MicroStrategy Stock Plunges After Citron Research Shorted the Stock

MicroStrategy shares plummeted sharply lower after Citron Research announced that it had shorted the stock against a long position in Bitcoin. The company's stock closed down 16% and is down 26% from its record high. MicroStrategy, known as the world's largest corporate Bitcoin holder, has been the center of speculation in the stock market. It has an aggressive accumulation strategy to buy more Bitcoin, including selling billions of dollars worth of stock and bonds. The recent surge in the stock has allowed MicroStrategy to raise $3 billion to buy more Bitcoin. However, the challenge for investors is to maintain the stock's premium to Bitcoin.

Latest News

11-22 23:30

MicroStrategy Stock Rebounds 5% After Plunging 16% Following Citron Research's Short Report

11-22 22:11

MicroStrategy Trading At 'Insane' 256% Premium To Bitcoin Holdings, Research Shows

11-22 22:08

MicroStrategy Stock Crashes 16% as Citron Bets Against Bitcoin Proxy

User Discussion

Reglloyd

11-23 20:23

Michael Saylor, once a naysayer of Bitcoin, now a Maximalist of Bitcoin has indeed found the one true asset to invest in that provides investors with a real hedge against inflation ,the protection of a depreciation of the Fiat currency we hold onto and this new asset ( Bitcoin) has the potential and ability of making sure your business not only survives but outstrips the competition ( your competitors) & possibly those you never thought of beating or competing against....it takes a few minutes to grasp the magnitude of this entry, and therefore most investors reading this entry will no doubt still be in doubt about what's coming & if Bitcoin is what it was set to be, a gift from Satoshi , 21 Million coins, supply & demand will determine The price & currently demand is high,

Opinion: MicroStrategy's Infinite Money Glitch Won’t Last

THE WARRIORS

11-23 04:02

I don't think this guy knows what an order of magnitude is

Opinion: MicroStrategy's Infinite Money Glitch Won’t Last

MicroStrategist

11-22 20:55

$MicroStrategy(MSTR)$ And the MicroStrategist still lives on!!! Kuddos to the Bitking Saylor!!! 🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🤙🌙🌙🌙🌙🌙🌙🌙🌙🤑🤑🤑🤑🤑🤑🤑🤑 On track to the moon!!!!

MicroStrategy Tumbles After Citron Research Shorts the Stock

Miketee74

11-22 19:39

Once investors sell their share together at one time and BTC drop down drastically due to big whale take profit, this company could be in big shit! For short term, small investors may take up quick action to tap on current momentum to earn some easy money! Then...run! 😬

