BitMEX Research 表示，MicroStrategy (MSTR) 的 NAV 较比特币 (BTC) 溢价 256% 是“疯狂的”

该分析强调了 MicroStrategy 在其积极的比特币收购策略的推动下当前的市值与其所持有的比特币的实际价值之间存在巨大的估值差距。

MicroStrategy MSTR stock price surged on Monday morning after rising sharply last week, fueled by its unique strategy of deploying excess cash into Bitcoin BTC/USD.

MicroStrategy MSTR 股价继上周大幅上涨后，在其将多余现金配置为比特币/美元的独特策略的推动下，周一上午飙升。

While the company's stock performance has grabbed headlines, a deeper analysis reveals a striking disparity between MicroStrategy's market valuation and the net asset value (NAV) of its Bitcoin holdings.

尽管该公司的股票表现已成为头条新闻，但更深入的分析显示，MicroStrategy 的市场估值与其持有的比特币资产净值 (NAV) 之间存在显着差异。

According to BitMEX Research, MSTR stock is currently trading at an astonishing 256% premium to the NAV of its Bitcoin holdings, highlighting the extreme optimism among investors.

根据 BitMEX Research 的数据，MSTR 股票目前的交易价格比其持有的比特币资产净值高出惊人的 256%，凸显了投资者的极度乐观情绪。

A Closer Look at the Disparity

仔细看看差异

MicroStrategy's Bitcoin holdings, as of Monday, are valued at approximately $32.3 billion, assuming a Bitcoin price of $97,600 and the total bitcoin holdings are 331,200.

截至周一，MicroStrategy 的比特币持有量价值约为 323 亿美元，假设比特币价格为 97,600 美元，比特币持有总量为 331,200 枚。

However, the company's fully diluted market capitalization stands at $115 billion, with a share price of $474, indicating a valuation that is significantly higher than its Bitcoin holdings.

然而，该公司完全稀释后的市值为 1150 亿美元，股价为 474 美元，这表明其估值明显高于其持有的比特币。

This disparity is largely driven by investors betting on the company's ability to continue acquiring Bitcoin at a premium, which is then used to calculate the NAV.

这种差异主要是由于投资者押注该公司有能力继续以溢价购买比特币，然后将其用于计算资产净值。

Breaking Down the Numbers

细分数字

To illustrate the scale of the premium, BitMEX Research explored scenarios where MicroStrategy could align its Bitcoin per share value with its current trading price of $474.

为了说明溢价的规模，BitMEX Research 探索了 MicroStrategy 可以将其比特币每股价值与其当前 474 美元交易价格调整的情景。

Assuming the Bitcoin price remains constant at $97,600 and the premium persists, the company would need to

假设比特币价格保持在 97,600 美元不变并且溢价持续存在，该公司将需要

This iterative calculation assumes the company continues issuing new equity at a premium to acquire more Bitcoin, a strategy that has been a key part of MicroStrategy's plan since 2020.

这一迭代计算假设该公司继续以溢价发行新股以收购更多比特币，这一策略自 2020 年以来一直是 MicroStrategy 计划的关键部分。

"If the premium persists, the company can keep issuing new shares until the value of the Bitcoin per share equals the current share price," BitMEX Research noted.

BitMEX Research 指出：“如果溢价持续存在，公司可以继续发行新股，直到每股比特币的价值等于当前股价。”

Premium: A Sign of Enthusiasm or Speculation?

溢价：热情还是投机的迹象？

The high premium on MSTR stock has sparked differing opinions, with some arguing that it is a consequence of investor enthusiasm for obtaining indirect exposure to Bitcoin, while others view it as a speculative bubble.

MSTR 股票的高溢价引发了不同的看法，一些人认为这是投资者热衷于间接接触比特币的结果，而另一些人则认为这是投机泡沫。

According to BitMEX Research, the premium is likely only sustainable if investors continue to be enticed by MicroStrategy's yield strategy.

BitMEX Research 表示，只有投资者继续受到 MicroStrategy 收益策略的吸引，溢价才可能可持续。

"At that point, with a $1,685 share price, people may need to think the premium will still remain for another round of this," the analysis added.

分析补充说：“到那时，以 1,685 美元的股价，人们可能需要认为溢价在另一轮融资中仍将存在。”

MicroStrategy's Bitcoin Proxy Status

MicroStrategy 的比特币代理状态

The company's holdings position it as a major Bitcoin proxy. However, the 256% premium suggests that investors are paying a substantial markup for exposure, which is far greater than the actual value of its Bitcoin holdings.

该公司的持股使其成为主要的比特币代理。然而，256% 的溢价表明投资者正在为敞口支付大幅加价，这远远高于其持有的比特币的实际价值。

This disparity highlights the optimism and speculative nature of the market's enthusiasm for Bitcoin and the lengths to which some investors are going to gain exposure.

这种差异凸显了市场对比特币热情的乐观和投机本质，以及一些投资者将获得投资的长度。