Ch&#7911; t&#7883;ch Metaplanet, Simon Gerovich, &#273;&atilde; b&#7843;o v&#7879; vi&#7879;c c&ocirc;ng ty chuy&#7875;n h&#432;&#7899;ng sang ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u &#432;u &#273;&atilde;i.
Nh&#7919;ng ph&aacute;t bi&#7875;u c&#7911;a &ocirc;ng &#273;&#432;&#7907;c &#273;&#432;a ra trong b&#7889;i c&#7843;nh &#273;i&#7873;u ki&#7879;n thanh kho&#7843;n th&#7855;t ch&#7863;t v&agrave; s&#7921; h&#7913;ng th&uacute; c&#7911;a th&#7883; tr&#432;&#7901;ng &#273;&#7889;i v&#7899;i c&aacute;c c&ocirc;ng ty ki&#7875;u &ldquo;microstrategy&rdquo; &#273;ang gi&#7843;m d&#7847;n.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-metaplanet-president-makes-a-case-for-preferred-share-strategy">Ch&#7911; t&#7883;ch Metaplanet &#273;&#432;a ra l&#7853;p lu&#7853;n cho chi&#7871;n l&#432;&#7907;c c&#7893; phi&#7871;u &#432;u &#273;&atilde;i</h2>

Simon Gerovich cho bi&#7871;t chi&#7871;n l&#432;&#7907;c c&#7893; phi&#7871;u c&#7911;a c&ocirc;ng ty l&agrave; m&#7897;t ph&#7847;n c&#7911;a giai &#273;o&#7841;n t&#7889;i &#432;u h&oacute;a v&#7889;n &#273;&#7875; t&#259;ng l&#432;&#7907;ng Bitcoin tr&ecirc;n m&#7895;i c&#7893; phi&#7871;u m&agrave; kh&ocirc;ng l&agrave;m lo&atilde;ng c&#7893; &#273;&ocirc;ng ph&#7893; th&ocirc;ng.
C&ocirc;ng ty Nh&#7853;t B&#7843;n, <a href="https://vn.beincrypto.com/metaplanet-bitcoin-proxy/" target="_blank" rel="noreferrer noopener">th&#432;&#7901;ng &#273;&#432;&#7907;c g&#7885;i l&agrave; MicroStrategy c&#7911;a ch&acirc;u &Aacute;</a>, g&#7847;n &#273;&acirc;y &#273;&atilde; t&#7841;m ng&#7915;ng m&#7897;t s&#7889; lo&#7841;t quy&#7873;n mua c&#7893; phi&#7871;u, cho th&#7845;y m&#7897;t s&#7921; &#273;i&#7873;u ch&#7881;nh chi&#7871;n l&#432;&#7907;c.
Tuy nhi&ecirc;n, c&aacute;c nh&agrave; &#273;&#7847;u t&#432; &#273;ang chia r&#7869; v&#7873; th&#7901;i &#273;i&#7875;m c&#7911;a &#273;&#7897;ng th&aacute;i n&agrave;y, khi gi&aacute; tr&#7883; hi&#7879;n t&#7841;i c&#7911;a Metaplanet b&#7883; n&eacute;n d&#432;&#7899;i 1x gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng &#273;&atilde; &#273;i&#7873;u ch&#7881;nh (mNAV).
Gerovich &#273;&atilde; tr&igrave;nh b&agrave;y l&yacute; do c&#7911;a Metaplanet trong m&#7897;t b&agrave;i &#273;&#259;ng tr&ecirc;n X (Twitter), m&ocirc; t&#7843; c&#7893; phi&#7871;u &#432;u &#273;&atilde;i l&agrave; m&#7897;t &ldquo;c&ocirc;ng c&#7909; m&#7841;nh m&#7869; h&#417;n&rdquo; so v&#7899;i vi&#7879;c ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u ph&#7893; th&ocirc;ng.
