MicroStrategy 的比特币押注获得回报，股价创 25 年来新高

这家商业智能公司已进入牛市，并创下了另一个令人印象深刻的里程碑。 MicroStrategy 的股价上涨超过 10%，达到 25 年来的新高，创下历史新高 (ATH)。

Business intelligence firm MicroStrategy (Nasdaq: MSTR) is currently the world’s largest corporate holder of Bitcoin, with 252,220 BTC. The asset, acquired at a total cost of about $9.9 billion, has soared considerably. At the current Bitcoin price of $687,300, MicroStrategy holds over $17 billion.

商业情报公司 MicroStrategy（纳斯达克股票代码：MSTR）目前是全球最大的比特币企业持有者，拥有 252,220 比特币。该资产的总成本约为 99 亿美元，价格大幅上涨。按目前 687,300 美元的比特币价格计算，MicroStrategy 持有超过 170 亿美元。

The firm has entered a bull season and recorded another impressive milestone. MicroStrategy’s stock hit an all-time high (ATH) after gaining over 10% to reach a 25-year high. According to TradingView data, the stock price was pegged at $235.89 at the close of the market on Thursday.

该公司已进入牛市季节，并创下了另一个令人印象深刻的里程碑。 MicroStrategy 的股价上涨超过 10%，达到 25 年来的新高，创下历史新高 (ATH)。根据TradingView数据，周四收盘时该股股价为235.89美元。

MicroStrategy’s stock, which has a market capitalization of $43.6 billion, currently trades at a premium. The high stock price is attributed to the firm’s impressive performance, especially its Bitcoin strategy, which has seen it rake in massive profits since adopting it in August 2020. So far, it has raised $4.25 billion from five of its equity offerings. Overall, MicroStrategy’s stock has witnessed astronomical growth since 1998.

MicroStrategy 的股票市值为 436 亿美元，目前交易价格存在溢价。高股价归因于该公司令人印象深刻的业绩，尤其是其比特币策略，自 2020 年 8 月采用该策略以来，该公司已获得巨额利润。到目前为止，该公司已通过五次股票发行筹集了 42.5 亿美元。总体而言，自 1998 年以来，MicroStrategy 的股票出现了天文数字的增长。

According to Mark Palmer, a Benchmark analyst, MSTR has hit a 17.8% yield year-to-date since adopting the Bitcoin strategy. To compensate for the fast-growing stock, the price target has soared to $245 per share.

Benchmark 分析师马克·帕尔默 (Mark Palmer) 表示，自采用比特币策略以来，MSTR 今年迄今的收益率已达到 17.8%。为了弥补股票快速增长的影响，目标价已飙升至每股 245 美元。

Palmer adds that the MSTR share price has risen by 1,600% in the past four years. In his view, additional price gain remains achievable in the coming quarter. Many investors consider MSTR a viable arbitrage between the U.S. capital market and Bitcoin.

Palmer 补充道，MSTR 股价在过去四年中上涨了 1,600%。他认为，下一季度仍然可以实现额外的价格上涨。许多投资者认为 MSTR 是美国资本市场和比特币之间可行的套利工具。

Bitcoin, the Fuel Powering MicroStrategy

比特币，MicroStrategy 的燃料

MicroStrategy’s uncommon success in technology is largely attributed to Bitcoin. The Michael Saylor-led firm has leaned heavily on Bitcoin accumulation to secure its excess cash flow. In its Bitcoin acquisition plan, MicroStrategy buys at every opportunity, positioning it as one of the largest single corporate holders of the world’s leading digital asset.

MicroStrategy 在技术方面取得的不同寻常的成功很大程度上归功于比特币。这家由迈克尔·塞勒领导的公司严重依赖比特币积累来确保其过剩的现金流。在其比特币收购计划中，MicroStrategy 抓住一切机会进行收购，将其定位为全球领先数字资产的最大单一企业持有者之一。

Interestingly, MicroStrategy’s approach comes at a cost. The firm has expanded its convertible note offering to secure additional capital required for the purchase of Bitcoin. Notably, the aggressive purchase of Bitcoin comes from issuing these convertible senior notes. Most of these notes do not mature until June 2032.

有趣的是，MicroStrategy 的方法是有代价的。该公司扩大了可转换票据发行规模，以确保购买比特币所需的额外资金。值得注意的是，对比特币的积极购买来自于发行这些可转换优先票据。这些票据大部分要到 2032 年 6 月才会到期。

Some have argued that if Bitcoin volatility triggers an unprecedented price plunge, MicroStrategy could be exposed. This is primarily because the stock value would drop, and raising the capital to offset the convertible notes might pose a challenge. Although the argument appears possible, the MicroStrategy Chairman remains unshaken in his bet on Bitcoin as an asset.

一些人认为，如果比特币波动引发前所未有的价格暴跌，MicroStrategy 可能会受到影响。这主要是因为股票价值会下跌，而筹集资金来抵消可转换票据可能会构成挑战。尽管这一论点似乎有可能，但 MicroStrategy 董事长仍然坚定不移地押注比特币作为一种资产。

Saylor’s Vision: Building a Bitcoin-Backed Financial Empire

塞勒的愿景：建立一个比特币支持的金融帝国

Michael Saylor’s leadership and unquenchable appetite for Bitcoin have played a notable role in MicroStrategy’s success. The Bitcoin advocate has remained bullish on Bitcoin, even projecting that it will become the currency of the future.

Michael Saylor 的领导才能和对比特币不可抑制的兴趣在 MicroStrategy 的成功中发挥了显着的作用。这位比特币倡导者仍然看好比特币，甚至预测它将成为未来的货币。

Saylor recently hinted at the next big move in his Bitcoin strategy, with this post on X addressing Microsoft CEO, Satya Nadella.

Saylor 最近在 X 上发表了一篇针对微软首席执行官萨蒂亚·纳德拉 (Satya Nadella) 的帖子，暗示了他的比特币战略的下一个重大举措。

Hey @SatyaNadella, if you want to make the next trillion dollars for $MSFT shareholders, call me.

嘿@SatyaNadella，如果您想为 MSFT 股东赚取下一个万亿美元，请给我打电话。

Furthermore, in a recent conversation with Bernstein analysts, Saylor disclosed that MicroStrategy aims to become the leading Bitcoin bank. He calls this the endgame for MicroStrategy. Saylor believes that the continued growth of Bitcoin will see his firm’s valuation reach $1 trillion, explaining the company’s massive Bitcoin accumulation.

此外，在最近与 Bernstein 分析师的对话中，Saylor 透露 MicroStrategy 的目标是成为领先的比特币银行。他将此称为 MicroStrategy 的最终阶段。 Saylor 认为，比特币的持续增长将使他的公司估值达到 1 万亿美元，这解释了该公司大量比特币的积累。

He explained that the firm’s strategy would involve continuing to leverage low-cost debt to fund additional Bitcoin purchases. By his estimation, MicroStrategy hopes to maintain approximately 30% yearly growth

他解释说，该公司的战略将包括继续利用低成本债务来为额外的比特币购买提供资金。据他估计，MicroStrategy希望保持每年30%左右的增长