隨著機構投資者的介入，MicroStrategy 的比特幣代理商面臨審查

Kerrisdale Capital 發布做空報告，聲稱該公司是比特幣的被高估的替代品後，MicroStrategy 股價今天下跌。 Kerrisdale 的研究中心思想是，比特幣交易所交易產品 (ETP) 和交易所交易基金 (ETF) 的傳播降低了 MicroStrategy 作為比特幣代理的可行性。

MicroStrategy's Proxy for Bitcoin Under Scrutiny Amidst Institutional Investor Stakes

MicroStrategy 的比特幣代理商在機構投資者的注資中受到審查

Shares of MicroStrategy (NASDAQ: MSTR) exhibited a decline in value following the release of a comprehensive short report by Kerrisdale Capital, a prominent hedge fund. The report expounded upon Kerrisdale's bullish stance on Bitcoin (BTC USD) while concurrently expressing a bearish outlook on MSTR.

在著名對沖基金 Kerrisdale Capital 發布綜合做空報告後，MicroStrategy（NASDAQ：MSTR）的股價出現下跌。該報告闡述了 Kerrisdale 對比特幣（BTC USD）的看漲立場，同時表達了對 MSTR 的看跌前景。

Kerrisdale asserted that MicroStrategy's valuation as a surrogate for Bitcoin is inflated, citing the growing availability of Bitcoin-related exchange-traded products (ETPs) and exchange-traded funds (ETFs). The hedge fund's thesis posits that MicroStrategy's allure as a direct Bitcoin exposure vehicle has waned due to the proliferation of these alternative investment options.

Kerrisdale 聲稱，MicroStrategy 作為比特幣替代品的估值過高，理由是比特幣相關的交易所交易產品 (ETP) 和交易所交易基金 (ETF) 的可用性不斷增加。該對沖基金的論文認為，由於這些另類投資選擇的激增，MicroStrategy 作為直接比特幣投資工具的吸引力已經減弱。

"The current implied Bitcoin price embedded within MicroStrategy's stock now exceeds $177,000, which is more than double the spot price of Bitcoin," stated Kerrisdale. "The days when MicroStrategy shares offered a unique and exclusive avenue for Bitcoin investment are long gone."

Kerrisdale 表示：“MicroStrategy 股票中目前隱含的比特幣價格現已超過 177,000 美元，是比特幣現貨價格的兩倍多。” “MicroStrategy 股票為比特幣投資提供獨特且專有途徑的日子早已一去不復返了。”

MicroStrategy has amassed a substantial Bitcoin reserve through equity offerings, convertible bonds, and debt financing. However, Kerrisdale argues that the resulting dilution has left the amount of Bitcoin represented by each MSTR share essentially unchanged, implying that value creation is inextricably linked to Bitcoin's price appreciation. Consequently, Kerrisdale maintains that acquiring MSTR shares offers minimal advantage over holding Bitcoin directly.

MicroStrategy 透過股票發行、可轉換債券和債務融資累積了大量比特幣儲備。然而，Kerrisdale 認為，由此產生的稀釋使得每股 MSTR 股票所代表的比特幣數量基本上保持不變，這意味著價值創造與比特幣價格升值密不可分。因此，Kerrisdale 認為，與直接持有比特幣相比，收購 MSTR 股票的優勢微乎其微。

Kerrisdale further points out that MicroStrategy's stock premium has historically hovered at or below 2x for 94% of trading days since 2021. The current premium stands at 2.6x, significantly higher than the historical average of 1.3x.

Kerrisdale進一步指出，自2021年以來，MicroStrategy的股票溢價歷史上有94%的交易日徘徊在2倍或以下。目前溢價為2.6倍，顯著高於1.3倍的歷史平均水平。

Institutional ownership plays a crucial role in providing liquidity and stabilizing stock prices. Quarterly 13F filings reveal the positions of major investors, with the most recent data capturing holdings as of December 31st.

機構所有權在提供流動性和穩定股價方面發揮著至關重要的作用。季度 13F 文件揭示了主要投資者的部位，最新數據記錄了截至 12 月 31 日的持股。

MicroStrategy's institutional investors have realized substantial gains in the fourth quarter. According to the latest 13F filings, 349 institutional investors held shares in MicroStrategy, representing a 22.46% increase compared to the previous quarter. These investors collectively owned 8.13 million shares, a 17.14% increase over the third quarter.

MicroStrategy 的機構投資者在第四季度實現了大幅收益。根據最新的 13F 文件顯示，有 349 家機構投資者持有 MicroStrategy 股票，較上一季增加 22.46%。這些投資者合計持有813萬股，較第三季成長17.14%。

Amongst these institutional stakeholders, five prominent investors stand out:

在這些機構利害關係人中，有五位著名投資者脫穎而出：

• Morgan Stanley (NYSE: MS) acquired 299,083 shares, raising its stake to 602,441 shares.
• Susquehanna purchased 185,011 shares, increasing its holding to 287,180 shares.
• BlackRock (NYSE: BLACK) bought 116,704 shares, raising its stake to 1.02 million shares.
• T. Rowe Price (NASDAQ: TROW) acquired 70,696 shares, increasing its stake to 77,927 shares.
• FMR purchased 69,876 shares, raising its holding to 558,914 shares.

Despite the recent decline in share price, MicroStrategy's institutional investors continue to maintain significant stakes in the company, reflecting their confidence in the firm's long-term prospects. The evolving market dynamics and the emergence of alternative Bitcoin investment avenues may pose challenges to MicroStrategy's premium valuation, but the support from institutional investors provides a measure of stability and liquidity in the stock.

摩根士丹利（NYSE：MS）收購了299,083 股，將其持股數量增加至602,441 股。Susquehanna 購買了185,011 股，將其持股數量增加至287,180 股。貝萊德（紐約證券交易所股票代碼：BLACK）購買了116,704 股，將其持股數量增加至102 萬股。 Rowe Price（NASDAQ：TROW）收購了70,696 股，將其持股增加至77,927 股。FMR 購買了69,876 股，將其持股增加至558,914 股。儘管近期股價下跌，MicroStrategy 的機構投資者仍繼續持有該公司的大量股份，反映了他們對公司長期前景的信心。不斷變化的市場動態和替代比特幣投資途徑的出現可能會對 MicroStrategy 的溢價估值構成挑戰，但機構投資者的支持提供了該股穩定性和流動性的衡量標準。