CoinShares said in a research blog that MicroStrategy (MSTR)'s ambitious plan to purchase $42 billion worth of Bitcoin (BTC) is not without risks, according to online reports. CoinShares said that MicroStrategy's success in executing its Bitcoin acquisition plan depends on multiple factors. Analysts believe the software company needs to "maintain favorable financing conditions and need demand for its convertible notes." The cost of repaying debt is also rising. CoinShares pointed out that in 2021, MicroStrategy was able to raise debt with zero-coupon convertible bonds, but these coupon rates have been rising since then as new bonds have been issued. CoinShares said the company's "Bitcoin business may have surpassed its software business," adding that cash flow from traditional businesses may not be enough to pay for future coupon payments.