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（納斯達克股票代碼：MSTR）正面臨着嚴峻的局面，因爲比特幣的飆升提振了其股票和可轉換債券，使這些債券的再融資成本高出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.
儘管息票僅爲0.75％，但將於2025年到期的6.5億美元可轉換債券目前的交易價格約爲其面值的3.8倍，大大高於397.99美元的轉換價格。
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.
彭博社報道，自2020年底發行債券以來，微策略的股票飆升了約390％，推動該股每週一收於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.
這種令人印象深刻的股票表現使可轉換債券深陷其中，這爲MicroStrategy提出了重要的決定，微策略通常被視爲比特幣投資的代表：是在到期前以約25億美元的高昂價格回購債券，還是將其轉換爲多達163萬股新股。
Given the rising borrowing costs, the dilemma intensifies as converting bonds to shares dilutes the stock value.
鑑於借貸成本的上升，隨着將債券轉換爲股票會稀釋股票價值，這種困境加劇。
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.
儘管如此，包括MicroStrategy在內的公司面臨更高的再融資成本，這使得儘管存在稀釋風險，但發行新股或票息較低的可轉換債券可能更具吸引力。
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.
分析師預計MicroStrategy將出現上行空間，理由是即將到來的比特幣減半，這可能會使比特幣的價格到2025年升至15萬美元，同時機構對現貨比特幣ETF的投資也將增加。
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.
分析師還表示，該公司通過資本市場活動擴大其比特幣持有量的戰略及其企業軟件業務的現金盈餘，預計到2025年底，比特幣持有量將增加到298,246個。
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).
微策略股價在過去12個月中飆升了361％。投資者可以通過第一信託SkyBridge加密行業和數字經濟ETF（紐約證券交易所代碼：CRPT）和顧問管理投資組合米勒價值合夥人增值ETF（紐約證券交易所代碼：MVPA）獲得股票敞口。
Price Action: MSTR shares traded higher by 3.98% at $1,498.51 on the last check Wednesday.
價格走勢：在週三的最後一次支票中，MSTR股價上漲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.
免責聲明：此內容部分是在人工智能工具的幫助下製作的，並由Benzinga的編輯審閱和發佈。
Photo by JOCA_PH on Shutterstock
照片由 JOCA_PH 在 Shutterstock 上拍攝
