尽管比特币创下新纪录，但由于一些人对估值提出质疑，MicroStrategy 仍下跌 16%

股市有史以来最令人印象深刻的上涨之一至少在周四短暂休息，比特币开发公司 MicroStrategy (MSTR) 的百分比跌幅达到两位数，尽管比特币 (BTC) 的价格飙升至新纪录高位略低于 100,000 美元。

Bitcoin Development Company MicroStrategy (MSTR) took a hit on Thursday, even as the price of bitcoin (BTC) surged to a new record high.

比特币开发公司 MicroStrategy (MSTR) 周四遭受重创，尽管比特币 (BTC) 的价格飙升至新纪录高位。

After rising to more than five times the price at the start of 2024, shares of MicroStrategy fell 16.2% on the day. At one point, the stock was down more than 20%.

MicroStrategy 股价在 2024 年初上涨至五倍多后，当天下跌了 16.2%。该股一度下跌超过20%。

Despite the sharp decline, shares are still up more than five-fold for the year and nearly eight times from the level of one year ago.

尽管股价大幅下跌，但全年股价仍上涨五倍以上，较一年前上涨近八倍。

The company's market cap this week rose to more than three times the amount of bitcoin it held.

该公司的市值本周升至其持有的比特币数量的三倍多。

"MicroStrategy's [valuation] has completely detached from bitcoin fundamentals," wrote Citron Research's Andrew Left earlier in the day.

Citron Research 的 Andrew Left 当天早些时候写道：“MicroStrategy 的[估值]已经完全脱离了比特币的基本面。”

A former bull on the stock who recommended four years ago that investors get long bitcoin by buying MicroStrategy, Left said he remains bullish on BTC but has hedged by shorting MSTR.

曾是该股看涨者的 Left 在四年前建议投资者通过购买 MicroStrategy 来买入比特币，Left 表示，他仍然看好 BTC，但通过做空 MSTR 进行对冲。

Of that valuation, MicroStrategy's market cap yesterday and earlier on Thursday topped $100 million, or more than three times the value of the roughly 331,000 bitcoin on its balance sheet ($32.5 million at the current price near $98,000).

其中，MicroStrategy 的市值昨天和周四早些时候突破了 1 亿美元，是其资产负债表上约 331,000 枚比特币价值的三倍多（按当前价格接近 98,000 美元计算，为 3250 万美元）。

With today's price decline, MicroStrategy's market cap has sunk to about $80 million.

随着今天的价格下跌，MicroStrategy 的市值已跌至约 8000 万美元。

"MicroStrategy has officially met my criteria for a textbook parabolic short," wrote well-followed technician Bracco on X prior to the market open on Thursday.

“MicroStrategy 正式满足了我对教科书抛物线空头的标准，”周四开市前，备受关注的技术人员 Bracco 在 X 上写道。

Bracco noted three consecutive days of double-digit percentage gains and another major overnight gap higher, among other factors, including that MSTR's dollar volume on Wednesday topped that of mega-cap names like Nvidia and Tesla and that a leveraged ETF dedicated to the stock was the fifth-most traded fund in the entire market.

布拉科指出，连续三天出现两位数百分比涨幅，隔夜差距再次大幅走高，除其他因素外，包括周三 MSTR 的美元成交量超过了英伟达和特斯拉等大型股的成交量，以及专门针对该股票的杠杆 ETF整个市场交易量第五大的基金。

Writing early Thursday in the WSJ's Heard on the Street column, Jonathan Weil took note of the positive flywheel effect that's provided such a boost to the stock of late.

乔纳森·威尔（Jonathan Weil）周四早些时候在《华尔街日报》的《华尔街日报》专栏中撰文指出，积极的飞轮效应为该股近期带来了如此大的提振。

The stock's high valuation allows the company to raise capital at favorable prices and buy bitcoin. Bitcoin rises, the stock rises further, Executive Chairman Michael Saylor and team buy even more bitcoin. And so on.

该股票的高估值使该公司能够以优惠的价格筹集资金并购买比特币。比特币上涨，股价进一步上涨，执行主席 Michael Saylor 和团队购买了更多比特币。等等。

"If you want to speculate that bitcoin is heading higher, buy some," concluded Weil. "To go long MicroStrategy’s stock is to wager that bizarrely inefficient markets will become even more so."

“如果你想推测比特币会走高，那就买一些，”韦尔总结道。 “做多 MicroStrategy 的股票就是押注低效的市场将会变得更加低效。”

MicroStrategy last reported adding 243,305 bitcoin to its holdings in June, at an average price of $37,617. The company said at the time that it had sold $1.07 billion in Class A common stock.

MicroStrategy 最近报告称，其 6 月份增持了 243,305 枚比特币，平均价格为 37,617 美元。该公司当时表示，已出售价值 10.7 亿美元的 A 类普通股。

MicroStrategy began adding bitcoin to its balance sheet in August 2020, and had purchased a total of 430,757 BTC, at an average price of $27,713, through June.

MicroStrategy 于 2020 年 8 月开始将比特币添加到其资产负债表中，截至 6 月份，总共购买了 430,757 枚比特币，平均价格为 27,713 美元。

The company said in April that it had applied for an exchange-traded fund (ETF) that would hold bitcoin and other digital assets, in a move that would mark the entry of a major crypto miner into the U.S. ETF market.

该公司于 4 月份表示，已申请设立一只持有比特币和其他数字资产的交易所交易基金（ETF），此举标志着一家主要的加密货币矿商进入美国 ETF 市场。

Shares of MicroStrategy are up more than 3,500% since Saylor began buying bitcoin in August 2020.

自 Saylor 于 2020 年 8 月开始购买比特币以来，MicroStrategy 的股价已上涨超过 3,500%。