MicroStrategy（納斯達克股票代碼：MSTR）正在籌集 420 億美元來抬高 BTC 代幣的價格，因為如果創始人 Michael Saylor 不抽這些袋子，誰會呢？

當 Saylor 開始收購所有 BTC 時，MicroStrategy 就不再專注於其軟體業務。

Business intelligence software firm MicroStrategy (NASDAQ:MSTR) is planning to raise $42 billion in a bid to inflate the price of the BTC token, as who else will be left to pump these bags if founder Michael Saylor doesn’t?

商業智慧軟體公司 MicroStrategy（納斯達克股票代碼：MSTR）計劃籌集 420 億美元，以抬高 BTC 代幣的價格，如果創始人 Michael Saylor 不這樣做，還有誰會來提這些袋子呢？

On October 30, MicroStrategy unveiled its Q3 financial report card, which revealed a sharp decline in revenue from its (formerly) core business intelligence software business, while expenses and net losses saw significant increases. Software revenue for the three months ending September 30 fell 10.3% year-on-year, while the rising costs of that revenue resulted in a net loss of $18.5 million.

10月30日，MicroStrategy公佈了第三季財務報告，報告顯示其（原）核心商業智慧軟體業務收入大幅下降，而費用和淨虧損則大幅增加。截至 9 月 30 日的三個月軟體營收年減 10.3%，而該收入成本的上升導致淨虧損 1,850 萬美元。

But who’s kidding? MicroStrategy stopped focusing on its software business when Saylor began his campaign to acquire every BTC out there in the wild. As of September 30, MicroStrategy held 252,220 BTC on its balance sheet, worth around $18.3 billion as of October 29, although BTC’s price has tumbled since then due to uncertainty over the U.S. election outcome (which remains undetermined at the time of writing).

但誰在開玩笑呢？當 Saylor 開始收購所有 BTC 時，MicroStrategy 就不再專注於其軟體業務。截至9 月30 日，MicroStrategy 的資產負債表上持有252,220 BTC，截至10 月29 日價值約為183 億美元，儘管此後由於美國大選結果的不確定性（截至撰寫本文時尚未確定），BTC 的價格已經暴跌。

Saylor has been funding his BTC acquisitions with billions’ worth of new equity and debt, but his latest plan is one for the ages. On October 30, MicroStrategy announced a plan to sell up to $21 billion worth of its class A common stock. The proceeds of these sales will be used to (duh) acquire more BTC, based on MicroStrategy’s new self-proclaimed identity as “the world’s first and largest [BTC] Treasury Company.” The initials of that identity, in case you missed it, are BTC. (Guess’ Saylor Hypes Inert Tokens’ was taken.)

Saylor 一直用價值數十億美元的新股本和債務為他的 BTC 收購提供資金，但他的最新計劃是一個永恆的計劃。 10 月 30 日，MicroStrategy 宣布計劃出售價值高達 210 億美元的 A 類普通股。根據 MicroStrategy 自稱為「世界上第一家也是最大的 [BTC] 資金公司」的新身份，這些銷售的收益將用於（呃）收購更多 BTC。如果你錯過了，該身分的首字母縮寫是 BTC。 （Guess 的“Saylor Hypes Inert Tokens”已被佔用。）

MicroStrategy’s software business has a slogan of ‘Intelligence Everywhere,’ although ‘everywhere’ evidently doesn’t include Saylor’s office. Turns out that the $21 billion share sale is only half of Saylor’s ’21/21 Plan,’ which will also see the company raise $21 billion worth of fixed-income securities to (duh) buy more BTC.

MicroStrategy 的軟體業務有一個口號“智慧無處不在”，儘管“無處不在”顯然不包括 Saylor 的辦公室。事實證明，210 億美元的股票出售只是 Saylor 的「21/21 計畫」的一半，該計畫還將使該公司籌集價值 210 億美元的固定收益證券以（呃）購買更多的 BTC。

On October 29, the day before MicroStrategy announced this 21/21 Suicide Pact, its share price was trading at over $258. By November 4, the price had slid below $222, mirroring the slide in BTC’s fiat price, but we suspect many investors are starting to suspect that the cheese has slid off Saylor’s cracker.

