随着大规模稀释投票的临近，MicroStrategy 计划再购买 20 亿美元的比特币

MicroStrategy（纳斯达克股票代码：MSTR）寻求在股东投票决定大幅增加公司流通股数量之前再购买价值 20 亿美元的比特币（CRYPTO：BTC）。

Bitcoin (CRYPTO: BTC) buying juggernaut MicroStreetgy (NASDAQ:MSTR) wants to buy another $2 billion worth of the cryptocurrency ahead of a shareholder vote on massively increasing the number of company shares outstanding.

比特币（CRYPTO：BTC）收购巨头 MicroStreetgy（纳斯达克：MSTR）希望在股东投票决定大幅增加公司流通股数量之前再购买价值 20 亿美元的加密货币。

In a new SEC filing, MicroStrategy disclosed that it intends to create a new perpetual preferred stock that could be converted into Class A shares or have a dividend paid on them. This move is “in furtherance of its previously announced 21/21 Plan,” where it wants to raise $21 billion each in stock sales and debt instruments, respectively.

在一份新的 SEC 文件中，MicroStrategy 披露，它打算创建一种新的永久优先股，可以转换为 A 类股票或支付股息。此举是“推进其先前宣布的 21/21 计划”，该计划希望通过股票销售和债务工具分别筹集 210 亿美元。

As shareholders are set to approve MicroStrategy’s plan to increase the company’s authorized Class A shares from 330 million to 10.33 billion while also raising the number of authorized preferred shares from 5 million to over 1 billion, it is clear that CEO Michael Saylor is stepping on the bitcoin-buying gas pedal.

由于股东即将批准 MicroStrategy 将公司授权 A 类股从 3.3 亿股增加到 103.3 亿股，同时将授权优先股数量从 500 万股增加到超过 10 亿股的计划，首席执行官 Michael Saylor 显然正在采取行动。购买比特币的油门踏板。

24/7 Wall St. Key Points:

24/7 华尔街要点：

Bitcoin buying binge

比特币购买狂潮

For eight consecutive weeks — and soon likely to be nine straight weeks — MicroStrategy has been scooping up buckets of the cryptocurrency. At last count, MSTR owned 446,400 bitcoins, which at current prices means the nominal data analytics firm owned $44.2 billion worth of the cryptocurrency.

连续八周（很快可能会连续九周）MicroStrategy 一直在抢购加密货币。根据最新统计，MSTR 拥有 446,400 枚比特币，按当前价格计算，这意味着这家名义数据分析公司拥有价值 442 亿美元的加密货币。

Since Saylor owns enough stock that has about 45% of the total voting power, the plan to dramatically increase the number of shares outstanding is likely to be approved. But the $2 billion perpetual preferred stock offering is in addition to the 21/21 Plan the new share authorization will help implement.

由于塞勒拥有足够的股票，约占总投票权的45%，因此大幅增加流通股数量的计划很可能会获得批准。但 20 亿美元的永久优先股发行是对 21/21 计划的补充，新的股票授权将有助于实施。

A perpetual preferred stock typically pays the owner a dividend so long as the company remains solvent. MicroStrategy says the purpose of creating it is to strengthen its balance sheet and acquire more bitcoin. The balance sheet does need shoring up.

只要公司保持偿付能力，永久优先股通常就会向所有者支付股息。 MicroStrategy 表示，创建它的目的是加强其资产负债表并获取更多比特币。资产负债表确实需要支撑。

Downside risk getting amplified

下行风险加剧

MicroStrategy has taken on significant amounts of debt to buy bitcoin and it plans on taking on even more. Long-term debt has doubled over the past year, growing from $2.18 billion in last year’s third quarter to $4.21 billion this year. It has just $46.3 million in cash and equivalents. Company losses from the data analytics business widened from $143 million a year ago to $340 million this year.

MicroStrategy 已经承担了大量债务来购买比特币，并且计划承担更多债务。长期债务在过去一年中翻了一番，从去年第三季度的21.8亿美元增长到今年的42.1亿美元。它只有 4630 万美元的现金和等价物。公司数据分析业务的损失从一年前的 1.43 亿美元扩大到今年的 3.4 亿美元。

Right now MicroStrategy is benefiting from the bull market in Bitcoin, but it could face significant problems if the crypto’s price suffers a major correction. MSTR stock is up 438% over the past year as BTC prices jumped over the $100,000 threshold, but an extended bitcoin downturn that pulled MicroStrategy’s share price down below the conversion price on all that convertible debt it holds could create a bitcoin-selling environment.

目前，MicroStrategy 正受益于比特币的牛市，但如果加密货币的价格出现重大调整，它可能会面临重大问题。随着比特币价格突破 10 万美元门槛，MSTR 股价在过去一年上涨了 438%，但比特币持续低迷导致 MicroStrategy 股价跌破其持有的所有可转换债务的转换价格，可能会创造比特币销售环境。

Conversion prices between 2027 and 2032 range from $143 per share to $233 per share. As MSTR has been much more volatile than BTC in recent months, a crypto winter could cause an avalanche in MicroStrategy’s stock. It would likely have to sell a least some of its Bitcoin hoard to repay debtholders.

2027 年至 2032 年间的转换价格范围为每股 143 美元至 233 美元。由于近几个月 MSTR 的波动性远高于 BTC，加密货币寒冬可能会导致 MicroStrategy 股价暴跌。它可能不得不出售至少部分比特币储备来偿还债务持有人。

Key takeaway

要点

MicroStrategy is benefiting from a positive feedback loop. The more bitcoin it buys, the higher BTC’s price goes, making MSTR stock more valuable. Wash. Rinse. Repeat. That is, until the music stops.

MicroStrategy 受益于积极的反馈循环。购买的比特币越多，比特币的价格就越高，从而使 MSTR 股票更有价值。清洗、冲洗。重复。也就是说，直到音乐停止。

MicroStrategy owns $44 billion worth of bitcoin, but its own stock is worth $94 billion, more than twice that of the crypto. That has benefited the convertible debtholders who have been able to change their notes into Class A shares at prices well above the conversion price. Although MSTR trading at such nosebleed valuations is really a relatively new phenomenon, as recently as last September shares went for less than $120 a stub. A reversion to the mean on a bitcoin correction is readily possible.

MicroStrategy 拥有价值 440 亿美元的比特币，但其股票价值 940 亿美元，是加密货币价值的两倍多。这使可转换债券持有人受益，他们能够以远高于转换价格的价格将其票据转换为 A 类股票。尽管 MSTR 以如此惊人的估值进行交易确实是一个相对较新的现象，但就在去年 9 月，其股价还不到每股 120 美元。比特币回调的均值回归是很容易实现的。

The virtuous circle of MicroStrategy’s strategy has been working in its favor. Investors just need to be wary for when the virtuous circle turns vicious, which it eventually will.

MicroStrategy 战略的良性循环一直对其有利。投资者只需要警惕良性循环何时会变成恶性循环，而这最终会变成恶性循环。