The dot-com-era software maker turned Bitcoin proxy — whose shares are held in a fund SkyBridge sub advises — has mesmerised Wall Street this year with a more than 400% share surge while gobbling up billions of dollars of Bitcoin financed through the sale of stock and convertible debt.
Anthony Scaramucci, founder and managing partner of the hedge fund SkyBridge Capital, says that all the hand-wringing about the massive Bitcoin purchases and debt being taken on by Michael Saylor’s MicroStrategy is overblown.
“People think if Bitcoin crashes, he is going to implode, and as a result of it, leverage is going to unwind in the system and there’s going to be a collapse,” Scaramucci said in an interview Friday. “But if you really study his balance sheet, he has long, long-term debt, and he has rolling long-term debt. You’d have to have a systemic collapse in Bitcoin, and you’d have it to last six or seven years to flash him out.”
