Umthetho omusha wokubalwa kwezimali wezinkampani ze-crypto ungenza inkampani ifanelekele ukufakwa ku-S&P 500.

I-Software firm MicroStrategy (MSTR) ibiboleka izigidigidi kusukela ngo-Agasti 2020 - cishe amaRandi ayizigidi eziyizinkulungwane ezingama-7.53 kuze kube manje, ngokusho komsunguli wayo kanye noSihlalo Omkhulu UMichael Saylor - ukuthenga bitcoin (BTC) njengengxenye yesu lokutshala izimali zesikhathi eside.

Leyo ndlela, ehambisana nayo umthetho omusha wokubalwa kwezimali komphakathi imenyezelwe ngoDisemba 2023, ingase igcine isisize inkampani ukuthi ifanelekele ukufakwa ku-S&P 500. Leso sinyathelo esingase sikhulise intengo yesitoko se-MSTR, i-liquidity, kanye nodumo, njengoba kufakwe ku-S&P 500 kuzodinga izimali ezilandelela kabanzi -inkomba esetshenzisiwe ukuthenga amasheya we-MSTR. 

Kodwa lokho kuphela uma inkampani inquma ukwamukela umthetho omusha, isinqumo okungenzeka sivezwe embikweni wekota yokuqala ye-MicroStrategy ngo-Ephreli 29, ngokombhalo wocwaningo kaMark Palmer, umqondisi ophethe kanye nomhlaziyi ophezulu wocwaningo enkampanini yokutshala izimali iBenchmark.  

I-MicroStrategy iphethe umgcinimafa webhizinisi omkhulu we-bitcoin emhlabeni, nge 214,246 BTC zibiza cishe amaRandi ayizigidi eziyizinkulungwane ezingu-14 ngentengo yanamuhla, okwenza i-MSTR ibe ummeleli ofanelekayo kubatshalizimali abangakwazi noma abamadolonzima ukubamba i-cryptocurrency ngokuqondile.  

Isimo se-MSTR njengommeleli we-bitcoin uye wasivumela ukuthi sihwebe nge-premium esikhathini esidlule kanye nabanye abahlaziyi. kwabikezelwa ukwehla kuleyo premium ngemuva kwe- ukugunyazwa okungokomlando kwama-ETF ayishumi nanye amabala e-bitcoin ngoJanuwari. Abahlaziyi baphikisa ngokuthi ama-ETF emali ephansi, anevolumu ephezulu avela kumafemu ahlonishwayo njengeBlackRock neFidelity ayizinketho ezingcono.

Naphezu kokungabaza mayelana nokusebenza kwenkampani njengenye indlela ye-BTC futhi ukukhathazeka mayelana nokusimama kwesu lokutshala izimali lika-Saylor lokukhipha isikweletu esishibhile sokuthenga bitcoin, i-MicroStrategy iqhubekile nokuboleka izindodla zemali ukuze kuqiniswe ukubamba kwayo kwe-BTC. Futhi manje, lelo su lingase libe nomvuzo uma inkampani igcina iku-S&P 500, kucatshangwa ukuthi yamukela umthetho omusha wokubala futhi igunyazwe ukufakwa.  

Funda kabanzi: I-MicroStrategy Ithenga ama-Bitcoins amaningi angu-12,000 nge-$822 Million

"Inkampani ingazibeka endleleni eya ezingxenyeni ezine eziqondile zenzuzo ye-GAAP [izimiso zokubala ezamukelwa ngokuvamile] engayidinga ukuze ifanelekele ukufakwa ku-S&P 500," kusho uPalmer.

"Kodwa-ke, sikholelwa nokuthi imithelela yentela ehlobene nokutholwa ingabangela i-MSTR ukuthi ibambe iqhaza ekukhetheni leyo ndlela," wanezela.

Isu likaSaylor

I-Saylor yasungula i-MicroStrategy ngo-1989 njengefemu yezobunhloli bebhizinisi futhi yayisa emphakathini ngo-1998. Le nkampani yaqala ukuthola i-bitcoin ngo-2020 lapho izithola inemali eyizigidi ezingu-500 zamaRandi emali engatshaliwe kanye nekhredithi kodwa ingekho izinketho zokutshala izimali ezisebenzayo, ngesikhathi lapho i-US I-Federal Reserve yayinayo empeleni yehlisa izilinganiso zenzalo zibe ziro.

Phakathi ku ividiyo yenkampani eyanyatheliswa ngalowo nyaka, u-Saylor wachaza ukuthi ukwazisa kwentengo okuqinile kanye nokulula kokuba idijithali ngokuphelele kwenza bitcoin utshalomali olukhangayo kakhulu kunempahla yendabuko njengegolide.

Funda kabanzi: Indlela I-Metaplanet YaseJapan Ephumelele Ngayo Ukuklebhula Ikhasi Ku-MicroStrategy's BTC Playbook

Idatha kusuka ku-BitcoinTreasuries.com ibonisa ukuthi i-MicroStrategy yenze cishe ukuthengwa komphakathi kwe-bitcoin kusukela ngo-2020. Ukuthengwa ngokuvamile kwenziwa njalo ngemva kwezinyanga ezimbalwa futhi isilinganiso esilinganiselwa ku-$1.5 billion ngonyaka.

