MicroStrategy的比特币武器库

没有政府购买的希望的火箭燃料，比特币价格可能会进一步撤退

President Trump's order to create a Strategic Bitcoin Reserve and explore budget-neutral methods for acquiring additional bitcoin provides insight into his administration's economic and financial priorities.

特朗普总统的命令创建战略性比特币储备并探索购买额外比特币的预算中立方法，可洞悉其政府的经济和财务重点。

The executive order, which directs relevant officials to coordinate on a Strategic Bitcoin Reserve comprising current cryptocurrency holdings due to law enforcement activity, is a significant step towards integrating bitcoin into the U.S. financial system.

该行政命令指示相关官员协调由于执法活动而导致的当前加密货币持有的战略比特币储备，这是将比特币整合到美国金融体系中的重要一步。

Moreover, Trump tasked the secretaries of treasury and commerce with developing "budget-neutral strategies" to acquire additional bitcoin, as long as they impose no costs on taxpayers. There's speculation that Trump could exchange some of the nation's gold reserves for bitcoin.

此外，特朗普命令国库和商业秘书制定“预算中立的战略”，以获取额外的比特币，只要他们对纳税人没有任何费用。有人猜测，特朗普可以将美国一些黄金储备换成比特币。

However, any government buying of bitcoin, even if it's just a shift from one financial asset to another, might be politically problematic at a time that Trump and the Republicans are trying to slash federal spending and Medicaid cuts are on the table.

但是，在特朗普和共和党人试图削减联邦支出和医疗补助削减的时候，任何政府购买比特币都只是从一个金融资产转移到另一个金融资产的转变，这在政治上可能是有问题的。

At the same time, Democrats in Congress are planning their own measures to raise taxes on corporations and the wealthy.

同时，国会的民主党人正在计划自己的措施，以提高公司和富人的税收。

Trump's order also mentions stablecoins, which are cryptocurrencies designed to maintain a stable value, typically pegged to the U.S. dollar.

特朗普的命令还提到了稳定的稳定币，这些加密货币旨在保持稳定的价值，通常与美元挂钩。

The administration is considering using stablecoins to process some federal payments, aiming to reduce costs and improve efficiency.

政府正在考虑使用Stablecoins处理一些联邦付款，旨在降低成本并提高效率。

Trump's move comes as the price of bitcoin hovers around $78,000, a far cry from its all-time high of over $81,000 reached earlier this year.

特朗普的举动是因为比特币的价格徘徊在78,000美元左右，与今年早些时候达到81,000美元的历史最高高点相去甚远。

The cryptocurrency has been highly volatile in recent months, with factors such as macroeconomic uncertainty, interest rate hikes, and Bitcoin's halving impacting its price.

近几个月来，加密货币的波动性高度波动，宏观经济不确定性，利率上升和比特币将其减半影响其价格。

In March, MicroStrategy (NASDAQ:MSTR) disclosed a $2 billion borrowing at 0% interest for one year and a $1 billion note at a 0% coupon for six months.

3月，MicroStrategy（NASDAQ：MSTR）披露了一年的20亿美元借入利息为0％的利息，六个月的0％优惠券的票据为10亿美元。

Both notes are convertible into stock at a 15% premium to the share price at the time of issuance.

两张票据均以15％的溢价转换为股票，低于发行时的股价。

The creditors, who include hedge funds and private equity firms, will continue to offer the company the same exceedingly generous terms if market conditions change, the 10-K warns.

包括对冲基金和私募股权公司在内的债权人将继续向公司提供相同的慷慨条款，如果市场条件发生变化，则10-K警告。

"If market conditions change, we may not be able to obtain equity or debt financing in a timely manner, on favorable terms, or at all," the 10-K cautions.

10-K警告说：“如果市场状况发生变化，我们可能无法及时获得股权或债务融资，以良好的方式或根本无法获得股权或债务融资。”

Strategy is planning to offer $21 billion worth of preferred stock with an 8% interest rate, the company announced Monday.

