MicroStrategy 股价因比特币飙升而飙升，目标是到 2033 年占 BTC 供应量的 4%

在这一浪潮中，软件公司 MicroStrategy (MSTR) 继续转型为比特币收购巨头，目前是最大的企业持有者

MicroStrategy (NASDAQ:MSTR) stock soared in 2024 as the software firm completed its transformation into a Bitcoin-acquiring powerhouse. Here's a closer look at MSTR's journey and what to watch in 2025.

MicroStrategy（纳斯达克股票代码：MSTR）的股价在 2024 年飙升，这家软件公司完成了向比特币收购巨头的转型。以下是 MSTR 的发展历程以及 2025 年值得关注的内容。

MicroStrategy stock price surged in 2024 amid its pivot to Bitcoin. Now, as the dust settles on a turbulent year, let's delve into what lies ahead for MSTR in 2025.

由于转向比特币，MicroStrategy 股价在 2024 年飙升。现在，随着动荡的一年尘埃落定，让我们深入探讨 2025 年 MSTR 的未来。

MicroStrategy Stock Soared in 2024 on Bitcoin Holdings, Short Interest

MicroStrategy 股票在 2024 年因持有比特币和做空而飙升

MicroStrategy (NASDAQ:MSTR) stock soared in 2024 as the software firm completed its transformation into a Bitcoin-acquiring powerhouse.

MicroStrategy（纳斯达克股票代码：MSTR）的股价在 2024 年飙升，这家软件公司完成了向比特币收购巨头的转型。

The company, known for its AI-powered analytics software, made headlines with its bold strategy to hold and acquire large amounts of BTC. This strategy, coupled with a short squeeze and surging investor interest in crypto stocks, fueled a meteoric rise in MSTR stock.

该公司以其人工智能分析软件而闻名，因其持有和收购大量比特币的大胆战略而成为头条新闻。这一策略，加上卖空和投资者对加密股票的兴趣高涨，推动了 MSTR 股票的迅速上涨。

As a result, MicroStrategy became the largest corporate holder of Bitcoin with 439,002 BTC, valued at over $43 billion as of December 2024. This massive holding, combined with the company's status as a technology stock, attracted both investors and short sellers alike.

结果，MicroStrategy 成为最大的比特币企业持有者，截至 2024 年 12 月，拥有 439,002 比特币，价值超过 430 亿美元。这种大量持有，加上该公司作为科技股的地位，吸引了投资者和卖空者。

With a short interest of over 30%, MSTR stock was primed for a short squeeze. As the stock price continued to rise, short sellers faced increasing pressure to unwind their bearish positions, الأمر الذي أدى إلى ارتفاع أكبر في سعر السهم.

由于空头利息超过 30%，MSTR 股票已做好了轧空的准备。随着股价持续上涨，空头面临越来越大的平仓压力，导致股价出现更大涨幅。

Moreover, MicroStrategy's entry into the Nasdaq-100 Index on December 23, 2024, triggered a mandatory capital inflow from large investors. This move, aimed at countering short sellers, also attracted nearly $11 million in retail investor inflows, further bolstering the case for MSTR's potential growth.

此外，MicroStrategy于2024年12月23日进入纳斯达克100指数，引发了大投资者的强制资金流入。此举旨在打击卖空者，还吸引了近 1100 万美元的散户投资者流入，进一步支撑了 MSTR 的潜在增长。

MicroStrategy Q3 Earnings: Revenue Down,虧損擴大, but Bitcoin Holdings Grew

MicroStrategy Q3 Earnings: Revenue Down,亏损扩大, but Bitcoin Holdings Grew

MicroStrategy's (NASDAQ:MSTR) Q3 earnings on October 30 painted a mixed picture. Revenue fell 10.3% year over year to $116.1 million, while its net loss widened to $1.72 per share, both below estimates. However, the company highlighted a 32.5% rise in subscription services revenue.

