MicroStrategy 的比特幣押注獲得回報，股價創 25 年來新高

這家商業智慧公司已進入牛市，並創下了另一個令人印象深刻的里程碑。 MicroStrategy 的股價上漲超過 10%，達到 25 年來的新高，創下歷史新高 (ATH)。

Business intelligence firm MicroStrategy (Nasdaq: MSTR) is currently the world’s largest corporate holder of Bitcoin, with 252,220 BTC. The asset, acquired at a total cost of about $9.9 billion, has soared considerably. At the current Bitcoin price of $687,300, MicroStrategy holds over $17 billion.

商業情報公司 MicroStrategy（納斯達克股票代碼：MSTR）目前是全球最大的比特幣企業持有者，擁有 252,220 比特幣。該資產的總成本約為 99 億美元，價格大幅上漲。以目前 687,300 美元的比特幣價格計算，MicroStrategy 持有超過 170 億美元。

The firm has entered a bull season and recorded another impressive milestone. MicroStrategy’s stock hit an all-time high (ATH) after gaining over 10% to reach a 25-year high. According to TradingView data, the stock price was pegged at $235.89 at the close of the market on Thursday.

該公司已進入牛市季節，並創下了另一個令人印象深刻的里程碑。 MicroStrategy 的股價上漲超過 10%，達到 25 年來的新高，創下歷史新高 (ATH)。根據TradingView數據，週四收盤時該股股價為235.89美元。

MicroStrategy’s stock, which has a market capitalization of $43.6 billion, currently trades at a premium. The high stock price is attributed to the firm’s impressive performance, especially its Bitcoin strategy, which has seen it rake in massive profits since adopting it in August 2020. So far, it has raised $4.25 billion from five of its equity offerings. Overall, MicroStrategy’s stock has witnessed astronomical growth since 1998.

MicroStrategy 的股票市值為 436 億美元，目前交易價格有溢價。高股價歸因於該公司令人印象深刻的業績，尤其是其比特幣策略，自2020 年8 月採用該策略以來，該公司已獲得巨額利潤。籌集了42.5 億美元。總體而言，自 1998 年以來，MicroStrategy 的股票出現了天文數字的成長。

According to Mark Palmer, a Benchmark analyst, MSTR has hit a 17.8% yield year-to-date since adopting the Bitcoin strategy. To compensate for the fast-growing stock, the price target has soared to $245 per share.

Benchmark 分析師 Mark Palmer 表示，自採用比特幣策略以來，MSTR 今年迄今的收益率已達到 17.8%。為了彌補股票快速成長的影響，目標價已飆升至每股 245 美元。

Palmer adds that the MSTR share price has risen by 1,600% in the past four years. In his view, additional price gain remains achievable in the coming quarter. Many investors consider MSTR a viable arbitrage between the U.S. capital market and Bitcoin.

Palmer 補充道，MSTR 股價在過去四年中上漲了 1,600%。他認為，下一季仍可實現額外的價格上漲。許多投資者認為 MSTR 是美國資本市場和比特幣之間可行的套利工具。

Bitcoin, the Fuel Powering MicroStrategy

比特幣，MicroStrategy 的燃料

MicroStrategy’s uncommon success in technology is largely attributed to Bitcoin. The Michael Saylor-led firm has leaned heavily on Bitcoin accumulation to secure its excess cash flow. In its Bitcoin acquisition plan, MicroStrategy buys at every opportunity, positioning it as one of the largest single corporate holders of the world’s leading digital asset.

MicroStrategy 在技術方面取得的不同尋常的成功很大程度上歸功於比特幣。這家由邁克爾·塞勒領導的公司嚴重依賴比特幣累積來確保其過剩的現金流。在其比特幣收購計畫中，MicroStrategy 抓住一切機會進行收購，將其定位為全球領先數位資產的最大單一企業持有者之一。

Interestingly, MicroStrategy’s approach comes at a cost. The firm has expanded its convertible note offering to secure additional capital required for the purchase of Bitcoin. Notably, the aggressive purchase of Bitcoin comes from issuing these convertible senior notes. Most of these notes do not mature until June 2032.

有趣的是，MicroStrategy 的方法是有代價的。該公司擴大了可轉換票據發行規模，以確保購買比特幣所需的額外資金。值得注意的是，對比特幣的積極購買來自於發行這些可轉換優先票據。這些票據大部分要到 2032 年 6 月才會到期。

Some have argued that if Bitcoin volatility triggers an unprecedented price plunge, MicroStrategy could be exposed. This is primarily because the stock value would drop, and raising the capital to offset the convertible notes might pose a challenge. Although the argument appears possible, the MicroStrategy Chairman remains unshaken in his bet on Bitcoin as an asset.

有些人認為，如果比特幣波動引發前所未有的價格暴跌，MicroStrategy 可能會受到影響。這主要是因為股票價值會下跌，而籌集資金來抵消可轉換票據可能會構成挑戰。儘管這一論點似乎有可能，但 MicroStrategy 董事長仍然堅定不移地押注比特幣作為一種資產。

Saylor’s Vision: Building a Bitcoin-Backed Financial Empire

塞勒的願景：建立一個比特幣支持的金融帝國

Michael Saylor’s leadership and unquenchable appetite for Bitcoin have played a notable role in MicroStrategy’s success. The Bitcoin advocate has remained bullish on Bitcoin, even projecting that it will become the currency of the future.

Michael Saylor 的領導能力和對比特幣不可抑制的興趣在 MicroStrategy 的成功中發揮了顯著的作用。這位比特幣倡導者仍然看好比特幣，甚至預測它將成為未來的貨幣。

Saylor recently hinted at the next big move in his Bitcoin strategy, with this post on X addressing Microsoft CEO, Satya Nadella.

Saylor 最近在 X 上發表了一篇針對微軟執行長 Satya Nadella 的帖子，暗示了他的比特幣戰略的下一個重大舉措。

Hey @SatyaNadella, if you want to make the next trillion dollars for $MSFT shareholders, call me.

嘿@SatyaNadella，如果您想為 MSFT 股東賺取下一個萬億美元，請給我打電話。

Furthermore, in a recent conversation with Bernstein analysts, Saylor disclosed that MicroStrategy aims to become the leading Bitcoin bank. He calls this the endgame for MicroStrategy. Saylor believes that the continued growth of Bitcoin will see his firm’s valuation reach $1 trillion, explaining the company’s massive Bitcoin accumulation.

此外，在最近與 Bernstein 分析師的對話中，Saylor 透露 MicroStrategy 的目標是成為領先的比特幣銀行。他將此稱為 MicroStrategy 的最終階段。 Saylor 認為，比特幣的持續成長將使他的公司估值達到 1 兆美元，這解釋了該公司大量比特幣的累積。

He explained that the firm’s strategy would involve continuing to leverage low-cost debt to fund additional Bitcoin purchases. By his estimation, MicroStrategy hopes to maintain approximately 30% yearly growth

他解釋說，該公司的策略將包括繼續利用低成本債務來為額外的比特幣購買提供資金。據他估計，MicroStrategy希望維持每年約30%的成長