隨著比特幣財政部策略的表現突飛猛進，MicroStrategy (MSTR) 股價飆升

總部位於維吉尼亞州的 MicroStrategy Incorporated (MSTR) 成立於 1989 年，為全球企業和政府提供人工智慧驅動的分析軟體和雲端解決方案。

Bitcoin (BTCUSD) has had an incredible 2024, surging 110% on a year-to-date basis, outpacing the S&P 500 Index ($SPX) and the Nasdaq Composite Index ($NASX). This rally is fueled by President-elect Donald Trump's support for crypto, his plans to build a strategic BTC reserve, and his nomination of cryptocurrency advocate Paul Atkins to head the SEC. A more crypto-friendly regulatory landscape and the launch of Bitcoin ETF options further boosted confidence. The surge to over $100,000 marks a key milestone, cementing Bitcoin’s place in the financial world. However, its notorious volatility remains a risk.

比特幣 (BTCUSD) 度過了令人難以置信的 2024 年，年初至今飆升 110%，超過了標準普爾 500 指數 ($SPX) 和納斯達克綜合指數 ($NASX)。當選總統唐納德·川普對加密貨幣的支持、他建立戰略性比特幣儲備的計劃以及他提名加密貨幣倡導者保羅·阿特金斯擔任美國證券交易委員會主席都推動了這一漲勢。更有利於加密貨幣的監管環境和比特幣 ETF 選擇權的推出進一步提振了信心。飆升至超過 10 萬美元標誌著一個重要的里程碑，鞏固了比特幣在金融界的地位。然而，其臭名昭著的波動性仍然是一個風險。

Amid this surge, software firm MicroStrategy (MSTR) has continued its transformation into a Bitcoin-acquiring powerhouse and is now the largest corporate holder of the digital currency. MicroStrategy owns 439,002 bitcoins as of Dec. 16, 2024.

在這一浪潮中，軟體公司 MicroStrategy (MSTR) 繼續轉型為比特幣收購巨頭，目前是數位貨幣的最大企業持有者。截至 2024 年 12 月 16 日，MicroStrategy 擁有 439,002 枚比特幣。

Meanwhile, short interest in crypto stocks is rising sharply, and many speculate that MSTR is primed for a short squeeze. Analysts predict the short squeeze could further drive a rally, as short sellers may be forced to exit their bearish positions, opening the door for substantial upside for investors.

同時，對加密貨幣股票的空頭興趣急劇上升，許多人猜測 MSTR 已準備好進行空頭擠壓。分析師預測，空頭擠壓可能會進一步推動漲勢，因為賣空者可能被迫退出看跌頭寸，為投資人大幅上漲打開大門。

Additionally, as MicroStrategy joins the Nasdaq-100 on Dec. 23, 2024, it triggers a mandatory capital inflow from large investors. This move, attracting nearly $11 million in retail investor inflows, strengthens the case for MSTR's potential growth - catching short sellers off guard and triggering a squeeze.

此外，隨著 MicroStrategy 於 2024 年 12 月 23 日加入納斯達克 100 指數，引發了大型投資者的強制資本流入。此舉吸引了近 1,100 萬美元的散戶投資者流入，增強了 MSTR 潛在成長的理由，令賣空者措手不及並引發緊縮。

About MicroStrategy Stock

關於 MicroStrategy 股票

Virginia-based MicroStrategy Incorporated (MSTR), founded in 1989, offers AI-powered analytics software and cloud solutions for businesses and governments worldwide. Known for its MicroStrategy ONE platform and Bitcoin holdings, the company serves diverse industries, including finance, healthcare, and government.

總部位於維吉尼亞州的 MicroStrategy Incorporated (MSTR) 成立於 1989 年，為全球企業和政府提供人工智慧驅動的分析軟體和雲端解決方案。該公司以其 MicroStrategy ONE 平台和比特幣持有而聞名，為金融、醫療保健和政府等多個行業提供服務。

MicroStrategy has been on a tear in 2024, emerging as one of the year's biggest winners. Once a software company, it is now a hybrid tech-investment powerhouse, with Bitcoin as its backbone. As the largest corporate holder of Bitcoin, MSTR has skyrocketed 440% over the past 52 weeks, with a blistering 123% surge in just the past three months. Investors have embraced the pivot, fueling the stock's meteoric rise.

