MicroStrategy（纳斯达克股票代码：MSTR）正在筹集 420 亿美元来抬高 BTC 代币的价格，因为如果创始人 Michael Saylor 不抽这些袋子，谁会呢？

当 Saylor 开始收购所有 BTC 时，MicroStrategy 就不再专注于其软件业务。

Business intelligence software firm MicroStrategy (NASDAQ:MSTR) is planning to raise $42 billion in a bid to inflate the price of the BTC token, as who else will be left to pump these bags if founder Michael Saylor doesn’t?

商业智能软件公司 MicroStrategy（纳斯达克股票代码：MSTR）计划筹集 420 亿美元，以抬高 BTC 代币的价格，如果创始人 Michael Saylor 不这样做，还有谁会来提这些袋子呢？

On October 30, MicroStrategy unveiled its Q3 financial report card, which revealed a sharp decline in revenue from its (formerly) core business intelligence software business, while expenses and net losses saw significant increases. Software revenue for the three months ending September 30 fell 10.3% year-on-year, while the rising costs of that revenue resulted in a net loss of $18.5 million.

10月30日，MicroStrategy公布了第三季度财务报告，报告显示其（原）核心商业智能软件业务收入大幅下降，而费用和净亏损则大幅增加。截至 9 月 30 日的三个月软件收入同比下降 10.3%，而该收入成本的上升导致净亏损 1,850 万美元。

But who’s kidding? MicroStrategy stopped focusing on its software business when Saylor began his campaign to acquire every BTC out there in the wild. As of September 30, MicroStrategy held 252,220 BTC on its balance sheet, worth around $18.3 billion as of October 29, although BTC’s price has tumbled since then due to uncertainty over the U.S. election outcome (which remains undetermined at the time of writing).

但谁在开玩笑呢？当 Saylor 开始收购所有 BTC 时，MicroStrategy 就不再专注于其软件业务。截至 9 月 30 日，MicroStrategy 的资产负债表上持有 252,220 BTC，截至 10 月 29 日价值约为 183 亿美元，尽管此后由于美国大选结果的不确定性（截至撰写本文时尚未确定），BTC 的价格已经暴跌。

Saylor has been funding his BTC acquisitions with billions’ worth of new equity and debt, but his latest plan is one for the ages. On October 30, MicroStrategy announced a plan to sell up to $21 billion worth of its class A common stock. The proceeds of these sales will be used to (duh) acquire more BTC, based on MicroStrategy’s new self-proclaimed identity as “the world’s first and largest [BTC] Treasury Company.” The initials of that identity, in case you missed it, are BTC. (Guess’ Saylor Hypes Inert Tokens’ was taken.)

Saylor 一直用价值数十亿美元的新股本和债务为他的 BTC 收购提供资金，但他的最新计划是一个永恒的计划。 10 月 30 日，MicroStrategy 宣布计划出售价值高达 210 亿美元的 A 类普通股。根据 MicroStrategy 自称为“世界上第一家也是最大的 [BTC] 资金公司”的新身份，这些销售的收益将用于（呃）收购更多 BTC。如果您错过了，该身份的首字母缩写是 BTC。 （Guess 的“Saylor Hypes Inert Tokens”已被占用。）

MicroStrategy’s software business has a slogan of ‘Intelligence Everywhere,’ although ‘everywhere’ evidently doesn’t include Saylor’s office. Turns out that the $21 billion share sale is only half of Saylor’s ’21/21 Plan,’ which will also see the company raise $21 billion worth of fixed-income securities to (duh) buy more BTC.

MicroStrategy 的软件业务有一个口号“智能无处不在”，尽管“无处不在”显然不包括 Saylor 的办公室。事实证明，210 亿美元的股票出售只是 Saylor 的“21/21 计划”的一半，该计划还将使该公司筹集价值 210 亿美元的固定收益证券以（呃）购买更多的 BTC。

On October 29, the day before MicroStrategy announced this 21/21 Suicide Pact, its share price was trading at over $258. By November 4, the price had slid below $222, mirroring the slide in BTC’s fiat price, but we suspect many investors are starting to suspect that the cheese has slid off Saylor’s cracker.