Opinion: MicroStrategy's Infinite Money Glitch Won’t Last

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possibly those you never thought of beating or competing against....it takes a few minutes to grasp the magnitude of this entry, and therefore most investors reading this entry will no doubt still be in doubt about what's coming &amp; if Bitcoin is what it was set to be, a gift from Satoshi , 21 Million coins, supply &amp; demand will determine The price &amp; currently demand is high,","listText":"Michael Saylor, once a naysayer of Bitcoin, now a Maximalist of Bitcoin has indeed found the one true asset to invest in that provides investors with a real hedge against inflation ,the protection of a depreciation of the Fiat currency we hold onto and this new asset ( Bitcoin) has the potential and ability of making sure your business not only survives but outstrips the competition ( your competitors) &amp; possibly those you never thought of beating or competing against....it takes a few minutes to grasp the magnitude of this entry, and therefore most investors reading this entry will no doubt still be in doubt about what's coming &amp; if Bitcoin is what it was set to be, a gift from Satoshi , 21 Million coins, supply &amp; demand will determine The price &amp; currently demand is high,","text":"Michael Saylor, once a naysayer of Bitcoin, now a Maximalist of Bitcoin has indeed found the one true asset to invest in that provides investors with a real hedge against inflation ,the protection of a depreciation of the Fiat currency we hold onto and this new asset ( Bitcoin) has the potential and ability of making sure your business not only survives but outstrips the competition ( your competitors) & possibly those you never thought of beating or competing against....it takes a few minutes to grasp the magnitude of this entry, and therefore most investors reading this entry will no doubt still be in doubt about what's coming & if Bitcoin is what it was set to be, a gift from Satoshi , 21 Million coins, supply & demand will determine The price & currently demand is high,","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374063609475368","repostId":"1102672719","repostType":2,"repost":{"id":"1102672719","pubTimestamp":1732272747,"share":"https://ttm.financial/m/news/1102672719?lang=&edition=fundamental","pubTime":"2024-11-22 18:52","market":"us","language":"en","title":"Opinion: MicroStrategy's Infinite Money Glitch Won’t Last","url":"https://stock-news.laohu8.com/highlight/detail?id=1102672719","media":"Bloomberg","summary":"“Overheated” is how short-sellers Citron Research described MicroStrategy Inc. on Thursday. That somehow understates the hype surrounding company founder Michael Saylor’s laser-eyed bet on Bitcoin usi","content":"<html><head></head><body><p>“Overheated” is how short-sellers Citron Research described MicroStrategy Inc. on Thursday. That somehow understates the hype surrounding company founder Michael Saylor’s laser-eyed bet on Bitcoin using capital-market funding, which has fueled MicroStrategy’s stock-price rise of over 600% this year. It looks more like a corporate-finance version of an infinite money glitch in video-games — lucrative, addictive and likely unsustainable.</p><p style=\"text-align: start;\">MicroStrategy’s core gameplay loop goes something like this: Tap debt and equity markets to raise cash, spend that cash on Bitcoin, watch its shares ride the Bitcoin price higher, go back to markets to raise more cash, rinse and repeat. This is the fun part of any glitch; the license to print huge sums of money that seem to have no bearing on reality. MicroStrategy’s average purchase price of Bitcoin is just under $40,000, according to Barclays estimates, and with Bitcoin trading at almost $100,000 its current hoard is worth approximately $24 billion. That is orders of magnitude higher than the $4.3 billion debt on the company’s balance sheet — debt being taken on with a 0% coupon via convertible bonds. The company is gearing up to borrow more.</p><p>What makes the glitch likely addictive for Saylor — aside from his unshakable faith in the “goddess of wisdom” and “fire of truth” that Bitcoin represents, of course — is the fact that it seems to be getting easier, not harder, as time goes on. MicroStrategy’s stock is valued at 2,000 times next year’s earnings and is attracting new buyers, including digital-asset ETFs, as Bitcoin’s price soars and analysts unanimously rate the shares a “Buy.” Remarkably, the company’s creditworthiness as rated by agency S&amp;P has actually improved, rising to B- from CCC+. Considering this firm is plowing billions into illiquid assets with no cash flows, the CFA-holding TradFi world seems to have some laser eyes of its own.</p><p>Now, as MicroStrategy doubles down with a plan to raise $42 billion to buy more Bitcoin, the issue of sustainability is hovering into view.</p><p style=\"text-align: start;\">One obvious risk is if the price of Bitcoin stops going to the moon and falls back to Earth; this is an asset that’s no stranger to 50%-plus drawdowns, even when new and dependable whale-sized buyers appear. A crypto crash could create a vicious cycle of write-downs and asset sales for MicroStrategy, even though its debt currently has low interest payments and no near-term maturities falling due. While a pro-crypto White House is certainly new territory, even that is unlikely to magic away price volatility.</p><p>Even without a crypto apocalypse, MicroStrategy’s model faces a reckoning. The stock is an increasingly expensive Bitcoin proxy in a crowded market of Bitcoin proxies — its market capitalization is almost four times the value of its Bitcoin stash — and might just be too frothy for its own good. (One toppish indicator: Living meme “Hawk Tuah Girl” this week took to social media to praise Saylor for his Bitcoin-buying advice.)