MicroStrategy（MSTR）面臨對其比特幣採集策略的審查

根據一份新的分析師報告，戰略公司（以前稱為MicroStrategy）正在面臨其繼續其積極的比特幣獲取策略的能力的審查。

TLDR; Strategy Inc., formerly known as MicroStrategy, is facing scrutiny about its ability to continue its aggressive Bitcoin acquisition strategy, according to a new analyst report.

tldr;根據一份新的分析師報告，戰略公司（以前稱為MicroStrategy）正在面臨其繼續其積極的比特幣獲取策略的能力的審查。

The company, which holds over 528,000 Bitcoin valued at approximately $44 billion, saw its stock downgraded to "Sell" by Monness, Crespi, Hardt & Co. analyst Gus Gala.

該公司持有超過528,000個比特幣，價值約440億美元，其股票被Monness，Crespi，Hardt＆Co。分析師Gus Gala降級為“賣出”。

Gala set a price target of $220 for MSTR shares, suggesting nearly 30% downside from current trading levels around $300. This comes just two weeks after the firm initiated coverage with a "Neutral" rating.

晚會的目標股價為220美元的MSTR股價，這表明目前的交易水平近300美元的價格近30％。這是在公司開始覆蓋“中性”評級兩週後才出現的。

The analyst's main concern centers on Strategy's funding mechanisms. The company has purchased Bitcoin almost weekly for months, using common share issuance and preferred stock sales.

分析師的主要關注點是戰略資金機制。該公司使用普通股發行和首選股票銷售購買了幾個月的每週比特幣。

"While we were negative on several respects upon initiation, we have gained incremental confidence that the convertible issuance strategy is likely tapped," Gala wrote in his report.

Gala在他的報告中寫道：“儘管我們在啟動時對幾個方面都是負面的，但我們對可轉換發行策略的信心逐漸增強。”

The report notes that Strategy has already used $18.6 billion of its $21 billion common share at-the-market offering. The company also recently raised another $711 million through STRF, its second series of preferred stock.

該報告指出，策略已經使用了其210億美元的公共股票中的186億美元。該公司最近還通過第二系列優先股STRF籌集了71.1億美元。

Gala argues that Strategy will face increasing difficulty raising money through share issuance. This could force the company to rely more heavily on fixed income vehicles.

晚會認為，戰略將面臨越來越多的困難，難以通過股票發行籌集資金。這可能會迫使公司更嚴重地依靠固定收益車輛。

"If fixed income securities do not become a greater portion of issuance, the BTC treasury strategy will look increasingly challenged," according to the analyst.

該分析師說：“如果固定收益證券不會成為發行的更大部分，那麼BTC國庫策略將越來越挑戰。”

Not all analysts share this bearish outlook. TD Cowen's Lance Vitanza maintained a "Buy" rating on Strategy shares with a $550 price target - more than double Gala's estimate.

並非所有分析師都分享這種看跌的前景。 TD Cowen的Lance Vitanza對戰略股票的“買入”評級為550美元，價格超過雙慶式的估計。

Vitanza views Strategy's recent financial maneuvers positively. He highlighted the company's new fixed income instrument as a strategic move to accelerate Bitcoin purchases.

維坦扎（Vitanza）對策略的最新財務操作產生了積極的看法。他強調了該公司的新固定收益工具是加速比特幣購買的戰略舉動。

"The issuance of non-convertible preferred shares allows Strategy to advance its Bitcoin acquisition strategy," Vitanza noted. This approach appeals particularly to investors bullish on Bitcoin.

Vitanza指出：“發行非轉換優先股允許策略推進其比特幣的獲取策略。”這種方法特別吸引投資者對比特幣的看漲。

The TD Cowen analyst expects Strategy to finance dividends on its new preferred shares mainly through common equity issuance. He sees the transaction as a way to "front-load" Bitcoin purchases that would otherwise happen quarterly over multiple years.

TD Cowen分析師預計戰略將主要通過共同股權發行為其新優先股提供股息。他認為這筆交易是“前負載”比特幣購買的一種方式，這些比特幣購買本來可以在每季度每季度進行多年。

Bitcoin Strategy

比特幣策略

Strategy's Bitcoin holdings continue to grow despite these funding concerns. The company recently acquired 22,048 additional Bitcoins at a cost of approximately $1.92 billion.

儘管存在這些資金，策略的比特幣持有量仍在不斷增長。該公司最近收購了22,048個比特幣，成本約為19.2億美元。

This purchase brings Strategy's total holdings to 528,185 Bitcoin, acquired at an average price of $67,458 per Bitcoin. The company funded these acquisitions through proceeds from its Common ATM and STRK ATM programs.

這次購買將策略的總持股量提高到528,185比特幣，平均每比特幣的平均價格為67,458美元。該公司通過其普通ATM和Strk ATM計劃的收益資助了這些收購。

From March 24 to March 30, 2025, Strategy sold 3,645,528 MSTR shares and 213,807 STRK shares. These sales generated net proceeds of $1.20 billion and $18.52 million, respectively.

從2025年3月24日至3月30日，戰略出售了3,645,528股MSTR股和213,807股Strk股票。這些銷售產生的淨收益分別為1.2億美元和1,852萬美元。

The company also introduced a new class of capital stock - the 10.00% Series A Perpetual Strife Preferred Stock. It issued 8.5 million shares as part of a public offering.

該公司還推出了新的資本股票 - 10.00％系列A永久性爭吵的首選股票。作為公開發行的一部分，它發行了850萬股股票。

Strategy's approach has produced remarkable returns for long-term investors. MSTR shares have soared over 2,500% in the past five years, reflecting Bitcoin's rising value.

戰略的方法為長期投資者帶來了驚人的回報。在過去五年中，MSTR股票飆升了2,500％以上，反映了比特幣的上升價值。

However, the competing analyst views highlight the uncertainty surrounding Strategy's future. The company's current ratio of 0.71, according to InvestingPro data, suggests potential challenges in meeting short-term obligations.

但是，競爭分析師認為，圍繞戰略未來的不確定性。根據InvestingPro數據，該公司的當前比率為0.71，這表明在履行短期義務方面存在潛在的挑戰。

Bernstein SocGen Group provides yet another perspective. They maintain an "Outperform" rating on Strategy with a $600 price target, citing the company's strategic capital structure and expanded Bitcoin holdings.

Bernstein Socgen Group提供了另一種觀點。他們以600美元的價格目標維持對戰略的“跑贏大盤”評級，理由是該公司的戰略資本結構並擴大了比特幣持有量。

Strategy, originally founded as an enterprise software company in 1989, is now widely viewed as a leveraged play on Bitcoin. Including debt, the company is valued at approximately $90 billion today.

策略最初於1989年成立為企業軟件公司，現在被廣泛視為比特幣上的槓桿作用。包括債務在內，該公司的價值約為900億美元。

The stock's future depends largely on two factors: Bitcoin's price performance and Strategy's ability to sustain its funding model for continued acquisitions.

股票的未來在很大程度上取決於兩個因素：比特幣的價格績效和戰略維持其持續收購資金模型的能力。