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MicroStrategy is reported to be selling its low-credit bonds to gain money to buy more Bitcoins. This raised skepticism over Wall Street investors, as according to them, if Bitcoin really has a potential to grow, why is there a need to issue debt obligations to raise funds.
But surprisingly, after the announcement of the $ 400 million auction, many investors expressed their desire to participate, so MicroStrategy has to increase the offer to $ 500 million. Perhaps, the participants were investors who want to have access to bitcoins, but cannot directly buy digital coins due to the complexity of cryptocurrencies.
The chart below shows that MicroStrategy is now dependent on Bitcoin. The company's shares shot up, when BTC was soaring in the market.
And as long as there is no ETF for cryptocurrencies, transactions such as mentioned above can happen in the market. The SEC has postponed the long-awaited ETF decision several times already, and the next filing is due in the middle of this month. But there is a huge chance that the procedure will be extended for a longer period.
Experts claim that corporate debt, like ETFs, is an open and fair game for many institutional investors. 7-year MicroStrategy bonds, yielding more than 6%, is a pretty good yield for a bond issued by a company with a credit profile. And if we look at the profitability of Bitcoin itself, growth was as much as 5,500% over the past seven years.
In terms of risks, MicroStrategy assures that its buyers are protected by the company's constant positive cash flow, its intellectual property and software, and by Bitcoin itself. And most often, its investors are those who believe in the fundamentals of digital business and in hedging risks.
At the time of writing, Bitcoin has bounced off $ 31,000 and is moving towards $ 36,300. If the quote breaks above this level, BTC will be able to jump towards $ 41,100, $ 46,700 and $ 52,000. But if the quote drops below $ 36,300, BTC will return to $ 31,000, and then drop to $ 25,800 and $ 21,700.
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