BitMEX Research researchers have weighed the risks of MicroStrategy's bitcoin ($BTC
) liquidation to repay the bonds issued by the company. According to official data, the organization has $4.25 billion in debt, and the company's market capitalization is $43 billion. According to experts, the risk of forced sale of Bitcoin is currently very low.
The main factor is the high volatility of the price of the flagship cryptocurrency bitcoin, which, can increase the pressure on the company to sell assets, only when quotes fall to $15,000. Experts believe that this will not happen under any circumstances. In addition, the maturities of the bonds are spread from 2027 to 2031, which reduces the likelihood of immediate liquidation.
The researchers explained that MicroStrategy's current strategy is to preserve bitcoins, as the stock is trading at a premium to its net asset value (NAV). However, if the company's securities start selling at a discount, shareholders may be interested in selling #BTC☀ to pay down debt. “The important point is that as long as the possibility of issuing new bonds remains, the risk of a forced sale remains low,” BitMEX experts noted.
Nevertheless, in the event of a sharp drop in bitcoin cryptocurrency quotes and a loss of investor confidence in the bonds, MicroStrategy could come under pressure. If the organization continues to issue securities, it will increase its debt load and the risk of asset liquidation in the future.
However, at the moment, the leverage is minimal and the company does not face the threat of forced asset sales. Other analysts are also confident that a bitcoin liquidation by MicroStrategy is unlikely in the near future. However, the company's management will have to consider this move in the future if the market situation changes.