Kh&ocirc;ng gi&#7889;ng nh&#432; vi&#7879;c t&#259;ng v&#7889;n c&#7893; ph&#7847;n, &#273;i&#7873;u n&agrave;y l&agrave;m t&#259;ng d&#7921; tr&#7919; Bitcoin nh&#432;ng c&#361;ng m&#7903; r&#7897;ng s&#7889; l&#432;&#7907;ng c&#7893; phi&#7871;u v&agrave; g&acirc;y lo&atilde;ng, c&#7893; phi&#7871;u &#432;u &#273;&atilde;i cho ph&eacute;p c&ocirc;ng ty huy &#273;&#7897;ng v&#7889;n v&#7899;i t&#7927; l&#7879; c&#7893; t&#7913;c c&#7889; &#273;&#7883;nh.
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&ldquo;M&#7909;c ti&ecirc;u l&agrave; ti&#7871;p t&#7909;c t&#259;ng l&#432;&#7907;ng Bitcoin tr&ecirc;n m&#7895;i c&#7893; phi&#7871;u trong khi s&#7917; d&#7909;ng v&#7889;n hi&#7879;u qu&#7843;&hellip; N&#7871;u t&#7889;c &#273;&#7897; t&#259;ng c&#7911;a Bitcoin v&#432;&#7907;t qu&aacute; chi ph&iacute; v&#7889;n, s&#7921; ch&ecirc;nh l&#7879;ch &#273;&oacute; ho&#7841;t &#273;&#7897;ng nh&#432; l&atilde;i k&eacute;p, t&#259;ng Bitcoin tr&ecirc;n m&#7895;i c&#7893; phi&#7871;u v&agrave; cu&#7889;i c&ugrave;ng mang l&#7841;i l&#7907;i &iacute;ch cho c&#7893; &#273;&ocirc;ng ph&#7893; th&ocirc;ng,&rdquo; Gerovich <a href="https://x.com/gerovich/status/1979039403118072076" target="_blank" rel="noreferrer noopener nofollow">vi&#7871;t</a>.
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&Ocirc;ng &#273;&atilde; gi&#7899;i thi&#7879;u m&#7897;t c&ocirc;ng th&#7913;c &#273;&#417;n gi&#7843;n so s&aacute;nh t&#7889;c &#273;&#7897; t&#259;ng tr&#432;&#7903;ng c&#7911;a Bitcoin v&agrave; t&#7927; l&#7879; c&#7893; t&#7913;c. N&#7871;u Bitcoin t&#259;ng tr&#432;&#7903;ng 30% h&agrave;ng n&#259;m v&agrave; c&#7893; t&#7913;c &#432;u &#273;&atilde;i &#273;&#432;&#7907;c &#273;&#7863;t &#7903; m&#7913;c 6%, k&#7871;t qu&#7843; d&agrave;i h&#7841;n, &ocirc;ng <a href="https://x.com/gerovich/status/1979039434806039027" target="_blank" rel="noreferrer noopener nofollow">l&#7853;p lu&#7853;n</a>, s&#7869; t&#432;&#417;ng &#273;&#432;&#417;ng v&#7899;i vi&#7879;c ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u m&#7899;i &#7903; m&#7913;c mNAV 8.6x, m&ocirc; ph&#7887;ng t&#259;ng tr&#432;&#7903;ng kh&ocirc;ng lo&atilde;ng.
Gerovich b&#7893; sung r&#7857;ng Metaplanet v&#7851;n kh&ocirc;ng c&oacute; n&#7907; v&agrave; n&#7857;m trong s&#7889; c&aacute;c c&#417; s&#7903; t&agrave;i ch&iacute;nh l&agrave;nh m&#7841;nh nh&#7845;t t&#7841;i Nh&#7853;t B&#7843;n.