Ngo-2022, u-Saylor wanikeza i-CEO izintambo ku-Phong Le futhi wathatha isikhundla sokuba nguSihlalo Omkhulu.

"NjengoSihlalo oPhethe ngizokwazi ukugxila kakhulu esu lethu lokuthola i-bitcoin kanye nezinhlelo zokumela i-bitcoin ezihlobene, kanti uPhong uzonikwa amandla njenge-CEO yokuphatha yonke imisebenzi yezinkampani," kusho uSaylor esitatimendeni. isitatimende ngaleso sikhathi.

Isu lika-Saylor lokuthola izinto lihilela ukukhipha amabhondi aguquguqukayo ashibhile ukuze axhase ukuthengwa kwe-bitcoin kwenkampani yakhe. Amabhondi aguqukayo, njengoba negama libonisa, angashintshwa ukuze amasheya enkampani. Amabhondi ngokuvamile akhishwa ngamanani enzalo aphansi kunalawo amabhondi avamile ngenxa yokuthi abanikazi bebhondi bangazuza ekwenyukeni kwenani lamasheya ayisisekelo.

Ukusimama kwale ndlela kube kubuzwa ngabanye, kodwa uPalmer uthi ukubheja kweMicroStrategy ku-bitcoin akugcini nje ngokusimeme, kodwa futhi ukuthi kwenziwe kahle.

"Isikhathi senkampani sokusebenzisa izimakethe zezimali ukuze kuqoqwe imali yokuthenga bitcoin sibe yinto emangalisayo," kusho uPalmer etshela i-Unchained. "Sikholelwa ukuthi i-MicroStrategy ibonise ukuthi isu layo eliyingqayizivele lizinzile, ikakhulukazi njengoba inkampani icabangele ukuguquguquka kwe-bitcoin," wanezela.

UPalmers uthe enye indlela isu lefemu elinciphisa ukuntengantenga kwe-bitcoin iwukuqinisekisa ukuthi inomugqa wesikhathi omude wokukhokha isikweletu sayo, nezinye zeMicroStrategy's. amanothi akamuva kakhulu izovuthwa ngo-2030.

Izinguquko Zezibalo

Imithetho yamanje yokubalwa kwezimali yase-US idinga ukuthi izinkampani zirekhode ukwehla kwenani le-bitcoin yokubamba njengokulahlekelwa okungenakuqedwa ngokunyuka okulandelayo kwentengo ye-BTC.

Lokhu kunikeza umbono wamanga webhizinisi elingenanzuzo futhi ngempela, naphezu kokukhuphuka okuphindwe kashumi kwentengo bitcoin , i-MicroStrategy iye yaphoqeleka ukuba iqophe amaRandi ayizigidi eziyizinkulungwane ezingu-2.27 ekulahlekelweni okuhlanganisiwe ekubanjweni kwayo kwe-crypto, ngokusho kombiko we-Palmer.

I-ASU 2023-08, umthetho omusha we-FASB ozoqala ukusebenza ngo-January 1, 2025 kodwa ongamukelwa ngaphambi kwesikhathi, uzothatha umholo we-MSTR usuka ekulahlekelweni uye enzuzweni enkulu.

“Nakuba i-Street ilinganisela ukuthi i-MSTR izobika ukulahlekelwa okungu-1Q24 ngesabelo ngasinye sika-$0.55 (isilinganiso sethu sibiza ukulahlekelwa ngesabelo ngasinye esingu-$0.46), silinganisela ukuthi inkampani ngokukhetha ukwamukelwa kusenesikhathi kwezinga ingabika inzuzo engaphezu kuka-$300 ukwabelana ngekota,” kusho uPalmer.

I-MicroStrategy isivele ihlangabezana nazo zonke ezinye izindlela zokufaneleka zokufakwa kwe-S&P 500. Le nkampani izinze e-US, amasheya ayo anoketshezi oluningi, okungenani u-50% wamasheya ayo asele atholakalela ukuhwebelana nomphakathi, futhi imali yayo yemakethe idlula amaRandi ayizigidi eziyizinkulungwane eziyi-18. Ingqinamba yokugcina - ekhombisa amaholo amahle ngekota yayo yakamuva kanye nokuqinisekisa ukuthi isamba semali engenile kumakota amane adlule silungile - ekugcineni singasuswa uma inkampani inquma ukwamukela umthetho omusha ngo-Ephreli 29.

Kodwa-ke, inzuzo yemali ewumphumela ingaba nemiphumela yentela engemihle, okusho ukuthi i-MicroStrategy ingase iqhubeke nesimo esikhona futhi ingawusebenzisi umthetho omusha. Kodwa uPalmer uthi lokho bekungeke kube yisinqumo esiphusile.

“Ngemuva kokuhlola okuhle nobubi be-MSTR yokukhetha ukwamukelwa kusenesikhathi kwe-ASU 2023-08, sikholwa ukuthi kungaba yinzuzo enkulu kubanikazi bamasheya benkampani uma bengase bamemezele ukuthi sebamukele umhlahlandlela omusha ngo-Ephreli 29 uma ibika. imiphumela yayo engu-1Q24,” kusho uPalmer.  

I-MSTR ibihweba ngo-$1,258 ngesikhathi sokubika, ikhuphuke cishe ngo-172% unyaka kuze kube manje.