儘管比特幣創下新紀錄，但由於一些人對估值提出質疑，MicroStrategy 仍下跌 16%

股市有史以來最令人印象深刻的上漲之一至少在周四短暫休息，比特幣開發公司 MicroStrategy (MSTR) 的百分比跌幅達到兩位數，儘管比特幣 (BTC) 的價格飆升至新紀錄高位略低於100,000 美元。

Bitcoin Development Company MicroStrategy (MSTR) took a hit on Thursday, even as the price of bitcoin (BTC) surged to a new record high.

比特幣開發公司 MicroStrategy (MSTR) 週四遭受重創，儘管比特幣 (BTC) 的價格飆升至新紀錄高點。

After rising to more than five times the price at the start of 2024, shares of MicroStrategy fell 16.2% on the day. At one point, the stock was down more than 20%.

MicroStrategy 股價在 2024 年初上漲至五倍多後，當天下跌了 16.2%。該股一度下跌超過20%。

Despite the sharp decline, shares are still up more than five-fold for the year and nearly eight times from the level of one year ago.

儘管股價大幅下跌，但全年股價仍上漲五倍以上，較一年前上漲近八倍。

The company's market cap this week rose to more than three times the amount of bitcoin it held.

該公司的市值本周升至其持有的比特幣數量的三倍多。

"MicroStrategy's [valuation] has completely detached from bitcoin fundamentals," wrote Citron Research's Andrew Left earlier in the day.

Citron Research 的 Andrew Left 當天早些時候寫道：“MicroStrategy 的[估值]已經完全脫離了比特幣的基本面。”

A former bull on the stock who recommended four years ago that investors get long bitcoin by buying MicroStrategy, Left said he remains bullish on BTC but has hedged by shorting MSTR.

曾是該股看漲者的 Left 在四年前建議投資者透過購買 MicroStrategy 來買入比特幣，Left 表示，他仍然看好 BTC，但透過做空 MSTR 進行對沖。

Of that valuation, MicroStrategy's market cap yesterday and earlier on Thursday topped $100 million, or more than three times the value of the roughly 331,000 bitcoin on its balance sheet ($32.5 million at the current price near $98,000).

其中，MicroStrategy 的市值昨天和周四早些時候突破了 1 億美元，是其資產負債表上約 331,000 枚比特幣價值的三倍多（按當前價格接近 98,000 美元計算，為 3250 萬美元）。

With today's price decline, MicroStrategy's market cap has sunk to about $80 million.

隨著今天的價格下跌，MicroStrategy 的市值已跌至約 8,000 萬美元。

"MicroStrategy has officially met my criteria for a textbook parabolic short," wrote well-followed technician Bracco on X prior to the market open on Thursday.

「MicroStrategy 正式滿足了我對教科書拋物線空頭的標準，」週四開市前，備受關注的技術人員 Bracco 在 X 上寫道。

Bracco noted three consecutive days of double-digit percentage gains and another major overnight gap higher, among other factors, including that MSTR's dollar volume on Wednesday topped that of mega-cap names like Nvidia and Tesla and that a leveraged ETF dedicated to the stock was the fifth-most traded fund in the entire market.

布拉科指出，連續三天出現兩位數百分比漲幅，隔夜差距再次大幅走高，除其他因素外，包括週三MSTR 的美元成交量超過了英偉達和特斯拉等大型股的成交量，以及專門針對該股票的槓桿ETF整個市場交易量第五大的基金。

Writing early Thursday in the WSJ's Heard on the Street column, Jonathan Weil took note of the positive flywheel effect that's provided such a boost to the stock of late.

喬納森·威爾（Jonathan Weil）週四早些時候在《華爾街日報》的《華爾街日報》專欄中撰文指出，積極的飛輪效應為該股近期帶來瞭如此大的提振。

The stock's high valuation allows the company to raise capital at favorable prices and buy bitcoin. Bitcoin rises, the stock rises further, Executive Chairman Michael Saylor and team buy even more bitcoin. And so on.

該股票的高估值使該公司能夠以優惠的價格籌集資金並購買比特幣。比特幣上漲，股價進一步上漲，執行主席 Michael Saylor 和團隊購買了更多比特幣。等等。

"If you want to speculate that bitcoin is heading higher, buy some," concluded Weil. "To go long MicroStrategy’s stock is to wager that bizarrely inefficient markets will become even more so."

「如果你想推測比特幣會走高，那就買一些，」韋爾總結道。 “做多 MicroStrategy 的股票就是押注低效的市場將會變得更加低效。”

MicroStrategy last reported adding 243,305 bitcoin to its holdings in June, at an average price of $37,617. The company said at the time that it had sold $1.07 billion in Class A common stock.

MicroStrategy 最近報告稱，其 6 月增持了 243,305 枚比特幣，平均價格為 37,617 美元。該公司當時表示，已出售價值 10.7 億美元的 A 類普通股。

MicroStrategy began adding bitcoin to its balance sheet in August 2020, and had purchased a total of 430,757 BTC, at an average price of $27,713, through June.

MicroStrategy 於 2020 年 8 月開始將比特幣添加到其資產負債表中，截至 6 月份，總共購買了 430,757 枚比特幣，平均價格為 27,713 美元。

The company said in April that it had applied for an exchange-traded fund (ETF) that would hold bitcoin and other digital assets, in a move that would mark the entry of a major crypto miner into the U.S. ETF market.

該公司於 4 月表示，已申請設立一隻持有比特幣和其他數位資產的交易所交易基金（ETF），此舉標誌著一家主要的加密貨幣礦商進入美國 ETF 市場。

Shares of MicroStrategy are up more than 3,500% since Saylor began buying bitcoin in August 2020.

自 Saylor 於 2020 年 8 月開始購買比特幣以來，MicroStrategy 的股價已上漲超過 3,500%。