Wall Street first appears analysts who advise investors to sell Strategy, and the market seems to be close to "saturation"
According to Bijie.com, Strategy (formerly MicroStrategy)'s strategy of buying Bitcoin through stocks and bonds financing may have come to an end. Now, for the first time Wall Street has appeared an analyst who advises investors to sell, Monness Crespi Hardt's GusGala, who made this short judgment. Just the day before, Strategy disclosed that it spent $1.92 billion between March 24 and March 30 to buy 22,048 Bitcoins (BTCUSD) at an average price of $86,969.
Gala downgraded MicroStrategy's rating from "neutral" to "sell" and became the only short of the 14 analysts surveyed by FactSet to cover the company, while the remaining 13 were long. Gala said his concern was that investors' reaction to MicroStrategy's recent bond issuance and preferred stocks was "not ideal", and that the funds were originally planned to be used to buy more bitcoins, and he believes the market seems to be close to "saturation", which means that MicroStrategy may cost more in the future to continue buying bitcoins. (Barrons)