Examining MicroStrategy’s record-shattering $21bn ATM

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Financial Times 1w ago

Examining MicroStrategy’s record-shattering $21bn ATM - Financial Times

Quick Summary:

This strategy — borrowing in US dollars (which management expects to be worth less) to buy bitcoin (which it expects to appreciate) — is atypical for a carry trade, given bitcoin’s zero yield.

Saylor doesn’t forecast MicroStrategy’s stock price, but he often makes bold predictions on bitcoin’s price which, given MicroStrategy’s holdings, directly impacts the stock price.

The reason for that number is in part related to the science fiction series The Hitchhiker’s Guide to the Galaxy where a supercomputer calculates the answer to the question of life, the universe and everything as the number 42, according to MicroStrategy Chief Executive Officer Phong Le.“We believe it’s a unique number with some special characteristics.