Michael Saylor Blames Short Sellers for Bot Attacks on Strategy
Michael Saylor, government chairman of Strategy, claims that the corporate’s harshest critics aren’t retail buyers or analysts, however a coordinated community of bots funded by quick sellers.
Key Takeaways:
- Michael Saylor claims quick sellers are utilizing paid bot networks to amplify criticism towards Strategy.
- Strategy’s inventory has dropped to a five-month low regardless of solely a modest decline in Bitcoin’s worth.
- Veteran quick vendor Jim Chanos dismissed Saylor’s claims and renewed criticism of Strategy’s leveraged Bitcoin-based valuation mannequin.
In a recent interview with podcaster Natalie Brunell, Saylor alleged that unfavorable sentiment on-line is being amplified artificially.
“A brief vendor in my inventory has truly paid a digital advertising organisation to spin up a bunch of bots to put up a bunch of nasty, terrible, skeptical cynicism,” he stated.
“It’s very clear to me that somebody paid some cash to create the looks of a protest.”
Strategy Stock Hits Five-Month Low Despite Modest Bitcoin Dip
The remarks come as Strategy’s inventory trades close to five-month lows, falling to $323 final week regardless of solely an 8% drop in Bitcoin from its current peak.
The agency, now valued at $97 billion, has turn into synonymous with company Bitcoin publicity underneath Saylor’s management.
However, not everyone seems to be satisfied by Saylor’s claims. Veteran quick vendor Jim Chanos, finest recognized for exposing Enron, fired again on X: “This is a reasonably severe allegation acknowledged as a truth,” he wrote. “Most of the mNAV bears have been fairly clear on their reasoning.”
Chanos has repeatedly voiced considerations over Strategy’s monetary mannequin, which facilities on issuing Bitcoin-backed most well-liked shares to build up extra BTC. He’s in contrast the corporate’s strategy to the speculative frenzy of the 2021 SPAC increase.
“We are seeing SPAC-like 2021 numbers within the Bitcoin treasury market proper now,” Chanos warned in July.
He’s additionally criticized Strategy’s valuation technique, which inspires buyers to use a a number of not solely to the corporate’s present Bitcoin holdings but in addition to the anticipated development of these holdings.
“Mr. Saylor needs you to worth his enterprise based mostly not solely on the web worth of his Bitcoin holdings, however moreover with a a number of on the change in that NAV,” Chanos stated.
“Because now he can leverage his stability sheet, lol.”
Saylor’s Strategy Adds 7,714 BTC in August as Bitcoin Dips Below $108K
Michael Saylor’s Strategy, added 4,048 BTC for $449.3 million between August 25 and Monday, bringing its complete holdings to 636,505 BTC.
The newest purchase got here as Bitcoin’s worth briefly touched $113,000 earlier than sliding underneath $108,000, with the common buy worth at $110,981 per coin.
In complete, Strategy acquired 7,714 BTC throughout August, down from 31,466 BTC in July, by way of a number of smaller purchases, together with 3,081 BTC final week.
The agency has now spent roughly $46.95 billion on its Bitcoin reserves, averaging $73,765 per coin.
As reported, Saylor has joined the ranks of the world’s richest individuals, debuting on the Bloomberg Billionaire Index this week with an estimated web price of $7.37 billion.
The bulk of Saylor’s wealth, roughly $6.72 billion, is tied to his fairness in Strategy, the Nasdaq-listed agency recognized for its aggressive Bitcoin accumulation technique.
Bloomberg estimates one other $650 million of Saylor’s property are in money.
The billionaire joins different crypto trade leaders on Bloomberg’s high 500, together with Coinbase CEO Brian Armstrong, at the moment ranked 234th with $12.8 billion, and Binance founder Changpeng “CZ” Zhao at fortieth with $44.5 billion.
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