随着机构投资者的介入，MicroStrategy 的比特币代理面临审查

Kerrisdale Capital 发布做空报告，声称该公司是比特币的被高估的替代品后，MicroStrategy 股价今天下跌。 Kerrisdale 的研究中心思想是，比特币交易所交易产品 (ETP) 和交易所交易基金 (ETF) 的传播降低了 MicroStrategy 作为比特币代理的可行性。

MicroStrategy's Proxy for Bitcoin Under Scrutiny Amidst Institutional Investor Stakes

MicroStrategy 的比特币代理在机构投资者的注资中受到审查

Shares of MicroStrategy (NASDAQ: MSTR) exhibited a decline in value following the release of a comprehensive short report by Kerrisdale Capital, a prominent hedge fund. The report expounded upon Kerrisdale's bullish stance on Bitcoin (BTC USD) while concurrently expressing a bearish outlook on MSTR.

在著名对冲基金 Kerrisdale Capital 发布综合做空报告后，MicroStrategy（纳斯达克股票代码：MSTR）的股价出现下跌。该报告阐述了 Kerrisdale 对比特币（BTC USD）的看涨立场，同时表达了对 MSTR 的看跌前景。

Kerrisdale asserted that MicroStrategy's valuation as a surrogate for Bitcoin is inflated, citing the growing availability of Bitcoin-related exchange-traded products (ETPs) and exchange-traded funds (ETFs). The hedge fund's thesis posits that MicroStrategy's allure as a direct Bitcoin exposure vehicle has waned due to the proliferation of these alternative investment options.

Kerrisdale 声称，MicroStrategy 作为比特币替代品的估值过高，理由是比特币相关的交易所交易产品 (ETP) 和交易所交易基金 (ETF) 的可用性不断增加。该对冲基金的论文认为，由于这些另类投资选择的激增，MicroStrategy 作为直接比特币投资工具的吸引力已经减弱。

"The current implied Bitcoin price embedded within MicroStrategy's stock now exceeds $177,000, which is more than double the spot price of Bitcoin," stated Kerrisdale. "The days when MicroStrategy shares offered a unique and exclusive avenue for Bitcoin investment are long gone."

Kerrisdale 表示：“MicroStrategy 股票中当前隐含的比特币价格现已超过 177,000 美元，是比特币现货价格的两倍多。” “MicroStrategy 股票为比特币投资提供独特且专有途径的日子早已一去不复返了。”

MicroStrategy has amassed a substantial Bitcoin reserve through equity offerings, convertible bonds, and debt financing. However, Kerrisdale argues that the resulting dilution has left the amount of Bitcoin represented by each MSTR share essentially unchanged, implying that value creation is inextricably linked to Bitcoin's price appreciation. Consequently, Kerrisdale maintains that acquiring MSTR shares offers minimal advantage over holding Bitcoin directly.

MicroStrategy 通过股票发行、可转换债券和债务融资积累了大量比特币储备。然而，Kerrisdale 认为，由此产生的稀释使得每股 MSTR 股票所代表的比特币数量基本保持不变，这意味着价值创造与比特币价格升值密不可分。因此，Kerrisdale 认为，与直接持有比特币相比，收购 MSTR 股票的优势微乎其微。

Kerrisdale further points out that MicroStrategy's stock premium has historically hovered at or below 2x for 94% of trading days since 2021. The current premium stands at 2.6x, significantly higher than the historical average of 1.3x.

Kerrisdale进一步指出，自2021年以来，MicroStrategy的股票溢价历史上有94%的交易日徘徊在2倍或以下。目前溢价为2.6倍，显着高于1.3倍的历史平均水平。

Institutional ownership plays a crucial role in providing liquidity and stabilizing stock prices. Quarterly 13F filings reveal the positions of major investors, with the most recent data capturing holdings as of December 31st.

机构所有权在提供流动性和稳定股价方面发挥着至关重要的作用。季度 13F 文件揭示了主要投资者的仓位，最新数据记录了截至 12 月 31 日的持仓情况。

MicroStrategy's institutional investors have realized substantial gains in the fourth quarter. According to the latest 13F filings, 349 institutional investors held shares in MicroStrategy, representing a 22.46% increase compared to the previous quarter. These investors collectively owned 8.13 million shares, a 17.14% increase over the third quarter.

MicroStrategy 的机构投资者在第四季度实现了大幅收益。根据最新的 13F 文件显示，有 349 家机构投资者持有 MicroStrategy 股票，较上一季度增加 22.46%。这些投资者合计持有813万股，较第三季度增长17.14%。

Amongst these institutional stakeholders, five prominent investors stand out:

在这些机构利益相关者中，五位著名投资者脱颖而出：

• Morgan Stanley (NYSE: MS) acquired 299,083 shares, raising its stake to 602,441 shares.
• Susquehanna purchased 185,011 shares, increasing its holding to 287,180 shares.
• BlackRock (NYSE: BLACK) bought 116,704 shares, raising its stake to 1.02 million shares.
• T. Rowe Price (NASDAQ: TROW) acquired 70,696 shares, increasing its stake to 77,927 shares.
• FMR purchased 69,876 shares, raising its holding to 558,914 shares.

Despite the recent decline in share price, MicroStrategy's institutional investors continue to maintain significant stakes in the company, reflecting their confidence in the firm's long-term prospects. The evolving market dynamics and the emergence of alternative Bitcoin investment avenues may pose challenges to MicroStrategy's premium valuation, but the support from institutional investors provides a measure of stability and liquidity in the stock.

摩根士丹利（纽约证券交易所股票代码：MS）收购了 299,083 股，将其持股数量增加至 602,441 股。Susquehanna 购买了 185,011 股，将其持股数量增加至 287,180 股。贝莱德（纽约证券交易所股票代码：BLACK）购买了 116,704 股，将其持股数量增加至 102 万股。 Rowe Price（纳斯达克股票代码：TROW）收购了 70,696 股，将其持股增加至 77,927 股。FMR 购买了 69,876 股，将其持股增加至 558,914 股。尽管近期股价下跌，MicroStrategy 的机构投资者仍继续持有该公司的大量股份，反映了他们对公司长期前景的信心。不断变化的市场动态和替代比特币投资途径的出现可能会对 MicroStrategy 的溢价估值构成挑战，但机构投资者的支持提供了该股稳定性和流动性的衡量标准。