Strategy’s Bitcoin Buying Pattern Coincides With Price Increase

The timing and scale of Strategy’s almost weekly Bitcoin purchase announcements has some market observers wondering whether the most visible buyer of the cryptocurrency is driving the price of the digital asset higher.

Michael Saylor’s Strategy said Monday that it bought $1.34 billion of Bitcoin from May 5 through May 11, a week in which the price of Bitcoin jumped by around 9%.

Four of the six $1 billion-plus purchases this year by the dot-com-era software maker turned leveraged Bitcoin proxy coincided with positive moves in the price of the token, according to data compiled by Bloomberg. Conversely, ...