Thursday links: Overpriced debt, community-approved stables and Justin Sun
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最新报道：A recent analysis reveals that MicroStrategy's equity trades at a premium to NAV because bond investors overpay for its complex debt, effectively creating a "financing franchise." The firm's convertible bonds with embedded options obscure risk, allowing it to sell overvalued debt. Researchers estimate this strategy can sustain for about eight years, though the premium has recently fallen to 30%. The model suggests that without such debt market inefficiencies, most digital asset firms should not trade above NAV.
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Bijie.com large transaction monitoring
- BOSS Wallet just had a large transaction of [ETHUSDT], with a unit price of 4430 USDT. A t...
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