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MicroStrategy Defended at BTIG; Saylor Not Expecting Imminent Margin Call
Shares of the technology company have tumbled alongside bitcoin, down 35% over the past few days and nearly 75% so far this year.
Updated May 11, 2023, 6:41 p.m. Published Jun 14, 2022, 2:06 p.m.
The rout in the price of bitcoin (BTC) has led to renewed questions about whether MicroStrategy (MSTR) may have to part with or pledge as collateral more of its 129,218 coin stack.
- "We don’t expect to receive a margin call, and the company has plenty of additional collateral should we need to post more," Saylor told the Wall Street Journal overnight.
- Saylor and MicroStrategy have previously detailed their holdings of 129,218 bitcoins, with roughly 95,000 of that amount unencumbered. A bitcoin price of about $21,000 could theoretically have the company's lenders demanding more bitcoin be pledged as collateral. The MicroStrategy chief has further noted that it would take a bitcoin price of about $3,500 before the company might run out of bitcoin collateral.
- “When MicroStrategy adopted a Bitcoin Strategy, it anticipated volatility and structured its balance sheet so that it could continue to #HODL through adversity,” Saylor tweeted this morning.
- BTIG equity research analyst Mark Palmer ran the numbers himself and came to a similar conclusion. “The reality is that 95,643 of the 129,218 bitcoins held by MSTR are unencumbered and available to the company to post as additional collateral to avoid or address a margin call,” he wrote.
- He describes as "clearly incorrect" the rumors that MicroStrategy might be selling any of its bitcoin.
- MSTR is up 5.7% Tuesday alongside a modest bounce in bitcoin and equity markets.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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