Theo b&aacute;o c&aacute;o, c&ocirc;ng ty d&#7921; &#273;&#7883;nh gi&#7899;i thi&#7879;u c&aacute;c c&ocirc;ng c&#7909; l&#7907;i su&#7845;t d&#7921;a tr&ecirc;n Bitcoin v&agrave;o th&#7883; tr&#432;&#7901;ng t&iacute;n d&#7909;ng c&#7911;a Nh&#7853;t B&#7843;n.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-market-questions-and-valuation-pressures">C&acirc;u h&#7887;i th&#7883; tr&#432;&#7901;ng v&agrave; &aacute;p l&#7921;c &#273;&#7883;nh gi&aacute;</h2>

Kh&ocirc;ng ph&#7843;i t&#7845;t c&#7843; c&aacute;c nh&agrave; &#273;&#7847;u t&#432; &#273;&#7873;u b&#7883; thuy&#7871;t ph&#7909;c. M&#7897;t ng&#432;&#7901;i d&ugrave;ng &#273;&atilde; &#273;&#7863;t c&acirc;u h&#7887;i v&#7873; t&iacute;nh th&#7921;c t&#7871; c&#7911;a vi&#7879;c ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u &#432;u &#273;&atilde;i khi giao d&#7883;ch d&#432;&#7899;i 1x mNAV:
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&ldquo;N&#7871;u b&#7841;n &#273;ang giao d&#7883;ch d&#432;&#7899;i mNAV, b&#7841;n c&oacute; th&#7921;c s&#7921; mu&#7889;n ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u &#432;u &#273;&atilde;i v&agrave;o l&uacute;c &#273;&oacute; kh&ocirc;ng? L&agrave;m th&#7871; n&agrave;o &#273;&#7875; b&#7841;n tr&#7843; c&#7893; t&#7913;c?&rdquo; h&#7885; <a href="https://x.com/hoose_house/status/1979043275534106877" target="_blank" rel="noreferrer noopener nofollow">&#273;&#7863;t c&acirc;u h&#7887;i</a>.
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C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch nh&#432; Adam Livingston l&#432;u &yacute; r&#7857;ng s&#7921; n&eacute;n mNAV c&#7911;a Metaplanet ph&#7843;n &aacute;nh &#273;i&#7873;u t&#432;&#417;ng t&#7921; c&#7911;a MicroStrategy v&agrave;o &#273;&#7847;u n&#259;m 2022, kho&#7843;ng 18 th&aacute;ng sau khi &aacute;p d&#7909;ng m&ocirc; h&igrave;nh kho b&#7841;c Bitcoin c&#7911;a m&igrave;nh.
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&ldquo;Nh&#7919;ng s&#7921; &#273;&#7847;u h&agrave;ng g&#7847;n &#273;&acirc;y &#273;&atilde; cho th&#7845;y r&#7857;ng h&#7847;u h&#7871;t c&aacute;c nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; kh&ocirc;ng c&oacute; &#273;&#7911; ki&ecirc;n nh&#7851;n cho m&#7897;t t&agrave;i s&#7843;n c&oacute; &#273;&#7897; bi&#7871;n &#273;&#7897;ng 125,&rdquo; Livingston <a href="https://x.com/AdamBLiv/status/1979033960735723541" target="_blank" rel="noreferrer noopener nofollow">vi&#7871;t</a>, l&#7853;p lu&#7853;n r&#7857;ng chu k&#7923; th&#7883; tr&#432;&#7901;ng &#273;ang th&#7917; th&aacute;ch ni&#7873;m tin h&#417;n l&agrave; c&aacute;c y&#7871;u t&#7889; c&#417; b&#7843;n.
