MicroStrategy的「財富密碼」：融資買幣策略全解析

在本文中，曼昆律師將拆解MicroStrategy融資購買加密貨幣的財富密碼，並從境內外上市的中國企業角度分析是否有可能重新打造一個亞洲版的MicroStrategy。

MicroStrategy, an American company known for its business intelligence and mobile software solutions, has attracted much attention in recent years for its aggressive investments in the Bitcoin market. Since it began buying large amounts of Bitcoin in 2020, its stock price has risen about 20 times. On October 30, 2024, MicroStrategy announced the so-called "21/21 Plan", which plans to conduct $21 billion in equity financing and $21 billion in bond issuance in the next three years, raising a total of $42 billion to buy more Bitcoin. MicroStrategy's financing strategy for buying coins has not only made it famous in the cryptocurrency field, but also triggered widespread discussion in the market about its investment strategy, risk management and future prospects.

MicroStrategy是一家以商業智慧和行動軟體解決方案聞名的美國公司，近年來因其在比特幣市場的積極投資而備受關注。自2020年開始大量購買比特幣以來，其股價已上漲約20倍。 2024年10月30日，MicroStrategy宣布所謂“21/21計劃”，計劃未來三年進行210億美元股權融資和210億美元債券發行，總共籌集420億美元用於購買更多比特幣。 MicroStrategy的買幣融資策略不僅讓其在加密貨幣領域聲名大噪，也引發了市場對其投資策略、風險管理和未來前景的廣泛討論。

In this article, Attorney Mankiw will dismantle the wealth code of MicroStrategy's financing and purchase of cryptocurrencies, and analyze whether it is possible to recreate an Asian version of MicroStrategy from the perspective of Chinese companies listed at home and abroad.

在本文中，曼昆律師將拆解MicroStrategy融資購買加密貨幣的財富密碼，並從境內外上市的中國企業角度分析是否有可能重新打造一個亞洲版的MicroStrategy。

MicroStrategy’s “Wealth Code”: A Complete Analysis of the Financing and Buying Coin Strategy

MicroStrategy的「財富密碼」：融資買幣策略全解析

Analysis of MicroStrategy’s Financing Channels

MicroStrategy融資渠道分析

In August 2020, under the leadership of Chairman Michael Saylor, MicroStrategy boldly invested $250 million to purchase approximately 21,400 bitcoins, becoming the world's first listed company to incorporate Bitcoin into its funding strategy. Since then, MicroStrategy has been "surging" on the wave of Bitcoin, and has continuously increased its Bitcoin holdings through funds obtained through financing methods such as bond issuance. The number of bitcoins it currently holds has exceeded 420,000. This strategy has enabled MicroStrategy to obtain significant returns on investment when the price of Bitcoin rises.

2020年8月，在董事長Michael Saylor的帶領下，MicroStrategy大膽投資2.5億美元購買約21,400枚比特幣，成為全球首家將比特幣納入融資策略的上市公司。此後，MicroStrategy在比特幣浪潮中“風起雲湧”，透過發債等融資方式獲得的資金不斷增持比特幣。目前其持有的比特幣數量已超過42萬枚。這項策略使得 MicroStrategy 在比特幣價格上漲時獲得了可觀的投資回報。

According to attorney Mankiw's observations and analysis, MicroStrategy has adopted a "diversified" strategy in its financing process. It not only raised funds through issuing bonds, but also cleverly used equity financing, bank loans and other means to "add bricks and tiles" to its Bitcoin investment plan.

根據曼昆律師的觀察和分析，MicroStrategy在融資過程中採取了「多元化」策略。它不僅透過發行債券籌集資金，還巧妙地利用股權融資、銀行貸款等手段為其比特幣投資計畫「添磚加瓦」。

Bond financing

債券融資

MicroStrategy raises funds primarily through the issuance of convertible bonds, convertible preferred notes, and senior secured bonds, specifically for the purchase of Bitcoin, with the most common financing method used by MicroStrategy being convertible bonds. These debt instruments vary in interest rates and maturity dates, but their common purpose is to expand MicroStrategy's Bitcoin holdings.

