Heka 基金经理并不认为 MicroStrategy 对比特币构成威胁，强调 BTC 所有权集中是正常现象

通过导入传统金融的知名策略和风险管理工具，加密市场可以产生非常好的回报。

In 2023, Protos interviewed Fabio Frontini, the fund manager of Malta-based Heka Funds. Heka is one of the biggest Tether whales, and with its Elysium Global Arbitrage Fund, it arbitrages tether (USDT) by buying and selling around its intended $1 peg.

2023年，Protos采访了马耳他Heka Funds的基金经理Fabio Frontini。 Heka 是最大的 Tether 鲸鱼之一，通过其 Elysium 全球套利基金，它通过围绕其预期的 1 美元锚定汇率买卖来套利 Tether (USDT)。

We recently interviewed Frontini again, this time about the latest developments in crypto, including the effect of MicroStrategy’s (MSTR) historic acquisition spree of 447,470 bitcoins (BTC) – 2.2% of the world’s circulating supply.

我们最近再次采访了 Frontini，这次是关于加密货币的最新发展，包括 MicroStrategy (MSTR) 历史性收购 447,470 比特币 (BTC) 的影响——占全球流通供应量的 2.2%。

We began by asking Frontini whether he thinks MicroStrategy poses a structural risk to the BTC market.

我们首先询问 Frontini 是否认为 MicroStrategy 对 BTC 市场构成结构性风险。

“That is a very good question!” he said. “We are trying to dig into MicroStrategy to understand if an arbitrage is possible given the MSTR shares look particularly expensive compared to the value of the underlying BTC but at the moment it is not a clear-cut trade.”

“这是一个非常好的问题！”他说。 “我们正在尝试深入研究 MicroStrategy，以了解套利是否可能，因为与基础 BTC 的价值相比，MSTR 股票看起来特别昂贵，但目前这还不是一个明确的交易。”

He added, “Generally speaking, their position is very significant indeed. However, in the past, we have always seen very large holders of BTC, such as GBTC, and now Fidelity or BlackRock ETFs.

他补充说：“总的来说，他们的地位确实非常重要。然而，过去我们总是看到非常大的BTC持有者，比如GBTC，现在是富达或贝莱德ETF。

“There will always be volatility if anything happens to them, but not to the extent that it would impact the ecosystem, which appears capable of withstanding significant volatility events.”

“如果它们发生任何事情，总会出现波动，但不会影响生态系统，因为生态系统似乎能够承受重大波动事件。”

Frontini’s response is significant for at least two reasons.

弗朗蒂尼的回应意义重大，至少有两个原因。

Not interested in arbitraging MicroStrategy’s bitcoin premium

对套利 MicroStrategy 的比特币溢价不感兴趣

First, it’s notable that even a sophisticated capital manager able to deploy hundreds of millions of dollars into a well-practiced arbitrage trade doesn’t have confidence that MSTR shares are overvalued relative to MicroStrategy’s BTC holdings.

首先，值得注意的是，即使是一位经验丰富的资本经理，能够将数亿美元投入到熟练的套利交易中，也不相信 MSTR 的股票相对于 MicroStrategy 持有的 BTC 被高估。

For context, MicroStrategy currently trades at a 94% premium to its $42 billion worth of BTC holdings. The arbitrage opportunity seems obvious: shorting the $81 billion MSTR counterbalanced with a long BTC position, aiming to capture the deterioration of MicroStrategy’s exuberant 1.94X multiple over time.

就背景而言，MicroStrategy 目前的交易价格比其持有的价值 420 亿美元的 BTC 溢价 94%。套利机会似乎很明显：做空 810 亿美元的 MSTR，并做多 BTC 头寸，旨在捕捉 MicroStrategy 旺盛的 1.94 倍市盈率随时间的恶化情况。

However, Heka Funds doesn’t seem interested in this alluring trade.

然而，Heka Funds 似乎对这种诱人的交易并不感兴趣。

At a 0% yield, MicroStrategy’s $1.75bn convertible note is currently priced as being more risk-free than every tenor on the US Treasury curve.

按 0% 的收益率计算，MicroStrategy 17.5 亿美元的可转换票据目前的定价比美国国债曲线上的所有期限都更加无风险。

Investors are demanding a negative risk premium from the company that is literally just using their money to smash buy bitcoin. pic.twitter.com/UbeNuoZbYI

投资者要求该公司提供负风险溢价，该公司实际上只是用他们的钱来砸钱购买比特币。 pic.twitter.com/UbeNuoZbYI

Curiously, MicroStrategy founder Michael Saylor has been able to attract so much attention to his common stock that MSTR once traded above a 3.4X multiple to his BTC holdings — as recently as November 2024.

