#微策略

I see someone mentioning concerns about MicroStrategy facing a crisis, so I asked AI about it.

Key Points

MicroStrategy currently has no plans to sell its coins and is actively increasing its Bitcoin holdings. As of April 1, 2025, it holds 528,185 Bitcoins at an average purchase price of approximately $66,384.56 per coin.

If Bitcoin prices remain below $40,000-$50,000, it may put financial pressure on MicroStrategy, but the risk of a collapse in the short term is relatively low.

The company's debt mainly consists of convertible bonds with long-term maturities, and the cash flow from its software business can cover operations, alleviating the pressure to sell coins.

Background

MicroStrategy is known for holding a large amount of Bitcoin, and its executive chairman, Michael J. Saylor, has publicly expressed optimism about Bitcoin's long-term prospects and emphasized a “buy and hold” strategy. The company raises funds through issuing stocks and bonds, continuously increasing its Bitcoin holdings. As of April 1, 2025, it holds 528,185 Bitcoins at a total cost of approximately $33.139 billion.

Financial Status

MicroStrategy's long-term debt was $7.191 billion at the end of 2024, mainly consisting of convertible bonds, with most maturing in 2027 and beyond. The company reported a net loss of $1.79 billion in 2024, mainly due to Bitcoin impairment losses, but its software business has an annual revenue of about $500 million, with a high operating profit margin that can cover annual interest expenses of $351 million and preferred stock dividends of $584 million, totaling about $935 million in fixed obligations.

Collapse Risk

If Bitcoin prices fall significantly, for example, below $40,000-$50,000 and remain depressed, it could lead to a decline in the company's stock price, impacting its ability to raise funds through equity financing. However, due to a flexible debt structure and no plans to sell coins, the likelihood of a collapse in the short term is relatively low. The risk of collapse would only significantly increase if Bitcoin prices were extremely low (e.g., $20,000-$30,000) for an extended period, or if other financial issues arose.