10 月 29 日，即 MicroStrategy 宣布 21/21 自殺協議的前一天，其股價交易價格超過 258 美元。到 11 月 4 日，價格已跌至 222 美元以下，與 BTC 法定價格的下滑相呼應，但我們懷疑許多投資者開始懷疑塞勒的餅乾中的奶酪已經滑落。

That impression wasn’t helped by MicroStrategy CEO Phong Le revealing on the Q3 analyst call that the 21/21 Plan is based on Douglas Adams’ The Hitchhiker’s Guide to the Galaxy, in which “the answer to the ultimate question of life, the universe and everything is the number 42.”

MicroStrategy 執行長 Phong Le 在第三季分析師電話會議上透露，21/21 計畫基於 Douglas Adams 的《銀河系漫遊指南》，其中「生命終極問題的答案，宇宙一切都是數字42 。

Le said MicroStrategy believes 42 is “a unique number with some special characteristics. It’s the sum of 21 plus 21, and we all know that 21 is a magic and magical number in the world of [BTC],” given the maximum number of BTC tokens is 21 million. (Louis Farrakhan’s numerology obsession is suddenly looking a lot more rational.)

Le 表示，MicroStrategy 認為 42 是「一個具有一些特殊特徵的獨特數字。它是 21 加 21 的總和，我們都知道 21 在 [BTC] 的世界裡是一個神奇而神奇的數字，」考慮到 BTC 代幣的最大數量是 2100 萬個。 （路易斯法拉罕（Louis Farrakhan）對數字命理學的痴迷突然看起來更加理性了。）

Returning to this planet, Le celebrated the fact that the proposed $21 billion ‘at the market’ (ATM) equity program is “the largest ATM in the history of capital markets.” To make this magical $42 billion, MicroStrategy aims to raise $10 billion in 2025, another $14 billion in 2026, and a further $18 billion in 2027.

回到這個星球，Le 慶祝了擬議的 210 億美元「市場」(ATM) 股權計劃是「資本市場歷史上最大的 ATM」。為了達到這個神奇的 420 億美元，MicroStrategy 的目標是在 2025 年籌集 100 億美元，在 2026 年再籌集 140 億美元，在 2027 年再籌集 180 億美元。

Uh-oh, it’s magic

呃哦，這很神奇

The hyper-concentration of BTC in the hands of a few—MicroStrategy already holds 1.2% of all the BTC that will ever be—may not be the brilliant strategy Saylor thinks it is and will indeed depend on ‘magical’ thinking that this ‘number go up’ will continue to go up forever.

BTC 過度集中在少數人手中（MicroStrategy 已經持有 BTC 總量的 1.2%），這可能不是 Saylor 認為的明智策略，而且確實會依賴於“神奇”的想法，即這個“數字”上漲'將永遠繼續上漲。

Saylor’s hyperanimated optimism regarding BTC’s growth potential seems to ignore that he’s largely responsible for the gains that BTC has enjoyed this year. As one confirmed ‘gold bug’ put it, Saylor is the ‘Egg Man’ who doesn’t realize he’s practically BTC’s whole market.

Saylor 對 BTC 成長潛力的過度樂觀似乎忽略了他對 BTC 今年的收益負有主要責任。正如一位已證實的“黃金蟲”所說，塞勒是“蛋人”，他沒有意識到自己實際上是 BTC 的整個市場。

Two other factors have combined to keep BTC’s price artificially high. First, block reward miners have begun mimicking Saylor’s ‘HODL’ strategy by borrowing hundreds of millions of dollars to buy existing BTC rather than endure the cumbersome (and increasingly unprofitable) process of actually mining new ones.

另外兩個因素共同導致比特幣的價格人為地居高不下。首先，區塊獎勵礦工已經開始模仿 Saylor 的「HODL」策略，透過借貸數億美元購買現有的 BTC，而不是忍受實際開採新比特幣的繁瑣（而且越來越無利可圖）的過程。

Second, the BTC spot-based exchange-traded funds (ETF) have seen record inflows as institutional investors followed Saylor down this garden path, hoping to mirror the sixfold rise in MicroStrategy’s year-to-date share price

其次，隨著機構投資者跟隨 Saylor 走上這條花園小路，比特幣現貨交易所交易基金 (ETF) 的資金流入創歷史新高，希望能反映 MicroStrategy 年初至今股價上漲六倍的情況