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We Study Billionaires - The Investor’s Podcast Network
BTC217: MicroStrategy 2025 w/ Jeff Walton (Bitcoin Podcast)
Jan 15, 2025
In this episode, Jeff Walton, an expert on MicroStrategy's financial strategies, joins Michael Saylor, CEO of MicroStrategy. They discuss leveraging Bitcoin volatility and innovative fundraising through convertible bonds. Walton explains 'capturing the spread' and describes how MicroStrategy positions itself as the 'bank of the future.' They also delve into the nuances of corporate strategies like accretive dilution and the future potential of Bitcoin-backed financial products, creating an optimistic outlook for investors.
01:06:22
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Quick takeaways
- MicroStrategy's innovative capital plan, which involves $42 billion in equity and fixed income, aims to significantly amplify its Bitcoin holdings.
- The company utilizes convertible debt to enhance investor appeal while mitigating the volatility associated with Bitcoin, ensuring more secure capital raising.
Deep dives
MicroStrategy's Bold Capital Plan
MicroStrategy has announced an unprecedented $42 billion capital plan, involving $21 billion in equity and $21 billion in fixed income, marking the largest such issuance in corporate history. This plan allows the company to utilize at-the-market equity issuance and convertible debt to significantly increase its Bitcoin holdings. In just 50 days, MicroStrategy raised nearly $17.9 billion, demonstrating the immense demand for its equity and its successful strategy in leveraging high stock valuations to acquire more Bitcoin. The company began the year with 189,000 Bitcoin and ended with approximately 446,400, showcasing its aggressive accumulation strategy fueled by its capital plan.
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Discover
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