MicroStrategy и Биткоин: как Майкл Сэйлор превратил компанию в финансовый феномен

cryptonews.ruPubblicato 2024-06-30Pubblicato ultima volta 2025-01-31

Многие рассматривают MicroStrategy как крупнейшую публичную ставку на Биткоин генеральным директором компании Майклом Сэйлором. Однако за этим кроется нечто большее: уникальная финансовая стратегия, которая сочетает традиционные методы корпоративного финансирования с высокой волатильностью крипторынка.

Майкл Сэйлор построил новую модель управления капиталом, которая позволила MicroStrategy увеличить капитализацию до $84 млрд при владении 471 107 BTC. Это делает компанию крупнейшим корпоративным держателем BTC после Сатоши Накамото.

Как развивалась MicroStrategy с 2020 года

До 2020 года MicroStrategy оставалась обычной IT-компанией с невысокой капитализацией и умеренным ростом. Но затем Сэйлор сделал решающий шаг и перевел остатки наличности компании в биткоин. Позже MicroStrategy начала активно привлекать капитал через размещение облигаций и акций, используя эти средства для дальнейшей покупки BTC.

«Мы встроили в компанию криптовалютный реактор», — объясняет Сэйлор.

В результате:

  • Компания заняла уникальное место между TradFi и криптоиндустрией.
  • Волатильность Bitcoin теперь напрямую влияет на акции MicroStrategy.
  • Котировки компании выросли на 2 666% с 2020 года.

Как работает стратегия «крипто-реактора» MicroStrategy?

MicroStrategy использует конвертируемые облигации и вторичные размещения акций для привлечения капитала, который затем направляет на покупку BTC. Эти облигации имеют очень низкую процентную ставку (0–2,25%), а вложения в Bitcoin увеличивают их потенциальную доходность.

Это привлекает институциональных инвесторов, включая Allianz и State Street, которые используют облигации MicroStrategy как инструмент для доступа к крипторынку.

Благодаря этой стратегии:

  • MicroStrategy привлекла $7,3 млрд через конвертируемые облигации.
  • Стоимость акций выросла в разы, несмотря на относительно небольшие доходы от основного бизнеса ($496 млн в год).
  • В компании планируют увеличить количество акций до 10,3 млрд, что позволит привлекать еще больше капитала.

Почему стратегия MicroStrategy работает?

Критики утверждают, что модель компании слишком зависима от биткоина. Если BTC резко упадет, MicroStrategy окажется в сложном положении. Однако размер компании и ее ликвидность дают ей преимущество.

«MicroStrategy — самый ликвидный инструмент для торговли BTC, даже более ликвидный, чем сам Bitcoin», — отмечает Джефф Парк из Bitwise.

Это объясняет, почему MicroStrategy продолжает выпускать облигации и акции, покупая еще больше BTC. В ноябре 2024 года компания анонсировала план «21/21», согласно которому она намерена привлечь $42 млрд на покупку Bitcoin в ближайшие три года.

Что будет, если Bitcoin рухнет?

Аналитики считают, что MicroStrategy переживет падение BTC, если оно не превысит 80% и не затянется на два года. Кроме того, все долги компании незакреплены и не требуют залога BTC, а значит, не вызовут принудительных ликвидаций.

«Консервативные инвесторы не понимают, что волатильность — это не угроза, а сила», — говорит Сэйлор.

Читать далее: Глава ФРС: банки могут работать с криптовалютами, если управляют рисками

Что дальше?

MicroStrategy стала образцом новой корпоративной стратегии, которая совмещает традиционные финансы и криптовалютный рынок. Ее успех вдохновляет другие компании. В 2024 году Tesla, Block и еще около 90 публичных компаний уже добавили BTC в свои портфели. В марте Bitwise запускает Bitcoin Standard Corporations ETF, где MicroStrategy займет центральное место.

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