</p><p style=\"text-align: start;\">Hence why Citron is opting to bet on a fall in the price of MicroStrategy relative to Bitcoin, which is probably a wiser move than trying to gauge a shift in sentiment in the wider crypto world. Since Citron’s publication of its bet, MicroStrategy is down 16%; Bitcoin is up.</p><p>Saylor has raised a cult of his own on financial markets; the question now is how blind his followers are to the risks of what might happen next. With MicroStrategy tying itself to the mast of an eye-wateringly huge borrowing plan, and with so much that has to go right in crypto land, this infinite money glitch won’t last forever.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opinion: MicroStrategy's Infinite Money Glitch Won’t Last</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpinion: MicroStrategy's Infinite Money Glitch Won’t Last\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-22 18:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/opinion/articles/2024-11-22/bitcoin-surge-microstrategy-s-infinite-money-glitch-won-t-last><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“Overheated” is how short-sellers Citron Research described MicroStrategy Inc. on Thursday. That somehow understates the hype surrounding company founder Michael Saylor’s laser-eyed bet on Bitcoin ...</p>\n\n<a href=\"https://www.bloomberg.com/opinion/articles/2024-11-22/bitcoin-surge-microstrategy-s-infinite-money-glitch-won-t-last\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSTR":"MicroStrategy"},"source_url":"https://www.bloomberg.com/opinion/articles/2024-11-22/bitcoin-surge-microstrategy-s-infinite-money-glitch-won-t-last","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102672719","content_text":"“Overheated” is how short-sellers Citron Research described MicroStrategy Inc. on Thursday. That somehow understates the hype surrounding company founder Michael Saylor’s laser-eyed bet on Bitcoin using capital-market funding, which has fueled MicroStrategy’s stock-price rise of over 600% this year. It looks more like a corporate-finance version of an infinite money glitch in video-games — lucrative, addictive and likely unsustainable.MicroStrategy’s core gameplay loop goes something like this: Tap debt and equity markets to raise cash, spend that cash on Bitcoin, watch its shares ride the Bitcoin price higher, go back to markets to raise more cash, rinse and repeat. This is the fun part of any glitch; the license to print huge sums of money that seem to have no bearing on reality. MicroStrategy’s average purchase price of Bitcoin is just under $40,000, according to Barclays estimates, and with Bitcoin trading at almost $100,000 its current hoard is worth approximately $24 billion. That is orders of magnitude higher than the $4.3 billion debt on the company’s balance sheet — debt being taken on with a 0% coupon via convertible bonds. The company is gearing up to borrow more.What makes the glitch likely addictive for Saylor — aside from his unshakable faith in the “goddess of wisdom” and “fire of truth” that Bitcoin represents, of course — is the fact that it seems to be getting easier, not harder, as time goes on. MicroStrategy’s stock is valued at 2,000 times next year’s earnings and is attracting new buyers, including digital-asset ETFs, as Bitcoin’s price soars and analysts unanimously rate the shares a “Buy.” Remarkably, the company’s creditworthiness as rated by agency S&P has actually improved, rising to B- from CCC+. Considering this firm is plowing billions into illiquid assets with no cash flows, the CFA-holding TradFi world seems to have some laser eyes of its own.Now, as MicroStrategy doubles down with a plan to raise $42 billion to buy more Bitcoin, the issue of sustainability is hovering into view.One obvious risk is if the price of Bitcoin stops going to the moon and falls back to Earth; this is an asset that’s no stranger to 50%-plus drawdowns, even when new and dependable whale-sized buyers appear. A crypto crash could create a vicious cycle of write-downs and asset sales for MicroStrategy, even though its debt currently has low interest payments and no near-term maturities falling due. While a pro-crypto White House is certainly new territory, even that is unlikely to magic away price volatility.Even without a crypto apocalypse, MicroStrategy’s model faces a reckoning. The stock is an increasingly expensive Bitcoin proxy in a crowded market of Bitcoin proxies — its market capitalization is almost four times the value of its Bitcoin stash — and might just be too frothy for its own good. (One toppish indicator: Living meme “Hawk Tuah Girl” this week took to social media to praise Saylor for his Bitcoin-buying advice.)Hence why Citron is opting to bet on a fall in the price of MicroStrategy relative to Bitcoin, which is probably a wiser move than trying to gauge a shift in sentiment in the wider crypto world. Since Citron’s publication of its bet, MicroStrategy is down 16%; Bitcoin is up.Saylor has raised a cult of his own on financial markets; the question now is how blind his followers are to the risks of what might happen next. With MicroStrategy tying itself to the mast of an eye-wateringly huge borrowing plan, and with so much that has to go right in crypto land, this infinite money glitch won’t last forever.","news_type":1},"isVote":1,"tweetType":1,"viewCount":24,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373822506140016,"gmtCreate":1732305764092,"gmtModify":1732305768487,"author":{"id":"3575824093884847","authorId":"3575824093884847","name":"THE