由于比特币 (BTC) 未能达到 10 万美元目标，MicroStrategy (MSTR) 面临清算风险

美国总统选举后，比特币 (BTC) 的看涨竞赛触及 10 万美元，这让加密行业兴奋不已。不过，它也已发出清算信号

Bitcoin’s (BTC) bullish run towards hitting $100K post-US Presidential elections got the crypto industry excited. However, it has also flagged liquidation risk for some pro-BTC firms ahead.

美国总统选举后，比特币 (BTC) 的看涨势头达到 10 万美元，这让加密行业兴奋不已。然而，它也预示着一些支持比特币的公司未来面临清算风险。

MicroStrategy (MSTR), which has decided to go heavy on the biggest cryptocurrency, is expected to face a similar danger.

MicroStrategy (MSTR) 已决定大力投资最大的加密货币，预计也将面临类似的危险。

Michael Saylor, former CEO of MicroStrategy, announced that the company’s treasury operations had delivered a BTC yield of around 12.3% last week. He added that the firm managed to provide a net benefit of 40,738 BTC to its shareholders. This comes as Bitcoin’s price surged by 35% in the last 30 days to hover around $96K.

MicroStrategy 前首席执行官 Michael Saylor 宣布，上周该公司资金业务的 BTC 收益率约为 12.3%。他补充说，该公司成功为其股东提供了 40,738 BTC 的净收益。与此同时，比特币的价格在过去 30 天内飙升了 35%，徘徊在 9.6 万美元左右。

Crypto analyst Willy Woo has highlighted potential risks to MicroStrategy’s Bitcoin strategy in his latest post. He focused on the company’s convertible debt. He suggested that if debt holders do not convert to shares before maturity then it will force MSTR to sell its Bitcoin in order to reimburse debt holders.

加密货币分析师 Willy Woo 在他的最新文章中强调了 MicroStrategy 比特币策略的潜在风险。他重点关注公司的可转换债务。他建议，如果债务持有人在到期前不转换为股票，那么将迫使 MSTR 出售其比特币以偿还债务持有人。

This could happen if MicroStrategy’s share price doesn’t pump more than 40% and that too in 5 to 7 years (although it will vary as per each bond). Either MSTR correlation to BTC needs to fail or BTC needs to fail.

如果 MicroStrategy 的股价上涨不超过 40%，并且在 5 到 7 年内也不会上涨（尽管根据每种债券而有所不同），这种情况就可能发生。要么 MSTR 与 BTC 的相关性失败，要么 BTC 失败。

Woo had earlier warned competitors that are trying to mimic MicroStrategy as it could erode its net asset value premium. Other risks include potential SEC-forced restrictions on Bitcoin purchases and even US government confiscation of crypto assets.

Woo 早些时候曾警告试图模仿 MicroStrategy 的竞争对手，因为这可能会侵蚀其净资产价值溢价。其他风险包括美国证券交易委员会可能强制限制比特币购买，甚至美国政府没收加密资产。

This comes in when the investment adviser Gary Black claims MSTR’s shares are overvalued by 73%, estimating fair value at $105. MicroStrategy’s share price is up by a huge 668% in the last year, it was traded at an average price of $388.84 in the last session.

投资顾问加里·布莱克 (Gary Black) 声称 MSTR 的股票被高估了 73%，估计公允价值为 105 美元。 MicroStrategy股价去年大幅上涨668%，上一交易日均价为388.84美元。

Bitcoin’s recent upward run has boosted all the related markets with it. BTC price is up and running by 126% on a year-to-date basis (YTD). It went on to hit a fresh all-time high (ATH) of over $99,600 on November 23, 2024. The biggest crypto is trading at an average price of $95,700, at the press time. Its cumulative market cap is now moving toward the $2 trillion mark.

比特币最近的上涨带动了所有相关市场的上涨。 BTC 价格今年迄今 (YTD) 上涨了 126%。它于 2024 年 11 月 23 日创下了超过 99,600 美元的历史新高 (ATH)。截至发稿时，最大的加密货币交易平均价格为 95,700 美元。其累计市值目前正迈向2万亿美元大关。

The application software vendor firm had decided to tie up its fortunes with the biggest crypto but this move can prove to be a generating debt load. As per its last quarter filings, the firm reported a debt of $4.56 billion. It recently completed the issuance of another $3 billion in senior convertible notes due 2029 at a 0% interest rate which now brings its total debt to over $7.56 billion.

这家应用软件供应商公司决定将其财富与最大的加密货币捆绑在一起，但此举可能会产生债务负担。根据上一季度的文件，该公司报告的债务为 45.6 亿美元。该公司最近以 0% 的利率完成了另外 30 亿美元 2029 年到期的高级可转换票据的发行，目前其总债务超过 75.6 亿美元。

MicroStrategy’s “21/21 Plan” is a bold experiment in corporate finance where raising $42 billion to acquire 500,000 BTC sounds very ambitious. They’re not just buying Bitcoin, they’re doubling down on its future as a corporate treasury asset.

MicroStrategy 的“21/21 计划”是企业融资领域的一项大胆实验，筹集 420 亿美元收购 500,000 BTC 听起来非常雄心勃勃。他们不仅购买比特币，还加倍押注比特币作为企业财务资产的未来。