MicroStrategy (NASDAQ:MSTR) 10 月 30 日公布的第三季度财报喜忧参半。收入同比下降 10.3% 至 1.161 亿美元，而净亏损扩大至每股 1.72 美元，均低于预期。然而，该公司强调订阅服务收入增长了 32.5%。

The earnings also showed that MicroStrategy's strategy to fuel its Bitcoin acquisition spree involved selling 8 million Class A shares, raising $1.1 billion, and doubling its net long-term debt to $4.3 billion. This aligns with its ambitious "21/21 Plan," which aims to raise $21 billion in equity and debt each to further bolster its Bitcoin reserves.

财报还显示，MicroStrategy 推动比特币收购热潮的战略包括出售 800 万股 A 类股票，筹集 11 亿美元，并将其净长期债务增加一倍，达到 43 亿美元。这与其雄心勃勃的“21/21 计划”相一致，该计划旨在筹集 210 亿美元的股本和债务，以进一步增强其比特币储备。

Highlighting MicroStrategy's shift in priorities, its operating expenses skyrocketed 300% to $514.3 million, largely due to impairment losses on digital assets. This left the company with a cash balance of $46.3 million.

MicroStrategy 的运营支出飙升 300% 至 5.143 亿美元，这凸显了 MicroStrategy 优先事项的转变，这主要是由于数字资产减值损失。这使得公司的现金余额为 4630 万美元。

Investors also watched closely as MicroStrategy's Bitcoin holdings grew to 252,220 BTC within the quarter, now valued at $9.9 billion as of October 29.

投资者还密切关注 MicroStrategy 的比特币持有量在本季度内增至 252,220 比特币，截至 10 月 29 日估值为 99 亿美元。

Analysts Boosted Price Targets on MicroStrategy Stock in 2024

分析师上调 MicroStrategy 股票 2024 年的价格目标

Several analysts boosted their price targets on MicroStrategy (NASDAQ:MSTR) stock in 2024 as the company's pivot to Bitcoin and standing as the largest corporate holder of the digital asset fueled a meteoric stock price rally.

随着 MicroStrategy（纳斯达克股票代码：MSTR）转向比特币并成为数字资产最大的企业持有者，几位分析师提高了 2024 年股价的目标价，推动了股价的快速上涨。

In November, Bernstein's Gautam Chhugani raised his MSTR price target to $600 from $290, giving an "Outperform" rating, highlighting the company's "unprecedented" Bitcoin strategy. With a triple-digit rally this year, Chhugani sees more upside ahead, projecting that MSTR could own 4% of Bitcoin's supply by 2033, with Bitcoin anticipated by the analyst to hit $1 million by 2033.

11 月，伯恩斯坦的 Gautam Chhugani 将 MSTR 目标价从 290 美元上调至 600 美元，给予“跑赢大盘”评级，突显该公司“史无前例”的比特币战略。随着今年三位数的上涨，Chhugani 看到了更多的上涨空间，预计到 2033 年 MSTR 可能拥有比特币供应量的 4%，分析师预计到 2033 年比特币价格将达到 100 万美元。

Chhugani reiterated his target price and rating in December.

Chhugani 在 12 月重申了他的目标价格和评级。

Meanwhile, TD Cowen raised MSTR’s price target to $525 from $392, keeping a "Buy" rating. The move follows the company’s $2.5 billion equity raise, fresh off a successful $3 billion convertible bond issuance. All funds are being funneled into Bitcoin purchases. The brokerage firm now models MicroStrategy’s bitcoin holdings to hit $108 billion by fiscal 2027, a figure it says could prove conservative. The market’s backing of the company’s strategy solidifies its ability to raise capital and boost shareholder value.

与此同时，TD Cowen 将 MSTR 的目标股价从 392 美元上调至 525 美元，维持“买入”评级。在此之前，该公司刚刚成功发行了 30 亿美元的可转换债券，并筹集了 25 亿美元的股权。所有资金都被用于购买比特币。该经纪公司目前预测，到 2027 财年，MicroStrategy 的比特币持有量将达到 1080 亿美元，该公司表示，这一数字可能被证明是保守的。市场对公司战略的支持巩固了其筹集资金和提高股东价值的能力。

What to Watch for MicroStrategy in 2025: Stock Price, Bitcoin Holdings, Software Business

2025 年 MicroStrategy 值得关注的事项：股价、比特币持有量、软件业务

As we head into 2025, here's what to watch for regarding

迈入 2025 年，以下是需要注意的事项