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(Bloomberg) — MicroStrategy Inc. bought $101 million worth of Bitcoin after announcing it would use perpetual preferred stock as well as common stock and debt to acquire more of the cryptocurrency.
Read more from Bloomberg
The Tysons Corner, Va.-based business software company turned leveraged Bitcoin proxy has bought Bitcoin for nine consecutive weeks as co-founder and chairman Michael Saylor aims to advance his Bitcoin holding strategy. He has about $44.3 billion in Bitcoin.
MicroStrategy bought 1,070 Bitcoin tokens at an average price of approximately $94,000 on Dec. 30 and Dec. 31, according to a filing with the US Securities and Exchange Commission on Monday.
The company also announced another $1 billion in impairment losses to be reported in the fourth quarter. This, combined with the recent purchase, means Bitcoin on MicroStrategy’s balance sheet will increase by $17.9 billion to just under $24 billion by the start of the new year, as the company switches to value accounting reasonable for your crypto holdings.
On Friday, the firm said it planned to raise up to $2 billion through one or more offerings of perpetual preferred stock, which would be senior to its Class A common stock, during the first quarter. The preferred stock offering is part of its plans to raise $42 billion in capital through 2027 through market share sales and convertible debt offerings. MicroStrategy has already surpassed two-thirds of its equity goals, and Saylor said in December that the company is expected to move more into fixed-income markets in the first quarter.
Hedge funds have been driving some of the demand as they look to MicroStrategy for convertible arbitrage strategies by buying the bonds and shorting the stocks, essentially betting on the volatility of the underlying stocks.
MicroStrategy needs to continue raising capital to make Bitcoin purchases, as the underlying software business has posted net losses in three of the past four quarters. By issuing perpetual preferred stock, the company can reach an investor base that wants lower volatility, such as insurance companies, pension funds and banks, according to Benchmark analyst Mark Palmer.
MicroStrategy’s stock price closed Friday at $330.66, well below its all-time high of $473.83 on Nov. 20. Bitcoin prices have fluctuated recently, trading around $100,000 after hitting an intraday high of $108,316 in December.
MicroStrategy’s leveraged play on Bitcoin has meant it can often track the cryptocurrency’s price changes.
“That volatility itself is a key element of MicroStrategy’s approach because it allows the company to access the capital markets and, in particular, the convertible bond market more easily,” Palmer said. “If the company didn’t trade that way and that volatility didn’t exist, it would actually be more difficult to execute their strategy.”
While MicroStrategy’s swings help raise capital, retail investors are often more driven by momentum, so they tend to be more concerned about dips. Some investors have also had concerns about stock dilution from the company’s recent goals to increase the number of authorized shares of Class A common stock from 330 million to 10.3 billion so that it can raise more capital for buybacks. Bitcoin. MicroStrategy’s share price fell as much as 9.6% on the day of the proxy filing in December.
As the company has fewer shares available to issue, it is looking for more flexibility to raise capital to continue buying Bitcoin, but that poses challenges for shareholders, according to Adam Kobeissi, founder of The Kobeissi Letter.
“It’s a lose-lose because on the one hand there are people who say it’s dilutive and they’re selling the shares because they don’t want the authorization to go up,” Kobeissi said. “But on the other hand, there are people who say that if it doesn’t happen, then they can’t keep buying Bitcoin and the whole investment strategy is kind of broken.”
The vote on the stock increases will take place on January 21, according to an SEC filing on Friday. Because Saylor is a large shareholder in the company, the amendment is expected to pass.
If approved, Kobeissi said the stock increase could make MicroStrategy’s stock even more volatile as the company becomes more leveraged. While MicroStrategy has typically seen higher growth than Bitcoin, it has underperformed the cryptocurrency over the past month as the company faces other headwinds, rather than acting solely as an intermediary. of Bitcoin.
Palmer, who has a “buy” rating on the stock, said he believes this drop in the stock price due to the proposed stock increase is “a bit of an overreaction” as the The company’s strategy has been to issue shares to make creditable purchases of Bitcoin. which may be to the benefit of the shareholders.
MicroStrategy previously made more than $1 billion in token purchases during weeks in November and December, but purchases have been lower in recent weeks even as Bitcoin prices have fallen from record highs. With MicroStrategy well ahead of its capital goals, Palmer still doesn’t see that as a cause for concern.
“We have seen a momentum in the company’s strategy, which is not indicative of a slowdown in our view, it is more a reflection of the aggressive approach that the company has taken, especially after the US election Palmer said. “The company’s approach to buying Bitcoin is not programmatic, it’s opportunistic.”
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