MicroStrategy是終極槓桿比特幣遊戲

MicroStrategy的投資論文非常簡單：這是對比特幣價格的槓桿押注。最初是一家商業智能和分析軟件公司，在首席執行官邁克爾·賽勒（Michael Saylor）領導下，MicroStrategy現在是世界上最大的比特幣持有人，其國庫券中約有447,470個比特幣

MicroStrategy (NASDAQ:MSTR) stock has seen an impressive rise of over 600% in the past year—a performance roughly 4.5 times greater than Bitcoin’s (CRYPTO: BTC) own gains over the same period. However, the rally has faced some headwinds since the end of last year, as MicroStrategy's stock has struggled to reach new all-time highs—not necessarily due to cryptocurrency price swings but likely because of skepticism over massive equity dilution.

在過去的一年中，MicroStrategy（NASDAQ：MSTR）的股票增長了600％以上，這是同一時期比特幣（Crypto：BTC）自己的收益的4.5倍。但是，自去年年底以來，這次集會一直面臨一些逆風，因為MicroStrategy的股票一直在努力達到新的歷史最高點，這並不一定是由於加密貨幣價格波動，但可能是由於對大規模股權稀釋的懷疑。

As I'm cautiously bullish on MicroStrategy, given its brilliant strategy to buy more Bitcoin and capitalize on the hype, I believe that the current NAV premium, at support levels, could be a good entry point in a scenario of ongoing growth for Bitcoin prices.

由於我謹慎地看好微型流通，因此鑑於其出色的購買比特幣並利用了炒作的出色策略，我相信，在持續增長的比特幣價格的情況下，目前的NAV Premium在支持水平上可能是一個很好的入口處。 。

MicroStrategy's unique approach works, while share dilution needn't incite fear for current and new investors. Watch out for MSTR's earnings call later today after the closing bell. Wall St. analysts expect MSTR to report a loss per share of $0.09 for Q4 2024 compared to an EPS of $0.50. For those looking to gain legitimized exposure to the crypto craze, MSTR and its dazzling strategy are a worthy option.

MicroStrategy的獨特方法有效，而股票稀釋不需要引起人們對當前和新投資者的恐懼。關閉鐘聲後，請注意MSTR的收入電話。 Wall St.分析師預計，MSTR的每股損失為42024 $ 0.09，而每股收益為0.50美元。對於那些希望獲得合法接觸加密貨幣熱潮的人來說，MSTR及其令人眼花takent亂的策略是一個值得的選擇。

MicroStrategy Is the Ultimate Leveraged Bitcoin Play

MicroStrategy是終極槓桿比特幣遊戲

MicroStrategy's investment thesis is quite straightforward: it's a leveraged bet on Bitcoin's price. Originally a business intelligence and analytics software company under CEO Michael Saylor, MicroStrategy is now the largest holder of Bitcoin in the world, with around 447,470 Bitcoins in its treasury, valued at $46.75 billion.

MicroStrategy的投資論文非常簡單：這是對比特幣價格的槓桿押注。 MicroStrategy最初是一家公司首席執行官Michael Saylor領導下的商業智能和分析軟件公司，現在是世界上最大的比特幣持有人，其國庫券中約有447,470個比特幣，價值467.5億美元。

Over the past few years, MicroStrategy has accumulated this massive amount of Bitcoin through a brilliant strategy consisting of (1) taking on debt and (2) issuing equity to buy more Bitcoin. As the company has capitalized on the high volatility of the leading cryptocurrency, most of its debt is issued through convertible bonds at nearly 0% interest rates, allowing investors to convert their holdings into MSTR stock later, in a form where shareholders are not immediately diluted. In other words, people are lending money to MicroStrategy at no cost, hoping the shares will rise above the conversion price.

在過去的幾年中，MicroStrategy通過（1）承擔債務和（2）發行股權購買更多比特幣的出色策略，積累了大量的比特幣。由於該公司已經利用了領先的加密貨幣的高波動性，因此其大多數債務都是通過可轉換債券以接近0％的利率發行的，使投資者以後可以將其持股轉換為MST股票，以此形式，股東沒有立即被稀釋。換句話說，人們免費將錢借給Microstrategy，希望這些股票能超過轉換價格。

Thus, as higher Bitcoin prices increase equity value, it creates a positive feedback loop whereby MicroStrategy can borrow increasingly more capital to buy increasingly more Bitcoin. Arguably, the results have been phenomenal since the company began executing this strategy in 2020. Investors who bought MSTR stock instead of directly purchasing Bitcoin saw returns in excess of 2,000%, compared to Bitcoin's 1,207% over the same period.