WARRIORS","avatar":"https://community-static.tradeup.com/news/d0bacc7c6b9ae387c69ed3ffb9e38855","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575824093884847","authorIdStr":"3575824093884847"},"themes":[],"htmlText":"I don't think this guy knows what an order of magnitude is","listText":"I don't think this guy knows what an order of magnitude is","text":"I don't think this guy knows what an order of magnitude is","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/373822506140016","repostId":"1102672719","repostType":2,"repost":{"id":"1102672719","pubTimestamp":1732272747,"share":"https://ttm.financial/m/news/1102672719?lang=&edition=fundamental","pubTime":"2024-11-22 18:52","market":"us","language":"en","title":"Opinion: MicroStrategy's Infinite Money Glitch Won’t Last","url":"https://stock-news.laohu8.com/highlight/detail?id=1102672719","media":"Bloomberg","summary":"“Overheated” is how short-sellers Citron Research described MicroStrategy Inc. on Thursday. That somehow understates the hype surrounding company founder Michael Saylor’s laser-eyed bet on Bitcoin usi","content":"<html><head></head><body><p>“Overheated” is how short-sellers Citron Research described MicroStrategy Inc. on Thursday. That somehow understates the hype surrounding company founder Michael Saylor’s laser-eyed bet on Bitcoin using capital-market funding, which has fueled MicroStrategy’s stock-price rise of over 600% this year. It looks more like a corporate-finance version of an infinite money glitch in video-games — lucrative, addictive and likely unsustainable.</p><p style=\"text-align: start;\">MicroStrategy’s core gameplay loop goes something like this: Tap debt and equity markets to raise cash, spend that cash on Bitcoin, watch its shares ride the Bitcoin price higher, go back to markets to raise more cash, rinse and repeat. This is the fun part of any glitch; the license to print huge sums of money that seem to have no bearing on reality. MicroStrategy’s average purchase price of Bitcoin is just under $40,000, according to Barclays estimates, and with Bitcoin trading at almost $100,000 its current hoard is worth approximately $24 billion. That is orders of magnitude higher than the $4.3 billion debt on the company’s balance sheet — debt being taken on with a 0% coupon via convertible bonds. The company is gearing up to borrow more.</p><p>What makes the glitch likely addictive for Saylor — aside from his unshakable faith in the “goddess of wisdom” and “fire of truth” that Bitcoin represents, of course — is the fact that it seems to be getting easier, not harder, as time goes on. MicroStrategy’s stock is valued at 2,000 times next year’s earnings and is attracting new buyers, including digital-asset ETFs, as Bitcoin’s price soars and analysts unanimously rate the shares a “Buy.” Remarkably, the company’s creditworthiness as rated by agency S&amp;P has actually improved, rising to B- from CCC+. Considering this firm is plowing billions into illiquid assets with no cash flows, the CFA-holding TradFi world seems to have some laser eyes of its own.</p><p>Now, as MicroStrategy doubles down with a plan to raise $42 billion to buy more Bitcoin, the issue of sustainability is hovering into view.</p><p style=\"text-align: start;\">One obvious risk is if the price of Bitcoin stops going to the moon and falls back to Earth; this is an asset that’s no stranger to 50%-plus drawdowns, even when new and dependable whale-sized buyers appear. A crypto crash could create a vicious cycle of write-downs and asset sales for MicroStrategy, even though its debt currently has low interest payments and no near-term maturities falling due. While a pro-crypto White House is certainly new territory, even that is unlikely to magic away price volatility.</p><p>Even without a crypto apocalypse, MicroStrategy’s model faces a reckoning. The stock is an increasingly expensive Bitcoin proxy in a crowded market of Bitcoin proxies — its market capitalization is almost four times the value of its Bitcoin stash — and might just be too frothy for its own good. (One toppish indicator: Living meme “Hawk Tuah Girl” this week took to social media to praise Saylor for his Bitcoin-buying advice.)</p><p style=\"text-align: start;\">Hence why Citron is opting to bet on a fall in the price of MicroStrategy relative to Bitcoin, which is probably a wiser move than trying to gauge a shift in sentiment in the wider crypto world. Since Citron’s publication of its bet, MicroStrategy is down 16%; Bitcoin is up.</p><p>Saylor has raised a cult of his own on financial markets; the question now is how blind his followers are to the risks of what might happen next. With MicroStrategy tying itself to the mast of an eye-wateringly huge borrowing plan, and with so much that has to go right in crypto land, this infinite money glitch won’t last forever.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opinion: MicroStrategy's Infinite Money Glitch Won’t Last</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpinion: MicroStrategy's Infinite Money Glitch Won’t Last\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-22 18:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/opinion/articles/2024-11-22/bitcoin-surge-microstrategy-s-infinite-money-glitch-won-t-last><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“Overheated” is how short-sellers Citron Research described MicroStrategy Inc. on Thursday. That somehow understates the hype surrounding company founder Michael Saylor’s laser-eyed bet on Bitcoin ...