MicroStrategy 在 2024 年表現出色，成為今年最大的贏家之一。它曾經是一家軟體公司，現在是一家以比特幣為支柱的混合科技投資巨頭。作為比特幣最大的企業持有者，MSTR 在過去 52 週內飆升了 440%，僅在過去三個月內就飆升了 123%。投資者已經接受了這一轉變，推動了該股的迅速上漲。

From a valuation standpoint, MSTR stock is priced at 157.65 times forward sales, a premium to cryptocurrency exchange Coinbase Global, Inc. (COIN) and payment services company Block, Inc. (SQ).

從估值角度來看，MSTR 股票的定價為遠期銷售額的 157.65 倍，高於加密貨幣交易所 Coinbase Global, Inc. (COIN) 和支付服務公司 Block, Inc. (SQ)。

MicroStrategy's Q3 Performance

MicroStrategy 第三季業績

MicroStrategy's Q3 earnings on Oct. 30 painted a mixed picture. Revenue fell 10.3% year over year to $116.1 million, while its net loss widened to $1.72 per share, missing estimates. Subscription services revenue rose 32.5% to $27.8 million, but product licenses and support revenues declined. The company’s struggle with profitability continues, highlighting challenges in balancing growth and operational efficiency. Operating expenses skyrocketed 300% to $514.3 million, largely due to impairment losses on digital assets, leaving the company with a cash balance of $46.3 million.

MicroStrategy 10 月 30 日發布的第三季財報描繪了一幅喜憂參半的景象。營收年減 10.3% 至 1.161 億美元，淨虧損擴大至每股 1.72 美元，低於預期。訂閱服務收入成長 32.5%，達到 2,780 萬美元，但產品授權和支援收入下降。該公司在獲利能力方面的鬥爭仍在繼續，凸顯了平衡成長和營運效率的挑戰。營運費用飆升 300% 至 5.143 億美元，主要是由於數位資產減損損失，導致公司現金餘額為 4,630 萬美元。

The highlight of Q3 was MicroStrategy’s Bitcoin holdings, which grew to 252,220 BTC within the quarter, valued at $9.9 billion as of Oct. 29. Despite this, investors remain wary about the company’s funding sources. To fuel its Bitcoin acquisition spree, MicroStrategy sold 8 million Class A shares, raising $1.1 billion, and doubled its net long-term debt to $4.3 billion. This aligns with its ambitious "21/21 Plan," which aims to raise $21 billion in equity and debt each to further bolster its Bitcoin reserves.

第三季的亮點是 MicroStrategy 的比特幣持有量，該季度內增至 252,220 BTC，截至 10 月 29 日價值 99 億美元。為了推動比特幣收購熱潮，MicroStrategy 出售了 800 萬股 A​​ 類股票，籌集了 11 億美元，並將其淨長期債務增加了一倍，達到 43 億美元。這與其雄心勃勃的「21/21 計畫」一致，該計畫旨在籌集 210 億美元的股本和債務，以進一步增強其比特幣儲備。

MicroStrategy’s Bitcoin-focused strategy has been a double-edged sword. On one hand, it has catapulted the company’s stock performance, securing its spot in the Nasdaq-100 and benefiting from tax advantages tied to Bitcoin impairments. Its $3 billion convertible bond issuance at a 0% coupon provided interest-free capital for additional Bitcoin purchases, further leveraging its position. However, the heavy concentration in a single volatile asset poses significant risks. A steep Bitcoin price decline could derail its strategy, strain its liquidity, and undermine stock performance.

MicroStrategy 以比特幣為中心的策略是一把雙面刃。一方面，它提振了該公司的股票表現，確保了在納斯達克 100 指數中的地位，並受益於與比特幣減損相關的稅收優惠。其以 0% 票面發行的 30 億美元可轉換債券為額外購買比特幣提供了無息資本，進一步利用了其地位。然而，高度集中在單一波動性資產會帶來重大風險。比特幣價格急劇下跌可能會使其策略脫軌，流動性緊張，並損害股票表現。

The company’s transformation from a software firm to a “Bitcoin Treasury Company” underscores its commitment to this singular path. However, sidelining its core software business amplifies its reliance on Bitcoin’s price trajectory. The use of convertible debt also introduces risks; falling stock prices could force MicroStrategy to raise capital to repay debt principal, creating potential liquidity challenges.

該公司從一家軟體公司轉型為“比特幣財務公司”，凸顯了其對這條獨特道路的承諾。然而，其核心軟體業務的邊緣化加劇了其對比特幣價格軌蹟的依賴。使用可轉換債券也會帶來風險；股價下跌可能迫使 MicroStrategy 籌集資金以償還債務本金，從而造成潛在的流動性挑戰。

Despite

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