Recently, I wanted to compare Strategy's B- credit rating from a major credit rating agency to another large, well-known corporation that also had a B- rating. I wanted to objectively look at the financial situation of both companies to understand what a B- credit rating actually represents in the real world. When I did this, I began to realize that the credit rating agencies may be discounting bitcoin as a solid form of collateral. As a result, fixed income securities issued by Strategy and other future bitcoin treasury companies in the form of digital credit may be mispriced by both the market and the agencies. That mispricing represents an opportunity to generate alpha because investors can potentially earn more return for less risk. So here’s what I found when comparing Strategy (MSTR) and JetBlue (JBLU).
- Категория
- Рефинансирование кредита
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