首度表态可能“卖币”，“比特币概念股龙头”MSTR盘中一度暴跌12%

Core Insights - MicroStrategy has raised $1.44 billion through stock sales to establish a "dollar reserve" to navigate the volatility in the cryptocurrency market and ensure the payment of dividends and debt interest [1][3] - The company's Bitcoin holdings have seen a significant decline in value, dropping from over $126,000 in early October to approximately $85,000 [1] - The CEO has indicated that if the company's mNAV metric falls below 1, they may sell Bitcoin to replenish the dollar reserve, marking a strategic shift from the founder's long-standing "buy and hold" philosophy [1][4] Financial Strategy - The $1.44 billion reserve aims to cover at least 12 months of dividends and potentially extend to 24 months [3] - The funds were raised by issuing 8.2 million shares, sufficient to cover the company's interest expenses for the next 21 months, with annual interest and preferred stock dividend expenses around $800 million [3][5] - The company currently holds approximately 650,000 Bitcoins valued at around $56 billion, representing 3.1% of the global Bitcoin supply [4] Debt Pressure - MicroStrategy faces significant debt pressure, with $8.2 billion in convertible bonds [5][6] - If the stock price remains low, bondholders may demand cash repayment, creating cash flow challenges for the company [6] - A $1.01 billion bond can be demanded for cash repayment by September 2027, with over $5.6 billion in "out-of-the-money" convertible bonds potentially needing cash redemption by 2028 [6] Market Reactions - The announcement of potential Bitcoin sales led to a 12.2% intraday drop in the company's stock price, closing down 3.3% [1][8] - The stock has fallen approximately 64% from its 52-week high in July, with a year-to-date decline of nearly 41% [8] - Bitcoin's price also dropped over 4% to around $86,370, reflecting broader market volatility [8][10] Macro Environment - The market is experiencing heightened risk aversion, influenced by the Bank of Japan's hawkish stance and turmoil in the cryptocurrency sector [10][13] - The purchasing power of Bitcoin has significantly decreased, with its ability to buy silver dropping from 3,500 ounces to 1,450 ounces over the past year [10] - SpotGamma data indicates that MicroStrategy is facing a "targeted attack" due to excessive leverage, with a concentration of put options below $170 [12]