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Tuy nhi&ecirc;n, <a href="https://vn.beincrypto.com/cz-seeks-strict-audits-qmmm-collapse/" target="_blank" rel="noreferrer noopener">t&acirc;m l&yacute; chung trong l&#297;nh v&#7921;c kho b&#7841;c t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; v&#7851;n c&ograve;n mong manh</a>. AB Kuai Dong <a href="https://x.com/_FORAB/status/1979056363977228300" target="_blank" rel="noreferrer noopener nofollow">quan s&aacute;t</a> r&#7857;ng m&#7897;t s&#7889; c&ocirc;ng ty ni&ecirc;m y&#7871;t c&ocirc;ng khai li&ecirc;n quan &#273;&#7871;n d&#7921; tr&#7919; Bitcoin hi&#7879;n &#273;ang giao d&#7883;ch &#7903; m&#7913;c mNAV d&#432;&#7899;i m&#7897;t, ph&#7843;n &aacute;nh s&#7921; gi&#7843;m s&uacute;t kh&#7849;u v&#7883; r&#7911;i ro sau m&#7897;t m&ugrave;a h&egrave; &#273;&#7847;y &#273;&#7847;u c&#417;.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-strategic-pivot-and-future-outlook">Chuy&#7875;n h&#432;&#7899;ng chi&#7871;n l&#432;&#7907;c v&agrave; tri&#7875;n v&#7885;ng t&#432;&#417;ng lai</h2>

Metaplanet &#273;&atilde; t&#7841;m ng&#7915;ng lo&#7841;t quy&#7873;n mua c&#7893; phi&#7871;u th&#7913; 20&ndash;22 v&agrave;o &#273;&#7847;u th&aacute;ng n&agrave;y, ph&#7843;n &aacute;nh s&#7921; t&#7853;p trung v&agrave;o k&#7927; lu&#7853;t v&#7889;n.
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&ldquo;Ch&uacute;ng t&ocirc;i &#273;ang t&#7889;i &#432;u h&oacute;a c&aacute;c chi&#7871;n l&#432;&#7907;c huy &#273;&#7897;ng v&#7889;n trong n&#7895; l&#7921;c kh&ocirc;ng ng&#7915;ng m&#7903; r&#7897;ng l&#432;&#7907;ng Bitcoin v&agrave; t&#7889;i &#273;a h&oacute;a l&#7907;i su&#7845;t BTC,&rdquo; Gerovich <a href="https://x.com/gerovich/status/1976559358755602927" target="_blank" rel="noreferrer noopener nofollow">ph&aacute;t bi&#7875;u</a> v&agrave;o ng&agrave;y 10/10.
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M&#7863;c d&ugrave; th&#7883; tr&#432;&#7901;ng b&#7883; n&eacute;n, c&aacute;c nh&agrave; giao d&#7883;ch nh&#432; Lavan Pathmanathan v&#7851;n l&#7841;c quan m&#7897;t c&aacute;ch th&#7853;n tr&#7885;ng, ch&#7881; ra c&aacute;c m&#7913;c h&#7895; tr&#7907; k&#7929; thu&#7853;t.
Tuy nhi&ecirc;n, lu&#7853;n &#273;i&#7875;m c&#7911;a Metaplanet hi&#7879;n ph&#7909; thu&#7897;c v&agrave;o vi&#7879;c Bitcoin v&#432;&#7907;t qua chi ph&iacute; v&#7889;n c&#7911;a n&oacute;. C&#432;&#7907;c n&agrave;y ph&ugrave; h&#7907;p v&#7899;i t&#7847;m nh&igrave;n c&#7911;a c&ocirc;ng ty nh&#7857;m chuy&#7875;n &#273;&#7893;i th&#7883; tr&#432;&#7901;ng t&iacute;n d&#7909;ng Nh&#7853;t B&#7843;n th&ocirc;ng qua c&aacute;c s&#7843;n ph&#7849;m t&agrave;i ch&iacute;nh d&#7921;a tr&ecirc;n Bitcoin.
Li&#7879;u con &#273;&#432;&#7901;ng c&#7893; phi&#7871;u &#432;u &#273;&atilde;i c&oacute; ch&#7913;ng t&#7887; l&agrave; t&#7847;m nh&igrave;n xa hay qu&aacute; s&#7899;m? T&acirc;m l&yacute; cho th&#7845;y &#273;i&#7873;u n&agrave;y ph&#7909; thu&#7897;c v&agrave;o kh&#7843; n&#259;ng duy tr&igrave; t&#259;ng tr&#432;&#7903;ng k&eacute;p c&#7911;a Bitcoin trong m&#7897;t chu k&#7923; thanh kho&#7843;n to&agrave;n c&#7847;u th&#7855;t ch&#7863;t.

Metaplanet bảo vệ chiến lược cổ phiếu ưu đãi khi sự quan tâm đến các chiến lược kiểu ‘MicroStrategy’ giảm dần