尽管完成了 30 亿美元的比特币 (BTC) 发行，MicroStrategy (MSTR) 股价仍暴跌 25%

尽管此次发行完成，标志着该公司正在进行的比特币收购战略的一个重要里程碑，但股价还是出现了下跌。

Business intelligence firm MicroStrategy (NASDAQ:MSTR) has completed a secondary offering of $3 billion in 0% convertible senior notes, marking a significant step in its ongoing strategy to ramp up Bitcoin (CRYPTO:BTC) acquisitions.

商业情报公司 MicroStrategy（纳斯达克股票代码：MSTR）已完成 30 亿美元的 0% 可转换优先票据二次发行，标志着其持续加大比特币（CRYPTO：BTC）收购战略的重要一步。

The offering, which began on November 18 with a target of $1.75 billion, saw strong demand, leading to two upsizes to finally reach the $3 billion mark.

此次发行于 11 月 18 日开始，发行目标为 17.5 亿美元，需求强劲，导致规模两次扩大，最终达到 30 亿美元大关。

The notes carry a 55% premium, translating to an implied strike price of roughly $672. Bondholders are granted the option to convert their notes into MicroStrategy class A common stock at this predetermined price.

这些票据具有 55% 的溢价，意味着隐含的执行价格约为 672 美元。债券持有人有权按此预定价格将其票据转换为 MicroStrategy A 类普通股。

If the notes are not converted before maturity, they will be redeemed at face value. Notably, these notes do not pay regular interest, unlike traditional debt instruments.

如果票据在到期前未转换，则将按面值赎回。值得注意的是，与传统债务工具不同，这些票据不定期支付利息。

However, they hold “senior” status, which grants bondholders priority over common stockholders in case of bankruptcy or liquidation.

然而，他们拥有“高级”地位，在破产或清算的情况下，债券持有人比普通股股东享有优先权。

Bitcoin僚友を目指すマイクロストラテジー、0%転換債30億ドルを発行へ

MicroStrategy 旨在成为比特币盟友，发行 30 亿美元的 0% 可转换债券

If MicroStrategy allocates the full $3 billion raised from the offering to Bitcoin purchases, it could acquire approximately 30,600 BTC, based on current prices.

如果 MicroStrategy 将此次发行筹集的 30 亿美元全部分配给比特币购买，则根据当前价格，它可以购买大约 30,600 BTC。

This move would further solidify MicroStrategy's position as the public company with the largest Bitcoin holdings.

此举将进一步巩固 MicroStrategy 作为拥有最大比特币持有量的上市公司的地位。

As of the latest available data, MicroStrategy holds 331,200 BTC, valued at over $32.7 billion, according to the Saylor Tracker, named after Executive Chairman Michael Saylor.

根据以执行主席 Michael Saylor 命名的 Saylor Tracker，截至最新可用数据，MicroStrategy 持有 331,200 BTC，价值超过 327 亿美元。

This immense reserve places MicroStrategy well ahead of other public companies in Bitcoin holdings.

这一巨大的储备使 MicroStrategy 在比特币持有量方面远远领先于其他上市公司。

Cirtron reveals hedged short on MSTR stock after 'record' volume day

Cirtron 透露，在“创纪录”成交量日后，对 MSTR 股票进行对冲空头

Following the offering announcement, MicroStrategy shares experienced a significant dip.

发行公告发布后，MicroStrategy 股价大幅下跌。

Among those reacting to the move was Cirtron Research, which revealed a hedged short position on the stock.

Cirtron Research 是对此做出反应的公司之一，该公司披露了对该股的对冲空头头寸。

The firm argued that MSTR shares had become “overheated,” and their volume was “completely detached from Bitcoin fundamentals.”

该公司辩称，MSTR 股票已经“过热”，其交易量“完全脱离了比特币基本面”。

"We are short MSTR in a hedged manner and believe the stock will continue to trade lower as the dust settles on the new capital raise and the market realizes that MSTR is a low-quality way to gain exposure to BTC,” Cirtron said in a note.

Cirtron 在一份声明中表示：“我们以对冲方式做空 MSTR，并相信随着新一轮融资的尘埃落定，以及市场意识到 MSTR 是一种低质量的投资 BTC 的方式，该股将继续走低。”笔记。

"After a record volume day yesterday, MSTR is up another 10% premarket, while Bitcoin is trading flat,” the firm added.

该公司补充道：“继昨天创下成交量纪录后，MSTR 盘前又上涨了 10%，而比特币则持平。”

"This detachment from Bitcoin fundamentals is unsustainable, and we believe MSTR will ultimately follow the path of other low-quality 'Bitcoin僚友' stocks."

“这种与比特币基本面的脱离是不可持续的，我们相信 MSTR 最终将重蹈其他低质量‘比特币同行’股票的覆辙。”

Despite the volatility and Cirtron's bearish view, MSTR remains one of the top-performing U.S. stocks of 2024, with a year-to-date gain of 480%.

尽管存在波动且 Cirtron 持悲观观点，MSTR 仍然是 2024 年表现最好的美国股票之一，年初至今涨幅达 480%。

On November 20, it was the second most-traded stock in the U.S., as investors grappled with the pros and cons of gaining Bitcoin exposure through MicroStrategy.

11 月 20 日，随着投资者努力思考通过 MicroStrategy 获得比特币投资的利弊，它成为美国交易量第二大的股票。

The firm also played a key role in driving record trading volumes in the “Bitcoin Industrial Complex” on November 21.

该公司还在 11 月 21 日推动“比特币工业园区”交易量创纪录方面发挥了关键作用。

The complex, which includes U.S. spot Bitcoin ETFs and Bitcoin-related equities like Coinbase (NYSE:COIN) and MSTR, generated an unprecedented $70 billion in trading activity.

该综合体包括美国现货比特币 ETF 以及 Coinbase (NYSE:COIN) 和 MSTR 等比特币相关股票，产生了前所未有的 700 亿美元交易活动。

Bitcoin price closes in on $100K as MicroStrategy completes $3B secondary offeringBitcoin is currently trading at $99,423 — just shy of the $100,000 mark, according to Brave New Coin data.

随着 MicroStrategy 完成 30 亿美元的二次发行，比特币价格接近 10 万美元 根据 Brave New Coin 的数据，比特币目前的交易价格为 99,423 美元，略低于 100,000 美元大关。

The cryptocurrency has experienced a stellar run in 2024, surging over 85% year-to-date and hitting new all-time highs along the way.

这种加密货币在 2024 年经历了辉煌的表现，年初至今飙升了 85% 以上，并一路创下历史新高。

As Bitcoin approaches this pivotal price point, traders and investors are keeping a close eye on the markets, eagerly awaiting the next chapter in Bitcoin's remarkable journey.

随着比特币接近这一关键价格点，交易员和投资者正在密切关注市场，热切等待比特币非凡旅程的下一章。