24/7 Cryptocurrency News

After Michael Saylor Lawsuit, What’s Up With Microstrategy Stock?

Following a lawsuit on Microstrategy's Michael Saylor, a section of crypto community perceived it as an attack on the crypto industry.
Published by
After Michael Saylor Lawsuit, What’s Up With Microstrategy Stock?

Following a lawsuit on Microstrategy’s Michael Saylor, a section of crypto community perceived it as an attack on the industry. The former Microstrategy chief executive officer was charged for evading income taxes while living in Washington DC. Karl Racine, attorney general for Washington DC, said Saylor legally owes taxes on hundreds of millions of dollars he earned. His company, Microstrategy, was also sued for conspiring to help Saylor evade taxes.

Advertisement

Michael Saylor Lawsuit – Its Impact

The Michael Saylor lawsuit appears to have had a direct impact on the Microstrategy stock price. At one point after trade opened on Thursday, the company stock plunged by around 7%. As of writing, $214.70, down nearly 7.30%. On the other side, any further fall in the Microstrategy stock price could have an impact on Bitcoin as well. Microstrategy is the largest institutional holder of Bitcoin, which could prove to have negative impact on the cryptocurrency.

In the lawsuit, it was charged that MicroStrategy was aware Saylor was living in DC but failed to make it public. Hence, the company was also sued for allegedly helping its then chief executive officer evade taxes. Earlier in August, Saylor stepped down from his role of the company CEO. He is now serving as the executive chairman of MicroStrategy with focus on hoarding cryptocurrencies.

Advertisement

Impact On Bitcoin

The tech company holds more than 131,000 BTC, as per recent announcements. On a whole, the company invested over $4 billion in accumulating the top crypto asset. Also, at one stage earlier this year, the company faced huge losses from its Bitcoin holdings. Microstrategy’s BTC assets resulted in huge unrealized loss to the tune of a billion after Bitcoin price fell sharply. However, the company expressed confidence on the cryptocurrency’s potential saying it was ready to face the volatility.

As of writing, Bitcoin is trading at $19,751.62, down 1.43% in the last 24 hours, according to crypto price tracking website CoinMarketCap. On a week to week basis, Bitcoin is down 8.24%.

Share
Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

Bitcoin Treasuries Add Nearly $1B BTC This Week as Holdings Cross 1M BTC

This week, corporate Bitcoin treasuries exceeded 1 million BTC in total holdings. From September 1…

September 7, 2025
  • Bitcoin News

Peter Schiff Criticizes Bitcoin’s Performance Following Gold’s Rally To New ATH

Popular gold advocate Peter Schiff has criticized Bitcoin’s weakness against gold, calling it near bear…

September 7, 2025
  • Bitcoin News

Arkham Uncovers $5 Billion in Untouched Bitcoin From Germany’s Movie2K Seizure

Arkham Intelligence has identified 45,000 Bitcoin (BTC), valued at nearly $5 billion, that remains untouched…

September 7, 2025
  • 24/7 Cryptocurrency News

Ethereum Spot ETFs Record $447 Million in Outflows Amid Crypto Market Decline

Ethereum ETFs faced a sharp investor pullback this week, shedding nearly half a billion dollars…

September 6, 2025
  • 24/7 Cryptocurrency News

World Liberty Financial Discloses Reason for Blacklisting 272 Wallets

World Liberty Financial (WLFI) has confirmed that it blacklisted 272 wallets and explained why it…

September 6, 2025
  • 24/7 Cryptocurrency News

September 50 BPS Fed Rate Cut Odds Climb Ahead of CPI, PPI Data

Traders are beginning to price in the possibility of a 50 basis points (bps) Fed…

September 6, 2025