MicroStrategy（MSTR）分享了SOAR的4.42％，因為投資者押注公司大膽的比特幣（BTC）策略

擁有令人印象深刻的528,185 BTC，戰略已將自己變成了公司加密貨幣採用者的強大作用

Strategy (MSTR) stock soared 4.42% to reach $301 in Tuesday’s trading session, hitting a high of $307.60. The stock has seen a remarkable surge of over 2,500% in the last five years, largely driven by the company’s bold Bitcoin (BTC) strategy.

戰略（MSTR）股票飆升了4.42％，在周二的交易會中達到301美元，達到307.60美元。在過去五年中，該股票的增長超過2,500％，這在很大程度上是由公司大膽的比特幣（BTC）戰略驅動的。

Known for accumulating an impressive 528,185 BTC, Strategy has become a powerhouse among corporate cryptocurrency adopters. To fund this massive accumulation, Strategy has been issuing common shares and preferred stock, showcasing its dedication to amassing Bitcoin as a core treasury asset.

戰略以累積令人印象深刻的528,185 BTC而聞名，已成為公司加密貨幣採用者的強大作用。為了資助這一大規模積累，戰略一直在發行普通股和優先股，展示了將比特幣作為核心財政資產的奉獻精神。

Just last week, Strategy raised $711 million through its STRF preferred stock series, adding to the $18.6 billion already collected from its $21 billion at-the-market common share program. This demonstrates the company’s relentless pace in its funding efforts.

就在上週，戰略通過其STRF優先股系列籌集了71.1億美元，增加了從其210億美元的市場普通股計劃中收取的186億美元。這表明了公司在其資助工作中的不懈速度。

However, not everyone is convinced that this trajectory will hold. Monness Crespi analyst Gus Gala downgraded MSTR to a ‘Sell’ rating, setting a $220 price target, which implies nearly 29% downside from its current level of $307.

但是，並不是每個人都相信這種軌跡會保持。 Monness Crespi分析師Gus Gala將MSTR降級為“賣出”評級，設定了220美元的目標目標，這意味著從目前的307美元水平降低了近29％的缺點。

Gala’s skepticism arises from his belief that Strategy’s heavy reliance on share issuance may soon hit a wall. Having already utilized $18.6 billion of its $21 billion capacity for common shares, Strategy’s ability to keep raising funds this way is nearing its limit, especially after a shift away from convertible debt following his ‘Neutral’ coverage initiation two weeks ago.

慶祝活動的懷疑是由於他的信念，即戰略對發行股的嚴重依賴可能很快撞到了牆。策略已經利用了其210億美元的普通股產能中的186億美元，以這種方式籌集資金的能力接近其限制，尤其是在兩週前從“中性”覆蓋範圍開始後從可轉換債務轉移後。

Unless Strategy pivots more toward fixed-income securities, his analysis suggests that the company’s Bitcoin treasury approach could fall, and the market may grow tired of the constant equity dilution.

除非戰略更向固定收益證券透明，否則他的分析表明，該公司的比特幣國庫方法可能會下降，市場可能會厭倦了持續的股權稀釋。

With 528,185 BTC on its balance sheet, Strategy’s strategy depends on maintaining access to capital, a dynamic that could either cement the company’s dominance or expose it to new risks as funding avenues evolve.output: Still holding a Neutral rating on MSTR, Gala sees potential for further downside as the stock has shot up an impressive 1,030% during his coverage period.

策略的策略憑藉其資產負債表上的528,185 BTC，策略取決於維持資本的機會，這種動態可以鞏固該公司的統治地位，或者隨著資金途徑的發展，可以鞏固該公司的統治地位，或者將其暴露於新的風險中。出口：在MSTR上仍然具有中性評級，Gala在MSTR上保持了股票的潛力，因為在他的銷售期間，股票的銷量具有進一步的下降，因此在他的覆蓋範圍內獲得了令人印象深刻的1,030％的覆蓋範圍。

This brings his price target to $220, which is significantly lower than the current level of around $307. However, it’s worth noting that the analyst had previously set a price target of $400 to reflect his belief in the potential for a move to $500 in the intermediate term.

這使他的價格目標達到220美元，大大低於目前的307美元左右。但是，值得注意的是，分析師此前曾將目標目標定為400美元，以反映出他對在中級期間搬到500美元的可能性的信念。

In his analysis two weeks ago, Gala initiated coverage of Strategy with a Neutral rating and a price target of $400. He highlighted the company’s unique treasury strategy, which involves using capital raised through share offerings to invest in Bitcoin.

在兩週前的分析中，晚會開始覆蓋戰略，中性評級為400美元。他強調了該公司獨特的國庫策略，該戰略涉及使用通過共享產品籌集的資本來投資比特幣。

“We believe that the company’s ability to raise capital is nearing its limit, especially after shifting away from convertible debt in our Neutral initiation two weeks ago. Unless MSTR pivots more toward fixed-income securities, we think this treasury strategy could fall apart, and the market may grow weary of the constant equity dilution,” Gala explained.

“我們認為，公司籌集資金的能力正在接近其限制，尤其是在兩週前從中性啟動中轉移了可轉換債務的能力。除非MSTR更多地向固定收益證券轉移，否則我們認為該國庫策略可能會崩潰，市場可能會越來越疲倦，持續債權稀釋，” Gala解釋說。

As of the last report, Strategy had already utilized $18.6 billion of its $21 billion at-the-market common share program and had no outstanding convertibles.

截至上次報告，戰略已經利用了其210億美元的市場普通股計劃中的186億美元，並且沒有出色的敞篷車。

Moreover, the analyst noted that Strategy’s stock price has soared, outperforming the broader markets and other stocks in his coverage.

此外，分析師指出，策略的股價已經飆升，在他的承保範圍內表現出色。

“In the past five years, MSTR has risen over 2,500% compared to the S&P 500’s 170% return and an average gain of 500% among the 20 stocks we rate. This performance is a testament to the company’s successful treasury strategy and the strong investor interest in Bitcoin,” he added.

他補充說：“在過去的五年中，與標準普爾500指數的170％回報相比，MSTR上升了2500％以上，在我們利率的20股股票中，平均收益為500％。這種績效證明了該公司成功的國庫策略和對比特幣的強大投資者興趣。”

In other news, Strategy will be reporting its second-quarter earnings on Thursday, and the analyst will be particularly focused on the company’s plans for further capital raising in the second half of 2023. Any shift in Strategy’s preferred mode of capital raising will be crucial for determining the sustainability of its Bitcoin treasury strategy.

在其他新聞中，戰略將在周四舉報其第二季度收益，分析師將特別關注該公司在2023年下半年進一步籌集資金的計劃。戰略首選的資本籌集方式的任何轉變對於確定其比特幣庫庫策略的可持續性至關重要。

Stay tuned to Benzinga for more coverage of the MSTR stock.

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