MicroStrategy 一直通过出售股票和承担新债务的方式为其购买 BTC 融资。 11 月 18 日，MicroStrategy 宣布计划再筹集 17.5 亿美元的新债务（可能追加至 20 亿美元）。
MicroStrategy’s (NASDAQ:MSTR) plan to buy every BTC token in existence is facing competition from other companies that no longer wish to do what they originally set up to do. On November 11, MicroStrategy announced that it had purchased an additional 27,200 BTC tokens between October 31 and November 10. The bill for this mega-purchase was just over US$2 billion, with an average price paid per token of $74,463. Just one week later, Michael Saylor’s company announced that it had purchased a further 51,780 BTC at an average price of $88,627 for a total cost of $4.6 billion—its biggest buy to date. The sprees pushed the company’s total BTC hoard to 331,200—nearly 1.6% of all the BTC that will ever be—with an average purchase price of $49,874. On November 19, BTC briefly flirted with yet another all-time high of ~$94,000, spurred by the election of Donald Trump to a second presidential term and hopes of a regulatory reprieve from the annoying stuff that other financial sectors call rules. MicroStrategy has been financing its BTC purchases via a mix of selling stock and taking on new debt. On November 18, MicroStrategy announced plans to raise another $1.75 billion in new debt (with a potential top-up to $2 billion). With MicroStrategy’s share price also hitting new highs—closing above $430 on November 19, around 8x where the shares were at this time last year—Saylor is clearly feeling cocky, as these new convertible notes will pay interest of 0%. In other words, buyers will effectively be betting that the company’s stock will continue to rise based solely on its BTC holdings. Otherwise, there’s no benefit. MicroStrategy recently pledged to raise $42 billion over the next three years to buy even more BTC. Considering that (a) his company has purchased $6.6 billion worth of BTC in less than three weeks and (b) the average per-token prices of these purchases vs. the current price, Saylor may well be the sole source of the hot air currently inflating BTC’s balloon. Also, recall that MicroStrategy’s data analytics business—the thing it was set up to do—remains a money loser, adding another $18.5 million in red ink during the third quarter of 2024. One suspects Saylor no longer cares and will only maintain this data analytics façade until it no longer suits his tax purposes. MicroStrategy’s market cap is now 2.5x the value of its BTC holdings, making it a pseudo-exchange traded fund (ETF) that doesn’t grant shareholders any claim on the company’s BTC. And yet institutions like Bank of America, Goldman Sachs (NASDAQ:GS), Morgan Stanley (NASDAQ:MS), Vanguard Group, and Capital International Investors are snapping up MSTR shares by the millions. Given that every new BTC bulk buy pushes MicroStrategy’s average token purchase price higher, coupled with BTC’s proven history of shedding 50% or more of its fiat value in a matter of months, the company—not to mention its shareholders—is taking a major gamble here. Should BTC crash hard (again), Saylor might find, to his chagrin, that he is the market and there’s no one to sell to on the way down. One other thing: Saylor remains MSTR’s largest shareholder, but the recent sales have pushed his control of aggregate voting power below 50%. Saylor alluded to this reality in MSTR’s Q3 earnings report but insisted that “there’s nothing that we’re going to do that [other shareholders are] not going to want us to do.” Maybe, but just wait until the next time BTC tanks and Saylor proposes issuing more debt to ‘buy the dip.’
