A lackluster balance sheet, excessive debt load and over-leveraged exposure to Bitcoin have crashed MicroStrategy stock by more than 63% since February already. Nevertheless, the business intelligence company has ignored the risks of its frothy valuations, and it now wants to raise more debt and buy Bitcoin with proceeds (BTC).
mikrostrategija razglasitve on June 7 that it “intends to raise $400 million aggregate principal amount of senior secured notes in private offering […] to acquire additional Bitcoins.” The company already holds more than 92,000 BTC, worth about $3.31 billion at current exchange rates — almost 1.5x its principal investment.
MSTR se je po otvoritveni zvonki newyorške borze 2.17. junija strmoglavil za 469.29% na 7 USD za delnico. Na najvišjem nivoju leta je zamenjal lastnika za 1,135 USD.
Ne služenje denarja
In previous statements, MicroStrategy clarified that it is building up a Bitcoin portfolio as an insurance policy against the continuing devaluation of the world’s major currencies. But with its back-to-back Bitcoin purchases, the company has effectively protected itself from more than just the U.S. dollar decline. Here’s a hint: unprofitable business lines.
A look into MicroStrategy’s alternative asset holdings also oddaj that the company is overly skewed toward Bitcoin, with real estate accounting for less than 0.2% of the total investments.
Njegovo zadnje četrtletno poročilo prikazuje tudi šibkejšo bilanco stanja na dan 31. marca z razmerjem med dolgom in lastniškim kapitalom 4.55 - znatna obremenitev dolga v višini 1.66 milijarde dolarjev v primerjavi z oceno kapitala v višini 0.37 milijarde dolarjev.
That is particularly risky when Nestanovitnost cene Bitcoina is taken into account. MicroStrategy does not generate sufficient income to service its debt load and hugely relies on Bitcoin profits to do so. Atop that, it now wants to raise another $300 million, although its convertible notes are not due to mature until 2028.
Juan De La Hoz, strateg sklada / borznega sklada, s katerim se trguje na borzi, se boji, da bi MicroStrategy tvegal, da bi plačilno nesposoben, če bi Bitcoin v prihodnosti padel za več kot 50%, in opozoril na močan padec vodilne kriptovalute v letih 2014 in 2018. Analitik dodal, da bi MicroStrategy najverjetneje likvidiral svoja bitcoinaska imetja, da bi se izognil plačilni nesposobnosti.
Srp dodano that he would neither invest in cryptocurrencies through leverage nor invest in a company that did so, hinting at his extremely bearish outlook for MicroStrategy and Bitcoin.
"To je preprosto preveč tvegano, lahko bi izgubili vse in raje ne bi tvegal."
Cene bitcoinov so zaspale po napovedi MicroStrategyja zgodaj zjutraj v ZDA, preden se je začelo trgovanje na NYSE. Menjalni tečaj BTC / USD je nadaljeval trgovanje postrani, hkrati pa je ohranil podporo nad 36,000 USD.
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