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For the first time on Wall Street, analysts have suggested that investors sell Strategy, as the market seems to be nearing "saturation."
Odaily News Strategy (formerly MicroStrategy) may have reached the end of its aggressive strategy of financing Bitcoin purchases through the sale of stocks and bonds. For the first time on Wall Street, there is an analyst advising investors to sell, this analyst is Gus Gala from 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 purchase 22,048 Bitcoins (BTCUSD) at an average price of $86,969. Gala downgraded MicroStrategy's rating from "Neutral" to "Sell", becoming the only bearish analyst among the 14 analysts covering the company in the FactSet survey, while the remaining 13 are bullish. Gala expressed concerns that investors' reactions to MicroStrategy's recent issuance of bonds and preferred stock were "not ideal", and that the funds were originally intended to be used for purchasing more Bitcoin. He believes the market seems to be nearing "saturation", which could mean that MicroStrategy's costs for raising funds to continue buying Bitcoin in the future may be higher. (Barrons)