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News Report

Oracle Shares Drop 6% as Company Silent on Bitcoin Rumors

2 mins
Updated by Anirudh Tiwari

In Brief

  • Oracle disappoints with lack of Bitcoin announcement.
  • Company's share price drops by 6%.
  • The Bitcoin price took a dip but has rebounded.
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Oracle, the computer technology company, silent on rumors that it was planning to buy big into Bitcoin, disappointing BTC enthusiasts.

The rumors about a possible big buy from the company have been making the rounds since February. It was thought that Oracle was planning a 72,000 Bitcoin buy-in which it would announce on Wednesday as part of its quarterly earnings call with investors. 

Bitcoin enthusiasts had been hoping that a big institutional investment from Oracle would be the event to push BTC over the $60,000 mark. 

In the call, CEO Safra Catz and Oracle co-founder Larry Ellison didn’t mention Bitcoin during its quarterly earnings announcement. 

Ellison rather focused on the growth of database software into 2022. 

“I’m not really ready to disclose our plans as to why I think it’s going to suddenly spike, but we expect very, very rapid database growth next year,” he told CNBC. 

The investment in a possible Oracle buy is not surprising as big buy-ins from other institutions are coming in. MicroStrategy and Grayscale have been making a case for buying Bitcoin, in addition to Square and Tesla, who made huge investments recently.

Those waiting on the announcement quickly correlated the disappointing silence on Bitcoin with Oracle’s sudden 6% drop in its share price on Thursday, March 11. Twitter users called Oracle’s lack of position disappointing or speculated that the company is waiting for a dip

The low quarterly earnings announced by Ellison on Wednesday likely resulted in this sharp decline. It is doubtful that Bitcoin’s correlation with Oracle is high at the moment.

Bitcoin Price Dips As Well

At the same time, BTC fell overnight on Wednesday from just above $55,000 to $53,000, following Oracle’s silence. 

This fall didn’t last long, with the coin rebounding back to a high of $57,841 today, not quite pushing back to the all-time high of over $58,000. Currently, BTC is trading around the $55,000 range. 


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