MicroStrategy（MSTR）面临对其比特币采集策略的审查

根据一份新的分析师报告，战略公司（以前称为MicroStrategy）正在面临其继续其积极的比特币获取策略的能力的审查。

TLDR; Strategy Inc., formerly known as MicroStrategy, is facing scrutiny about its ability to continue its aggressive Bitcoin acquisition strategy, according to a new analyst report.

tldr;根据一份新的分析师报告，战略公司（以前称为MicroStrategy）正在面临其继续其积极的比特币获取策略的能力的审查。

The company, which holds over 528,000 Bitcoin valued at approximately $44 billion, saw its stock downgraded to "Sell" by Monness, Crespi, Hardt & Co. analyst Gus Gala.

该公司持有超过528,000个比特币，价值约440亿美元，其股票被Monness，Crespi，Hardt＆Co。分析师Gus Gala降级为“卖出”。

Gala set a price target of $220 for MSTR shares, suggesting nearly 30% downside from current trading levels around $300. This comes just two weeks after the firm initiated coverage with a "Neutral" rating.

晚会的目标股价为220美元的MSTR股价，这表明目前的交易水平近300美元的价格近30％。这是在公司开始覆盖“中性”评级两周后才出现的。

The analyst's main concern centers on Strategy's funding mechanisms. The company has purchased Bitcoin almost weekly for months, using common share issuance and preferred stock sales.

分析师的主要关注点是战略资金机制。该公司使用普通股发行和首选股票销售购买了几个月的每周比特币。

"While we were negative on several respects upon initiation, we have gained incremental confidence that the convertible issuance strategy is likely tapped," Gala wrote in his report.

Gala在他的报告中写道：“尽管我们在启动时对几个方面都是负面的，但我们对可转换发行策略的信心逐渐增强。”

The report notes that Strategy has already used $18.6 billion of its $21 billion common share at-the-market offering. The company also recently raised another $711 million through STRF, its second series of preferred stock.

该报告指出，策略已经使用了其210亿美元的公共股票中的186亿美元。该公司最近还通过第二系列优先股STRF筹集了71.1亿美元。

Gala argues that Strategy will face increasing difficulty raising money through share issuance. This could force the company to rely more heavily on fixed income vehicles.

晚会认为，战略将面临越来越多的困难，难以通过股票发行筹集资金。这可能会迫使公司更严重地依靠固定收益车辆。

"If fixed income securities do not become a greater portion of issuance, the BTC treasury strategy will look increasingly challenged," according to the analyst.

该分析师说：“如果固定收益证券不会成为发行的更大部分，那么BTC国库策略将越来越挑战。”

Not all analysts share this bearish outlook. TD Cowen's Lance Vitanza maintained a "Buy" rating on Strategy shares with a $550 price target - more than double Gala's estimate.

并非所有分析师都分享这种看跌的前景。 TD Cowen的Lance Vitanza对战略股票的“买入”评级为550美元，价格超过双庆式的估计。

Vitanza views Strategy's recent financial maneuvers positively. He highlighted the company's new fixed income instrument as a strategic move to accelerate Bitcoin purchases.

维坦扎（Vitanza）对策略的最新财务操作产生了积极的看法。他强调了该公司的新固定收益工具是加速比特币购买的战略举动。

"The issuance of non-convertible preferred shares allows Strategy to advance its Bitcoin acquisition strategy," Vitanza noted. This approach appeals particularly to investors bullish on Bitcoin.

Vitanza指出：“发行非转换优先股允许策略推进其比特币的获取策略。”这种方法特别吸引投资者对比特币的看涨。

The TD Cowen analyst expects Strategy to finance dividends on its new preferred shares mainly through common equity issuance. He sees the transaction as a way to "front-load" Bitcoin purchases that would otherwise happen quarterly over multiple years.

TD Cowen分析师预计战略将主要通过共同股权发行为其新优先股提供股息。他认为这笔交易是“前负载”比特币购买的一种方式，这些比特币购买本来可以在每季度每季度进行多年。

Bitcoin Strategy

比特币策略

Strategy's Bitcoin holdings continue to grow despite these funding concerns. The company recently acquired 22,048 additional Bitcoins at a cost of approximately $1.92 billion.

尽管存在这些资金，策略的比特币持有量仍在不断增长。该公司最近收购了22,048个比特币，成本约为19.2亿美元。

This purchase brings Strategy's total holdings to 528,185 Bitcoin, acquired at an average price of $67,458 per Bitcoin. The company funded these acquisitions through proceeds from its Common ATM and STRK ATM programs.

这次购买将策略的总持股量提高到528,185比特币，平均每比特币的平均价格为67,458美元。该公司通过其普通ATM和Strk ATM计划的收益资助了这些收购。

From March 24 to March 30, 2025, Strategy sold 3,645,528 MSTR shares and 213,807 STRK shares. These sales generated net proceeds of $1.20 billion and $18.52 million, respectively.

从2025年3月24日至3月30日，战略出售了3,645,528股MSTR股和213,807股Strk股票。这些销售产生的净收益分别为1.2亿美元和1,852万美元。

The company also introduced a new class of capital stock - the 10.00% Series A Perpetual Strife Preferred Stock. It issued 8.5 million shares as part of a public offering.

该公司还推出了新的资本股票 - 10.00％系列A永久性争吵的首选股票。作为公开发行的一部分，它发行了850万股股票。

Strategy's approach has produced remarkable returns for long-term investors. MSTR shares have soared over 2,500% in the past five years, reflecting Bitcoin's rising value.

战略的方法为长期投资者带来了惊人的回报。在过去五年中，MSTR股票飙升了2,500％以上，反映了比特币的上升价值。

However, the competing analyst views highlight the uncertainty surrounding Strategy's future. The company's current ratio of 0.71, according to InvestingPro data, suggests potential challenges in meeting short-term obligations.

但是，竞争分析师认为，围绕战略未来的不确定性。根据InvestingPro数据，该公司的当前比率为0.71，这表明在履行短期义务方面存在潜在的挑战。

Bernstein SocGen Group provides yet another perspective. They maintain an "Outperform" rating on Strategy with a $600 price target, citing the company's strategic capital structure and expanded Bitcoin holdings.

Bernstein Socgen Group提供了另一种观点。他们以600美元的价格目标维持对战略的“跑赢大盘”评级，理由是该公司的战略资本结构并扩大了比特币持有量。

Strategy, originally founded as an enterprise software company in 1989, is now widely viewed as a leveraged play on Bitcoin. Including debt, the company is valued at approximately $90 billion today.

策略最初于1989年成立为企业软件公司，现在被广泛视为比特币上的杠杆作用。包括债务在内，该公司的价值约为900亿美元。

The stock's future depends largely on two factors: Bitcoin's price performance and Strategy's ability to sustain its funding model for continued acquisitions.

股票的未来在很大程度上取决于两个因素：比特币的价格绩效和战略维持其持续收购资金模型的能力。