MicroStrategy 股價因比特幣飆升而飆升，目標是到 2033 年佔 BTC 供應量的 4%

在這一浪潮中，軟體公司 MicroStrategy (MSTR) 繼續轉型為比特幣收購巨頭，目前是最大的企業持有者

MicroStrategy (NASDAQ:MSTR) stock soared in 2024 as the software firm completed its transformation into a Bitcoin-acquiring powerhouse. Here's a closer look at MSTR's journey and what to watch in 2025.

MicroStrategy（納斯達克股票代碼：MSTR）的股價在 2024 年飆升，這家軟體公司完成了向比特幣收購巨頭的轉型。以下是 MSTR 的發展歷程以及 2025 年值得關注的內容。

MicroStrategy stock price surged in 2024 amid its pivot to Bitcoin. Now, as the dust settles on a turbulent year, let's delve into what lies ahead for MSTR in 2025.

由於轉向比特幣，MicroStrategy 股價在 2024 年飆升。現在，隨著動盪的一年塵埃落定，讓我們深入探討 2025 年 MSTR 的未來。

MicroStrategy Stock Soared in 2024 on Bitcoin Holdings, Short Interest

MicroStrategy 股票在 2024 年因持有比特幣和做空而飆升

MicroStrategy (NASDAQ:MSTR) stock soared in 2024 as the software firm completed its transformation into a Bitcoin-acquiring powerhouse.

MicroStrategy（納斯達克股票代碼：MSTR）的股價在 2024 年飆升，這家軟體公司完成了向比特幣收購巨頭的轉型。

The company, known for its AI-powered analytics software, made headlines with its bold strategy to hold and acquire large amounts of BTC. This strategy, coupled with a short squeeze and surging investor interest in crypto stocks, fueled a meteoric rise in MSTR stock.

該公司以其人工智慧分析軟體而聞名，因其持有和收購大量比特幣的大膽策略而成為頭條新聞。這項策略，加上賣空和投資者對加密股票的興趣高漲，推動了 MSTR 股票的快速上漲。

As a result, MicroStrategy became the largest corporate holder of Bitcoin with 439,002 BTC, valued at over $43 billion as of December 2024. This massive holding, combined with the company's status as a technology stock, attracted both investors and short sellers alike.

結果，MicroStrategy 成為最大的比特幣企業持有者，截至2024 年12 月，擁有439,002 比特幣，價值超過430 億美元。和賣空者。

With a short interest of over 30%, MSTR stock was primed for a short squeeze. As the stock price continued to rise, short sellers faced increasing pressure to unwind their bearish positions, الأمر الذي أدى إلى ارتفاع أكبر في سعر السهم.

由於空頭利息超過 30%，MSTR 股票已做好了軋空的準備。隨著股價持續上漲，空頭面臨越來越大的平倉壓力，導致股價出現更大漲幅。

Moreover, MicroStrategy's entry into the Nasdaq-100 Index on December 23, 2024, triggered a mandatory capital inflow from large investors. This move, aimed at countering short sellers, also attracted nearly $11 million in retail investor inflows, further bolstering the case for MSTR's potential growth.

此外，MicroStrategy於2024年12月23日進入納斯達克100指數，引發了大投資者的強制資金流入。此舉旨在打擊賣空者，也吸引了近 1,100 萬美元的散戶投資者流入，進一步支撐了 MSTR 的潛在成長。

MicroStrategy Q3 Earnings: Revenue Down,虧損擴大, but Bitcoin Holdings Grew

MicroStrategy's (NASDAQ:MSTR) Q3 earnings on October 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, both below estimates. However, the company highlighted a 32.5% rise in subscription services revenue.

MicroStrategy (NASDAQ:MSTR) 10 月 30 日公佈的第三季財報喜憂參半。營收年減 10.3% 至 1.161 億美元，淨虧損擴大至每股 1.72 美元，均低於預期。然而，該公司強調訂閱服務收入成長了 32.5%。

The earnings also showed that MicroStrategy's strategy to fuel its Bitcoin acquisition spree involved selling 8 million Class A shares, raising $1.1 billion, and doubling 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.

