MicroStrategy（MSTR）分享了SOAR的4.42％，因为投资者押注公司大胆的比特币（BTC）策略

拥有令人印象深刻的528,185 BTC，战略已将自己变成了公司加密货币采用者的强大作用

Strategy (MSTR) stock soared 4.42% to reach $301 in Tuesday’s trading session, hitting a high of $307.60. The stock has seen a remarkable surge of over 2,500% in the last five years, largely driven by the company’s bold Bitcoin (BTC) strategy.

战略（MSTR）股票飙升了4.42％，在周二的交易会中达到301美元，达到307.60美元。在过去五年中，该股票的增长超过2,500％，这在很大程度上是由公司大胆的比特币（BTC）战略驱动的。

Known for accumulating an impressive 528,185 BTC, Strategy has become a powerhouse among corporate cryptocurrency adopters. To fund this massive accumulation, Strategy has been issuing common shares and preferred stock, showcasing its dedication to amassing Bitcoin as a core treasury asset.

战略以累积令人印象深刻的528,185 BTC而闻名，已成为公司加密货币采用者的强大作用。为了资助这一大规模积累，战略一直在发行普通股和优先股，展示了将比特币作为核心财政资产的奉献精神。

Just last week, Strategy raised $711 million through its STRF preferred stock series, adding to the $18.6 billion already collected from its $21 billion at-the-market common share program. This demonstrates the company’s relentless pace in its funding efforts.

就在上周，战略通过其STRF优先股系列筹集了71.1亿美元，增加了从其210亿美元的市场普通股计划中收取的186亿美元。这表明了公司在其资助工作中的不懈速度。

However, not everyone is convinced that this trajectory will hold. Monness Crespi analyst Gus Gala downgraded MSTR to a ‘Sell’ rating, setting a $220 price target, which implies nearly 29% downside from its current level of $307.

但是，并不是每个人都相信这种轨迹会保持。 Monness Crespi分析师Gus Gala将MSTR降级为“卖出”评级，设定了220美元的目标目标，这意味着从目前的307美元水平降低了近29％的缺点。

Gala’s skepticism arises from his belief that Strategy’s heavy reliance on share issuance may soon hit a wall. Having already utilized $18.6 billion of its $21 billion capacity for common shares, Strategy’s ability to keep raising funds this way is nearing its limit, especially after a shift away from convertible debt following his ‘Neutral’ coverage initiation two weeks ago.

庆祝活动的怀疑是由于他的信念，即战略对发行股的严重依赖可能很快撞到了墙。策略已经利用了其210亿美元的普通股产能中的186亿美元，以这种方式筹集资金的能力接近其限制，尤其是在两周前从“中性”覆盖范围开始后从可转换债务转移后。

Unless Strategy pivots more toward fixed-income securities, his analysis suggests that the company’s Bitcoin treasury approach could fall, and the market may grow tired of the constant equity dilution.

除非战略更向固定收益证券透明，否则他的分析表明，该公司的比特币国库方法可能会下降，市场可能会厌倦了持续的股权稀释。

With 528,185 BTC on its balance sheet, Strategy’s strategy depends on maintaining access to capital, a dynamic that could either cement the company’s dominance or expose it to new risks as funding avenues evolve.output: Still holding a Neutral rating on MSTR, Gala sees potential for further downside as the stock has shot up an impressive 1,030% during his coverage period.

策略的策略凭借其资产负债表上的528,185 BTC，策略取决于维持资本的机会，这种动态可以巩固该公司的统治地位，或者随着资金途径的发展，可以巩固该公司的统治地位，或者将其暴露于新的风险中。出口：在MSTR上仍然具有中性评级，Gala在MSTR上保持了股票的潜力，因为在他的销售期间，股票的销量具有进一步的下降，因此在他的覆盖范围内获得了令人印象深刻的1,030％的覆盖范围。

This brings his price target to $220, which is significantly lower than the current level of around $307. However, it’s worth noting that the analyst had previously set a price target of $400 to reflect his belief in the potential for a move to $500 in the intermediate term.

这使他的价格目标达到220美元，大大低于目前的307美元左右。但是，值得注意的是，分析师此前曾将目标目标定为400美元，以反映出他对在中级期间搬到500美元的可能性的信念。

In his analysis two weeks ago, Gala initiated coverage of Strategy with a Neutral rating and a price target of $400. He highlighted the company’s unique treasury strategy, which involves using capital raised through share offerings to invest in Bitcoin.

在两周前的分析中，晚会开始覆盖战略，中性评级为400美元。他强调了该公司独特的国库策略，该战略涉及使用通过共享产品筹集的资本来投资比特币。

“We believe that the company’s ability to raise capital is nearing its limit, especially after shifting away from convertible debt in our Neutral initiation two weeks ago. Unless MSTR pivots more toward fixed-income securities, we think this treasury strategy could fall apart, and the market may grow weary of the constant equity dilution,” Gala explained.

“我们认为，公司筹集资金的能力正在接近其限制，尤其是在两周前从中性启动中转移了可转换债务的能力。除非MSTR更多地向固定收益证券转移，否则我们认为该国库策略可能会崩溃，市场可能会越来越疲倦，持续债权稀释，” Gala解释说。

As of the last report, Strategy had already utilized $18.6 billion of its $21 billion at-the-market common share program and had no outstanding convertibles.

截至上次报告，战略已经利用了其210亿美元的市场普通股计划中的186亿美元，并且没有出色的敞篷车。

Moreover, the analyst noted that Strategy’s stock price has soared, outperforming the broader markets and other stocks in his coverage.

此外，分析师指出，策略的股价已经飙升，在他的承保范围内表现出色。

“In the past five years, MSTR has risen over 2,500% compared to the S&P 500’s 170% return and an average gain of 500% among the 20 stocks we rate. This performance is a testament to the company’s successful treasury strategy and the strong investor interest in Bitcoin,” he added.

他补充说：“在过去的五年中，与标准普尔500指数的170％回报相比，MSTR上升了2500％以上，在我们利率的20股股票中，平均收益为500％。这种绩效证明了该公司成功的国库策略和对比特币的强大投资者兴趣。”

In other news, Strategy will be reporting its second-quarter earnings on Thursday, and the analyst will be particularly focused on the company’s plans for further capital raising in the second half of 2023. Any shift in Strategy’s preferred mode of capital raising will be crucial for determining the sustainability of its Bitcoin treasury strategy.

在其他新闻中，战略将在周四举报其第二季度收益，分析师将特别关注该公司在2023年下半年进一步筹集资金的计划。战略首选的资本筹集方式的任何转变对于确定其比特币库库策略的可持续性至关重要。

Stay tuned to Benzinga for more coverage of the MSTR stock.

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