購買 2.09 億美元比特幣後 MicroStrategy 股價下跌 8%

該公司以平均每枚比特幣約 97,837 美元的價格購買了 2,138 枚比特幣，總共購買了約 446,400 枚比特幣。

MicroStrategy Inc.’s stock dropped 8% on Monday after the company disclosed its purchase of $209 million in Bitcoin, continuing its eight-week spree of cryptocurrency acquisitions.

MicroStrategy Inc. 宣布購買 2.09 億美元的比特幣，繼續其為期八週的加密貨幣收購熱潮，該公司股價週一下跌 8%。

The business bought 2,138 bitcoins at an average price of about $97,837 per coin between December 23 and 29, bringing its total Bitcoin purchases to about 446,400 coins overall. At current Bitcoin prices, this translates to a value of approximately $41.1 billion.

12 月 23 日至 29 日期間，該公司購買了 2,138 枚比特幣，平均價格約為每枚 97,837 美元，使其比特幣購買總量達到約 446,400 枚。以目前的比特幣價格，這相當於價值約 411 億美元。

To finance this latest acquisition, MicroStrategy sold 592,987 shares for about $209 million. Following the announcement, MicroStrategy’s stock fell from $318.89 to $302.09 shortly after the market opened, with a further decline observed in after-hours trading.

為了資助這項最新收購，MicroStrategy 出售了 592,987 股股票，價格約為 2.09 億美元。消息公佈後，MicroStrategy 的股價在開盤後不久就從 318.89 美元下跌至 302.09 美元，盤後交易中進一步下跌。

Previously, MicroStrategy disclosed a sale of shares to the tune of $561 million, which was used to acquire 5,262 bitcoins at an average price of $106,662. The company has been financing its Bitcoin accumulation through consecutive share sales over the past eight weeks, totaling $1.22 billion raised from stock sales since late October.

此前，MicroStrategy 披露出售價值 5.61 億美元的股票，以平均價格 106,662 美元收購 5,262 枚比特幣。過去八週，該公司一直透過連續出售股票為其累積比特幣融資，自 10 月底以來，該公司透過股票出售籌集了總計 12.2 億美元的資金。

MicroStrategy’s shift to Bitcoin as its primary treasury reserve asset has significantly reshaped its market capitalization, now exceeding $80 billion. The firm is operating under a “21/21 plan,” aiming to raise $21 billion from both share sales and fixed-income securities. As of December 29, it has approximately $6.88 billion remaining for issuance and sale under this plan.

MicroStrategy 轉向比特幣作為其主要儲備資產，極大地重塑了其市值，目前已超過 800 億美元。該公司按照「21/21 計畫」運營，旨在透過股票銷售和固定收益證券籌集 210 億美元。截至12月29日，該計劃仍有約68.8億美元可供發行和銷售。

This strategy is largely dependent on the expectation of increasing institutional adoption of Bitcoin, despite the cryptocurrency’s inherent volatility. MicroStrategy’s bullish stance on Bitcoin has led to a remarkable stock increase of over 360% this year, outperforming Bitcoin itself.

儘管加密貨幣具有固有的波動性，但這一策略在很大程度上取決於機構對比特幣越來越多採用的預期。 MicroStrategy 對比特幣的看漲立場導致其股價今年大幅上漲超過 360%，表現優於比特幣本身。

However, the company's strategy raises concerns among analysts, given the extensive leverage involved and the implications of increasing its authorized shares dramatically, from 330 million to a potential 10.33 billion.

然而，鑑於涉及廣泛的槓桿作用以及大幅增加其授權股份（從 3.3 億股增加到潛在的 103.3 億股）的影響，該公司的策略引起了分析師的擔憂。

Analysts like Hartmann Capital’s Felix Hartmann warned of a “precarious” situation, suggesting that while MicroStrategy could potentially see a top-five market capitalization, it also risks a downturn.

Hartmann Capital 的 Felix Hartmann 等分析師警告稱，形勢“不穩定”，表明儘管 MicroStrategy 的市值有可能進入前五名，但它也面臨著經濟低迷的風險。

Moreover, MicroStrategy’s position has attracted interest from hedge funds engaging in convertible arbitrage strategies. The company is seeking approval to increase its authorized shares to support its capital campaign effectively. This approval is essential for the company to continue its ambitious growth plans, which include an aggressive accumulation of Bitcoin assets over the coming years.

此外，MicroStrategy 的地位也吸引了從事可轉換套利策略的對沖基金的興趣。該公司正在尋求批准增加其法定股本，以有效支持其資本活動。這項批准對於該公司繼續其雄心勃勃的成長計劃至關重要，其中包括在未來幾年積極累積比特幣資產。

This week marked a significant milestone for MicroStrategy as it was included in the Nasdaq-100 index, placing it among 100 of the largest stocks by market capitalization. The company's ongoing efforts to leverage its high stock price to acquire more Bitcoin illustrate its unique market position, with many viewing it as a proxy for cryptocurrency investment.

本週對 MicroStrategy 來說是一個重要的里程碑，因為它被納入納斯達克 100 指數，躋身市值最大的 100 隻股票之列。該公司不斷努力利用其高股價來收購更多比特幣，這說明了其獨特的市場地位，許多人將其視為加密貨幣投資的代表。