MicroStrategy 不是 Luna，比特币也不是 UST：原因如下

首先，我很高兴我们心爱的比特币已经达到 98,000 美元！毫无疑问，4 万美元至 7 万美元区间的英雄是比特币的 ETF

MicroStrategy, a business intelligence and software firm, has made headlines for its substantial Bitcoin holdings and its strategy of acquiring more Bitcoin through debt. This approach has drawn comparisons to the relationship between Luna and UST, prompting speculation about the sustainability of MicroStrategy's model.

MicroStrategy 是一家商业智能和软件公司，因其持有大量比特币以及通过债务收购更多比特币的战略而成为头条新闻。这种方法与 Luna 和 UST 之间的关系进行了比较，引发了人们对 MicroStrategy 模型可持续性的猜测。

Here's a closer examination of MicroStrategy's strategy and how it differs from Luna's:

以下是对 MicroStrategy 策略及其与 Luna 策略有何不同的详细分析：

MicroStrategy's Shift towards Bitcoin:

MicroStrategy 转向比特币：

Originally a software company with unrealized gains, MicroStrategy began pivoting towards Bitcoin in 2020. The company aimed to shift its assets from the real to the virtual realm.

MicroStrategy 最初是一家未实现收益的软件公司，2020 年开始转向比特币。该公司的目标是将其资产从现实领域转移到虚拟领域。

To acquire Bitcoin, MicroStrategy utilized its own funds initially. Later, it employed a strategy of OTC leverage, borrowing money through corporate bonds to purchase additional Bitcoin.

为了收购比特币，MicroStrategy 最初使用了自己的资金。后来，它采用了场外杠杆策略，通过公司债券借钱购买额外的比特币。

This approach differs significantly from Luna's, where Luna and UST were mutually created through a printing mechanism. UST, being an unanchored and newly printed asset, was largely sustained by a high (but fake) interest rate of 20%.

这种方法与 Luna 的方法有很大不同，Luna 和 UST 是通过打印机制共同创建的。 UST 是一种未锚定的新印刷资产，主要靠 20% 的高（但虚假）利率维持。

In contrast, MicroStrategy's strategy can be likened to dollar-cost averaging at low prices with the use of leverage. This strategy, which essentially involves borrowing to go long, proved successful as MicroStrategy bet in the right direction.

相比之下，MicroStrategy 的策略可以比作利用杠杆以低价平均成本。这一策略本质上是借债做多，事实证明 MicroStrategy 的押注是正确的，是成功的。

Moreover, Bitcoin's adoption is far wider than UST's, and MicroStrategy's impact on Bitcoin is also much lower compared to Luna's influence on UST.

而且，比特币的采用范围远比 UST 广泛，MicroStrategy 对比特币的影响也远低于 Luna 对 UST 的影响。

The critical distinction lies in the interest rates. A daily interest rate of 2% typically indicates a Ponzi scheme, while an annual interest rate of 2% belongs to a bank. Quantitative changes lead to qualitative shifts. MicroStrategy is not the sole factor determining Bitcoin's price movements, and it certainly does not face the same fate as Luna.

关键的区别在于利率。日利率2%通常是庞氏骗局，而年利率2%则属于银行。量变导致质变。 MicroStrategy 并不是决定比特币价格走势的唯一因素，它当然也不会面临与 Luna 相同的命运。

MicroStrategy's Debt-Fueled Bitcoin Acquisition:

MicroStrategy 的债务推动的比特币收购：

To quickly raise funds, MicroStrategy has undertaken multiple debt issuances, amassing a total of $5.7 billion in debt (for perspective, thisは約 Microsoft debt no 1/15 niあたります). Almost all of these funds have been channeled towards continuously increasing its Bitcoin holdings.

为了快速筹集资金，MicroStrategy 进行了多次债务发行，总共积累了 57 亿美元的债务（从角度来看，这大约是微软债务的 1/15），几乎所有这些资金都被用于不断增加其比特币持有量。 。

While most traders utilize on-exchange leverage, which entails using Bitcoin as collateral to borrow funds from the exchange (and other exchange users), OTC leverage operates differently.

虽然大多数交易者利用场内杠杆，即使用比特币作为抵押品从交易所（和其他交易所用户）借入资金，但场外杠杆的运作方式有所不同。

All creditors worldwide share a common concern: not being repaid. Without providing collateral, what motivates creditors to extend OTC loans to MicroStrategy?

全球所有债权人都有一个共同的担忧：得不到偿还。在不提供抵押品的情况下，是什么促使债权人向 MicroStrategy 提供场外贷款？

An examination of MicroStrategy's bond structure reveals a unique strategy. Over the past few years, the company has predominantly issued a type of convertible debt.