</p>\n\n<a href=\"https://www.bloomberg.com/opinion/articles/2024-11-22/bitcoin-surge-microstrategy-s-infinite-money-glitch-won-t-last\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSTR":"MicroStrategy"},"source_url":"https://www.bloomberg.com/opinion/articles/2024-11-22/bitcoin-surge-microstrategy-s-infinite-money-glitch-won-t-last","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102672719","content_text":"“Overheated” is how short-sellers Citron Research described MicroStrategy Inc. on Thursday. That somehow understates the hype surrounding company founder Michael Saylor’s laser-eyed bet on Bitcoin using capital-market funding, which has fueled MicroStrategy’s stock-price rise of over 600% this year. It looks more like a corporate-finance version of an infinite money glitch in video-games — lucrative, addictive and likely unsustainable.MicroStrategy’s core gameplay loop goes something like this: Tap debt and equity markets to raise cash, spend that cash on Bitcoin, watch its shares ride the Bitcoin price higher, go back to markets to raise more cash, rinse and repeat. This is the fun part of any glitch; the license to print huge sums of money that seem to have no bearing on reality. MicroStrategy’s average purchase price of Bitcoin is just under $40,000, according to Barclays estimates, and with Bitcoin trading at almost $100,000 its current hoard is worth approximately $24 billion. That is orders of magnitude higher than the $4.3 billion debt on the company’s balance sheet — debt being taken on with a 0% coupon via convertible bonds. The company is gearing up to borrow more.What makes the glitch likely addictive for Saylor — aside from his unshakable faith in the “goddess of wisdom” and “fire of truth” that Bitcoin represents, of course — is the fact that it seems to be getting easier, not harder, as time goes on. MicroStrategy’s stock is valued at 2,000 times next year’s earnings and is attracting new buyers, including digital-asset ETFs, as Bitcoin’s price soars and analysts unanimously rate the shares a “Buy.” Remarkably, the company’s creditworthiness as rated by agency S&P has actually improved, rising to B- from CCC+. Considering this firm is plowing billions into illiquid assets with no cash flows, the CFA-holding TradFi world seems to have some laser eyes of its own.Now, as MicroStrategy doubles down with a plan to raise $42 billion to buy more Bitcoin, the issue of sustainability is hovering into view.One obvious risk is if the price of Bitcoin stops going to the moon and falls back to Earth; this is an asset that’s no stranger to 50%-plus drawdowns, even when new and dependable whale-sized buyers appear. A crypto crash could create a vicious cycle of write-downs and asset sales for MicroStrategy, even though its debt currently has low interest payments and no near-term maturities falling due. While a pro-crypto White House is certainly new territory, even that is unlikely to magic away price volatility.Even without a crypto apocalypse, MicroStrategy’s model faces a reckoning. The stock is an increasingly expensive Bitcoin proxy in a crowded market of Bitcoin proxies — its market capitalization is almost four times the value of its Bitcoin stash — and might just be too frothy for its own good. (One toppish indicator: Living meme “Hawk Tuah Girl” this week took to social media to praise Saylor for his Bitcoin-buying advice.)Hence why Citron is opting to bet on a fall in the price of MicroStrategy relative to Bitcoin, which is probably a wiser move than trying to gauge a shift in sentiment in the wider crypto world. Since Citron’s publication of its bet, MicroStrategy is down 16%; Bitcoin is up.Saylor has raised a cult of his own on financial markets; the question now is how blind his followers are to the risks of what might happen next. With MicroStrategy tying itself to the mast of an eye-wateringly huge borrowing plan, and with so much that has to go right in crypto land, this infinite money glitch won’t last forever.","news_type":1},"isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373845069734072,"gmtCreate":1732280130651,"gmtModify":1732281039535,"author":{"id":"3561713422683896","authorId":"3561713422683896","name":"MicroStrategist","avatar":"https://community-static.tradeup.com/news/a1f9b1071e75ec59572f7ba9bbb0a4ed","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3561713422683896","authorIdStr":"3561713422683896"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/MSTR\">$MicroStrategy(MSTR)$&nbsp;</a><v-v data-views=\"1\"></v-v> And the MicroStrategist still lives on!!! Kuddos to the Bitking Saylor!!! 🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🤙🌙🌙🌙🌙🌙🌙🌙🌙🤑🤑🤑🤑🤑🤑🤑🤑 On track to the moon!!!!","listText":"<a href=\"https://ttm.financial/S/MSTR\">$MicroStrategy(MSTR)$&nbsp;</a><v-v data-views=\"1\"></v-v> And the MicroStrategist still lives on!!! Kuddos to the Bitking Saylor!!! 🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🤙🌙🌙🌙🌙🌙🌙🌙🌙🤑🤑🤑🤑🤑🤑🤑🤑 On track to the moon!!!!","text":"$MicroStrategy(MSTR)$ And the MicroStrategist still lives on!!! Kuddos to the Bitking Saylor!!! 🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🤙🌙🌙🌙🌙🌙🌙🌙🌙🤑🤑🤑🤑🤑🤑🤑🤑 On track to the moon!!!!","images":[{"img":"https://community-static.tradeup.com/news/7a4a61ff06e245359e6d15d69c804d84"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/373845069734072","repostId":"2485414054","repostType":2,"repost":{"id":"2485414054","pubTimestamp":1732229915,"share":"https://ttm.financial/m/news/2485414054?lang=&edition=fundamental","pubTime":"2024-11-22 06:58","market":"us","language":"en","title":"MicroStrategy Tumbles After Citron Research Shorts the Stock","url":"https://stock-news.laohu8.com/highlight/detail?id=2485414054","media":"Bloomberg","summary":" -- MicroStrategy Inc shares tumbled after Andrew Left’s Citron Research said in a post on X that it’s betting against the software company, which has effectively