随着比特币财政部策略的业绩大幅提升，MicroStrategy (MSTR) 股价飙升

总部位于弗吉尼亚州的 MicroStrategy Incorporated (MSTR) 成立于 1989 年，为全球企业和政府提供人工智能驱动的分析软件和云解决方案。

Bitcoin (BTCUSD) has had an incredible 2024, surging 110% on a year-to-date basis, outpacing the S&P 500 Index ($SPX) and the Nasdaq Composite Index ($NASX). This rally is fueled by President-elect Donald Trump's support for crypto, his plans to build a strategic BTC reserve, and his nomination of cryptocurrency advocate Paul Atkins to head the SEC. A more crypto-friendly regulatory landscape and the launch of Bitcoin ETF options further boosted confidence. The surge to over $100,000 marks a key milestone, cementing Bitcoin’s place in the financial world. However, its notorious volatility remains a risk.

比特币 (BTCUSD) 度过了令人难以置信的 2024 年，年初至今飙升 110%，超过了标准普尔 500 指数 ($SPX) 和纳斯达克综合指数 ($NASX)。当选总统唐纳德·特朗普对加密货币的支持、他建立战略性比特币储备的计划以及他提名加密货币倡导者保罗·阿特金斯担任美国证券交易委员会主席都推动了这一涨势。更加有利于加密货币的监管环境和比特币 ETF 期权的推出进一步提振了信心。飙升至超过 10 万美元标志着一个重要的里程碑，巩固了比特币在金融界的地位。然而，其臭名昭著的波动性仍然是一个风险。

Amid this surge, software firm MicroStrategy (MSTR) has continued its transformation into a Bitcoin-acquiring powerhouse and is now the largest corporate holder of the digital currency. MicroStrategy owns 439,002 bitcoins as of Dec. 16, 2024.

在这一浪潮中，软件公司 MicroStrategy (MSTR) 继续转型为比特币收购巨头，目前是数字货币的最大企业持有者。截至 2024 年 12 月 16 日，MicroStrategy 拥有 439,002 枚比特币。

Meanwhile, short interest in crypto stocks is rising sharply, and many speculate that MSTR is primed for a short squeeze. Analysts predict the short squeeze could further drive a rally, as short sellers may be forced to exit their bearish positions, opening the door for substantial upside for investors.

与此同时，对加密货币股票的空头兴趣急剧上升，许多人猜测 MSTR 已准备好进行空头挤压。分析师预测，空头挤压可能会进一步推动涨势，因为卖空者可能被迫退出看跌头寸，为投资者大幅上涨打开大门。

Additionally, as MicroStrategy joins the Nasdaq-100 on Dec. 23, 2024, it triggers a mandatory capital inflow from large investors. This move, attracting nearly $11 million in retail investor inflows, strengthens the case for MSTR's potential growth - catching short sellers off guard and triggering a squeeze.

此外，随着 MicroStrategy 于 2024 年 12 月 23 日加入纳斯达克 100 指数，引发了大型投资者的强制资本流入。此举吸引了近 1100 万美元的散户投资者流入，增强了 MSTR 潜在增长的理由，令卖空者措手不及并引发紧缩。

About MicroStrategy Stock

关于 MicroStrategy 股票

Virginia-based MicroStrategy Incorporated (MSTR), founded in 1989, offers AI-powered analytics software and cloud solutions for businesses and governments worldwide. Known for its MicroStrategy ONE platform and Bitcoin holdings, the company serves diverse industries, including finance, healthcare, and government.

总部位于弗吉尼亚州的 MicroStrategy Incorporated (MSTR) 成立于 1989 年，为全球企业和政府提供人工智能驱动的分析软件和云解决方案。该公司以其 MicroStrategy ONE 平台和比特币持有而闻名，为金融、医疗保健和政府等多个行业提供服务。

MicroStrategy has been on a tear in 2024, emerging as one of the year's biggest winners. Once a software company, it is now a hybrid tech-investment powerhouse, with Bitcoin as its backbone. As the largest corporate holder of Bitcoin, MSTR has skyrocketed 440% over the past 52 weeks, with a blistering 123% surge in just the past three months. Investors have embraced the pivot, fueling the stock's meteoric rise.

