Many people are wondering why MicroStrategy and Michael Saylor is tapping the ATM so aggressively. The ATM creates the realized volatility which the stock needs. It also creates a base of bitcoin purchased with equity upon which more convertible bonds can be issued. It de-risks the company for the shareholders and the bondholders.
The only convertible bonds issued so far since the announcement of the 21-21 capital raise has been at a local top in the implied volatility (21 November 2024). After this peak, both the stock price and the implied volatility have been falling. If there is timing at all, it is all about timing the volatility on the convertibles and not about timing the bitcoin purchases.
Reference Videos:
Volatility Arbitrage - [ Ссылка ]
Bitcoin's Investment Bank - [ Ссылка ]
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The Real Reason MSTR Is Hitting The ATM So Hard
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