Is MicroStrategy an Attack on the US Stock Market?
Summary
TLDRLe script discute de la stratégie de MicroStrategy, dirigée par Michael Saylor, qui consiste à accumuler des bitcoins à travers le marché boursier et les marchés des obligations. Saylor a trouvé un moyen de lever des fonds à moindre coût, en utilisant les obligations convertibles pour offrir une exposition au bitcoin au marché des obligations, bien plus vaste que le marché des capitaux. Cette approche a transformé MicroStrategy en une entreprise de détention de bitcoins, profitant du surcoût de la valeur d'actifs pour acquérir plus de bitcoins. On aborde également le cas de Tether, qui utilise une partie de ses bénéfices pour acheter du bitcoin, et on suggère que d'autres institutions pourraient suivre cette stratégie.
Takeaways
- 📈 MicroStrategy continue d'exécuter sa stratégie bien connue, et sa valeur boursière a augmenté avec le retour des marchés bull.
- 💡 MicroStrategy est considéré comme une entreprise de détention de Bitcoin qui tire profit du surcoût sur le marché boursier pour acquérir plus de Bitcoins.
- 🤔 La part de MicroStrategy est actuellement cotée à 2 fois la valeur de ses actifs sous gestion, ce qui suggère un surcoût significatif pour l'investisseur.
- 💼 Michael Saylor a trouvé une stratégie inédite en utilisant les marchés obligataires et boursiers pour financer l'achat de Bitcoin, une approche que personne n'a encore copiée.
- 💡 Saylor a utilisé des dettes convertibles pour permettre aux investisseurs en obligations d'exposer une partie de leur portefeuille à Bitcoin.
- 💹 La stratégie de Saylor implique de lever des fonds à travers le marché boursier et le marché des obligations, en utilisant l'un ou l'autre selon les conditions du marché.
- 💰 Les investisseurs en obligations voient dans les dettes convertibles de MicroStrategy une opportunité d'exposer une partie de leur portefeuille à Bitcoin sans avoir à investir directement dans la crypto-monnaie.
- 🚀 La stratégie de MicroStrategy a été si efficace qu'elle a transformé l'entreprise en une 'mème stock', avec une hausse spectaculaire de sa valeur boursière.
- 🧐 Saylor semble moins intéressé par l'optimisation du prix des actions de MicroStrategy que par l'optimisation de la quantité de Bitcoin par action.
- 💼 Tether, un stablecoin, est également un acteur majeur sur le marché de Bitcoin, ayant acheté près de 75 000 Bitcoins avec ses bénéfices.
- 🏦 Tether a réalisé un bénéfice net de plus de 6 milliards de dollars l'année dernière, ce qui le rend l'une des entreprises les plus rentables par employé au monde.
Q & A
Qu'est-ce que Michael Sailor continue de faire avec sa stratégie ?
-Michael Sailor continue de mettre en œuvre sa stratégie, qui n'était pas largement connue avant ce trimestre, mais qui est devenue fascinante à voir avec le retour des marchés boursiers.
Comment réagit le marché boursier à MicroStrategy ?
-Le marché boursier réagit de manière positive à MicroStrategy, en particulier en observant la hausse de son prix en fonction de sa stratégie de gestion des actifs et de son investissement dans le Bitcoin.
Est-ce que MicroStrategy est actuellement en surcotation par rapport au Bitcoin ?
-Oui, MicroStrategy est actuellement en surcotation, avec une valeur de marché qui est le double de la valeur des bitcoins qu'elle détient.
Quelle est la stratégie de MicroStrategy pour acquérir plus de bitcoins ?
-MicroStrategy utilise le marché boursier et le marché des obligations pour lever des fonds, en émettant des dettes convertibles qui permettent aux investisseurs d'obtenir une exposition au Bitcoin.
Pourquoi la stratégie de MicroStrategy est-elle considérée comme géniale ?
-La stratégie de MicroStrategy est considérée comme géniale car elle permet à l'entreprise de lever des fonds à un coût relativement faible, tout en offrant une exposition au Bitcoin à travers des obligations convertibles.
Quelle est la principale différence entre les obligations convertibles et les actions ordinaires ?
