De ce cea mai recentă cumpărare Bitcoin de 400 de milioane de dolari a MicroStrategy este diferită de ceilalți

Compania de software cloud MicroStrategy a anunțat astăzi, intenționează să cumpere încă 400 de milioane de dolari Bitcoin pentru a adăuga la cei 92,079 BTC (3.3 miliarde de dolari) pe care îi deține deja în trezoreria sa. De asemenea, a anunțat că Bitcoin-urile vor fi deținute sub o nouă subsidiară numită MacroStrategy.

400 de milioane de dolari ar permite companiei să cumpere alte 11,215 la prețul actual. Pentru a strânge banii pentru achiziție, MicroStrategy revine la sacul său de trucuri și vânzarea de obligațiuni. Obligațiunile sunt datorii pe care oamenii le pot cumpăra, cu promisiunea de a-și primi înapoi principalul și dobânda. În acest caz, instituțiile pot achiziționa datorii în MicroStrategy, pe care compania le va folosi apoi pentru a cumpăra mai mulți Bitcoin, despre care consideră că va crește în valoare (sau cel puțin își va menține valoarea mai bine decât dolarii).

În această vânzare, MicroStrategy emite note senior securizate care vor ajunge la scadență în 2028. În vânzările anterioare de obligațiuni, MicroStrategy a vândut note senior convertibile. Diferența de bază este că bancnotele convertibile au o opțiune converti le în acțiuni MSTR.

But if market data is any indication, investors may have soured on the firm’s aggressive pursuit of Bitcoin, which has left it with little cash on hand. As Bloomberg notiţe: “The private placement is $23 million higher than the company’s entire operating cash flow since 2016.” MicroStrategy, ostensibly a cloud software and analytics company, has basically become a publicly traded Bitcoin fund.

The company’s stock dipped 3% today on the news, settling at just below $470. Its existing bonds took even larger hits on bond markets, declining in value by 9%. The $900 million in convertible bonds it sold in February at $101.25 are now down to $66.62, according to date de la Morningstar.

Bloomberg describes the corporate debt being issued for the latest Bitcoin buy as “junk bonds,” meaning they’re at a higher risk of defaulting. 

As if to underline the point that it’s playing a high-risk game with a volatile asset, MicroStrategy a postat dosare la SEC on its website today indicating that the company was taking an impairment loss of $284.5 million “based on the fluctuations in market price of bitcoin during the second quarter of 2021.” Its total impairments are up to $500 million, per Bloomberg. O pierdere din depreciere reduce valoarea unui activ din bilanțul unei companii la cel mai mic preț în acel trimestru, ceea ce înseamnă că MicroStrategy este acum evaluată oficial la mai puțin decât a fost săptămâna trecută.

The price of Bitcoin has plummeted from its all-time high of $63,501 on April 12 to roughly $35,600 today. While some of the impairment loss is due to arcane accounting rules, it’s also obvious that MicroStrategy’s Bitcoin bet is no longer as profitable as it once looked.

That said, on paper, it has paid off. According to MicroStrategy, it has purchased its Bitcoin at an average price of $24,450 per BTC. Even with Bitcoin’s humdrum spring, MicroStrategy has made back over $1 billion in unrealized gains (before considering the tax implications).

But MicroStrategy CEO Michael Saylor isn’t about to sell, modul în care Tesla a vândut some of its $1.5 billion Bitcoin investment earlier this year in an effort, Elon Musk said, to prove Bitcoin’s liquidity. Saylor has repeatedly made that clear, and made it clear again when he appeared on stage at the Bitcoin 2021 conference in Miami last weekend and hugged Bitcoin podcaster Max Keiser after Keiser screamed, “We’re not selling! Fuck Elon!  

The publicly traded company already has an estimated 72% of its treasury in Bitcoin, making its stock the closest thing to a Bitcoin ETF on the U.S. market. With this additional purchase, it will further tie its fortunes to Bitcoin’s. Expect more purchases to come. 

Sursa: https://decrypt.co/72983/why-microstrategy-latest-400-million-bitcoin-buy-differenttothers