transformed itself into a Bitcoin investment fund.The stock fell as much as 10% in intraday trading Thursday, reversing a gain of nearly 15% from earlier in the session. By Wednesday’s close, Microstrategy had surged 650% this year.Under Chair Michael Saylor, MicroStrategy has become nearly synonymous with Bitcoin after it snapped up billions of dollars of the cryptocurrency, sometimes selling debt to finance the purchases. But with the rolllout of Bitcoin ETFs, investors can buy such funds directly instead of using MicroStrategy’s stock as a publicly traded proxy.Now that Bitcoin investing is “easier than ever,” MicroStrategy’s volume “has completely detached from BTC fundamentals,” Citron wrote in an X post, adding that “while Citron remains bullish on Bitcoin, we’ve hedged with a short $MSTR position.”MicroStrategy did not","content":"<html><head></head><body><ul style=\"\"><li><p>Andrew Left’s firm is short MicroStrategy, bullish on Bitcoin</p></li><li><p>Shares of MicroStrategy have surged along with Bitcoin in 2024</p></li></ul><p><a href=\"https://laohu8.com/S/MSTR\">MicroStrategy</a> Inc shares tumbled after Andrew Left’s Citron Research said in a post on X that it’s betting against the software company, which has effectively transformed itself into a Bitcoin investment fund. </p><p>The stock fell 16% on Thursday trading Thursday, reversing a gain of nearly 15% from earlier in the session. By Thursday’s close, Microstrategy had surged 529% this year.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/3aa29b408f12c4e4574d2c0d44741ee8\" tg-width=\"792\" tg-height=\"846\"/></p><p>Under Chair Michael Saylor, MicroStrategy has become nearly synonymous with Bitcoin after it snapped up billions of dollars of the cryptocurrency, sometimes selling debt to finance the purchases. But with the rolllout of Bitcoin ETFs, investors can buy such funds directly instead of using MicroStrategy’s stock as a publicly traded proxy.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/82de3f14fec479c22ed77b3e90eb3d5e\" title=\"\" tg-width=\"548\" tg-height=\"335\"/></p><p>Now that Bitcoin investing is “easier than ever,” MicroStrategy’s volume “has completely detached from BTC fundamentals,” Citron wrote in an X post, adding that “while Citron remains bullish on Bitcoin, we’ve hedged with a short $MSTR position.” </p><p>MicroStrategy did not immediately respond to a Bloomberg News request for comment. </p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/f42fe14c998cafeb34f8385eb5ebddb4\" title=\"\" tg-width=\"1200\" tg-height=\"675\"/></p><p>The surge in Bitcoin — which pushed over $98,000 Thursday — has also lifted MicroStrategy shares. The company now has a market capitalization of more than $100 billion, making it as valuable as one of the top 100 stocks in the S&amp;P 500. </p><p>Citron Research is not the first to suggest hedging a bullish Bitcoin position by shorting MicroStrategy. In March, Kerrisdale Capital Management LLC made a similar suggestion, saying that it was long Bitcoin but short shares of MicroStrategy. </p><p>MicroStrategy Falls as Kerrisdale Shorts, Says It’s Long Bitcoin</p><p>The post is one of few public positions that Citron has put out since founder Andrew Left was charged with securities fraud in July. In September, the firm posted about another previous bet on private prisons.</p><p>In October, Left asked a judge to dismiss the US Securities and Exchange Commission’s lawsuit against him. </p></body></html>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>MicroStrategy Tumbles After Citron Research Shorts the Stock</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMicroStrategy Tumbles After Citron Research Shorts the Stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-22 06:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/microstrategy-tumbles-citron-research-shorts-162250207.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Andrew Left’s firm is short MicroStrategy, bullish on BitcoinShares of MicroStrategy have surged along with Bitcoin in 2024MicroStrategy Inc shares tumbled after Andrew Left’s Citron Research said in ...</p>\n\n<a href=\"https://finance.yahoo.com/news/microstrategy-tumbles-citron-research-shorts-162250207.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4023":"应用软件","BK4596":"哈里斯概念","BK4600":"加密货币概念","BK4595":"比特币概念","BK4601":"加密货币现货ETF","BK4594":"比特币ETF概念","BK4585":"ETF&股票定投概念","BK4588":"碎股","BK4516":"特朗普概念"},"source_url":"https://finance.yahoo.com/news/microstrategy-tumbles-citron-research-shorts-162250207.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2485414054","content_text":"Andrew Left’s firm is short MicroStrategy, bullish on BitcoinShares of MicroStrategy have surged along with Bitcoin in 2024MicroStrategy Inc shares tumbled after Andrew Left’s Citron Research said in a post on X that it’s betting against the software company, which has effectively transformed itself into a Bitcoin investment fund. The stock fell 16% on Thursday trading Thursday, reversing a gain of nearly 15% from earlier in the session. By Thursday’s close, Microstrategy had surged 529% this year.Under Chair Michael Saylor, MicroStrategy has become nearly synonymous with Bitcoin after it snapped up billions of dollars of the cryptocurrency, sometimes selling debt to finance the purchases. But with the rolllout of Bitcoin ETFs, investors can buy such funds directly instead of using MicroStrategy’s stock as a publicly traded proxy.Now that Bitcoin investing is “easier than ever,” MicroStrategy’s volume “has completely detached from BTC fundamentals,” Citron wrote in an X post, adding that “while Citron remains bullish on Bitcoin, we’ve hedged with a short $MSTR position.” MicroStrategy did not