BTIG 表示，MicroStrategy 增加的比特币持有量推高了估值

由于 MicroStrategy 的比特币敞口增加以及其持有的 BTC 隐含溢价达到两倍以上，BTIG 分析师已将其 MicroStrategy 价格目标修改为 1,800 美元。分析师认为，MicroStrategy 的价值创造记录、减半事件等比特币催化剂以及该公司筹集增值资本的能力支持了更高的隐含比特币溢价。

MicroStrategy's Enhanced Bitcoin Exposure Drives Premium Valuation

MicroStrategy 增强的比特币风险推动溢价估值

Investment firm BTIG has raised its price target for MicroStrategy (MSTR), a leading enterprise software company and prominent Bitcoin (BTC) acquirer, from $780 to $1,800, citing the firm's increased exposure to Bitcoin and the potential for upcoming market catalysts.

投资公司 BTIG 将领先的企业软件公司和著名的比特币 (BTC) 收购方 MicroStrategy (MSTR) 的价格目标从 780 美元上调至 1,800 美元，理由是该公司对比特币的投资增加以及即将到来的市场催化剂的潜力。

Elevated Premium Reflects Investor Sentiment

溢价上涨反映了投资者的情绪

Over the past year, the implied premium in MicroStrategy's BTC holdings has surged to over two times its historical average of 1.5 times. This substantial premium suggests that investors are willing to pay a higher price for MicroStrategy shares due to the company's ability to provide access to Bitcoin exposure. This is particularly attractive for investors who may face barriers to investing directly in Bitcoin or via exchange-traded funds (ETFs).

过去一年，MicroStrategy 持有的 BTC 隐含溢价已飙升至历史平均水平 1.5 倍的两倍多。这一巨大的溢价表明，由于该公司有能力提供比特币敞口，投资者愿意为 MicroStrategy 股票支付更高的价格。这对于直接投资比特币或通过交易所交易基金（ETF）可能面临障碍的投资者来说尤其有吸引力。

Per-Share Bitcoin Exposure

每股比特币风险

BTIG analysts emphasize that MicroStrategy's recent capital market activities have significantly increased its Bitcoin exposure on a per-share basis. This increased exposure enhances the company's overall value proposition for investors seeking Bitcoin exposure.

BTIG 分析师强调，MicroStrategy 最近的资本市场活动显着增加了其每股比特币敞口。这种增加的风险敞口增强了该公司对寻求比特币风险投资的投资者的整体价值主张。

Upcoming Bitcoin Catalysts

即将到来的比特币催化剂

Analysts anticipate that MicroStrategy will benefit from upcoming Bitcoin catalysts, such as the highly anticipated halving event later this month. The quadrennial halving reduces miner rewards by 50%, effectively slowing the growth rate of Bitcoin supply. Historically, halving events have been associated with positive price movements for Bitcoin.

分析师预计 MicroStrategy 将受益于即将到来的比特币催化剂，例如本月晚些时候备受期待的减半事件。每四年减半使矿工奖励减少 50%，有效减缓了比特币供应的增长速度。从历史上看，减半事件与比特币的积极价格走势有关。

Market Challenges and Short Interest

市场挑战和空头兴趣

Despite MicroStrategy's strong fundamentals, the company has faced criticism from short sellers, such as Kerrisdale Capital, who argue that the implied Bitcoin price embedded in MicroStrategy's share price is significantly overvalued. Additionally, total short interest in crypto stocks, including MicroStrategy, remains high, reaching $10.7 billion.

尽管 MicroStrategy 的基本面强劲，但该公司仍面临 Kerrisdale Capital 等卖空者的批评，他们认为 MicroStrategy 股价中隐含的比特币价格被严重高估。此外，包括 MicroStrategy 在内的加密货币股票的空头头寸总额仍然很高，达到 107 亿美元。

Analyst Outlook

分析师展望

Despite these challenges, BTIG maintains a bullish outlook on MicroStrategy, citing the company's track record of creating value for shareholders and its strategic positioning in the Bitcoin ecosystem. The firm believes that the implied premium is justified by investors' desire for Bitcoin exposure and MicroStrategy's ability to raise capital to purchase additional Bitcoin.

尽管面临这些挑战，BTIG 仍然对 MicroStrategy 保持乐观的前景，理由是该公司在为股东创造价值方面的记录及其在比特币生态系统中的战略定位。该公司认为，隐含溢价是合理的，因为投资者对比特币敞口的渴望以及 MicroStrategy 筹集资金购买额外比特币的能力。

Conclusion

结论

BTIG's revised price target of $1,800 reflects the firm's belief that MicroStrategy's enhanced Bitcoin exposure, upcoming market catalysts, and supportive investor sentiment will drive the company's valuation higher. While short sellers may express concerns, the analysts argue that the premium embedded in MicroStrategy's share price remains within acceptable bounds and is supported by market demand. As the Bitcoin market continues to evolve, MicroStrategy is well-positioned to capture value for investors seeking exposure to this transformative asset class.

BTIG 将目标价调整为 1,800 美元，反映出该公司相信 MicroStrategy 增加的比特币敞口、即将到来的市场催化剂以及投资者的支持情绪将推动该公司的估值走高。尽管卖空者可能会表达担忧，但分析师认为，MicroStrategy 股价的溢价仍处于可接受的范围内，并受到市场需求的支撑。随着比特币市场的不断发展，MicroStrategy 处于有利位置，可以为寻求接触这一变革性资产类别的投资者获取价值。