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Coin Circle (120BtC.coM): MicroStrategy (MSTR), a software development company based on Bitcoin, issued convertible bonds for the second time this month, with the conversion price as high as $2,327. MicroStrategy's continuous issuance of bonds to purchase Bitcoin has also made JPMorgan Chase very worried, believing that such leveraged behavior will increase the risk of bubbles.

MicroStrategy issued bonds for the second time this month

MicroStrategy announced that it will issue convertible senior notes with a total principal amount of US$525 million due in 2031, and will issue them privately to qualified institutional buyers. The issuance conditions are as follows:

 Expiration date: March 15, 2031

 Coupon rate: 0.875%

 Interest payment date: Interest is paid semi-annually (March 15 and September 15 each year)

 Conversion price: US$2,327.21

 Sellback right: The notes can be sold back at the original price (100) after September 15, 2028

Although the coupon rate of this convertible bond is slightly higher than the last 0.625%, the conversion price has reached US$2,327, while the conversion price of the last issuance was US$1,498.

JP Morgan warns MicroStrategy leverage exacerbates bubble risk

According to Decrypt, JP Morgan issued a report, worried about the way MicroStrategy buys Bitcoin: MicroStrategy's debt-financed Bitcoin purchases increase the leverage and bubble of the current cryptocurrency rally, and increase the risk of more serious deleveraging in a potential downturn in the future!

MicroStrategy has accumulated 205,000 Bitcoins, which is worth about $14 billion at current market prices. This is almost the same as the net asset value of BlackRock's Bitcoin spot ETF
IBIT of $15.9 billion. And with MicroStrategy's style, once the bond issuance plan is successfully completed, it will surely go to the market to buy more Bitcoin. This behavior of buying Bitcoin by borrowing is the leverage and bubble risk that JP Morgan is worried about. When the price of Bitcoin was low in the crypto bear market, MicroStrategy's stock price hovered around $140 for a long time, which was more than ten times different from yesterday's closing price of $1,782.