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Bitcoin treasury stocks may have seen the worst of their declines, with an investment firm ending its short position on Strategy after its mNAV decline “played out.”
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Latest MicroStrategy News
MicroStrategy is a business intelligence and analytics firm founded by Michael Saylor in 1989. It offers software and services that help enterprises evaluate massive data sets.
MicroStrategy is known for its large investment in Bitcoin. It transferred a major percentage of its treasury reserves into the cryptocurrency as part of a long-term strategy to retain value and hedge against inflation.
Get all the latest MicroStrategy news on Cointelegraph.
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The company continues to offer corporate debt securities and equities to finance its Bitcoin acquisitions despite recent troubles.
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The loan came shortly after Metaplanet launched a $500 million Bitcoin-backed share buyback program, after its market-based net asset value fell below 1.0.
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Crypto analyst Willy Woo says it would need to be “one hell of a sustained bear market” to force Strategy to liquidate any of its Bitcoin.
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Michael Saylor’s Strategy has filed to offer euro-denominated shares in its latest push to raise capital for more Bitcoin.
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Strategy’s Bitcoin acquisition rate has been significantly down since September, threatening to limit Bitcoin’s price recovery.
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Strategy is unlikely to make deals to acquire its Bitcoin-buying rivals, with founder Michael Saylor saying it’s too risky.
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Strategy’s third-quarter net income was down from its record $10 billion in Q2, but still lifted its shares after the bell.
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Positive regulatory developments in the US over the last 12 months are a good sign for the digital asset industry and markets, the Strategy co-founder said.
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Strategy may join the S&P 500 by year-end, even as Bitcoin buys slow and investor sentiment fades, 10x Research said.
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Metaplanet’s market-based net asset value (mNAV) fell to 0.88 last week, prompting the Tokyo-listed Bitcoin treasury company to launch the Bitcoin-backed share buyback.
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S&P Global Ratings said Strategy’s high Bitcoin concentration and low US dollar liquidity, among other factors, are weaknesses for the firm.
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Strategy posted few BTC buys in October, with only 778 BTC purchased, down 78% from 3,526 BTC in September.
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After its latest modest purchase, Michael Saylor’s Strategy has 59,582 BTC to go before hitting 700,000 BTC on its balance sheet.
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Michael Saylor has hinted that Strategy may add to its Bitcoin stash after sharing a chart showing $69 billion in BTC holdings.
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