MicroStrategy Bitcoin Buying Bot Spotted in the Wild? – Trustnodes

MicroStrategy Bitcoin Buying Bot Spotted in the Wild?


Coinbase Prime

MicroStrategy may have begun buying bitcoin after a successful raise of the maximum $650 million convertible notes on offer completed this Friday.

The company has made no announcement to such effect but bitcoiners have noticed a relentless new buying bot.

MicroStrategy bitcoin buying bot?

The bot somewhat gently buys somewhat small amounts, but pretty consistently, adding not much slippage while slightly increasing the price.

It’s not clear how much has been bought so far with it believed they using Coinbase Prime (pictured above), a brokerage that uses an algorithm to get their supply from Coinbase Pro, formerly known as GDAX.

The publicly traded company is therefore in effect buying these bitcoins from the publicly traded crypto exchange rather than Over the Counter.

The previous bitcoin purchases from MicroStrategy have also used Coinbase Pro, with the company in this case beginning their purchase just 48 hours after the successful raise.

It’s not clear how long their operation will last as it’s a huge sum of money they are to use on bitcoin in a first of its kind manner through a convertible notes raise.

But bitcoin’s price has increased somewhat to above $19,200 support, with $19,400 being a slight resistance and then of course the big $20,000 wall.

Whether it will be broken, remains to be seen, but it looks like the MicroStrategy little bot is doing his part.

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