Jason Calacanis, one of the world's most well-known angel investors, has once again criticized business intelligence firm MicroStrategy.
Calacanis emphasized that the company has slowed down its Bitcoin purchases, the Bitcoin price is falling, and the company's stock value has also declined.
“MicroStrategy slowed down its Bitcoin purchases, Bitcoin is falling and stocks are falling,” Calacanis said. Known for his early investments in big startups like Uber, Calacanis believes investors may no longer want to lend billions of dollars to MicroStrategy founder Michael Saylor if this trend continues.
“It almost seems like they are somehow related… Do you think people are still going to lend them billions to buy Bitcoin if this continues?” he added.
Calacanis also stated that he had previously invited Saylor to his podcast, but Saylor blocked him instead of accepting the invitation.
MSTR shares fall
While Calacanis says he is not against Bitcoin ownership, he argues that it is unwise to invest in MicroStrategy (MSTR) stock at an excessive premium to its net asset value (NAV). MSTR stock is trading down 45% from its all-time high of $543 set on Nov. 21.
MSTR shares fell more than 8% on Monday. The decline came after the company made its eighth consecutive Bitcoin purchase. This time, the investment was a smaller amount than its previous large-scale Bitcoin investments, at $209 million. This did not go unnoticed by some media outlets, with publications like Barron’s reporting that MicroStrategy was now buying less Bitcoin.
Despite the recent price drop, MSTR stock has gained more than 340% since the beginning of the year, vastly outperforming Bitcoin. However, critics like Calacanis see the company’s Bitcoin purchases and the steep premium pricing on its shares as unsustainable.
Stay tuned.