MicroStrategy 主要透過發行可轉換債券、可轉換優先票據和優先擔保債券來籌集資金，專門用於購買比特幣，其中 MicroStrategy 最常見的融資方式是可轉換債券。這些債務工具的利率和到期日各不相同，但其共同目的是擴大 MicroStrategy 的比特幣持有量。

Convertible bonds: This is a hybrid security that allows bondholders to convert the bonds into common stock of the company within a certain period of time. For example, in December 2020, MicroStrategy raised $650 million by issuing convertible bonds, all of which were used to purchase Bitcoin.

可轉換債券：這是一種混合證券，允許債券持有人在一定期限內將債券轉換為公司的普通股。例如，2020年12月，MicroStrategy透過發行可轉換債券籌集了6.5億美元，全部用於購買比特幣。

Convertible senior notes: This is a special debt instrument that gives the holder the right to convert the notes into preferred stock of the company at some point in the future. Preferred stock is a special type of stock that is compensated before common stockholders in the event of a company's bankruptcy liquidation. For example, in February 2021, MicroStrategy issued $900 million worth of convertible senior notes, and the proceeds were used to purchase Bitcoin;

可轉換優先票據：這是一種特殊的債務工具，賦予持有者在未來某個時候將票據轉換為公司優先股的權利。優先股是一種特殊的股票，當公司破產清算時，優先股先於普通股股東獲得補償。例如，2021年2月，MicroStrategy發行了價值9億美元的可轉換優先票據，所得資金用於購買比特幣；

Senior secured notes: It is secured by the company's assets and has a higher priority in the company's debt structure. In the event of bankruptcy or liquidation of the company, holders of senior secured notes will be repaid before other unsecured creditors. For example, in June 2021, MicroStrategy completed the issuance of senior secured notes worth US$500 million, and the proceeds were also used to purchase Bitcoin.

優先擔保票據：以公司資產作為擔保，在公司債務結構中具有較高優先順序。如果公司破產或清算，優先擔保票據持有人將先於其他無擔保債權人償還。例如，2021年6月，MicroStrategy完成了價值5億美元的優先擔保票據的發行，所得款項也用於購買比特幣。

Equity Financing

股權融資

Equity financing, that is, companies raise funds by issuing additional shares, is one of MicroStrategy's important "magic weapons". The company sells Class A common stock, just like drawing a steady stream of "living water" from the "capital pool" of the capital market, and investing the proceeds in large quantities in Bitcoin purchases. For example, in August 2021, MicroStrategy raised funds by selling $900 million worth of common stock to buy Bitcoin.

股權融資，即企業透過增發股票籌集資金，是MicroStrategy的重要「法寶」之一。該公司出售A類普通股，就像從資本市場的“資金池”中汲取源源不斷的“活水”，並將收益大量投資於比特幣購買。例如，2021 年 8 月，MicroStrategy 透過出售價值 9 億美元的普通股籌集資金購買比特幣。

MicroStrategy's practice of purchasing Bitcoin by selling common stock has formed a unique "value dilution" logic, that is, although the company has diluted the rights and interests of existing shareholders, due to the expected appreciation of Bitcoin, this dilution is interpreted by the market as an appreciation of asset value, thereby driving up the company's stock price.

MicroStrategy透過出售普通股購買比特幣的做法形成了獨特的「價值稀釋」邏輯，即公司雖然稀釋了現有股東的權益，但由於比特幣的升值預期，這種稀釋被市場解讀為作為資產價值的升值，從而推高公司股價。

Bank Loans

銀行貸款

MicroStrategy is also actively involved in the field of lending. It uses its own Bitcoin as collateral and boldly borrows funds from financial institutions. This "borrowing chickens to lay eggs" strategy enables it to seize every investment opportunity in the market where Bitcoin prices fluctuate. When the price of Bitcoin is in a favorable position, timely borrowing funds to buy Bitcoin is like seizing the opportunity on the "golden track" of the market and further expanding the scale of its Bitcoin assets. For example, in September

MicroStrategy 也積極涉足貸款領域。它使用自己的比特幣作為抵押品，大膽地向金融機構借款。這種「借雞生蛋」的策略使其能夠在比特幣價格波動的市場中抓住每一個投資機會。當比特幣價格處於有利位置時，及時借入資金購買比特幣，就像抓住了市場「黃金軌道」上的機會，進一步擴大了其比特幣資產規模。例如，九月