-Les obligations convertibles sont des instruments de dette qui peuvent être convertis en actions, offrant ainsi une exposition à la croissance des actions et au Bitcoin.
Quelle est la stratégie de Michael Sailor pour optimiser le nombre de bitcoins par action de MicroStrategy ?
-Michael Sailor vise à optimiser le nombre de bitcoins par action en utilisant les marchés boursier et des obligations, plutôt que de chercher à optimiser le prix des actions en dollars.
Quel est le rôle de Tether dans l'achat de bitcoins ?
-Tether a annoncé qu'il utiliserait une partie de ses bénéfices pour acheter du Bitcoin, ce qui a contribué à augmenter son exposition au Bitcoin.
Quel est le volume de bénéfices que Tether a généré l'année dernière ?
-Tether a généré plus de 6 milliards de dollars de bénéfices l'année dernière, principalement grâce aux intérêts des obligations américaines.
Pourquoi est-ce que Tether est considéré comme l'une des entités les plus rentables par employé ?
-Tether est considéré comme l'une des entités les plus rentables par employé en raison de sa petite taille de personnel et de son très fort volume de bénéfices, ce qui peut atteindre 100 millions de dollars par employé.
Quelle est la perspective future pour les entreprises et institutions qui envisagent d'imiter la stratégie de MicroStrategy ou de Tether ?
-Il est prévu que plus d'institutions et d'entreprises pourraient adopter une stratégie similaire, en utilisant leurs bénéfices pour acheter du Bitcoin et ainsi augmenter leur exposition à cette cryptomonnaie.
Outlines
🚀 Stratégie d'investissement de MicroStrategy dans le Bitcoin
Le paragraphe 1 décrit la stratégie d'investissement de Michael Saylor et de MicroStrategy dans le Bitcoin. Saylor a été capable de maintenir et d'exécuter sa stratégie, qui est devenue fascinante à observer avec le retour des marchés boursiers. MicroStrategy est considérée comme une entreprise qui détient du Bitcoin et qui utilise le marché boursier pour acquérir plus de Bitcoin. La valeur de l'action de MicroStrategy est actuellement deux fois supérieure à la valeur de ses actifs gérés, ce qui suggère que le marché boursier attribue une prime à l'entreprise. Saylor a également utilisé des dettes convertibles pour permettre aux investisseurs en dette d'obtenir une exposition au Bitcoin. Cette stratégie a été saluée comme géniale et semble être unique, puisqu'aucune autre entreprise n'a encore imité ce modèle. La stratégie de Saylor vise à augmenter le nombre de Bitcoins par action en optimisant la stratégie d'acquisition de Bitcoin plutôt que de maximiser le prix des actions.
💼 Tether et son achat massif de Bitcoin
Le paragraphe 2 porte sur les achats de Bitcoin effectués par Tether, une entité qui a également adopté une stratégie agressive pour accumuler des Bitcoins. Tether a annoncé qu'elle utiliserait une partie de ses profits d'exploitation pour acheter du Bitcoin, et a récemment acheté 8 000 Bitcoins supplémentaires, portant son total à 75 000 Bitcoins. La société a réalisé des profits de plus de 6 milliards de dollars l'année précédente, principalement grâce aux intérêts des trésoreries américaines. La stratégie de Tether consiste à utiliser une partie de ces intérêts pour acheter du Bitcoin, ce qui a été qualifié d'un moyen de maximiser les performances. Cette approche est similaire à celle de MicroStrategy, qui vise également à accumuler des Bitcoins en utilisant des instruments financiers tels que le marché boursier et les dettes convertibles. Les ETFs et d'autres institutions sont également mentionnés comme des acteurs potentiels sur le marché du Bitcoin, suggérant que l'intérêt institutionnel pour le Bitcoin continue de croître.
Mindmap
Keywords
💡MicroStrategy
💡Bitcoin
💡Marché boursier
💡Prix des actions
💡Stratégie d'investissement
💡Convertible debt
💡Tether
💡ETFs (Fonds indiciels échangeables)
💡Bénéfices
💡Rendement des obligations
💡Juice performance
Highlights
MicroStrategy continues to execute its strategy, which was not well known before this quarter.