该公司周一宣布，战略计划提供价值210亿美元的优先股，利率为8％。

This follows a similar $584 million offering in February that established the preferred stock which trades under the ticker STRK. Monday's announcement suggests this will be the main financing mechanism going forward, assuming there is demand for it.

这是在2月份的5.84亿美元发行中，该产品建立了股票Strk下的首选股票。周一的公告表明，假设对此有需求，这将是未来的主要融资机制。

Shares of MicroStrategy fell 2.8% early Monday.

周一早些时候，MicroStrategy的股票下跌了2.8％。

Stocks Tumble On Trump Comments; Nvidia, Tesla Slide

股票对特朗普的评论跌跌撞撞； Nvidia，特斯拉滑梯

Saylor Strategy Questionable

Saylor策略值得怀疑

Both MicroStrategy and its creditors had acted as though Bitcoin was virtually guaranteed a one-way ticket to much higher highs under President Trump.

MicroStrategy及其债权人的行为似乎几乎可以保证在特朗普总统领导下的单程票价高得多的单程票。

MicroStrategy spent $21.2 billion buying Bitcoin at an average price of $96,458 per Bitcoin from Oct. 30 to Feb. 23.

从10月30日至2月23日，MicroStrategy以平均每比特币为96,458美元的比特币的购买比特币的价格为212亿美元。

At the moment, Strategy Chairman Michael Saylor's investment approach looks questionable.

目前，战略主席迈克尔·赛勒（Michael Saylor）的投资方法看起来很疑问。

Before the recent spending binge, MicroStrategy held 279,420 Bitcoin purchased at an average price of $42,692. The recent purchases of 219,676 Bitcoin raised the average price to $66,357.

在最近的支出狂欢之前，MicroStrategy持有279,420比特币，平均价格为42,692美元。最近购买的219,676个比特币将平均价格提高到66,357美元。

The current price of Bitcoin is around $79,810, extending a recent downtrend but off Sunday night lows.

当前比特币的价格约为79,810美元，延长了最近的下降趋势，但周日晚上低点。

MSTR Stock

MSTR股票

Strategy stock faces two big risks: that the price of Bitcoin will continue to decline and that the premium investors have given Strategy over the value of its Bitcoin holdings will contract.

战略股票面临两个大风险：比特币的价格将继续下降，高级投资者已经为其比特币持有的价值制定了策略。

Strategy stock tumbled 10.3% to 257.63 in early Monday stock market action. At that price, Strategy has a market value of $75.8 billion, based on 294 million shares, which includes shares after conversion of all its convertible notes.

策略股票在周一早些时候股市行动中跌倒10.3％至257.63。以这个价格，基于2.94亿股股票，战略的市场价值为758亿美元，其中包括在所有可转换票据转换后的股票。

That valuation approach makes sense, given that Strategy intends to hold all its Bitcoin, rather than pay cash when the notes mature.

鉴于该策略打算容纳所有比特币，而不是在票据成熟时支付现金，这种估值方法是有道理的。

That means investors are giving Strategy an 86% premium to the $41.30.7 billion value of its Bitcoin holdings. The premium has already shrunk from 164% on Nov. 10 before the latest buying binge.

这意味着投资者将战略溢价86％，至其比特币持有量的41307亿美元。在最新购买狂欢之前，溢价已经从11月10日的164％缩水。

Still, that premium allows Strategy to buy $1.86 worth of Bitcoin for each $1 of stock it issues.

尽管如此，该溢价仍允许策略为每股IT $ 1的IT问题购买价值1.86美元的比特币。

But if investors decided that Strategy doesn't merit the premium, cheap financing would go away, and so would the rationale for investing in MSTR as opposed to Bitcoin or a Bitcoin-related ETF.

但是，如果投资者认为该策略不值得溢价，便宜的融资将会消失，而投资MST的理由也将与比特币或与比特币相关的ETF。