儘管完成了 30 億美元的比特幣 (BTC) 發行，MicroStrategy (MSTR) 股價仍暴跌 25%

儘管此次發行完成，標誌著該公司正在進行的比特幣收購策略的一個重要里程碑，但股價還是出現了下跌。

Business intelligence firm MicroStrategy (NASDAQ:MSTR) has completed a secondary offering of $3 billion in 0% convertible senior notes, marking a significant step in its ongoing strategy to ramp up Bitcoin (CRYPTO:BTC) acquisitions.

商業情報公司 MicroStrategy（NASDAQ：MSTR）已完成 30 億美元的 0% 可轉換優先票據二次發行，標誌著其持續加大比特幣（CRYPTO：BTC）收購策略的重要一步。

The offering, which began on November 18 with a target of $1.75 billion, saw strong demand, leading to two upsizes to finally reach the $3 billion mark.

此次發行於 11 月 18 日開始，發行目標為 17.5 億美元，需求強勁，導致規模兩度擴大，最終達到 30 億美元大關。

The notes carry a 55% premium, translating to an implied strike price of roughly $672. Bondholders are granted the option to convert their notes into MicroStrategy class A common stock at this predetermined price.

這些票據具有 55% 的溢價，意味著隱含的執行價格約為 672 美元。債券持有人有權以此預定價格將其票據轉換為 MicroStrategy A 類普通股。

If the notes are not converted before maturity, they will be redeemed at face value. Notably, these notes do not pay regular interest, unlike traditional debt instruments.

如果票據在到期前未轉換，則將按面值贖回。值得注意的是，與傳統債務工具不同，這些票據不定期支付利息。

However, they hold “senior” status, which grants bondholders priority over common stockholders in case of bankruptcy or liquidation.

然而，他們擁有「優先」地位，在破產或清算的情況下，債券持有人比普通股股東享有優先權。

Bitcoin僚友を目指すマイクロストラテジー、0%転換債30億ドルを発行へ

MicroStrategy 旨在成為比特幣盟友，發行 30 億美元的 0% 可轉換債券

If MicroStrategy allocates the full $3 billion raised from the offering to Bitcoin purchases, it could acquire approximately 30,600 BTC, based on current prices.

如果 MicroStrategy 將此次發行籌集的 30 億美元全部分配給比特幣購買，則根據當前價格，它可以購買約 30,600 BTC。

This move would further solidify MicroStrategy's position as the public company with the largest Bitcoin holdings.

此舉將進一步鞏固 MicroStrategy 作為擁有最大比特幣持有量的上市公司的地位。

As of the latest available data, MicroStrategy holds 331,200 BTC, valued at over $32.7 billion, according to the Saylor Tracker, named after Executive Chairman Michael Saylor.

根據以執行主席 Michael Saylor 命名的 Saylor Tracker，截至最新可用數據，MicroStrategy 持有 331,200 BTC，價值超過 327 億美元。

This immense reserve places MicroStrategy well ahead of other public companies in Bitcoin holdings.

這一巨大的儲備使 MicroStrategy 在比特幣持有量方面遠遠領先其他上市公司。

Cirtron reveals hedged short on MSTR stock after 'record' volume day

Cirtron 透露，在「創紀錄」成交量日後，對 MSTR 股票進行對沖空頭

Following the offering announcement, MicroStrategy shares experienced a significant dip.

發行公告發布後，MicroStrategy 股價大幅下跌。

Among those reacting to the move was Cirtron Research, which revealed a hedged short position on the stock.

Cirtron Research 是對此做出反應的公司之一，該公司披露了對該股的對沖空頭寸。

The firm argued that MSTR shares had become “overheated,” and their volume was “completely detached from Bitcoin fundamentals.”

該公司辯稱，MSTR 股票已經“過熱”，其交易量“完全脫離了比特幣基本面”。

"We are short MSTR in a hedged manner and believe the stock will continue to trade lower as the dust settles on the new capital raise and the market realizes that MSTR is a low-quality way to gain exposure to BTC,” Cirtron said in a note.

Cirtron 在聲明中表示：「我們以對沖方式做空MSTR，並相信隨著新一輪融資的塵埃落定，以及市場意識到MSTR 是一種低品質的投資BTC 的方式，該股將繼續走低。

"After a record volume day yesterday, MSTR is up another 10% premarket, while Bitcoin is trading flat,” the firm added.

該公司補充道：“繼昨天創下成交量紀錄後，MSTR 盤前又上漲了 10%，而比特幣則持平。”

"This detachment from Bitcoin fundamentals is unsustainable, and we believe MSTR will ultimately follow the path of other low-quality 'Bitcoin僚友' stocks."

“這種與比特幣基本面的脫離是不可持續的，我們相信 MSTR 最終將重蹈其他低品質‘比特幣同行’股票的覆轍。”

Despite the volatility and Cirtron's bearish view, MSTR remains one of the top-performing U.S. stocks of 2024, with a year-to-date gain of 480%.

儘管存在波動且 Cirtron 持悲觀觀點，MSTR 仍然是 2024 年表現最好的美國股票之一，年初至今漲幅達 480%。

On November 20, it was the second most-traded stock in the U.S., as investors grappled with the pros and cons of gaining Bitcoin exposure through MicroStrategy.

11 月 20 日，隨著投資者努力思考透過 MicroStrategy 獲得比特幣投資的利弊，它成為美國交易量第二大的股票。

The firm also played a key role in driving record trading volumes in the “Bitcoin Industrial Complex” on November 21.

該公司還在 11 月 21 日推動「比特幣工業園區」交易量創紀錄方面發揮了關鍵作用。

The complex, which includes U.S. spot Bitcoin ETFs and Bitcoin-related equities like Coinbase (NYSE:COIN) and MSTR, generated an unprecedented $70 billion in trading activity.

該綜合體包括美國現貨比特幣 ETF 以及 Coinbase (NYSE:COIN) 和 MSTR 等比特幣相關股票，產生了前所未有的 700 億美元交易活動。

Bitcoin price closes in on $100K as MicroStrategy completes $3B secondary offeringBitcoin is currently trading at $99,423 — just shy of the $100,000 mark, according to Brave New Coin data.

隨著 MicroStrategy 完成 30 億美元的二次發行，比特幣價格接近 10 萬美元 根據 Brave New Coin 的數據，比特幣目前的交易價格為 99,423 美元，略低於 10 萬美元大關。

The cryptocurrency has experienced a stellar run in 2024, surging over 85% year-to-date and hitting new all-time highs along the way.

這種加密貨幣在 2024 年經歷了輝煌的表現，年初至今飆升了 85% 以上，一路創下歷史新高。

As Bitcoin approaches this pivotal price point, traders and investors are keeping a close eye on the markets, eagerly awaiting the next chapter in Bitcoin's remarkable journey.

隨著比特幣接近這個關鍵價格點，交易員和投資者正在密切關注市場，熱切等待比特幣非凡旅程的下一章。