The company is trading at a premium to its Bitcoin holdings, with its stock price being twice the value of its assets under management.
MicroStrategy is using the equity market premium to acquire more Bitcoins, speculating on the US stock market.
No other company has copied MicroStrategy's strategy, which is seen as an innovative approach.
Stocks have a premium due to people's DCA (Dollar-Cost Averaging) into them without much thought.
Sailor, CEO of MicroStrategy, has discovered a strategy to raise money through both the stock and bond markets.
Convertible debt sold to the bond market allows investors to gain Bitcoin exposure.
The bond market is significantly larger than the equity market, providing a vast opportunity for Bitcoin investment.
Sailor's strategy is to optimize the number of Bitcoins per share rather than the dollar price of MicroStrategy's shares.
MicroStrategy has alternated between issuing equity and debt based on market conditions.
Convertible debt is advantageous due to its lower interest rates.
Tether, the stablecoin issuer, is also a significant buyer of Bitcoin, using a portion of its operating profits for purchases.
Tether's profits are enormous, with over $6 billion in profits last year, making it potentially one of the most profitable companies per employee.
Tether's strategy involves parking profits in US treasuries and using the interest earned to buy Bitcoin.
Expectations are high for more institutions and companies to adopt similar strategies in the coming quarters.
The discussion highlights the unique strategies of MicroStrategy and Tether in leveraging equity and debt markets for Bitcoin accumulation.
Transcripts
Michael sailor is continuing to do his
thing so it's not like like the Playbook
is well known before this quarter he's
just continued to execute on it but as
The Bull markets come back it's been
fascinating to watch micro strategy
price and the you know wall Street's
reaction to it um is so VJ any thoughts
you have there and I also want to know
because I don't know off the top of my
head is is micro strategy tra trading
out a premium uh to bitcoin is a micro
strategy share worth more than the
market value of the Bitcoin Al yes
definitely it is uh it's trading I
believe at 2x it's assets under
management so the yeah the value of the
companies 2x the bitcoin's under
management all all thereabouts and I
assume the software business the
underlying software business is not
probably it's dimin at this point I
would say it's a it's a Bitcoin holding
company that is
um making use of the equity Market
premium to acquire more Bitcoins and
it's basically doing a speculative
attack on the US Stock Market which I
think is awesome um and and sailors sort
of figured something out that no one
else has figured out and it's what the
thing I find really amazing is that no
one else has copycatted what he's done
because this is pretty incredible
strategy if you have a business which is
cash flow positive but it's otherwise
boring and not really doing
much and you're on the stock market you
already your company has a premium for
being on the stock market the thing with
stocks is they have this premium because
people just DCA into stocks without even
thinking about it like this you have
retirement accounts 401ks and IAS and
people just put a certain amount aside
every month and it just goes into the
stock market just sort of sprinkled on
the stock market um on all stocks and
this tends to put that price higher than
it really should be if um these products
weren't around and people very uh
specifically choosing stocks based on
their cash flow uh so so this allows
companies to do things like raise money
uh more cheaply than they would
otherwise be able to do and that's what
sailor has done he's figured out the
strategy of raising money both through
the stock market and through the bond
market and I think the real um Insight
that he had was that he could create
convertible debt which is sold into the
bond market which then gives the bond
market which is much bigger than the
equity Market the bond market is the
biggest Market on Earth it gives the
bond market the ability to get Bitcoin
exposure and I think a lot of bond
investors are like how can I juice my
performance when all of these bonds
across the world you know some of them I
mean a lot of government bonds are
negative yielding or close to zero yield
how can I juice my performance well look
we now get Bitcoin exposure I can put
some of my bond fund into Bitcoin uh
it's it's kind of a strange kind of uh
instrument where it's it's a bond but it
can convert into equity but the fact
that it can convert into Equity is where
you get the Bitcoin exposure from right
uh so so sailor was a genius in figure
figuring this out he was like Wella
there's this big Market over here bond
market and I'm sure some of them want to
get Bitcoin exposure what can I do
because he started out I believe maybe
Sam can correct me I believe his first
strategy was to sell micro strategy
shares just outright sell shares to
raise money to buy Bitcoin then he
