Analysis: The probability of selling Bitcoin to pay off debts in the short term is relatively low, and at this stage, its valuation is relatively more attractive.

On November 19, Matrixport released its daily icon observation stating that Strategy remains one of the most representative beneficiary companies in this round of Bitcoin bull run. The market has previously been concerned about whether the company would be forced to sell its held Bitcoins to repay debts in the future. From the current asset-liability structure and debt maturity distribution, we judge that the probability of “being forced to sell Bitcoins for debt repayment” in the short term is relatively low and is not the main source of current risk. The most pressured currently are the investors who bought in at a high price during the high premium stage. Most of Strategy's financing occurred when the stock price was close to the historical high of 474 USD, and the net asset value per share was at its peak of (NAV). As the NAV gradually declines and the premium compresses, the stock price has pulled back from 474 USD to 207 USD, resulting in significant unrealized losses for investors who entered the market during the high premium range. Referring to the rise in Bitcoin this round, Strategy's current stock price has significantly pulled back from its previous high, making the valuation relatively more attractive, and the expectation of being included in the S&P 500 index in December still exists. Even so, this adjustment still reminds us: rhythm and valuation are equally important, and investors need to be more cautious in controlling entry prices and timing.