Crypto Analyst Flags Convertible Debt-Induced Liquidation Risk To Michael Saylor's MicroStrategy
Crypto Analyst Flags Convertible Debt-Induced Liquidation Risk To Michael Saylor's MicroStrategy
Woo argued that this scenario would occur if MicroStrategy's stock didn't increase by roughly 40% within the next 5-7 years.Influential cryptocurrency analyst Willy Woo shared his perspective on the potential liquidation risk of MicroStrategy Incorporated (NASDAQ:MSTR), a firm whose aggressive Bitcoin (CRYPTO: BTC) acquisition strategy has sparked significant interest lately.
有影響力的數字貨幣分析師Willy Woo分享了他對MicroStrategy公司（納斯達克：MSTR）潛在清算風險的看法，這家公司的激進比特幣（數字貨幣：BTC）收購策略最近引起了廣泛關注。
What Happened: On Wednesday, Woo took to X to state that the primary risk lies in the company's convertible debt offerings.
發生了什麼：週三，Woo在X上表示，主要風險在於公司的可轉換債務發行。
He said that if the buyers of the convertible debt do not convert to shares before maturity, MicroStrategy would be forced to sell Bitcoin to repay the debt holders.
他表示，如果可轉換債務的買家在到期前不轉換爲股票，MicroStrategy將被迫賣出比特幣以償還債務持有者。
Woo argued that this scenario would occur if MicroStrategy's stock didn't increase by roughly 40% within the next 5-7 years.
Woo認爲，如果MicroStrategy的股票在未來5-7年內沒有大約40%的增長，就會出現這種情況。
Thoughts on MSTR Liquidation Risk:
— Willy Woo (@woonomic) November 27, 2024
The only liquidation risk I can see is via their convertible debt offerings:
1) If convertible debt buyers do not convert to shares before maturity, it forces MSTR to sell BTC to reimburse debt holders.
2) This would happen if MSTR doesn't... pic.twitter.com/GFIOeAqQPL
關於MSTR清算風險的看法：
— Willy Woo (@woonomic) 2024年11月27日
我能看到的唯一清算風險是通過他們的可轉換債務發行：
1）如果可轉換債務的買家在到期前不轉換爲股票，這將迫使MSTR賣出BTC來償還債務持有者。
2）如果MSTR不... pic.twitter.com/GFIOeAqQPL
The analyst also underlined several other risks of varying degrees.
分析師還強調了其他幾種不同程度的風險。
He argued that other corporations replicating MicroStrategy's playbook could result in reducing its net asset value (NAV) premium—the ratio of the firm's market value to its Bitcoin holdings value.
他認爲，其他公司複製microstrategy的策略可能會導致其淨資產價值(NAV)溢價降低——公司市場價值與其比特幣持有價值的比率。
Furthermore, risks such as the SEC acting to limit future Bitcoin purchases and the U.S. government nationalizing and confiscating the asset were raised.
此外，還提出了SEC採取措施限制未來比特幣購買以及美國政府國有化和沒收資產等風險。
Why It Matters: For the curious, a convertible note is a hybrid instrument that can be exchanged for equity in the company at a later date. The conversion feature of these notes eventually helps the debt holders to participate in the equity upside on conversion.
爲什麼這很重要：對好奇的人來說，可轉換票據是一種混合工具，可以在以後轉換爲公司的股權。這些票據的轉換特性最終幫助債權人在轉換時參與股權的上漲。
The Michael Saylor-led firm has been issuing these bonds at 0% interest, using the proceeds to fund its future Bitcoin purchases.
由邁克爾·塞勒領導的公司一直以0%的利率發行這些債券，並利用這些收益資助其未來的比特幣購買。
Woo's comments followed renowned investment adviser Gary Black's aspersions on the valuation of MicroStrategy.
Woo的評論緊隨著著名投資顧問Gary Black對microstrategy估值的質疑。
Black estimated that MicroStrategy's shares should be worth about $105/share, a figure 73% lower than its current trading price.
Black估計microstrategy的股票價值應在105美元/股左右，低於其當前交易價格的73%。
Price Action: Over the past month, MicroStrategy's stock has surged 58.94%, outperforming even the famed "Magnificent 7" group of companies. The stock popped 9.94% to $388.84 during Wednesday's regular session.
價格走勢：在過去一個月裏，microstrategy的股票暴漲58.94%，甚至超過了著名的「科技七巨頭」企業群。週三常規交易中，股價上漲9.94%至388.84美元。
Image via Shutterstock
圖片來源：shutterstock
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譯文內容由第三人軟體翻譯。