10 月 29 日，即 MicroStrategy 宣布 21/21 自杀协议的前一天，其股价交易价格超过 258 美元。到 11 月 4 日，价格已跌至 222 美元以下，与 BTC 法定价格的下滑相呼应，但我们怀疑许多投资者开始怀疑塞勒的饼干中的奶酪已经滑落。

That impression wasn’t helped by MicroStrategy CEO Phong Le revealing on the Q3 analyst call that the 21/21 Plan is based on Douglas Adams’ The Hitchhiker’s Guide to the Galaxy, in which “the answer to the ultimate question of life, the universe and everything is the number 42.”

MicroStrategy 首席执行官 Phong Le 在第三季度分析师电话会议上透露，21/21 计划基于道格拉斯·亚当斯 (Douglas Adams) 的《银河系漫游指南》，其中“生命终极问题的答案，宇宙一切都是数字 42。”

Le said MicroStrategy believes 42 is “a unique number with some special characteristics. It’s the sum of 21 plus 21, and we all know that 21 is a magic and magical number in the world of [BTC],” given the maximum number of BTC tokens is 21 million. (Louis Farrakhan’s numerology obsession is suddenly looking a lot more rational.)

Le 表示，MicroStrategy 认为 42 是“一个具有一些特殊特征的独特数字。它是 21 加 21 的总和，我们都知道 21 在 [BTC] 的世界里是一个神奇而神奇的数字，”考虑到 BTC 代币的最大数量是 2100 万个。 （路易斯·法拉罕（Louis Farrakhan）对数字命理学的痴迷突然看起来更加理性了。）

Returning to this planet, Le celebrated the fact that the proposed $21 billion ‘at the market’ (ATM) equity program is “the largest ATM in the history of capital markets.” To make this magical $42 billion, MicroStrategy aims to raise $10 billion in 2025, another $14 billion in 2026, and a further $18 billion in 2027.

回到这个星球，Le 庆祝了拟议的 210 亿美元“市场”(ATM) 股权计划是“资本市场历史上最大的 ATM”这一事实。为了达到这个神奇的 420 亿美元，MicroStrategy 的目标是在 2025 年筹集 100 亿美元，在 2026 年再筹集 140 亿美元，在 2027 年再筹集 180 亿美元。

Uh-oh, it’s magic

呃哦，这很神奇

The hyper-concentration of BTC in the hands of a few—MicroStrategy already holds 1.2% of all the BTC that will ever be—may not be the brilliant strategy Saylor thinks it is and will indeed depend on ‘magical’ thinking that this ‘number go up’ will continue to go up forever.

BTC 过度集中在少数人手中（MicroStrategy 已经持有 BTC 总量的 1.2%），这可能不是 Saylor 认为的明智策略，而且确实会依赖于“神奇”的想法，即这个“数字”上涨'将永远继续上涨。

Saylor’s hyperanimated optimism regarding BTC’s growth potential seems to ignore that he’s largely responsible for the gains that BTC has enjoyed this year. As one confirmed ‘gold bug’ put it, Saylor is the ‘Egg Man’ who doesn’t realize he’s practically BTC’s whole market.

Saylor 对 BTC 增长潜力的过度乐观似乎忽略了他对 BTC 今年的收益负有主要责任。正如一位已证实的“黄金虫”所说，塞勒是“蛋人”，他没有意识到自己实际上是 BTC 的整个市场。

Two other factors have combined to keep BTC’s price artificially high. First, block reward miners have begun mimicking Saylor’s ‘HODL’ strategy by borrowing hundreds of millions of dollars to buy existing BTC rather than endure the cumbersome (and increasingly unprofitable) process of actually mining new ones.

另外两个因素共同导致比特币的价格人为地居高不下。首先，区块奖励矿工已经开始模仿 Saylor 的“HODL”策略，通过借贷数亿美元购买现有的 BTC，而不是忍受实际开采新比特币的繁琐（而且越来越无利可图）的过程。

Second, the BTC spot-based exchange-traded funds (ETF) have seen record inflows as institutional investors followed Saylor down this garden path, hoping to mirror the sixfold rise in MicroStrategy’s year-to-date share price

其次，随着机构投资者跟随 Saylor 走上这条花园小路，比特币现货交易所交易基金 (ETF) 的资金流入创历史新高，希望能反映 MicroStrategy 年初至今股价上涨六倍的情况