分析师：如果比特币到 2025 年底升至 15 万美元，MicroStrategy 股价将上涨 30%

Benchmark 金融科技分析师 Mark Palmer 表示，如果 MicroStrategy 维持创始人 Michael Saylor 在 2020 年发起的 BTC 购买热潮，该股可能会达到每股 2,150 美元。

Shares of business intelligence firm MicroStrategy (NASDAQ:MSTR) could rally 30% to reach $2,150 each by the end of 2025 if the company continues buying Bitcoin (BTC) and the cryptocurrency climbs to $150,000, an analyst said.

一位分析师表示，如果商业智能公司 MicroStrategy（纳斯达克股票代码：MSTR）继续购买比特币（BTC）并且加密货币价格攀升至 15 万美元，该公司的股价到 2025 年底可能会上涨 30%，达到每股 2,150 美元。

The stock currently trades at around $1,450.

该股目前交易价格约为 1,450 美元。

MicroStrategy began buying BTC in 2020 under the leadership of founder Michael Saylor.

MicroStrategy 在创始人 Michael Saylor 的领导下于 2020 年开始购买 BTC。

The company's stock has outperformed both BTC and the broader stock market since then.

自那时以来，该公司的股票表现一直优于比特币和更广泛的股票市场。

MicroStrategy is now valued at around $33 billion, making it one of the most valuable companies in the cryptocurrency space.

MicroStrategy 目前估值约为 330 亿美元，使其成为加密货币领域最有价值的公司之一。

The company's stock is also a popular choice among retail traders, who have helped drive up its price in recent years.

该公司的股票也是零售交易商的热门选择，近年来他们帮助推高了该公司的价格。

However, some analysts have warned that MicroStrategy's stock is overvalued and could be due for a correction.

然而，一些分析师警告称，MicroStrategy 的股票估值过高，可能需要进行调整。

The company's stock has also come under pressure in recent months due to concerns about its slowing enterprise software revenue and虧損.

由于担心企业软件收入和亏损放缓，该公司的股价近几个月也承受压力。

MicroStrategy also said on its Aug. 1 earnings call that it would now be tracking a new performance metric called “Bitcoin yield,” which calculates the ratio of BTC holdings to outstanding shares and essentially sets BTC-per-share as a lodestar for corporate performance.

MicroStrategy 还在 8 月 1 日的财报电话会议上表示，它现在将跟踪一项名为“比特币收益率”的新绩效指标，该指标计算持有的 BTC 与已发行股票的比率，本质上将每股 BTC 设定为企业业绩的指南针。

This metric is designed to highlight the company's strategy of using its enterprise software revenue to buy and hold BTC, and to "demonstrate the efficacy of its bitcoin acquisition strategy and its use of intelligent leverage,” Benchmark fintech analyst Mark Palmer told Cointelegraph in an email on Aug. 2.

Benchmark 金融科技分析师 Mark Palmer 在一封电子邮件中告诉 Cointelegraph，该指标旨在强调该公司利用其企业软件收入购买和持有 BTC 的战略，并“展示其比特币收购战略及其对智能杠杆的使用的有效性” 8 月 2 日。

“Our valuation assumes that [MicroStrategy] will continue to aggressively accumulate Bitcoin during the next 1.5 years and that Bitcoin’s price will reach $150,000 by the end of 2025,” Palmer said, regarding the firm's buy rating on the stock.

“我们的估值假设 [MicroStrategy] 将在未来 1.5 年内继续积极积累比特币，到 2025 年底，比特币的价格将达到 15 万美元，”帕尔默在谈到该公司对该股的买入评级时表示。

“This approach has had plenty of detractors, but notably, management has responded to criticism by pointing to the scoreboard: since the company adopted this approach on August 10, 2020, the company's stock has appreciated by 1,206%,” the report said, adding that MicroStrategy greatly outperformed both BTC and stocks during that time frame.

报告称：“这种做法遭到了很多批评，但值得注意的是，管理层通过记分牌来回应批评：自公司于 2020 年 8 月 10 日采用这种做法以来，公司股价已上涨 1,206%。”在此期间，MicroStrategy 的表现大大优于 BTC 和股票。

The company's stock is up over 1,200% since Aug. 10, 2020, while BTC is up around 345% and the S&P 500 index is up about 68%.

自 2020 年 8 月 10 日以来，该公司股价上涨超过 1,200%，而 BTC 上涨约 345%，标准普尔 500 指数上涨约 68%。

MicroStrategy's buy rating from Benchmark is “based on a sum-of-the-parts analysis that combines (1) our estimate of the year-end 2025 value of the company’s Bitcoin holdings and (2) our estimate of the year-end 2025 value of its enterprise software business,” Palmer said.

Benchmark 给出的 MicroStrategy 买入评级是“基于部分总和分析，该分析结合了 (1) 我们对公司所持比特币持有量 2025 年底价值的估计，以及 (2) 我们对 2025 年底价值的估计其企业软件业务，”帕尔默说。

MicroStrategy shares fell about 10% in post-market trading after revealing a loss of $5.74 per share, as declining revenue from its core enterprise software business drove the company to a loss in the second quarter.

MicroStrategy 公布每股亏损 5.74 美元后，其股价在盘后交易中下跌约 10%，原因是其核心企业软件业务收入下降导致该公司第二季度出现亏损。