immediately respond to a Bloomberg News request for comment. The surge in Bitcoin — which pushed over $98,000 Thursday — has also lifted MicroStrategy shares. The company now has a market capitalization of more than $100 billion, making it as valuable as one of the top 100 stocks in the S&P 500. Citron Research is not the first to suggest hedging a bullish Bitcoin position by shorting MicroStrategy. In March, Kerrisdale Capital Management LLC made a similar suggestion, saying that it was long Bitcoin but short shares of MicroStrategy. MicroStrategy Falls as Kerrisdale Shorts, Says It’s Long BitcoinThe post is one of few public positions that Citron has put out since founder Andrew Left was charged with securities fraud in July. In September, the firm posted about another previous bet on private prisons.In October, Left asked a judge to dismiss the US Securities and Exchange Commission’s lawsuit against him.","news_type":1},"isVote":1,"tweetType":1,"viewCount":13,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":373826311057448,"gmtCreate":1732275551394,"gmtModify":1732281038369,"author":{"id":"3585785590601618","authorId":"3585785590601618","name":"Miketee74","avatar":"https://community-static.tradeup.com/news/09ea58a03e562828bff08f7347bbcdb4","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585785590601618","authorIdStr":"3585785590601618"},"themes":[],"htmlText":"Once investors sell their share together at one time and BTC drop down drastically due to big whale take profit, this company could be in big shit!&nbsp; For short term, small investors may take up quick action to tap on current momentum to earn some easy money! Then...run! 😬","listText":"Once investors sell their share together at one time and BTC drop down drastically due to big whale take profit, this company could be in big shit!&nbsp; For short term, small investors may take up quick action to tap on current momentum to earn some easy money! Then...run! 😬","text":"Once investors sell their share together at one time and BTC drop down drastically due to big whale take profit, this company could be in big shit! For short term, small investors may take up quick action to tap on current momentum to earn some easy money! Then...run! 😬","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/373826311057448","repostId":"1102672719","repostType":4,"repost":{"id":"1102672719","pubTimestamp":1732272747,"share":"https://ttm.financial/m/news/1102672719?lang=&edition=fundamental","pubTime":"2024-11-22 18:52","market":"us","language":"en","title":"Opinion: MicroStrategy's Infinite Money Glitch Won’t Last","url":"https://stock-news.laohu8.com/highlight/detail?id=1102672719","media":"Bloomberg","summary":"“Overheated” is how short-sellers Citron Research described MicroStrategy Inc. on Thursday. That somehow understates the hype surrounding company founder Michael Saylor’s laser-eyed bet on Bitcoin usi","content":"<html><head></head><body><p>“Overheated” is how short-sellers Citron Research described MicroStrategy Inc. on Thursday. That somehow understates the hype surrounding company founder Michael Saylor’s laser-eyed bet on Bitcoin using capital-market funding, which has fueled MicroStrategy’s stock-price rise of over 600% this year. It looks more like a corporate-finance version of an infinite money glitch in video-games — lucrative, addictive and likely unsustainable.</p><p style=\"text-align: start;\">MicroStrategy’s core gameplay loop goes something like this: Tap debt and equity markets to raise cash, spend that cash on Bitcoin, watch its shares ride the Bitcoin price higher, go back to markets to raise more cash, rinse and repeat. This is the fun part of any glitch; the license to print huge sums of money that seem to have no bearing on reality. MicroStrategy’s average purchase price of Bitcoin is just under $40,000, according to Barclays estimates, and with Bitcoin trading at almost $100,000 its current hoard is worth approximately $24 billion. That is orders of magnitude higher than the $4.3 billion debt on the company’s balance sheet — debt being taken on with a 0% coupon via convertible bonds. The company is gearing up to borrow more.</p><p>What makes the glitch likely addictive for Saylor — aside from his unshakable faith in the “goddess of wisdom” and “fire of truth” that Bitcoin represents, of course — is the fact that it seems to be getting easier, not harder, as time goes on. MicroStrategy’s stock is valued at 2,000 times next year’s earnings and is attracting new buyers, including digital-asset ETFs, as Bitcoin’s price soars and analysts unanimously rate the shares a “Buy.” Remarkably, the company’s creditworthiness as rated by agency S&amp;P has actually improved, rising to B- from CCC+. Considering this firm is plowing billions into illiquid assets with no cash flows, the CFA-holding TradFi world seems to have some laser eyes of its own.</p><p>Now, as MicroStrategy doubles down with a plan to raise $42 billion to buy more Bitcoin, the issue of sustainability is hovering into view.</p><p style=\"text-align: start;\">One obvious risk is if the price of Bitcoin stops going to the moon and falls back to Earth; this is an asset that’s no stranger to 50%-plus drawdowns, even when new and dependable whale-sized buyers appear. A crypto crash could create a vicious cycle of write-downs and asset sales for MicroStrategy, even though its debt currently has low interest payments and no near-term maturities falling due. While a pro-crypto White House is certainly new territory, even that is unlikely to magic away price volatility.