Not buying coins anymore? Bitcoin 'gamblers' suddenly hoard 15 billion cash 来pu ppie 🐶s直播间聊聊天
That MicroStrategy, which borrowed money to buy Bitcoin, has undergone a dramatic change. The latest news is that they have not invested this huge sum into Bitcoin; instead, they are hoarding about 2.2 billion USD (approximately 15 billion RMB) in cash, directly entering 'defensive mode'.
What is the money for? Simply put, there are two things: 1. Paying dividends to preferred stockholders; 2. Paying interest on various debts. The core idea is one: to ensure that no matter how much the coin price plummets, they absolutely do not have to be forced to sell the Bitcoin they hold.
Why the cowardice? The pressure behind is enormous:
1. Index removal alert: In January next year, MSCI may kick them out of the index, which could trigger massive sell-offs by passive funds, putting huge pressure on stock prices.
2. Disappearing premium: After the listing of Bitcoin spot ETFs, everyone can buy coins directly, no longer needing to 'indirectly hold' through them, causing the company’s halo to fade.
3. Preparing for rainy days: This is about building a moat in advance to prevent being crushed by leverage and interest during a potential bear market.
What does this mean? This is not bearish on Bitcoin, but rather a necessary self-rescue to be able to 'hoard coins forever'. This company is transforming from an aggressive 'Bitcoin fund' into a more resilient 'Bitcoin holding company'. Using huge cash reserves to maintain its fundamentals, just waiting for the next bull market to explode.
What do you think? Is this mature and stable, or has it lost its initial sharpness? Let's discuss in the comments. $BTC $ZEC $BCH