因此，隨著較高的比特幣價格提高了股票價值，它創造了一個積極的反饋迴路，從而使微觀損失越來越多的資本來購買越來越多的比特幣。可以說，自公司於2020年開始執行這一策略以來，結果一直是驚人的。購買了MST股票的投資者而不是直接購買比特幣鋸回報率超過2,000％，而比特幣在同一時期的1,207％ 。

Why MicroStrategy's Bitcoin Strategy Warrants a Premium

為什麼MicroStrategy的比特幣策略值得保費

Although justified by its recent strong performance, MicroStrategy's strategy of acquiring more Bitcoin comes at a cost. This is evident when the company's net asset value (NAV) in Bitcoin is 1.8x, meaning MSTR investors are effectively paying almost double the value of Bitcoin to gain exposure to Michael Saylor's active treasury strategy.

儘管Microstrategy購買更多比特幣的策略是有合理的，但付出了代價。當公司在比特幣中的淨資產價值（NAV）為1.8倍時，這很明顯，這意味著MSTR投資者實際上支付了比特幣的價值幾乎兩倍，以獲得邁克爾·塞勒（Michael Saylor）的活躍國庫策略。

The most obvious reaction would be to go short on MicroStrategy based on this relevant premium, and arguably, there is a notable short interest of 10.8% of MicroStrategy's float being shorted, according to the most recent data. However, what I believe bears are missing at this point is that beyond using available capital and liquidity for opportunistic Bitcoin purchases, MicroStrategy is actually revolutionizing the financial markets by introducing fixed-income instruments with derivative exposure to Bitcoin.

根據最新數據，最明顯的反應是基於這種相關的溢價，缺乏微型造影，並且可以說，根據最新數據，縮短了MicroStrategy的浮點數為10.8％。但是，我認為目前缺少熊的原因是，除了將可用的資本和流動性用於機會性比特幣購買外，MicroStrategy實際上正在通過引入衍生品接觸比特幣的固定收益工具來徹底改變金融市場。

Share Dilution in Perspective

從透視上分享稀釋

MicroStrategy shares are down around 26% since their last peak at the end of November last year, and even with Bitcoin hitting new highs since then, the stock has failed to achieve the same despite the high correlation.

自去年11月底的最後一個高峰以來，MicroStrategy的股票下跌了約26％，即使比特幣達到了新的高點，儘管相關性很高，該股票仍未達到相同的成就。

The recent weakness in MicroStrategy's stock is likely tied to the potential for a nearly 30x increase in its authorized shares, filed in late December last year and recently approved. The plan details an increase in Class A common stock shares from 330 million to a staggering 10.33 billion—something that initially scared investors about massive dilution.

最近的股票股票最近的弱點可能與去年12月下旬提交的授權股票增加了近30倍的潛力，並最近獲得了批准。該計劃詳細介紹了A級普通股的增加，從3.3億股增加到驚人的103.3億股，這最初使投資者害怕大規模稀釋。

As part of the company's strategy, issuing equity is one of the two ways to acquire more Bitcoins. Frankly, dilution is exactly what MicroStrategy's strategy needs to come to fruition. However, the potential 10.33 billion raised shares will not necessarily be immediately used for new financing potential.

作為公司戰略的一部分，發行權益是獲得更多比特幣的兩種方法之一。坦率地說，稀釋正是Microstrategy的策略需要實現的目標。但是，潛在的103.3億股份股票不一定立即用於新的融資潛力。

If MicroStrategy converted all the shares at once, or a substantial amount of them, it could potentially raise trillions of dollars if the market had the capacity to absorb the entire share price. Although I don't see this being feasible in a short space of time, the trend is that MicroStrategy will keep things going with its convertible bonds and at-the-market offerings to make the most out of its shares and gradually raise these potential trillions worth of new shares over the next

如果MicroStrategy一次轉換所有股票或大量股票，那麼如果市場有能力吸收整個股價，則可能會籌集數万億美元。儘管我認為這在很短的時間內不可行，但這種趨勢是，微觀易變會以其可轉換債券和在市場上的產品來保持事情的發展，以充分利用其份額，並逐漸提高這些潛在的萬億美元下一個新股的價值