MicroStrategy (MSTR) 完成 30 亿美元的 0% 可转换优先票据发行，将于 2029 年 12 月到期，以购买更多比特币

谷歌财经数据显示，这家商业智能公司在 11 月 21 日股价回撤超过 25% 时宣布了这一交易的完成。

Business intelligence firm MicroStrategy (MSTR) has completed a $3 billion offering of 0% convertible senior notes due in December 2029, with plans to use a portion or all of the proceeds to buy more Bitcoin.

商业情报公司 MicroStrategy (MSTR) 已完成 30 亿美元的 0% 可转换优先票据发行，将于 2029 年 12 月到期，计划使用部分或全部收益购买更多比特币。

The convertibles come at a 55% premium with an implied strike price of around $672 — a predetermined price at which an option holder can buy or sell MicroStrategy’s class A common stock.

这些可转换债券的溢价为 55%，隐含执行价格约为 672 美元，这是期权持有人可以买卖 MicroStrategy 的 A 类普通股的预定价格。

The 0% senior convertible note means it will not pay regular interest to bondholders. These convertibles are sold at a discount and will instead mature to face value if they are not converted prior to the maturity date.

0%的高级可转换票据意味着它不会向债券持有人支付定期利息。这些可转换债券以折扣价出售，如果在到期日之前未转换，则将按面值到期。

They’re also “senior” to common stock in the sense that holders have priority in the event of bankruptcy or liquidation.

它们也比普通股“优先”，因为持有人在破产或清算时拥有优先权。

The offering follows MicroStrategy’s Nov. 18 announcement to raise $1.75 billion at 0% interest, which was then increased to $2.6 billion on Nov. 20.

此前，MicroStrategy 于 11 月 18 日宣布以 0% 的利率筹集 17.5 亿美元，随后于 11 月 20 日增至 26 亿美元。

The offerings are part of MicroStrategy’s bold plans to raise $42 billion in the next three years to stack more Bitcoin under its “21/21” plan — consisting of $21 billion in equity and $21 billion in fixed-income securities.

这些发行是 MicroStrategy 大胆计划的一部分，该计划将在未来三年内筹集 420 亿美元，以根据其“21/21”计划积累更多比特币，该计划包括 210 亿美元的股本和 210 亿美元的固定收益证券。

MicroStrategy currently holds 331,200 Bitcoin BTC $98,462 worth over $32.7 billion — the most of any public company, according to Saylor Tracker.

根据 Saylor Tracker 的数据，MicroStrategy 目前持有 331,200 个比特币（约合 98,462 美元），价值超过 327 亿美元，是所有上市公司中最多的。

MicroStrategy’s latest $3 billion offering brings the total raised in recent weeks to a record $7.1 billion.

MicroStrategy 最新的 30 亿美元发行使最近几周的融资总额达到创纪录的 71 亿美元。

The offering is also the largest ever 0% coupon convertible bond offering in the U.S. high-yield market, according to Sells.

塞尔斯表示，此次发行也是美国高收益市场有史以来规模最大的零息可转换债券发行。

MicroStrategy shares fell over 25% from its highest point of $536.7 to $397.28 when the closing bell rang on Nov. 21.

11 月 21 日收盘钟响时，MicroStrategy 股价从最高点 536.7 美元下跌超过 25% 至 397.28 美元。

MSTR’s change in share price on Nov. 21, including a 5.3% recovery in after-hours trading. Source: Google Finance

MSTR 11 月 21 日股价变化，盘后交易中回升 5.3%。资料来源：谷歌财经

The fall came as Cirtron Research revealed it hedged a short position on MSTR, suggesting MSTR shares have become “overheated and that its volume has “completely detached from BTC fundamentals.”

下跌之际，Cirtron Research 透露，它对冲了 MSTR 的空头头寸，这表明 MSTR 的股票已经“过热”，其交易量“完全脱离了 BTC 基本面”。

MSTR is still one of the best performers in the U.S. markets in 2024, up 480% year-to-date.

到 2024 年，MSTR 仍然是美国市场表现最好的股票之一，年初至今增长了 480%。

It was the second most-traded stock in the U.S. on Nov. 20 as more investors weighed up the bull case and risks of Bitcoin exposure through MSTR.

随着越来越多的投资者通过 MSTR 权衡牛市情况和比特币风险，该股成为 11 月 20 日美国交易量第二大的股票。

MicroStrategy’s firm contributed to a record-setting $70 billion trading volume on Nov. 21 from the “Bitcoin Industrial Complex” — consisting of U.S. spot Bitcoin exchange-traded funds and Bitcoin-related stocks like MSTR and Coinbase (COIN).

11 月 21 日，MicroStrategy 的公司为“比特币工业综合体”创造了创纪录的 700 亿美元交易量，该综合体由美国现货比特币交易所交易基金以及 MSTR 和 Coinbase (COIN) 等比特币相关股票组成。

Bitcoin is currently priced at $98,423 — about 1.5% off cracking the $100,000 milestone, CoinGecko data shows.

CoinGecko 数据显示，比特币目前价格为 98,423 美元，比突破 100,000 美元里程碑时便宜约 1.5%。

Magazine: Bitcoin dominance will fall in 2025: Benjamin Cowen, X Hall of Flame

杂志：比特币的主导地位将于 2025 年下降：Benjamin Cowen，X Hall of Flame

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