</p><p>Even without a crypto apocalypse, MicroStrategy’s model faces a reckoning. The stock is an increasingly expensive Bitcoin proxy in a crowded market of Bitcoin proxies — its market capitalization is almost four times the value of its Bitcoin stash — and might just be too frothy for its own good. (One toppish indicator: Living meme “Hawk Tuah Girl” this week took to social media to praise Saylor for his Bitcoin-buying advice.)</p><p style=\"text-align: start;\">Hence why Citron is opting to bet on a fall in the price of MicroStrategy relative to Bitcoin, which is probably a wiser move than trying to gauge a shift in sentiment in the wider crypto world. Since Citron’s publication of its bet, MicroStrategy is down 16%; Bitcoin is up.</p><p>Saylor has raised a cult of his own on financial markets; the question now is how blind his followers are to the risks of what might happen next. With MicroStrategy tying itself to the mast of an eye-wateringly huge borrowing plan, and with so much that has to go right in crypto land, this infinite money glitch won’t last forever.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opinion: MicroStrategy's Infinite Money Glitch Won’t Last</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpinion: MicroStrategy's Infinite Money Glitch Won’t Last\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-22 18:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/opinion/articles/2024-11-22/bitcoin-surge-microstrategy-s-infinite-money-glitch-won-t-last><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“Overheated” is how short-sellers Citron Research described MicroStrategy Inc. on Thursday. That somehow understates the hype surrounding company founder Michael Saylor’s laser-eyed bet on Bitcoin ...</p>\n\n<a href=\"https://www.bloomberg.com/opinion/articles/2024-11-22/bitcoin-surge-microstrategy-s-infinite-money-glitch-won-t-last\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSTR":"MicroStrategy"},"source_url":"https://www.bloomberg.com/opinion/articles/2024-11-22/bitcoin-surge-microstrategy-s-infinite-money-glitch-won-t-last","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102672719","content_text":"“Overheated” is how short-sellers Citron Research described MicroStrategy Inc. on Thursday. That somehow understates the hype surrounding company founder Michael Saylor’s laser-eyed bet on Bitcoin using capital-market funding, which has fueled MicroStrategy’s stock-price rise of over 600% this year. It looks more like a corporate-finance version of an infinite money glitch in video-games — lucrative, addictive and likely unsustainable.MicroStrategy’s core gameplay loop goes something like this: Tap debt and equity markets to raise cash, spend that cash on Bitcoin, watch its shares ride the Bitcoin price higher, go back to markets to raise more cash, rinse and repeat. This is the fun part of any glitch; the license to print huge sums of money that seem to have no bearing on reality. MicroStrategy’s average purchase price of Bitcoin is just under $40,000, according to Barclays estimates, and with Bitcoin trading at almost $100,000 its current hoard is worth approximately $24 billion. That is orders of magnitude higher than the $4.3 billion debt on the company’s balance sheet — debt being taken on with a 0% coupon via convertible bonds. The company is gearing up to borrow more.What makes the glitch likely addictive for Saylor — aside from his unshakable faith in the “goddess of wisdom” and “fire of truth” that Bitcoin represents, of course — is the fact that it seems to be getting easier, not harder, as time goes on. MicroStrategy’s stock is valued at 2,000 times next year’s earnings and is attracting new buyers, including digital-asset ETFs, as Bitcoin’s price soars and analysts unanimously rate the shares a “Buy.” Remarkably, the company’s creditworthiness as rated by agency S&P has actually improved, rising to B- from CCC+. Considering this firm is plowing billions into illiquid assets with no cash flows, the CFA-holding TradFi world seems to have some laser eyes of its own.Now, as MicroStrategy doubles down with a plan to raise $42 billion to buy more Bitcoin, the issue of sustainability is hovering into view.One obvious risk is if the price of Bitcoin stops going to the moon and falls back to Earth; this is an asset that’s no stranger to 50%-plus drawdowns, even when new and dependable whale-sized buyers appear. A crypto crash could create a vicious cycle of write-downs and asset sales for MicroStrategy, even though its debt currently has low interest payments and no near-term maturities falling due. While a pro-crypto White House is certainly new territory, even that is unlikely to magic away price volatility.Even without a crypto apocalypse, MicroStrategy’s model faces a reckoning. The stock is an increasingly expensive Bitcoin proxy in a crowded market of Bitcoin proxies — its market capitalization is almost four times the value of its Bitcoin stash — and might just be too frothy for its own good. (One toppish indicator: Living meme “Hawk Tuah Girl” this week took to social media to praise Saylor for his Bitcoin-buying advice.)Hence why Citron is opting to bet on a fall in the price of MicroStrategy relative to Bitcoin, which is probably a wiser move than trying to gauge a shift in sentiment in the wider crypto world. Since Citron’s publication of its bet, MicroStrategy is down 16%; Bitcoin is up.Saylor has raised a cult of his own on financial markets; the question now is how blind his followers are to the risks of what might happen next. With MicroStrategy tying itself to the mast of an eye-wateringly huge borrowing plan, and with so much that has to go right in crypto land, this infinite money glitch won’t last forever.","news_type":1},"isVote":1,"tweetType":1,"viewCount":14,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}]}