MicroStrategy 一直透過出售股票和承擔新債務的方式為其購買 BTC 融資。 11 月 18 日，MicroStrategy 宣布計劃再籌集 17.5 億美元的新債務（可能追加至 20 億美元）。
MicroStrategy’s (NASDAQ:MSTR) plan to buy every BTC token in existence is facing competition from other companies that no longer wish to do what they originally set up to do. On November 11, MicroStrategy announced that it had purchased an additional 27,200 BTC tokens between October 31 and November 10. The bill for this mega-purchase was just over US$2 billion, with an average price paid per token of $74,463. Just one week later, Michael Saylor’s company announced that it had purchased a further 51,780 BTC at an average price of $88,627 for a total cost of $4.6 billion—its biggest buy to date. The sprees pushed the company’s total BTC hoard to 331,200—nearly 1.6% of all the BTC that will ever be—with an average purchase price of $49,874. On November 19, BTC briefly flirted with yet another all-time high of ~$94,000, spurred by the election of Donald Trump to a second presidential term and hopes of a regulatory reprieve from the annoying stuff that other financial sectors call rules. MicroStrategy has been financing its BTC purchases via a mix of selling stock and taking on new debt. On November 18, MicroStrategy announced plans to raise another $1.75 billion in new debt (with a potential top-up to $2 billion). With MicroStrategy’s share price also hitting new highs—closing above $430 on November 19, around 8x where the shares were at this time last year—Saylor is clearly feeling cocky, as these new convertible notes will pay interest of 0%. In other words, buyers will effectively be betting that the company’s stock will continue to rise based solely on its BTC holdings. Otherwise, there’s no benefit. MicroStrategy recently pledged to raise $42 billion over the next three years to buy even more BTC. Considering that (a) his company has purchased $6.6 billion worth of BTC in less than three weeks and (b) the average per-token prices of these purchases vs. the current price, Saylor may well be the sole source of the hot air currently inflating BTC’s balloon. Also, recall that MicroStrategy’s data analytics business—the thing it was set up to do—remains a money loser, adding another $18.5 million in red ink during the third quarter of 2024. One suspects Saylor no longer cares and will only maintain this data analytics façade until it no longer suits his tax purposes. MicroStrategy’s market cap is now 2.5x the value of its BTC holdings, making it a pseudo-exchange traded fund (ETF) that doesn’t grant shareholders any claim on the company’s BTC. And yet institutions like Bank of America, Goldman Sachs (NASDAQ:GS), Morgan Stanley (NASDAQ:MS), Vanguard Group, and Capital International Investors are snapping up MSTR shares by the millions. Given that every new BTC bulk buy pushes MicroStrategy’s average token purchase price higher, coupled with BTC’s proven history of shedding 50% or more of its fiat value in a matter of months, the company—not to mention its shareholders—is taking a major gamble here. Should BTC crash hard (again), Saylor might find, to his chagrin, that he is the market and there’s no one to sell to on the way down. One other thing: Saylor remains MSTR’s largest shareholder, but the recent sales have pushed his control of aggregate voting power below 50%. Saylor alluded to this reality in MSTR’s Q3 earnings report but insisted that “there’s nothing that we’re going to do that [other shareholders are] not going to want us to do.” Maybe, but just wait until the next time BTC tanks and Saylor proposes issuing more debt to ‘buy the dip.’
