#微策略募资支持比特币战略 #btc

The following is an analysis of MicroStrategy's fundraising strategy to support Bitcoin:

Positive aspects

• Taking advantage of the low interest rate environment: In the past low interest rate period, MicroStrategy issued low-interest convertible notes or senior secured bonds, which can raise a large amount of funds at a relatively low cost and convert low-cost loans into Bitcoin, which has the potential to obtain higher returns than holding legal currency or cash reserves.

• Maintaining cash flow and protecting equity: Through debt financing, MicroStrategy can maintain operating cash flow, ensure business development and investment in core services, and avoid liquidity tension caused by the use of cash reserves; at the same time, it also avoids equity dilution, protects the rights and interests of existing shareholders, and can also benefit from the potential appreciation of Bitcoin.

• In line with long-term value judgment: Michael Saylor, the company's CEO, firmly believes that Bitcoin is "digital gold", an asset that is superior to legal currency, etc., and a tool for hedging inflation and storing value. He believes that it has great long-term appreciation potential, and raising funds to buy Bitcoin is in line with the company's long-term judgment on asset value.

• Enhance market influence: The large amount of funds raised to purchase Bitcoin has made MicroStrategy one of the world's largest cryptocurrency holders, enhancing its status and influence in the cryptocurrency market, and helping to promote Bitcoin's recognition as a legitimate asset class in the corporate field.

• Promote stock price increases: From the actual effect, the active Bitcoin holding strategy has a significant positive impact on Bitcoin yield, MicroStrategy's earnings and stock price, and enhances the market's confidence in the company.

Risks

• Bitcoin price volatility risk: Bitcoin prices fluctuate greatly, and a sharp drop in value will bring huge impairment losses to MicroStrategy, affecting the balance sheet, resulting in a decrease in the value of Bitcoin held, while debt obligations remain unchanged, which may cause liquidity problems.

• Debt default risk: Continuous bond issuance has increased MicroStrategy's debt. As of December 30, 2024, the total outstanding debt is US$7.27385 billion. If the price of Bitcoin falls and the company's cash flow is tight, it may not be able to repay the debt in full and on time, facing the risk of default, and the credit rating may also decline, increasing the cost and difficulty of subsequent financing.