MicroStrategy 在 2024 年表现出色，成为今年最大的赢家之一。它曾经是一家软件公司，现在是一家以比特币为支柱的混合科技投资巨头。作为比特币最大的企业持有者，MSTR 在过去 52 周内飙升了 440%，仅在过去三个月内就飙升了 123%。投资者已经接受了这一转变，推动了该股的迅速上涨。

From a valuation standpoint, MSTR stock is priced at 157.65 times forward sales, a premium to cryptocurrency exchange Coinbase Global, Inc. (COIN) and payment services company Block, Inc. (SQ).

从估值角度来看，MSTR 股票的定价为远期销售额的 157.65 倍，高于加密货币交易所 Coinbase Global, Inc. (COIN) 和支付服务公司 Block, Inc. (SQ)。

MicroStrategy's Q3 Performance

MicroStrategy 第三季度业绩

MicroStrategy's Q3 earnings on Oct. 30 painted a mixed picture. Revenue fell 10.3% year over year to $116.1 million, while its net loss widened to $1.72 per share, missing estimates. Subscription services revenue rose 32.5% to $27.8 million, but product licenses and support revenues declined. The company’s struggle with profitability continues, highlighting challenges in balancing growth and operational efficiency. Operating expenses skyrocketed 300% to $514.3 million, largely due to impairment losses on digital assets, leaving the company with a cash balance of $46.3 million.

MicroStrategy 10 月 30 日发布的第三季度财报描绘了一幅喜忧参半的景象。收入同比下降 10.3% 至 1.161 亿美元，而净亏损扩大至每股 1.72 美元，低于预期。订阅服务收入增长 32.5%，达到 2780 万美元，但产品许可和支持收入下降。该公司在盈利能力方面的斗争仍在继续，凸显了平衡增长和运营效率方面的挑战。运营费用飙升 300% 至 5.143 亿美元，主要是由于数字资产减值损失，导致公司现金余额为 4630 万美元。

The highlight of Q3 was MicroStrategy’s Bitcoin holdings, which grew to 252,220 BTC within the quarter, valued at $9.9 billion as of Oct. 29. Despite this, investors remain wary about the company’s funding sources. To fuel its Bitcoin acquisition spree, MicroStrategy sold 8 million Class A shares, raising $1.1 billion, and doubled its net long-term debt to $4.3 billion. This aligns with its ambitious "21/21 Plan," which aims to raise $21 billion in equity and debt each to further bolster its Bitcoin reserves.

第三季度的亮点是 MicroStrategy 的比特币持有量，该季度内增至 252,220 BTC，截至 10 月 29 日价值 99 亿美元。尽管如此，投资者仍对该公司的资金来源持谨慎态度。为了推动比特币收购热潮，MicroStrategy 出售了 800 万股 A 类股票，筹集了 11 亿美元，并将其净长期债务增加了一倍，达到 43 亿美元。这与其雄心勃勃的“21/21 计划”相一致，该计划旨在筹集 210 亿美元的股本和债务，以进一步增强其比特币储备。

MicroStrategy’s Bitcoin-focused strategy has been a double-edged sword. On one hand, it has catapulted the company’s stock performance, securing its spot in the Nasdaq-100 and benefiting from tax advantages tied to Bitcoin impairments. Its $3 billion convertible bond issuance at a 0% coupon provided interest-free capital for additional Bitcoin purchases, further leveraging its position. However, the heavy concentration in a single volatile asset poses significant risks. A steep Bitcoin price decline could derail its strategy, strain its liquidity, and undermine stock performance.

MicroStrategy 以比特币为中心的战略是一把双刃剑。一方面，它提振了该公司的股票表现，确保了其在纳斯达克 100 指数中的地位，并受益于与比特币减值相关的税收优惠。其以 0% 息票发行的 30 亿美元可转换债券为额外购买比特币提供了无息资本，进一步利用了其地位。然而，高度集中于单一波动性资产会带来重大风险。比特币价格急剧下跌可能会使其战略脱轨，流动性紧张，并损害股票表现。

The company’s transformation from a software firm to a “Bitcoin Treasury Company” underscores its commitment to this singular path. However, sidelining its core software business amplifies its reliance on Bitcoin’s price trajectory. The use of convertible debt also introduces risks; falling stock prices could force MicroStrategy to raise capital to repay debt principal, creating potential liquidity challenges.

该公司从一家软件公司转型为“比特币财务公司”，凸显了其对这条独特道路的承诺。然而，其核心软件业务的边缘化加剧了其对比特币价格轨迹的依赖。使用可转换债券也会带来风险；股价下跌可能迫使 MicroStrategy 筹集资金以偿还债务本金，从而造成潜在的流动性挑战。

Despite

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