Bitcoin purchases made by MicroStrategy, sorted by the amount of Bitcoin purchased rather than the total price at which the purchase took place:
December 21, 2020 – 29,646 BTC
August 11, 2020 – 21,454 BTC
February 24, 2021 – 19,452 BTC
September 14, 2020 – 16,796 BTC
November 30, 2023 – 16,130 BTC
Looking at share price performance, MicroStrategy (MSTR) stock rose in four of the five weeks (indicated by white icons) when the company made its largest Bitcoin purchases. The only exception was the week of the third-largest purchase (indicated by black icons), when MSTR stock fell more than 13%.
While MSTR’s stock price has risen 80% of the time following a large Bitcoin purchase, the relationship is not as simple as it seems. Stock price increases do not always align perfectly with the size of the purchase.
MSTR’s share price has ranged from 5% to 21%. In fact, the most impressive gain came in August 2020, when the stock surged 21%. This was followed by another 12% gain in September 2020.
While MicroStrategy stock has been performing well most of the time, how has Bitcoin performed?
Impact on Bitcoin Price
Bitcoin’s price performance is similar to MicroStrategy’s. BTC prices rose in four of the five major Bitcoin purchases made by the company. The only exception was during the third major purchase in February 2021, when Bitcoin prices fell.
But it’s worth noting that Bitcoin’s biggest gains came during the heaviest buying in December 2020, when the price rose 12%. This contrasts with MicroStrategy’s stock performance, where the biggest gains in MSTR’s stock price did not necessarily correlate with the largest buying.
With this in mind, it is interesting to see if there is an increasing correlation between MicroStrategy’s share price and the value of Bitcoin. As MicroStrategy’s Bitcoin holdings increase, one could expect the price movements of the two to become more closely tied together.
This may be the case. Before MicroStrategy first purchased Bitcoin in August 2020 (black mark), there was almost no correlation between MSTR and Bitcoin prices. The correlation coefficient (blue mark) fluctuated around zero, indicating that there was no real relationship between the two assets.
But since August 2020, the situation has changed significantly. The correlation becomes positive, sometimes even reaching a perfectly positive correlation score. This suggests that price changes in both now closely mirror each other's movements.
This pattern is very clear when comparing price charts: MSTR (white) and Bitcoin (orange) have moved in close sync, especially during the current bull run. The synchronicity suggests that as MicroStrategy's Bitcoin holdings increase, its stock price increasingly mirrors Bitcoin's performance, showing a growing connection between the two.
The correlation occasionally drops to 0 or negative values (black circles). Interestingly, all of these instances marked local or absolute bottoms for Bitcoin. This bodes well for future Bitcoin and MSTR prices, as the correlation is currently at 0.20.
Therefore, there is a positive correlation between MicroStrategy’s large purchases, the price of Bitcoin, and the price of MSTR. The correlation between MSTR and Bitcoin is also positive and strengthens with each purchase.
