This is an important and interesting trend. Companies like Metaplanet Inc., issuing debt instruments (bonds) to purchase Bitcoin, are following the path paved by players like MicroStrategy. Let's break down the pros and risks of such a strategy.
Arguments in favor: "Reasonable hedge against inflation"
1. Hedge against fiat inflation
Bitcoin is often seen as "digital gold." In times of fiat currency devaluation, companies may seek alternatives for long-term capital preservation.
2. Growing institutional interest in BTC
Regular acceptance of Bitcoin, the launch of ETFs, and movement towards regulation make BTC a more acceptable asset for company balance sheets.
3. Zero coupon
If bonds are issued with a zero coupon, it reduces the cash flow burden in the short term. This can be advantageous when betting on the future rise in BTC value.
Arguments against: "Risky bet on volatility"
1. High volatility of BTC
Unlike gold or bonds, the price of Bitcoin can fluctuate by tens of percent in a short time. This makes a company's balance sheet extremely sensitive.
2. Increased credit risk
Borrowed funds, especially without regular income (coupon), increase financial leverage. If BTC falls, debt repayment can become a problem.
3. Lack of diversification
Using debt to purchase one highly volatile asset contradicts basic risk management principles.
4. Regulatory and reputational risks
In the event of a change in regulatory policy regarding crypto assets, such strategies may become less attractive or even illegal.
Conclusion
This is an aggressive but potentially profitable strategy suitable only for companies with a high risk appetite and long-term faith in Bitcoin as an asset.
Formula for success:
Strong balance sheet
Long-term thinking
Transparent strategy and communication with investors