MicroStrategy的比特幣武器庫

沒有政府購買的希望的火箭燃料，比特幣價格可能會進一步撤退

President Trump's order to create a Strategic Bitcoin Reserve and explore budget-neutral methods for acquiring additional bitcoin provides insight into his administration's economic and financial priorities.

特朗普總統的命令創建戰略性比特幣儲備並探索購買額外比特幣的預算中立方法，可洞悉其政府的經濟和財務重點。

The executive order, which directs relevant officials to coordinate on a Strategic Bitcoin Reserve comprising current cryptocurrency holdings due to law enforcement activity, is a significant step towards integrating bitcoin into the U.S. financial system.

該行政命令指示相關官員協調由於執法活動而導致的當前加密貨幣持有的戰略比特幣儲備，這是將比特幣整合到美國金融體系中的重要一步。

Moreover, Trump tasked the secretaries of treasury and commerce with developing "budget-neutral strategies" to acquire additional bitcoin, as long as they impose no costs on taxpayers. There's speculation that Trump could exchange some of the nation's gold reserves for bitcoin.

此外，特朗普命令國庫和商業秘書製定“預算中立的戰略”，以獲取額外的比特幣，只要他們對納稅人沒有任何費用。有人猜測，特朗普可以將美國一些黃金儲備換成比特幣。

However, any government buying of bitcoin, even if it's just a shift from one financial asset to another, might be politically problematic at a time that Trump and the Republicans are trying to slash federal spending and Medicaid cuts are on the table.

但是，在特朗普和共和黨人試圖削減聯邦支出和醫療補助削減的時候，任何政府購買比特幣都只是從一個金融資產轉移到另一個金融資產的轉變，這在政治上可能是有問題的。

At the same time, Democrats in Congress are planning their own measures to raise taxes on corporations and the wealthy.

同時，國會的民主黨人正在計劃自己的措施，以提高公司和富人的稅收。

Trump's order also mentions stablecoins, which are cryptocurrencies designed to maintain a stable value, typically pegged to the U.S. dollar.

特朗普的命令還提到了穩定的穩定幣，這些加密貨幣旨在保持穩定的價值，通常與美元掛鉤。

The administration is considering using stablecoins to process some federal payments, aiming to reduce costs and improve efficiency.

政府正在考慮使用Stablecoins處理一些聯邦付款，旨在降低成本並提高效率。

Trump's move comes as the price of bitcoin hovers around $78,000, a far cry from its all-time high of over $81,000 reached earlier this year.

特朗普的舉動是因為比特幣的價格徘徊在78,000美元左右，與今年早些時候達到81,000美元的歷史最高高點相去甚遠。

The cryptocurrency has been highly volatile in recent months, with factors such as macroeconomic uncertainty, interest rate hikes, and Bitcoin's halving impacting its price.

近幾個月來，加密貨幣的波動性高度波動，宏觀經濟不確定性，利率上升和比特幣將其減半影響其價格。

In March, MicroStrategy (NASDAQ:MSTR) disclosed a $2 billion borrowing at 0% interest for one year and a $1 billion note at a 0% coupon for six months.

3月，MicroStrategy（NASDAQ：MSTR）披露了一年的20億美元借入利息為0％的利息，六個月的0％優惠券的票據為10億美元。

Both notes are convertible into stock at a 15% premium to the share price at the time of issuance.

兩張票據均以15％的溢價轉換為股票，低於發行時的股價。

The creditors, who include hedge funds and private equity firms, will continue to offer the company the same exceedingly generous terms if market conditions change, the 10-K warns.

包括對沖基金和私募股權公司在內的債權人將繼續向公司提供相同的慷慨條款，如果市場條件發生變化，則10-K警告。

"If market conditions change, we may not be able to obtain equity or debt financing in a timely manner, on favorable terms, or at all," the 10-K cautions.

10-K警告說：“如果市場狀況發生變化，我們可能無法及時獲得股權或債務融資，以良好的方式或根本無法獲得股權或債務融資。”

Strategy is planning to offer $21 billion worth of preferred stock with an 8% interest rate, the company announced Monday.

