MicroStrategy is pioneering bitcoin capital markets, raising $4 billion in convertible debt for bitcoin investment, with no other company having such a strategy to attract large capital.
MicroStrategy is the only corporate with institutional demand for bitcoin-linked convertibles, currently holding 214,400 bitcoin worth $14.5 billion as a reserve asset.
MicroStrategy's strategy involves using both equity and debt, enabling the company to grow its bitcoin per equity share by almost 67% in the last four years.
Bernstein expects MicroStrategy to continue raising capital to add to its bitcoin holdings, highlighting the firm's long-term convertible debt strategy to benefit from potential bitcoin upside while managing liquidation risk.
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