奇怪的是，MicroStrategy 创始人 Michael Saylor 的普通股吸引了如此多的关注，以至于 MSTR 的交易价格一度是他持有的 BTC 的 3.4 倍以上——就在 2024 年 11 月。

Any multiple expansion from today’s 1.94X — and certainly as extreme as 3.4X — would obviously be devastating to a fully hedged arbitrageur aiming for that multiple to decline.

从今天的 1.94 倍（当然甚至极端到 3.4 倍）的任何倍数扩张，对于旨在降低倍数的完全对冲套利者来说显然都是毁灭性的。

Traders bid up the price of MSTR because they believe Saylor will be able to continue to use financial engineering to attract volatility bond buyers to fund accretive BTC acquisitions for many months to come.

交易员抬高了 MSTR 的价格，因为他们相信 Saylor 将能够继续利用金融工程来吸引波动性债券买家，为未来几个月的增值 BTC 收购提供资金。

Traders also think that Saylor will be able to unlock value from the world’s largest corporate BTC treasury through other investment banking products, such as loans, derivatives, or other BTC-backed offerings.

交易员还认为，Saylor 将能够通过其他投资银行产品（例如贷款、衍生品或其他 BTC 支持的产品）从全球最大的企业 BTC 金库中释放价值。

Concentrated ownership of bitcoin is normal

比特币所有权集中是正常现象

Second, Frontini’s perspective is notable for its confidence in BTC’s resilience. Frontini seemed mostly unconcerned about the impact of MicroStrategy, or even larger custodians like Blackrock, Fidelity, and Grayscale, on the Bitcoin ecosystem.

其次，Frontini 的观点因其对 BTC 弹性的信心而引人注目。 Frontini 似乎并不关心 MicroStrategy 甚至 Blackrock、Fidelity 和 Grayscale 等更大的托管机构对比特币生态系统的影响。

Given his years of experience in the crypto sector, he recognizes that ownership of BTC has always been concentrated with a small number of large custodians.

鉴于他在加密货币领域的多年经验，他认识到比特币的所有权一直集中在少数大型托管人手中。

This was as true in Bitcoin’s early MtGox days as it is in the modern Binance, Coinbase, or MicroStrategy days. Large custodians have always concentrated ownership of BTC wallets, yet the network has remained resilient for over a decade.

无论是在比特币早期的 MtGox 时代，还是在现代的 Binance、Coinbase 或 MicroStrategy 时代，都是如此。大型托管机构始终集中比特币钱包的所有权，但该网络十多年来一直保持弹性。

Because Frontini understands that control of coins doesn’t necessarily indicate control of the network — miners append data to Bitcoin’s blockchain, and node operators validate consensus rules — he’s not concerned about MicroStrategy posing a systemic risk to the crypto ecosystem.

因为 Frontini 明白，对代币的控制并不一定意味着对网络的控制——矿工将数据附加到比特币的区块链，节点运营商验证共识规则——他并不担心 MicroStrategy 给加密生态系统带来系统性风险。

MicroStrategy is powered by its #Bitcoin treasury operations.

MicroStrategy 由其#Bitcoin 金库业务提供支持。

We sell volatility through our ATM offerings, strip BTC risk, volatility, and performance from our fixed-income securities, and transfer that performance to our $MSTR equity holders. pic.twitter.com/QedCazsrsN

我们通过 ATM 产品出售波动性，从我们的固定收益证券中剥离 BTC 风险、波动性和业绩，并将该业绩转移给我们的 $MSTR 股东。 pic.twitter.com/QedCazsrsN

Away from MicroStrategy, Protos asked Frontini about other topics, including Tether.

在 MicroStrategy 之外，Protos 向 Frontini 询问了其他主题，包括 Tether。

Other market insights from Heka Funds

Heka Funds 的其他市场见解

In 2023, Heka’s Funds, including a BTC fund, held total combined assets of more than €1.8 billion and had an increase in net assets of approximately $372m.

2023 年，Heka 旗下基金（包括一只 BTC 基金）持有的总资产超过 18 亿欧元，净资产增加约 3.72 亿美元。

Protos asked Frontini how he achieves

普罗托斯询问弗朗蒂尼他是如何实现的