然而，公司在二十多年前似乎“并不光彩”。2000年，随着公司承认虚报财务数据，股价从333美元跌至0.42美元，并且面临美国证券交易委员会的调查，最终支付巨额罚款。Despite microstrategy's core business of software sales facing financial difficulties, even shrinking gradually, the company's stock price has still risen by over 450%. The market cap also surged to over $90 billion, with nearly $37 billion coming from the value of bitcoin reserves.
MicroStrategy (MSTR), once seen as a typical representative of the internet bubble, has now become a major "epic spectacle" in the capital markets.
Today, the company is the largest holder of bitcoin globally, owning nearly 2% of the global bitcoin reserves.
However, the company seemed to be "not honorable" more than twenty years ago. In 2000, as the company admitted to inflating financial data, the stock price plummeted from $333 to $0.42 and faced an investigation by the U.S. Securities and Exchange Commission, ultimately paying a huge fine.
Today, MicroStrategy shareholders are once again facing a contradictory situation. The company has gained huge returns in the bitcoin bull market, but how long can this reliance on the continuous rise in bitcoin prices last?
"Never satisfied" bitcoin acquirer
Twenty years ago, MicroStrategy was originally a software company. With Super Bowl advertisements and soaring stock prices, it once became the darling of the capital markets. MicroStrategy co-founder Michael Saylor made bold statements:
"Our software will become ubiquitous and indispensable. If it stops working, it will cause a riot."
However, in 2000, as the company admitted to falsifying financial data, the stock price plummeted from $333 to $0.42 and faced an investigation by the U.S. Securities and Exchange Commission (SEC). Later, Saylor and two colleagues reached a settlement with the SEC, paying hefty fines and disgorgements, even though they did not admit to the charges.
Since August 2020, MicroStrategy has "transformed" into the world's largest holder of bitcoin, with the company's stock price soaring roughly 28 times. Over the past two years, MicroStrategy has raised funds by continuously issuing stocks and convertible bonds to purchase bitcoin. Currently, the company holds nearly 2% of the global bitcoin reserves.
According to the company's recently announced '21/21 Plan,' MicroStrategy plans to raise $42 billion, with half coming from stock sales and the other half from debt financing, to further increase its bitcoin investments. Saylor had previously boldly predicted that bitcoin would rise to $13 million by 2045.
Despite microstrategy's core business of software sales facing financial difficulties, even shrinking gradually, the company's stock price has still risen by over 450%. The market cap also surged to over $90 billion, with nearly $37 billion coming from the value of bitcoin reserves.
MicroStrategy is no longer just a software company but a 'never enough' bitcoin acquirer.
Today, MicroStrategy's shareholders are once again facing a conflicting situation. The company has reaped huge rewards from the rise in bitcoin, but how long can this reliance on the continuous increase in bitcoin prices last?
If there is a significant fluctuation in the price of bitcoin, or if U.S. regulatory agencies reevaluate the legal status of bitcoin, MicroStrategy's stock price and capital structure will face significant impact.