Odaily Planet Daily News Strategy (formerly MicroStrategy)'s aggressive strategy of buying Bitcoin by selling stocks and bonds may have come to an end. Now, for the first time, an analyst on Wall Street has appeared who advises investors to sell. This analyst is Gus Gala of Monness Crespi Hardt, who made this bearish 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", becoming the only short among the 14 analysts covering the company surveyed by FactSet, and the remaining 13 were long. Gala said his concern is that investors' response to MicroStrategy's recent bond and preferred stock issuance was "not ideal," and these funds were originally planned to be used to buy more Bitcoin. He believes that the market seems to be close to "saturation," which means that MicroStrategy may have higher costs to raise funds to continue buying Bitcoin in the future. (Barrons)