started moving into the convertible debt
and I think that was the stroke of
Genius that's uh allowed micro strategy
to just go absolutely crazy and become
the new hot GameStop you know Meme stock
of the world yeah I mean at the at the
bottom the stock was priced I think
130ish the bottom of the of the bare
Market of course it ran up in the
previous bull market when he started
doing this but now we're at you know
2,000 range um so yeah you can justan
that's a year and a half I think uh the
vertible debt is so smart too cuz they
can do it at a lower interest rate as
well you know that's just another kind
of angle there that makes it such a
stroke of Genius so like you said the
bond investors want exposure to the that
Equity upside and they and that Bitcoin
is a huge part of that Equity upside and
now the bond investors have that and
then sailor turns around he can offer
the convertible debt at a much lower
interest rate yep so it's it's pretty
it's just it's a genius strategy and
just like he he has issued uh Equity
like you said he's kind of flipped on
those two strategies IES like he's gone
sometimes he issues uh you know sales
Equity when he thinks it's more
overvalued and sometimes he hits the
debt Market um and he's done both and uh
obviously it's worked out but I'm
excited to see it just continue too I
mean there's no reason for me to believe
that he's just not going to continue to
tap tap this Market over and over and
over again I would love to understand um
uh where why he chose one versus another
when he flips back and forth between it
like what what his thinking is on that
and certainly if the the premium the the
price of the stock gets so far out of
whack with the underlying assets of the
bit the Bitcoins then it makes sense to
sell Equity to sell shares in the
company but his thinking on this I I
would I'd love to tap his brain and I
think his strategy here which I think is
a completely rational strategy is not to
optimize the dollar price of the shares
of micro strategy he's trying to
optimize the number of Bitcoins per
share right he is doing is saying hey
Bitcoin holders out there you want to
accumulate Bitcoin well I'm really good
at that and if you hold a share of micro
strategy the amount of Bitcoin exposure
you'll get over time will increase
faster than if you had stacked Bitcoin
directly that is the game plan he he's
playing at because he is obviously fully
orange peeled he wants to get as many
Bitcoins as possible and he's trying to
figure out the best strategy to do that
leveraging equity and debt
markets yeah
the other nobody talks about this as
much as micro strategy but the other
entity that's buying a ton of Bitcoin is
tether the stable I mean it's wild what
they're doing too in a way because they
basically made an announcement last year
saying that they would uh basically use
a percentage of their operating profits
to purchase Bitcoin and they just
purchased another 8,000 Bitcoin they now
have 75,000 Bitcoin I saw a tweet the
other day that's like what's the most
profitable company in the world and I'm
like could make an argument that tether
is I mean tether has a headcount of like
60 people they had uh over6 billion
dollar in profits last year Alone six
billion and so and most of that net
operating profits comes from the
interest of us treasuries so they turn
around and park them so they're actually
all these rate hikes they they take the
interest that they earn on the US
treasuries and they use a percentage of
that to buy Bitcoin and there's no
reason for them to not continue to see
that because the stable coin markets
exploded and you know you can have your
opinions about tether and I understand
you know it's it's history but what
they're doing in terms of just turning
around and buying Bitcoin that's just
another entity in this market this buyer
that just going to keep continuing every
single quarter as they take their net
operating profits a percentage and just
buy Bitcoin with it so you have Micro
strategy and You' have tether and then
you got these ETFs that I think it's
just going to continue and that's just
what we know right now I mean I expect
more uh institutions and companies to
come in in the coming quarters kind of
looking at them and saying oh we can we
can do something like this too if
they're not the most profitable company
in the world they might be the most
profitable per employee so if those are
roughly the numbers 60 employees six
billion in profits that's a what a 100
million dollars in profit per employee
they their um their profits are
comparable to the the biggest most
successful investment banks on Earth
they're quite they're close so it is
incredible that they are stacking
Bitcoin as hard as they are and the
point Sam made I think is really
important essentially their profits come
from uh they've got this huge dollars
asset dollar assets under management
very low costs to manage that and then
they just park them in treasury
short-term treasuries are yielding near
5.5%
[Music]
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