Matrixport: MicroStrategy has a low probability of being forced to sell coins in the short term, but investors with high premiums are under the greatest pressure

Matrixport released a daily chart analysis saying that MicroStrategy is still one of the most representative beneficiary companies in this round of bitcoin bull market. The market has been worried about whether companies will be forced to sell their bitcoin holdings in the future to repay debt. Judging from the current asset-liability structure and debt maturity distribution, we judge that the probability of "forced selling of bitcoin to repay debt" in the short term is low and is not the main source of risk at present.
Most of MicroStrategy's financing took place during a period when the stock price was close to the historical high of $474 and the net asset value per share (NAV) was at its peak. As NAV gradually fell back and the premium was compressed, the stock price also pulled back from $474 to $207, so investors who entered the high premium range earlier faced a large floating loss.
Taking this round of bitcoin gains as a reference, MicroStrategy's current share price has been significantly corrected from the previous high, the valuation is relatively more attractive, and the expectation of being included in the S & P 50 index in December still exists. Even so, this round of adjustment still reminds us: rhythm is as important as valuation, and investors need to be more careful to control the entry price and buying timing.