BTIG 表示，MicroStrategy 增加的比特幣持有量推高了估值

由於 MicroStrategy 的比特幣曝險增加以及其持有的 BTC 隱含溢價達到兩倍以上，BTIG 分析師已將其 MicroStrategy 目標價修改為 1,800 美元。分析師認為，MicroStrategy 的價值創造記錄、減半事件等比特幣催化劑以及該公司籌集增值資本的能力支持了更高的隱含比特幣溢價。

MicroStrategy's Enhanced Bitcoin Exposure Drives Premium Valuation

MicroStrategy 增強的比特幣風險推動溢價估值

Investment firm BTIG has raised its price target for MicroStrategy (MSTR), a leading enterprise software company and prominent Bitcoin (BTC) acquirer, from $780 to $1,800, citing the firm's increased exposure to Bitcoin and the potential for upcoming market catalysts.

投資公司BTIG 將領先的企業軟體公司和著名的比特幣(BTC) 收購者MicroStrategy (MSTR) 的目標價從780 美元上調至1,800 美元，理由是該公司對比特幣的投資增加以及即將到來的市場催化劑的潛力。

Elevated Premium Reflects Investor Sentiment

溢價上漲反映了投資者的情緒

Over the past year, the implied premium in MicroStrategy's BTC holdings has surged to over two times its historical average of 1.5 times. This substantial premium suggests that investors are willing to pay a higher price for MicroStrategy shares due to the company's ability to provide access to Bitcoin exposure. This is particularly attractive for investors who may face barriers to investing directly in Bitcoin or via exchange-traded funds (ETFs).

過去一年，MicroStrategy 持有的 BTC 隱含溢價已飆升至歷史平均 1.5 倍的兩倍多。這一巨大的溢價表明，由於該公司有能力提供比特幣敞口，投資者願意為 MicroStrategy 股票支付更高的價格。這對於直接投資比特幣或透過交易所交易基金（ETF）可能面臨障礙的投資者來說尤其有吸引力。

Per-Share Bitcoin Exposure

每股比特幣風險

BTIG analysts emphasize that MicroStrategy's recent capital market activities have significantly increased its Bitcoin exposure on a per-share basis. This increased exposure enhances the company's overall value proposition for investors seeking Bitcoin exposure.

BTIG 分析師強調，MicroStrategy 最近的資本市場活動顯著增加了其每股比特幣曝險。這種增加的風險敞口增強了該公司對尋求比特幣風險投資的投資者的整體價值主張。

Upcoming Bitcoin Catalysts

即將到來的比特幣催化劑

Analysts anticipate that MicroStrategy will benefit from upcoming Bitcoin catalysts, such as the highly anticipated halving event later this month. The quadrennial halving reduces miner rewards by 50%, effectively slowing the growth rate of Bitcoin supply. Historically, halving events have been associated with positive price movements for Bitcoin.

分析師預計 MicroStrategy 將受益於即將到來的比特幣催化劑，例如本月稍後備受期待的減半事件。每四年減半使礦工獎勵減少 50%，有效減緩了比特幣供應的成長速度。從歷史上看，減半事件與比特幣的正面價格走勢有關。

Market Challenges and Short Interest

市場挑戰與空頭興趣

Despite MicroStrategy's strong fundamentals, the company has faced criticism from short sellers, such as Kerrisdale Capital, who argue that the implied Bitcoin price embedded in MicroStrategy's share price is significantly overvalued. Additionally, total short interest in crypto stocks, including MicroStrategy, remains high, reaching $10.7 billion.

儘管 MicroStrategy 的基本面強勁，但該公司仍面臨 Kerrisdale Capital 等賣空者的批評，他們認為 MicroStrategy 股價中隱含的比特幣價格被嚴重高估。此外，包括 MicroStrategy 在內的加密貨幣股票的空頭部位總額仍然很高，達到 107 億美元。

Analyst Outlook

分析師展望

Despite these challenges, BTIG maintains a bullish outlook on MicroStrategy, citing the company's track record of creating value for shareholders and its strategic positioning in the Bitcoin ecosystem. The firm believes that the implied premium is justified by investors' desire for Bitcoin exposure and MicroStrategy's ability to raise capital to purchase additional Bitcoin.

儘管面臨這些挑戰，BTIG 仍然對 MicroStrategy 保持樂觀的前景，理由是該公司在為股東創造價值方面的記錄及其在比特幣生態系統中的戰略定位。該公司認為，隱含溢價是合理的，因為投資者對比特幣曝險的渴望以及 MicroStrategy 籌集資金購買額外比特幣的能力。

Conclusion

結論

BTIG's revised price target of $1,800 reflects the firm's belief that MicroStrategy's enhanced Bitcoin exposure, upcoming market catalysts, and supportive investor sentiment will drive the company's valuation higher. While short sellers may express concerns, the analysts argue that the premium embedded in MicroStrategy's share price remains within acceptable bounds and is supported by market demand. As the Bitcoin market continues to evolve, MicroStrategy is well-positioned to capture value for investors seeking exposure to this transformative asset class.

BTIG 將目標價調整為 1,800 美元，反映出該公司相信 MicroStrategy 增加的比特幣曝險、即將到來的市場催化劑以及投資者的支持情緒將推動該公司的估值走高。儘管賣空者可能會表達擔憂，但分析師認為，MicroStrategy 股價的溢價仍處於可接受的範圍內，並受到市場需求的支撐。隨著比特幣市場的不斷發展，MicroStrategy 處於有利位置，可以為尋求接觸此變革性資產類別的投資者獲取價值。