对 MicroStrategy 债券结构的检查揭示了一种独特的策略。过去几年，该公司主要发行一种可转换债券。

This convertible bond features two distinct phases:

该可转换债券具有两个不同的阶段：

1. Initial Phase: Bondholders can convert their bonds into MSTR shares at a rate of $135 per share. This conversion is subject to a lock-up period, preventing immediate sales.

1. 初始阶段：债券持有人可以将其债券以每股 135 美元的价格转换为 MSTR 股票。此转换有锁定期，无法立即销售。

2. Later Phase: As the bond approaches maturity, the $2 conversion rule no longer applies. At this stage, bondholders can either choose to cash out or directly convert their bonds into MSTR shares.

2. 后期：随着债券临近到期，2 美元转换规则不再适用。在此阶段，债券持有人可以选择兑现或直接将债券转换为MSTR股票。

This strategy essentially creates a trade with a high lower limit and a very high upper limit, enabling MicroStrategy to successfully raise funds.

该策略本质上创建了一个具有高下限和非常高上限的交易，使 MicroStrategy 能够成功筹集资金。

Fortunately, or perhaps loyally, MicroStatergy chose Bitcoin. And Bitcoin did not disappoint.

幸运的是，也许是出于忠诚，MicroStatergy 选择了比特币。比特币也没有让人失望。

As Bitcoin continues its ascent, the early Bitcoin acquired by MicroStrategy has also soared in value. According to the old and classic stock principle, the more assets a company possesses, the higher its market value should be.

随着比特币不断上涨，MicroStrategy早期收购的比特币价值也随之飙升。根据古老而经典的股票原则，公司拥有的资产越多，其市值就应该越高。

Consequently, MicroStrategy's stock price has skyrocketed, reaching new heights.

因此，MicroStrategy 的股价一路飙升，达到了新的高度。

Presently, MicroStrategy's daily trading volume surpasses even that of this year's absolute star, Nvidia. This development provides MicroStrategy with greater options and strategies.

目前，MicroStrategy的日交易量甚至超过了今年的绝对明星Nvidia。这一发展为 MicroStrategy 提供了更多的选择和策略。

Now, MicroStrategy not only relies on issuing bonds but can also directly issue new shares for sale to raise money.

现在，MicroStrategy不仅依靠发行债券，还可以直接发行新股出售来筹集资金。

Unlike many meme coin or Bitcoin developers who lack minting authority, traditional companies can issue new shares after following the relevant procedures.

与许多缺乏铸币权的米姆币或比特币开发商不同，传统公司可以在遵循相关程序后发行新股。

Last week, MicroStrategy's role in pushing Bitcoin from just over $80K to the current $98K was evident as the company sold $4.6 billion in new shares.

上周，MicroStrategy 出售了 46 亿美元的新股，将比特币从 8 万美元以上推升至目前的 9.8 万美元，其作用显而易见。

PS: Companies with trading volumes exceeding Nvidia naturally have this liquidity.

PS：交易量超过英伟达的公司自然有这个流动性。

Sometimes, you admire a company for making great profits, and you need to respect its great courage.

有时候，你佩服一家公司赚大钱，你需要尊重它的勇气。

Unlike many crypto companies that sell off immediately for cash, MicroStrategy maintains a grand vision as always. Notably, MicroStrategy reinvested all the money from selling these shares back into Bitcoin, propelling Bitcoin to $98K.

与许多立即出售以获取现金的加密货币公司不同，MicroStrategy 一如既往地保持着宏伟的​​愿景。值得注意的是，MicroStrategy 将出售这些股票的所有资金重新投资回比特币，将比特币推升至 9.8 万美元。

By now, you should have understood MicroStrategy's magic:

到现在为止，您应该已经了解 MicroStrategy 的魔力了：

Buy Bitcoin → Stock price rises → Borrow to buy more Bitcoin → Bitcoin rises → Stock price rises further → Borrow more debt → Buy more Bitcoin → Stock price continues to rise → Issue new shares and sell for cash → Buy more Bitcoin → Stock price continues to rise…

购买比特币→股价上涨→借钱购买更多比特币→比特币上涨→股价进一步上涨→借更多债务→购买更多比特币→股价继续上涨→发行新股并出售现金→购买更多比特币→股价继续上涨上升…

Presented by the great magician MicroStrategy.

由伟大的魔术师MicroStrategy呈现。

MicroStrategy's Next Debt

MicroStrategy 的下一笔债务