財報也顯示，MicroStrategy 推動比特幣收購熱潮的策略包括出售 800 萬股 A​​ 類股票，籌集 11 億美元，並將其淨長期債務增加一倍，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。

Highlighting MicroStrategy's shift in priorities, its operating expenses skyrocketed 300% to $514.3 million, largely due to impairment losses on digital assets. This left the company with a cash balance of $46.3 million.

MicroStrategy 的營運支出飆升 300% 至 5.143 億美元，凸顯了 MicroStrategy 優先事項的轉變，這主要是由於數位資產減損損失。這使得公司的現金餘額為 4,630 萬美元。

Investors also watched closely as MicroStrategy's Bitcoin holdings grew to 252,220 BTC within the quarter, now valued at $9.9 billion as of October 29.

投資者也密切關注 MicroStrategy 的比特幣持股在本季內增至 252,220 比特幣，截至 10 月 29 日估值為 99 億美元。

Analysts Boosted Price Targets on MicroStrategy Stock in 2024

分析師上調 MicroStrategy 股票 2024 年的目標價

Several analysts boosted their price targets on MicroStrategy (NASDAQ:MSTR) stock in 2024 as the company's pivot to Bitcoin and standing as the largest corporate holder of the digital asset fueled a meteoric stock price rally.

隨著 MicroStrategy（NASDAQ：MSTR）轉向比特幣並成為數位資產最大的企業持有者，幾位分析師提高了 2024 年股價的目標價，推動了股價的快速上漲。

In November, Bernstein's Gautam Chhugani raised his MSTR price target to $600 from $290, giving an "Outperform" rating, highlighting the company's "unprecedented" Bitcoin strategy. With a triple-digit rally this year, Chhugani sees more upside ahead, projecting that MSTR could own 4% of Bitcoin's supply by 2033, with Bitcoin anticipated by the analyst to hit $1 million by 2033.

11 月，伯恩斯坦的 Gautam Chhugani 將 MSTR 目標價從 290 美元上調至 600 美元，給予「跑贏大盤」評級，突顯該公司「史無前例」的比特幣戰略。隨著今年三位數的上漲，Chhugani 看到了更多的上漲空間，預計到 2033 年 MSTR 可能擁有比特幣供應量的 4%，分析師預計到 2033 年比特幣價格將達到 100 萬美元。

Chhugani reiterated his target price and rating in December.

Chhugani 在 12 月重申了他的目標價和評分。

Meanwhile, TD Cowen raised MSTR’s price target to $525 from $392, keeping a "Buy" rating. The move follows the company’s $2.5 billion equity raise, fresh off a successful $3 billion convertible bond issuance. All funds are being funneled into Bitcoin purchases. The brokerage firm now models MicroStrategy’s bitcoin holdings to hit $108 billion by fiscal 2027, a figure it says could prove conservative. The market’s backing of the company’s strategy solidifies its ability to raise capital and boost shareholder value.

與此同時，TD Cowen 將 MSTR 的目標股價從 392 美元上調至 525 美元，維持「買入」評級。在此之前，該公司剛剛成功發行了 30 億美元的可轉換債券，並籌集了 25 億美元的股權。所有資金都被用於購買比特幣。該經紀公司目前預測，到 2027 財年，MicroStrategy 的比特幣持有量將達到 1,080 億美元，該公司表示，這一數字可能被證明是保守的。市場對公司策略的支持鞏固了其籌集資金和提高股東價值的能力。

What to Watch for MicroStrategy in 2025: Stock Price, Bitcoin Holdings, Software Business

2025 年 MicroStrategy 值得關注的事項：股價、比特幣持有量、軟體業務

As we head into 2025, here's what to watch for regarding

邁入 2025 年，以下是需要注意的事項