隨著大規模稀釋投票的臨近，MicroStrategy 計劃再購買 20 億美元的比特幣

MicroStrategy（納斯達克股票代碼：MSTR）尋求在股東投票決定大幅增加公司流通股數量之前再購買價值 20 億美元的比特幣（CRYPTO：BTC）。

Bitcoin (CRYPTO: BTC) buying juggernaut MicroStreetgy (NASDAQ:MSTR) wants to buy another $2 billion worth of the cryptocurrency ahead of a shareholder vote on massively increasing the number of company shares outstanding.

比特幣（CRYPTO：BTC）收購巨頭 MicroStreetgy（納斯達克：MSTR）希望在股東投票決定大幅增加公司流通股數量之前再購買價值 20 億美元的加密貨幣。

In a new SEC filing, MicroStrategy disclosed that it intends to create a new perpetual preferred stock that could be converted into Class A shares or have a dividend paid on them. This move is “in furtherance of its previously announced 21/21 Plan,” where it wants to raise $21 billion each in stock sales and debt instruments, respectively.

在一份新的 SEC 文件中，MicroStrategy 披露，它打算創建一種新的永久優先股，可以轉換為 A 類股票或支付股息。此舉是“推進其先前宣布的 21/21 計劃”，該計劃希望透過股票銷售和債務工具分別籌集 210 億美元。

As shareholders are set to approve MicroStrategy’s plan to increase the company’s authorized Class A shares from 330 million to 10.33 billion while also raising the number of authorized preferred shares from 5 million to over 1 billion, it is clear that CEO Michael Saylor is stepping on the bitcoin-buying gas pedal.

由於股東即將批准 MicroStrategy 將公司授權 A 類股從 3.3 億股增加到 103.3 億股，同時將授權優先股數量從 500 萬股增加到超過 10 億股的計劃，執行長 Michael Saylor 顯然正在採取行動。購買比特幣的油門踏板。

24/7 Wall St. Key Points:

24/7 華爾街要點：

Bitcoin buying binge

比特幣購買狂潮

For eight consecutive weeks — and soon likely to be nine straight weeks — MicroStrategy has been scooping up buckets of the cryptocurrency. At last count, MSTR owned 446,400 bitcoins, which at current prices means the nominal data analytics firm owned $44.2 billion worth of the cryptocurrency.

連續八週（很快可能會連續九週）MicroStrategy 一直在搶購加密貨幣。根據最新統計，MSTR 擁有 446,400 枚比特幣，以當前價格計算，這意味著這家名義數據分析公司擁有價值 442 億美元的加密貨幣。

Since Saylor owns enough stock that has about 45% of the total voting power, the plan to dramatically increase the number of shares outstanding is likely to be approved. But the $2 billion perpetual preferred stock offering is in addition to the 21/21 Plan the new share authorization will help implement.

由於塞勒擁有足夠的股票，約佔總投票權的45%，因此大幅增加流通股數量的計畫很可能會獲得批准。但 20 億美元的永久優先股發行是 21/21 計畫的補充，新的股票授權將有助於實施。

A perpetual preferred stock typically pays the owner a dividend so long as the company remains solvent. MicroStrategy says the purpose of creating it is to strengthen its balance sheet and acquire more bitcoin. The balance sheet does need shoring up.

只要公司保持償付能力，永久優先股通常就會向所有者支付股息。 MicroStrategy 表示，創建它的目的是加強其資產負債表並獲得更多比特幣。資產負債表確實需要支撐。

Downside risk getting amplified

下行風險加劇

MicroStrategy has taken on significant amounts of debt to buy bitcoin and it plans on taking on even more. Long-term debt has doubled over the past year, growing from $2.18 billion in last year’s third quarter to $4.21 billion this year. It has just $46.3 million in cash and equivalents. Company losses from the data analytics business widened from $143 million a year ago to $340 million this year.

MicroStrategy 已經承擔了大量債務來購買比特幣，並且計劃承擔更多債務。長期債務在過去一年翻了一番，從去年第三季的21.8億美元增加到今年的42.1億美元。它只有 4,630 萬美元的現金和等價物。該公司數據分析業務的損失從一年前的 1.43 億美元擴大到今年的 3.4 億美元。

Right now MicroStrategy is benefiting from the bull market in Bitcoin, but it could face significant problems if the crypto’s price suffers a major correction. MSTR stock is up 438% over the past year as BTC prices jumped over the $100,000 threshold, but an extended bitcoin downturn that pulled MicroStrategy’s share price down below the conversion price on all that convertible debt it holds could create a bitcoin-selling environment.

目前，MicroStrategy 正受益於比特幣的牛市，但如果加密貨幣的價格出現重大調整，它可能會面臨重大問題。隨著比特幣價格突破10 萬美元門檻，MSTR 股價在過去一年上漲了438%，但比特幣持續低迷導致MicroStrategy 股價跌破其持有的所有可轉換債務的轉換價格，可能會​​創造比特幣銷售環境。

Conversion prices between 2027 and 2032 range from $143 per share to $233 per share. As MSTR has been much more volatile than BTC in recent months, a crypto winter could cause an avalanche in MicroStrategy’s stock. It would likely have to sell a least some of its Bitcoin hoard to repay debtholders.

2027 年至 2032 年間的轉換價格範圍為每股 143 美元至 233 美元。由於近幾個月 MSTR 的波動性遠高於 BTC，加密貨幣寒冬可能會導致 MicroStrategy 股價暴跌。它可能不得不出售至少部分比特幣儲備來償還債務持有人。

Key takeaway

重點

MicroStrategy is benefiting from a positive feedback loop. The more bitcoin it buys, the higher BTC’s price goes, making MSTR stock more valuable. Wash. Rinse. Repeat. That is, until the music stops.

MicroStrategy 受益於正向的回饋循環。購買的比特幣越多，比特幣的價格就越高，從而使 MSTR 股票更有價值。清洗、沖洗。重複。也就是說，直到音樂停止。

MicroStrategy owns $44 billion worth of bitcoin, but its own stock is worth $94 billion, more than twice that of the crypto. That has benefited the convertible debtholders who have been able to change their notes into Class A shares at prices well above the conversion price. Although MSTR trading at such nosebleed valuations is really a relatively new phenomenon, as recently as last September shares went for less than $120 a stub. A reversion to the mean on a bitcoin correction is readily possible.

MicroStrategy 擁有價值 440 億美元的比特幣，但其股票價值 940 億美元，是加密貨幣價值的兩倍多。這使可轉換債券持有人受益，他們能夠以遠高於轉換價格的價格將其票據轉換為 A 類股票。儘管 MSTR 以如此驚人的估值進行交易確實是一個相對較新的現象，但就在去年 9 月，股價還不到每股 120 美元。比特幣回呼的均值回歸是很容易實現的。

The virtuous circle of MicroStrategy’s strategy has been working in its favor. Investors just need to be wary for when the virtuous circle turns vicious, which it eventually will.

MicroStrategy 策略的良性循環一直對其有利。投資人只需要警惕良性循環何時會變成惡性循環，而這最終會變成惡性循環。