該公司週一宣布，戰略計劃提供價值210億美元的優先股，利率為8％。

This follows a similar $584 million offering in February that established the preferred stock which trades under the ticker STRK. Monday's announcement suggests this will be the main financing mechanism going forward, assuming there is demand for it.

這是在2月份的5.84億美元發行中，該產品建立了股票Strk下的首選股票。週一的公告表明，假設對此有需求，這將是未來的主要融資機制。

Shares of MicroStrategy fell 2.8% early Monday.

週一早些時候，MicroStrategy的股票下跌了2.8％。

Stocks Tumble On Trump Comments; Nvidia, Tesla Slide

股票對特朗普的評論跌跌撞撞； Nvidia，特斯拉滑梯

Saylor Strategy Questionable

Saylor策略值得懷疑

Both MicroStrategy and its creditors had acted as though Bitcoin was virtually guaranteed a one-way ticket to much higher highs under President Trump.

MicroStrategy及其債權人的行為似乎幾乎可以保證比特幣在特朗普總統領導下的單程票。

MicroStrategy spent $21.2 billion buying Bitcoin at an average price of $96,458 per Bitcoin from Oct. 30 to Feb. 23.

從10月30日至2月23日，MicroStrategy以平均每比特幣為96,458美元的比特幣的購買比特幣的價格為212億美元。

At the moment, Strategy Chairman Michael Saylor's investment approach looks questionable.

目前，戰略主席邁克爾·賽勒（Michael Saylor）的投資方法看起來很疑問。

Before the recent spending binge, MicroStrategy held 279,420 Bitcoin purchased at an average price of $42,692. The recent purchases of 219,676 Bitcoin raised the average price to $66,357.

在最近的支出狂歡之前，MicroStrategy持有279,420比特幣，平均價格為42,692美元。最近購買的219,676個比特幣將平均價格提高到66,357美元。

The current price of Bitcoin is around $79,810, extending a recent downtrend but off Sunday night lows.

當前比特幣的價格約為79,810美元，延長了最近的下降趨勢，但周日晚上低點。

MSTR Stock

MSTR股票

Strategy stock faces two big risks: that the price of Bitcoin will continue to decline and that the premium investors have given Strategy over the value of its Bitcoin holdings will contract.

戰略股票面臨兩個大風險：比特幣的價格將繼續下降，高級投資者已經為其比特幣持有的價值制定了策略。

Strategy stock tumbled 10.3% to 257.63 in early Monday stock market action. At that price, Strategy has a market value of $75.8 billion, based on 294 million shares, which includes shares after conversion of all its convertible notes.

策略股票在周一早些時候股市行動中跌倒10.3％至257.63。以這個價格，基於2.94億股股票，戰略的市場價值為758億美元，其中包括在所有可轉換票據轉換後的股票。

That valuation approach makes sense, given that Strategy intends to hold all its Bitcoin, rather than pay cash when the notes mature.

鑑於該策略打算容納所有比特幣，而不是在票據成熟時支付現金，這種估值方法是有道理的。

That means investors are giving Strategy an 86% premium to the $41.30.7 billion value of its Bitcoin holdings. The premium has already shrunk from 164% on Nov. 10 before the latest buying binge.

這意味著投資者將戰略溢價86％，至其比特幣持有量的41307億美元。在最新購買狂歡之前，溢價已經從11月10日的164％縮水。

Still, that premium allows Strategy to buy $1.86 worth of Bitcoin for each $1 of stock it issues.

儘管如此，該溢價仍允許策略為每股IT $ 1的IT問題購買價值1.86美元的比特幣。

But if investors decided that Strategy doesn't merit the premium, cheap financing would go away, and so would the rationale for investing in MSTR as opposed to Bitcoin or a Bitcoin-related ETF.

但是，如果投資者認為該策略不值得溢價，便宜的融資將會消失，而投資MST的理由也將與比特幣或與比特幣相關的ETF。