购买 2.09 亿美元比特币后 MicroStrategy 股价下跌 8%

该公司以平均每枚比特币约 97,837 美元的价格购买了 2,138 枚比特币，总共购买了约 446,400 枚比特币。

MicroStrategy Inc.’s stock dropped 8% on Monday after the company disclosed its purchase of $209 million in Bitcoin, continuing its eight-week spree of cryptocurrency acquisitions.

MicroStrategy Inc. 宣布购买 2.09 亿美元的比特币，继续其为期八周的加密货币收购热潮，该公司股价周一下跌 8%。

The business bought 2,138 bitcoins at an average price of about $97,837 per coin between December 23 and 29, bringing its total Bitcoin purchases to about 446,400 coins overall. At current Bitcoin prices, this translates to a value of approximately $41.1 billion.

12 月 23 日至 29 日期间，该公司购买了 2,138 枚比特币，平均价格约为每枚 97,837 美元，使其比特币购买总量达到约 446,400 枚。按照目前的比特币价格，这相当于价值约 411 亿美元。

To finance this latest acquisition, MicroStrategy sold 592,987 shares for about $209 million. Following the announcement, MicroStrategy’s stock fell from $318.89 to $302.09 shortly after the market opened, with a further decline observed in after-hours trading.

为了资助此次最新收购，MicroStrategy 出售了 592,987 股股票，价格约为 2.09 亿美元。消息公布后，MicroStrategy 的股价在开盘后不久就从 318.89 美元下跌至 302.09 美元，盘后交易中进一步下跌。

Previously, MicroStrategy disclosed a sale of shares to the tune of $561 million, which was used to acquire 5,262 bitcoins at an average price of $106,662. The company has been financing its Bitcoin accumulation through consecutive share sales over the past eight weeks, totaling $1.22 billion raised from stock sales since late October.

此前，MicroStrategy 披露出售价值 5.61 亿美元的股票，用于以平均价格 106,662 美元收购 5,262 枚比特币。过去八周，该公司一直通过连续出售股票为其积累比特币融资，自 10 月底以来，该公司通过股票出售筹集了总计 12.2 亿美元的资金。

MicroStrategy’s shift to Bitcoin as its primary treasury reserve asset has significantly reshaped its market capitalization, now exceeding $80 billion. The firm is operating under a “21/21 plan,” aiming to raise $21 billion from both share sales and fixed-income securities. As of December 29, it has approximately $6.88 billion remaining for issuance and sale under this plan.

MicroStrategy 转向比特币作为其主要储备资产，极大地重塑了其市值，目前已超过 800 亿美元。该公司按照“21/21 计划”运营，旨在通过股票销售和固定收益证券筹集 210 亿美元。截至12月29日，该计划尚有约68.8亿美元可供发行和销售。

This strategy is largely dependent on the expectation of increasing institutional adoption of Bitcoin, despite the cryptocurrency’s inherent volatility. MicroStrategy’s bullish stance on Bitcoin has led to a remarkable stock increase of over 360% this year, outperforming Bitcoin itself.

尽管加密货币具有固有的波动性，但这一策略很大程度上取决于机构对比特币采用率不断提高的预期。 MicroStrategy 对比特币的看涨立场导致其股价今年大幅上涨超过 360%，表现优于比特币本身。

However, the company's strategy raises concerns among analysts, given the extensive leverage involved and the implications of increasing its authorized shares dramatically, from 330 million to a potential 10.33 billion.

然而，鉴于涉及广泛的杠杆作用以及大幅增加其授权股份（从 3.3 亿股增加到潜在的 103.3 亿股）的影响，该公司的战略引起了分析师的担忧。

Analysts like Hartmann Capital’s Felix Hartmann warned of a “precarious” situation, suggesting that while MicroStrategy could potentially see a top-five market capitalization, it also risks a downturn.

Hartmann Capital 的菲利克斯·哈特曼 (Felix Hartmann) 等分析师警告称，形势“不稳定”，表明尽管 MicroStrategy 的市值有可能进入前五名，但它也面临着经济低迷的风险。

Moreover, MicroStrategy’s position has attracted interest from hedge funds engaging in convertible arbitrage strategies. The company is seeking approval to increase its authorized shares to support its capital campaign effectively. This approval is essential for the company to continue its ambitious growth plans, which include an aggressive accumulation of Bitcoin assets over the coming years.

此外，MicroStrategy 的地位吸引了从事可转换套利策略的对冲基金的兴趣。该公司正在寻求批准增加其法定股本，以有效支持其资本活动。这一批准对于该公司继续其雄心勃勃的增长计划至关重要，其中包括在未来几年积极积累比特币资产。

This week marked a significant milestone for MicroStrategy as it was included in the Nasdaq-100 index, placing it among 100 of the largest stocks by market capitalization. The company's ongoing efforts to leverage its high stock price to acquire more Bitcoin illustrate its unique market position, with many viewing it as a proxy for cryptocurrency investment.

本周对 MicroStrategy 来说是一个重要的里程碑，因为它被纳入纳斯达克 100 指数，跻身市值最大的 100 只股票之列。该公司不断努力利用其高股价来收购更多比特币，这说明了其独特的市场地位，许多人将其视为加密货币投资的代表。