宣布比特幣（BTC）財政策略後，GameStop（NYSE：GME）股票大幅下降

GameStop（NYSE：GME）最近宣布了使用通過可轉換債券籌集的13億美元向公司財政部添加比特幣（BTC）的計劃。

GameStop (NYSE:GME) recently announced plans to add Bitcoin (BTC) to its corporate treasury using $1.3 billion raised through convertible bonds. The announcement, which came shortly after what many considered positive earnings results, led to a counterintuitive sharp decline in the company’s stock price. This financing approach, as detailed in a recent HighStrike newsletter, brings with it complex implications for shareholders. The newsletter offers valuable insights into why what seems like bullish news can sometimes lead to bearish short-term price action, and what it might take for this strategy to eventually pay off for investors.

GameStop（NYSE：GME）最近宣布了使用通過可轉換債券籌集的13億美元向公司財政部添加比特幣（BTC）的計劃。該公告是在許多人認為積極收益結果之後不久發出的，導致公司股價急劇下降。這種融資方法，正如最近的一份《 Highstrike新聞通訊》中所詳述的那樣，它對股東帶來了複雜的影響。該新聞通訊提供了寶貴的見解，介紹了為什麼看似看似新聞有時會導致短期價格行動，以及該策略最終為投資者帶來回報所需的方式。

GameStop’s Bitcoin Strategy: Following the MicroStrategy Playbook

GameStop的比特幣策略：遵循MicroStrategy劇本

A recent newsletter from HighStrike analyzes GameStop’s sharp stock decline following its announcement of a $1.3 billion convertible bond issuance to fund Bitcoin purchases. Despite the company disclosing positive earnings news and its intent to add Bitcoin to its balance sheet, which some might view as bullish, GameStop shares still dropped over 25% on Thursday, falling from nearly $30 to around $22.

Highstrike最近的一條新聞通訊分析了GameStop宣布向比特幣購買資金的13億美元可轉換債券發行後的巨額股票下跌。儘管該公司披露了積極的收益新聞，並打算將比特幣添加到資產負債表中，但有些人可能將其視為看漲，但GameStop股票在周四仍然下降了25％，從近30美元下降到22美元左右。

According to HighStrike, GameStop is following in the footsteps of companies like MicroStrategy (NASDAQ:MSTR) and Marathon Digital Holdings (NASDAQ:MARA), which have used similar financing strategies for their Bitcoin acquisitions. These convertible bonds offer investors a 0% yield along with the right to convert into shares in 2030, essentially functioning as low-risk, long-term equity positions with seniority over shareholders in potential bankruptcy scenarios.

根據Higstrike的說法，GameStop正在跟隨MicroStrategy（NASDAQ：MSTR）和Marathon Digital Holdings（NASDAQ：MARA）等公司的腳步，這些公司對其比特幣的批准使用了類似的融資策略。這些可轉換債券為投資者提供了0％的收益率，並有權在2030年轉化為股票，在潛在的破產場景中，具有低風險的長期股權頭寸，具有與股東相比的資歷。

While the issuance benefits GameStop by providing immediate cash without interest payments until 2030, shareholders face a $1.3 billion dilution risk. This occurs because bondholders typically hedge their positions by shorting the stock or selling short-dated calls, creating ongoing sell pressure that suppresses the share price.

雖然發行通過直至2030年的現金提供現金，但股東面臨13億美元的稀釋風險，而發行的發行福利。之所以發生這種情況，是因為債券持有人通常通過縮短股票或出售短期電話來對沖自己的職位，從而造成持續的賣出壓力，從而抑制了股價。

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The Bitcoin Price Threshold is $110,000 for Shareholders

股東的比特幣價格門檻為110,000美元

HighStrike’s newsletter suggests that for GameStop, MicroStrategy, and Marathon to achieve significantly higher stock prices, Bitcoin may need to reach what they call “exit velocity” – breaking above $110,000 and surpassing these companies’ average purchase prices. Only at that point might fresh demand for these stocks outpace the dilutive pressure from bondholder hedging.

Highstrike的新聞通訊建議，對於GameStop，MicroStrategy和Marathon來說，要達到更高的股票價格，比特幣可能需要達到他們所謂的“退出速度” - 折扣超過110,000美元並超過這些公司的平均購買價格。只有在這一點上，對這些股票的需求可能會超過債券持有人對沖的稀釋壓力。

The newsletter further highlights how the convertible notes from both MicroStrategy and Marathon will likely keep the share prices range-bound in the short term. For example, it mentions MicroStrategy’s convertible notes with conversion prices ranging from $433.43 to $2,043.32 per share, and Marathon’s with conversion prices around $25.91 and $34.58. Despite both companies increasing their Bitcoin holdings (with MSTR now holding over 506,000 BTC), their stocks have consistently traded below these thresholds due to hedging pressure.

該新聞通訊進一步強調了MicroStrategy和Marathon的可轉換筆記如何在短期內保持股價範圍限制。例如，它提到MicroStrategy的可轉換票據，轉換價格從433.43美元到每股2,043.32美元不等，而Marathon的轉換價格約為25.91美元和34.58美元。儘管兩家公司都增加了其比特幣持有量（MSTR現在持有超過506,000 BTC），但由於對沖壓力，他們的股票一直低於這些閾值。

HighStrike concludes with a warning to short-dated options buyers, noting the significant losses experienced by 3/28 call buyers during Thursday’s selloff, with most calls set to expire worthless. Until Bitcoin experiences a major breakout, analysts expect GameStop and other Bitcoin-holding public companies to likely stay range-bound.

Highstrike在周四的拋售期間指出了3/28撥打購買者遭受的巨大損失，並指出了短期期權購買者的警告，並指出了大多數電話將使毫無價值。在比特幣經歷重大突破之前，分析師希望GameStop和其他持有比特幣的上市公司可能會停留範圍。

This analysis was provided by the HighStrike trading team and is featured in their daily newsletter, Bull Whisper. To sign up for Bull Whisper and get free trade ideas and analysis delivered to you premarket each day, click here.

這項分析是由Highstrike Trading團隊提供的，並在他們的日報Bull Whisper中進行了介紹。要註冊Bull Wishper，並獲得每天向您的預售提供的自由貿易想法和分析，請單擊此處。