The aggressive Bitcoin (BTC) strategy of the strategy is again under control. The company would have endured complex financial maneuvers to maintain its assets.
Although its initial convertible obligation in 2025 has already been bought, concerns remain concerning the long -term financial stability of the company. In particular, his dependence continues to debt and the dilution of actions to maintain his Bitcoin purchases has stimulated controversy.
Dilution of actions and debt are looming on the strategy
Recently, Strategy (formerly Microstrategy) announced the launch of a new perpetual privileged stock offer called Strf or “Strife”.
“Strategy announced today the launch of $ StrF (” Strife “), a new offer of perpetual privileged shares, available for institutional investors and certain non -institutional investors,” said business executive president Michael Saylor.
Some analysts consider the movement as a desperate attempt to raise funds. Adam Cochran, partner of Cinneamhain Ventures, stressed that the company is faced with a precarious financial situation. He pointed out that despite its operating cash flows of $ 53 million, it has a cash flow available at $ 1.06 billion negative.
This means that even with the appreciation of Bitcoin prices, the financial obligations of the company go up.
“These bond emissions continue to worsen each year, diluting the equity against which they have issued,” said Cochran.
The convertible link of microstrategy 2025 had already been bought. However, the company still faces a debt of $ 1 billion due in 2027. In addition, its new share offer suggests an increasing emergency to respond to liquidity problems.
“… So, this perpetual desperate offering a yield offering at 10% of the composition, on a company that is 6 times its asset value and the negative loss of money, does not have a short-term use case. You must work towards the debt of $ 1 billion 2027, while reimbursing this,” he added.
Despite these financial pressures, the strategy is continuing its aggressive Bitcoin purchasing strategy. Earlier this week, the company bought a value of $ 10.7 million in Bitcoin, its smallest purchase of 2025. This raises questions about the question of whether the company’s cash reserves are starting to tend under its debt.
Bitcoin’s strategy faces an increasing financial tension
Recently, reports have surfaced by suggesting that the strategy could be forced to sell part of its $ 43 billion Bitcoin Holdings if the financial conditions aggravate.
Such a sale could cause downward pressure on the price of Bitcoin. However, experts warn that the greatest risk is that microstrategy shareholders, who would suffer a significant drop in action value.
“The maintenance of investors’ confidence will be crucial for MSTR after the decreases,” noted Kobeissi’s letter.
Another major problem facing microstrategia is its current tax dilemma. Analysts stressed that the company faces significant tax responsibilities. Obligations are involved because its Bitcoin holdings could more destroy its financial situation.
“All the debt that MSTR has taken to buy Bitcoin is not guaranteed against Bitcoin. There can be no call for Bitcoin,” noted the investor British Hodl.
With a tax burden that could reach billions, questions remain on how the company intends to balance its obligations while continuing to buy Bitcoin.
Microstrategy’s difficulties highlight wider market concerns regarding Bitcoin strategies with a high lever. While Saylor was an ardent defender of Bitcoin, his approach to the financing of these purchases aroused criticism to be excessively risky.
As competition in the company’s Bitcoin investment space increases and investors become more cautious, microstrategy financial maneuvers will continue to be closely examined.
Beincryptto data show that Bitcoin was negotiated at $ 83,563 when writing this article. This represents a modest gain of 0.89% in the last 24 hours.
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