Matrixport: The probability of MicroStrategy being forced to sell coins in the short term is low, but investors who get on board at a high premium are under the most pressure.

[Matrixport: The probability of MicroStrategy being forced to sell coins in the short term is low, but high-premium investors are under the most pressure] Matrixport released its daily chart analysis stating that MicroStrategy remains one of the most representative beneficiary companies in this round of the Bitcoin bull run. There have been concerns in the market about whether the company will be forced to sell its held Bitcoin to repay debts in the future. Based on the current asset-liability structure and debt maturity distribution, we judge that the probability of “being forced to sell Bitcoin to repay debts” occurring in the short term is relatively low and is not the main source of risk currently. The investors who are currently under the most pressure are those who bought in during the high premium phase. Most of MicroStrategy's financing occurred when the stock price was close to its historical high of $474, and the net asset value per share was at its peak of (NAV). As the NAV gradually declined and the premium compressed, the stock price also retraced from $474 to $207, resulting in significant unrealized losses for investors who entered the market during the high premium range. Taking the current rise of Bitcoin as a reference, MicroStrategy's current stock price has significantly corrected from its previous high, making its valuation relatively more attractive, and the expectation of being included in the S&P 500 index in December still exists. Even so, this round of adjustment still reminds us: both rhythm and valuation are equally important, and investors need to be more cautious in controlling their entry price and timing.