Bitcoin Rally Triggers MicroStrategy's Bond Dilemma, Skyrockets Stock Value
Bitcoin Rally Triggers MicroStrategy's Bond Dilemma, Skyrockets Stock Value
This impressive stock performance positions the convertible bonds deeply in the money, raising a critical decision for MicroStrategy, which is often seen as a proxy for Bitcoin investments: whether to repurchase the bonds at the steep price of roughly $2.5 billion before maturity or to convert them into as many as 1.63 million new shares.MicroStrategy Inc (NASDAQ:MSTR) is facing a challenging situation as Bitcoin's surge boosts both its shares and convertible bonds, making refinancing these bonds 280% more expensive.
MicroStrategy Inc（纳斯达克股票代码：MSTR）正面临着严峻的局面，因为比特币的飙升提振了其股票和可转换债券，使这些债券的再融资成本高出280％。
The $650 million convertible bonds, due in 2025, are now trading at about 3.8 times their par value, significantly above the conversion price of $397.99, despite offering a mere 0.75% coupon.
尽管息票仅为0.75％，但将于2025年到期的6.5亿美元可转换债券目前的交易价格约为其面值的3.8倍，大大高于397.99美元的转换价格。
MicroStrategy's stock soared by approximately 390% since issuing the debt in late 2020, pushing the shares to close at $1,512.99 each Monday, Bloomberg reports.
彭博社报道，自2020年底发行债券以来，微策略的股票飙升了约390％，推动该股每周一收于1,512.99美元。
This impressive stock performance positions the convertible bonds deeply in the money, raising a critical decision for MicroStrategy, which is often seen as a proxy for Bitcoin investments: whether to repurchase the bonds at the steep price of roughly $2.5 billion before maturity or to convert them into as many as 1.63 million new shares.
这种令人印象深刻的股票表现使可转换债券深陷其中，这为MicroStrategy提出了重要的决定，微策略通常被视为比特币投资的代表：是在到期前以约25亿美元的高昂价格回购债券，还是将其转换为多达163万股新股。
Given the rising borrowing costs, the dilemma intensifies as converting bonds to shares dilutes the stock value.
鉴于借贷成本的上升，随着将债券转换为股票会稀释股票价值，这种困境加剧。
Nonetheless, companies, including MicroStrategy, face heightened refinancing costs, making the issuance of new stock or a convertible bond with a lower coupon potentially more attractive despite dilution risks.
尽管如此，包括MicroStrategy在内的公司面临更高的再融资成本，这使得尽管存在稀释风险，但发行新股或票息较低的可转换债券可能更具吸引力。
Analysts projected an upside in MicroStrategy, citing the upcoming Bitcoin halving, which could elevate Bitcoin's price to $150,000 by 2025, along with growing institutional investment in spot Bitcoin ETFs.
分析师预计MicroStrategy将出现上行空间，理由是即将到来的比特币减半，这可能会使比特币的价格到2025年升至15万美元，同时机构对现货比特币ETF的投资也将增加。
Analysts also flagged the company's strategy of expanding its Bitcoin holdings through capital market activities and its enterprise software business's cash surplus, projecting an increase in Bitcoin holdings to 298,246 by the end of 2025.
分析师还表示，该公司通过资本市场活动扩大其比特币持有量的战略及其企业软件业务的现金盈余，预计到2025年底，比特币持有量将增加到298,246个。
MicroStrategy stock surged 361% in the last 12 months. Investors can gain exposure to the stock via First Trust SkyBridge Crypto Industry And Digital Economy ETF (NYSE:CRPT) and Advisor Managed Portfolios Miller Value Partners Appreciation ETF (NYSE:MVPA).
微策略股价在过去12个月中飙升了361％。投资者可以通过第一信托SkyBridge加密行业和数字经济ETF（纽约证券交易所代码：CRPT）和顾问管理投资组合米勒价值合伙人增值ETF（纽约证券交易所代码：MVPA）获得股票敞口。
Price Action: MSTR shares traded higher by 3.98% at $1,498.51 on the last check Wednesday.
价格走势：在周三的最后一次支票中，MSTR股价上涨3.98％，至1,498.51美元。
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
免责声明：此内容部分是在人工智能工具的帮助下制作的，并由Benzinga的编辑审阅和发布。
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