MicroStrategy（納斯達克股票代碼：MSTR）購買現有所有 BTC 代幣的計劃面臨其他公司的競爭，這些公司不再希望做他們最初打算做的事情。 11 月11 日，MicroStrategy 宣佈在10 月31 日至11 月10 日期間額外購買了27,200 個BTC 代幣。美元。僅僅一週後，Michael Saylor 的公司宣布以 88,627 美元的平均價格進一步購買了 51,780 枚 BTC，總成本達 46 億美元，這是迄今為止最大的一筆收購。這些瘋狂購買使該公司的 BTC 總儲備達到 331,200 枚，幾乎佔 BTC 總量的 1.6%，平均購買價格為 49,874 美元。 11 月 19 日，受唐納德·川普當選連任總統以及希望監管機構放鬆其他金融部門所謂規則的影響，比特幣一度觸及約 94,000 美元的歷史新高。 MicroStrategy 一直透過出售股票和承擔新債務的方式為其購買 BTC 融資。 11 月 18 日，MicroStrategy 宣布計劃再籌集 17.5 億美元的新債務（可能追加至 20 億美元）。隨著MicroStrategy 的股價也創下新高——11 月19 日收盤價超過430 美元，約為去年此時股價的8 倍——Saylor 顯然感到自信滿滿，因為這些新的可轉換票據將支付0% 的利息。換句話說，買家將實際上押注該公司的股票將僅根據其持有的 BTC 繼續上漲。否則，沒有任何好處。 MicroStrategy 最近承諾在未來三年內籌集 420 億美元來購買更多比特幣。考慮到(a) 他的公司在不到三週的時間內購買了價值66 億美元的BTC，以及(b) 這些購買的每個代幣的平均價格與當前價格相比，Saylor 很可能是目前熱議的唯一來源為比特幣的氣球充氣。另外，請回想一下，MicroStrategy 的數據分析業務（它成立的目的）仍然是虧損的，在2024 年第三季度又增加了1850 萬美元的虧損。分析直到它不再適合他的稅收目的。 MicroStrategy 的市值目前是其持有的 BTC 價值的 2.5 倍，使其成為偽交易所交易基金 (ETF)，股東不能對公司的 BTC 提出任何索取權。然而，美國銀行、高盛（納斯達克股票代碼：GS）、摩根士丹利（納斯達克股票代碼：MS）、先鋒集團和資本國際投資者等機構正在搶購數百萬 MSTR 股票。鑑於每次新的BTC 大宗購買都會推高MicroStrategy 的平均代幣購買價格，再加上BTC 在幾個月內就失去了50% 或更多法定價值的歷史記錄，該公司（更不用說其股東）正在進行一場重大賭博這裡。如果比特幣（再次）嚴重崩潰，塞勒可能會懊惱地發現，他就是市場，在下跌過程中沒有人可以賣給他。另一件事是：Saylor 仍然是 MSTR 的最大股東，但最近的出售已使他對總投票權的控制權低於 50%。塞勒在 MSTR 第三季度收益報告中提到了這一現實，但堅稱“我們不會做任何[其他股東]不希望我們做的事情。”也許吧，但只要等到下一次 BTC 下跌以及 Saylor 提議發行更多債務來「逢低買入」。
Imitation is the sincerest form of f*ckery
模仿是最真誠的操蛋形式
Saylor’s (for the moment) successful strategy is now being mimicked by a growing number of companies, both within and outside the digital asset space. On November 18, block reward mining outfit MARA (NASDAQ:MARA), formerly Marathon Digital, announced plans to raise at least $850 million (and possibly $1 billion) in new debt to help pay off some old debt and buy more BTC. MARA already holds 27,562 BTC and has pledged not to sell any of the hundreds of new tokens it mines each month, at least, so long as suckers, er, investors keep buying its debt. That same day, California-based medical technology firm Semler Scientific (NASDAQ:SMLR) announced the purchase of 215 BTC with $17
Saylor（目前）的成功策略現在被越來越多的數位資產領域內外的公司效仿。 11 月18 日，區塊獎勵挖礦公司MARA（納斯達克股票代碼：MARA）（原Marathon Digital）宣布計劃籌集至少8.5 億美元（也可能是10 億美元）的新債務，以幫助償還一些舊債務併購買更多BTC。 MARA 已持有 27,562 BTC，並承諾至少不會出售其每月開採的數百個新代幣中的任何一個，只要傻瓜，呃，投資者繼續購買其債務。同一天，總部位於加州的醫療技術公司 Semler Scientific（納斯達克股票代碼：SMLR）宣布以 17 美元購買 215 BTC