MicroStrategy（纳斯达克股票代码：MSTR）购买现有所有 BTC 代币的计划面临着来自其他公司的竞争，这些公司不再希望做他们最初打算做的事情。 11 月 11 日，MicroStrategy 宣布在 10 月 31 日至 11 月 10 日期间额外购买了 27,200 个 BTC 代币。这次大型购买的费用略高于 20 亿美元，每个代币的平均支付价格为 74,463 美元。仅仅一周后，Michael Saylor 的公司宣布以 88,627 美元的平均价格进一步购买了 51,780 枚 BTC，总成本达 46 亿美元，这是迄今为止最大的一笔收购。这些疯狂购买使该公司的 BTC 总储备达到 331,200 枚，几乎占 BTC 总量的 1.6%，平均购买价格为 49,874 美元。 11 月 19 日，受唐纳德·特朗普当选连任总统以及希望监管机构放松其他金融部门所谓规则的影响，比特币一度触及约 94,000 美元的历史新高。 MicroStrategy 一直通过出售股票和承担新债务的方式为其购买 BTC 融资。 11 月 18 日，MicroStrategy 宣布计划再筹集 17.5 亿美元的新债务（可能追加至 20 亿美元）。随着 MicroStrategy 的股价也创下新高——11 月 19 日收盘价超过 430 美元，约为去年此时股价的 8 倍——Saylor 显然感到自信满满，因为这些新的可转换票据将支付 0% 的利息。换句话说，买家实际上将押注该公司的股票将仅根据其持有的 BTC 继续上涨。否则，没有任何好处。 MicroStrategy 最近承诺在未来三年内筹集 420 亿美元来购买更多比特币。考虑到 (a) 他的公司在不到三周的时间内购买了价值 66 亿美元的 BTC，以及 (b) 这些购买的每个代币的平均价格与当前价格相比，Saylor 很可能是当前热议的唯一来源给比特币的气球充气。另外，请回想一下，MicroStrategy 的数据分析业务（它成立的目的）仍然是亏损的，在 2024 年第三季度又增加了 1850 万美元的亏损。有人怀疑 Saylor 不再关心，只会维持这项数据分析直到它不再适合他的税收目的。 MicroStrategy 的市值目前是其持有的 BTC 价值的 2.5 倍，使其成为一种伪交易所交易基金 (ETF)，股东不能对公司的 BTC 提出任何索取权。然而，美国银行、高盛（纳斯达克股票代码：GS）、摩根士丹利（纳斯达克股票代码：MS）、先锋集团和资本国际投资者等机构正在抢购数百万 MSTR 股票。鉴于每次新的 BTC 大宗购买都会推高 MicroStrategy 的平均代币购买价格，再加上 BTC 在几个月内就失去了 50% 或更多法定价值的历史记录，该公司（更不用说其股东）正在进行一场重大赌博这里。如果比特币（再次）严重崩溃，塞勒可能会懊恼地发现，他就是市场，在下跌过程中没有人可以卖给他。另一件事是：塞勒仍然是 MSTR 的最大股东，但最近的出售已使他对总投票权的控制低于 50%。塞勒在 MSTR 第三季度收益报告中提到了这一现实，但坚称“我们不会做任何[其他股东]不希望我们做的事情。”也许吧，但等到下次 BTC 下跌时，塞勒建议发行更多债务来“逢低买入”。
Imitation is the sincerest form of f*ckery
模仿是最真诚的操蛋形式
Saylor’s (for the moment) successful strategy is now being mimicked by a growing number of companies, both within and outside the digital asset space. On November 18, block reward mining outfit MARA (NASDAQ:MARA), formerly Marathon Digital, announced plans to raise at least $850 million (and possibly $1 billion) in new debt to help pay off some old debt and buy more BTC. MARA already holds 27,562 BTC and has pledged not to sell any of the hundreds of new tokens it mines each month, at least, so long as suckers, er, investors keep buying its debt. That same day, California-based medical technology firm Semler Scientific (NASDAQ:SMLR) announced the purchase of 215 BTC with $17
Saylor（目前）的成功策略现在被越来越多的数字资产领域内外的公司效仿。 11 月 18 日，区块奖励挖矿公司 MARA（纳斯达克股票代码：MARA）（原 Marathon Digital）宣布计划筹集至少 8.5 亿美元（也可能是 10 亿美元）的新债务，以帮助偿还一些旧债务并购买更多 BTC。 MARA 已持有 27,562 BTC，并承诺至少不会出售其每月开采的数百个新代币中的任何一个，只要傻瓜，呃，投资者继续购买其债务。同一天，总部位于加州的医疗技术公司 Semler Scientific（纳斯达克股票代码：SMLR）宣布以 17 美元购买 215 BTC
