MicroStrategy (MSTR) 完成 30 億美元的 0% 可轉換優先票據發行，將於 2029 年 12 月到期，以購買更多比特幣

谷歌財經數據顯示，這家商業智慧公司在 11 月 21 日股價回撤超過 25% 時宣布了這項交易的完成。

Business intelligence firm MicroStrategy (MSTR) has completed a $3 billion offering of 0% convertible senior notes due in December 2029, with plans to use a portion or all of the proceeds to buy more Bitcoin.

商業情報公司 MicroStrategy (MSTR) 已完成 30 億美元的 0% 可轉換優先票據發行，將於 2029 年 12 月到期，並計劃使用部分或全部收益購買更多比特幣。

The convertibles come at a 55% premium with an implied strike price of around $672 — a predetermined price at which an option holder can buy or sell MicroStrategy’s class A common stock.

這些可轉換債券的溢價為 55%，隱含執行價格約為 672 美元，這是選擇權持有人可以買賣 MicroStrategy 的 A 類普通股的預定價格。

The 0% senior convertible note means it will not pay regular interest to bondholders. These convertibles are sold at a discount and will instead mature to face value if they are not converted prior to the maturity date.

0%的高級可轉換票據意味著它不會向債券持有人支付定期利息。這些可轉換債券以折扣價出售，如果在到期日之前未轉換，則將按面值到期。

They’re also “senior” to common stock in the sense that holders have priority in the event of bankruptcy or liquidation.

它們也比普通股“優先”，因為持有人在破產或清算時擁有優先權。

The offering follows MicroStrategy’s Nov. 18 announcement to raise $1.75 billion at 0% interest, which was then increased to $2.6 billion on Nov. 20.

在此之前，MicroStrategy 於 11 月 18 日宣布以 0% 的利率籌集 17.5 億美元，隨後於 11 月 20 日增加到 26 億美元。

The offerings are part of MicroStrategy’s bold plans to raise $42 billion in the next three years to stack more Bitcoin under its “21/21” plan — consisting of $21 billion in equity and $21 billion in fixed-income securities.

這些發行是MicroStrategy 大膽計畫的一部分，該計畫將在未來三年內籌集420 億美元，以根據其「21/21」計畫累積更多比特幣，該計畫包括210 億美元的股本和210 億美元的固定收益證券。

MicroStrategy currently holds 331,200 Bitcoin BTC $98,462 worth over $32.7 billion — the most of any public company, according to Saylor Tracker.

根據 Saylor Tracker 的數據，MicroStrategy 目前持有 331,200 個比特幣（約 98,462 美元），價值超過 327 億美元，是所有上市公司中最多的。

MicroStrategy’s latest $3 billion offering brings the total raised in recent weeks to a record $7.1 billion.

MicroStrategy 最新的 30 億美元發行使最近幾週的融資總額達到創紀錄的 71 億美元。

The offering is also the largest ever 0% coupon convertible bond offering in the U.S. high-yield market, according to Sells.

塞爾斯表示，此次發行也是美國高收益市場有史以來規模最大的零息可轉換債券發行。

MicroStrategy shares fell over 25% from its highest point of $536.7 to $397.28 when the closing bell rang on Nov. 21.

11 月 21 日收盤鐘響時，MicroStrategy 股價從最高點 536.7 美元下跌超過 25% 至 397.28 美元。

MSTR’s change in share price on Nov. 21, including a 5.3% recovery in after-hours trading. Source: Google Finance

MSTR 11 月 21 日股價變化，盤後交易中回升 5.3%。資料來源：Google財經

The fall came as Cirtron Research revealed it hedged a short position on MSTR, suggesting MSTR shares have become “overheated and that its volume has “completely detached from BTC fundamentals.”

下跌之際，Cirtron Research 透露，它對沖了 MSTR 的空頭頭寸，這表明 MSTR 的股票已經“過熱”，其交易量“完全脫離了 BTC 基本面”。

MSTR is still one of the best performers in the U.S. markets in 2024, up 480% year-to-date.

到 2024 年，MSTR 仍然是美國市場表現最好的股票之一，年初至今成長了 480%。

It was the second most-traded stock in the U.S. on Nov. 20 as more investors weighed up the bull case and risks of Bitcoin exposure through MSTR.

隨著越來越多的投資者透過 MSTR 權衡牛市情況和比特幣風險，該股成為 11 月 20 日美國交易量第二大的股票。

MicroStrategy’s firm contributed to a record-setting $70 billion trading volume on Nov. 21 from the “Bitcoin Industrial Complex” — consisting of U.S. spot Bitcoin exchange-traded funds and Bitcoin-related stocks like MSTR and Coinbase (COIN).

11 月21 日，MicroStrategy 的公司為「比特幣工業複合體」創造了創紀錄的700 億美元交易量，該綜合體由美國現貨比特幣交易所交易基金以及MSTR 和Coinbase (COIN) 等比特幣相關股票組成。

Bitcoin is currently priced at $98,423 — about 1.5% off cracking the $100,000 milestone, CoinGecko data shows.

CoinGecko 數據顯示，比特幣目前價格為 98,423 美元，比突破 10 萬美元里程碑時便宜約 1.5%。

Magazine: Bitcoin dominance will fall in 2025: Benjamin Cowen, X Hall of Flame

雜誌：比特幣的主導地位將於 2025 年下降：Benjamin Cowen，X Hall of Flame

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