MicroStrategy是终极杠杆比特币游戏

MicroStrategy的投资论文非常简单：这是对比特币价格的杠杆押注。最初是一家商业智能和分析软件公司，在首席执行官迈克尔·赛勒（Michael Saylor）领导下，MicroStrategy现在是世界上最大的比特币持有人，其国库券中约有447,470个比特币

MicroStrategy (NASDAQ:MSTR) stock has seen an impressive rise of over 600% in the past year—a performance roughly 4.5 times greater than Bitcoin’s (CRYPTO: BTC) own gains over the same period. However, the rally has faced some headwinds since the end of last year, as MicroStrategy's stock has struggled to reach new all-time highs—not necessarily due to cryptocurrency price swings but likely because of skepticism over massive equity dilution.

在过去的一年中，MicroStrategy（NASDAQ：MSTR）的股票增长了600％以上，这是同一时期比特币（Crypto：BTC）自己的收益的4.5倍。但是，自去年年底以来，这次集会一直面临一些逆风，因为MicroStrategy的股票一直在努力达到新的历史最高点，这并不一定是由于加密货币价格波动，但可能是由于对大规模股权稀释的怀疑。

As I'm cautiously bullish on MicroStrategy, given its brilliant strategy to buy more Bitcoin and capitalize on the hype, I believe that the current NAV premium, at support levels, could be a good entry point in a scenario of ongoing growth for Bitcoin prices.

由于我谨慎地看好微型流通，因此鉴于其出色的购买比特币并利用了炒作的出色策略，我相信，在持续增长的比特币价格的情况下，目前的NAV Premium在支持水平上可能是一个很好的入口处。 。

MicroStrategy's unique approach works, while share dilution needn't incite fear for current and new investors. Watch out for MSTR's earnings call later today after the closing bell. Wall St. analysts expect MSTR to report a loss per share of $0.09 for Q4 2024 compared to an EPS of $0.50. For those looking to gain legitimized exposure to the crypto craze, MSTR and its dazzling strategy are a worthy option.

MicroStrategy的独特方法有效，而股票稀释不需要引起人们对当前和新投资者的恐惧。关闭钟声后，请注意MSTR的收入电话。 Wall St.分析师预计，MSTR的每股损失为42024 $ 0.09，而每股收益为0.50美元。对于那些希望获得合法接触加密货币热潮的人来说，MSTR及其令人眼花takent乱的策略是一个值得的选择。

MicroStrategy Is the Ultimate Leveraged Bitcoin Play

MicroStrategy是终极杠杆比特币游戏

MicroStrategy's investment thesis is quite straightforward: it's a leveraged bet on Bitcoin's price. Originally a business intelligence and analytics software company under CEO Michael Saylor, MicroStrategy is now the largest holder of Bitcoin in the world, with around 447,470 Bitcoins in its treasury, valued at $46.75 billion.

MicroStrategy的投资论文非常简单：这是对比特币价格的杠杆押注。 MicroStrategy最初是一家公司首席执行官Michael Saylor领导下的商业智能和分析软件公司，现在是世界上最大的比特币持有人，其国库券中约有447,470个比特币，价值467.5亿美元。

Over the past few years, MicroStrategy has accumulated this massive amount of Bitcoin through a brilliant strategy consisting of (1) taking on debt and (2) issuing equity to buy more Bitcoin. As the company has capitalized on the high volatility of the leading cryptocurrency, most of its debt is issued through convertible bonds at nearly 0% interest rates, allowing investors to convert their holdings into MSTR stock later, in a form where shareholders are not immediately diluted. In other words, people are lending money to MicroStrategy at no cost, hoping the shares will rise above the conversion price.

在过去的几年中，MicroStrategy通过（1）承担债务和（2）发行股权购买更多比特币的出色策略，积累了大量的比特币。由于该公司已经利用了领先的加密货币的高波动性，因此其大多数债务都是通过可转换债券以接近0％的利率发行的，使投资者以后可以将其持股转换为MST股票，以此形式，股东没有立即被稀释。换句话说，人们免费将钱借给Microstrategy，希望这些股票能超过转换价格。

Thus, as higher Bitcoin prices increase equity value, it creates a positive feedback loop whereby MicroStrategy can borrow increasingly more capital to buy increasingly more Bitcoin. Arguably, the results have been phenomenal since the company began executing this strategy in 2020. Investors who bought MSTR stock instead of directly purchasing Bitcoin saw returns in excess of 2,000%, compared to Bitcoin's 1,207% over the same period.

因此，随着较高的比特币价格提高了股票价值，它创造了一个积极的反馈回路，从而使微观损失越来越多的资本来购买越来越多的比特币。可以说，自公司于2020年开始执行这一策略以来，结果一直是惊人的。购买了MST股票的投资者而不是直接购买比特币锯回报率超过2,000％，而比特币在同一时期的1,207％。

Why MicroStrategy's Bitcoin Strategy Warrants a Premium

为什么MicroStrategy的比特币策略值得保费

Although justified by its recent strong performance, MicroStrategy's strategy of acquiring more Bitcoin comes at a cost. This is evident when the company's net asset value (NAV) in Bitcoin is 1.8x, meaning MSTR investors are effectively paying almost double the value of Bitcoin to gain exposure to Michael Saylor's active treasury strategy.

尽管Microstrategy购买更多比特币的策略是有合理的，但付出了代价。当公司在比特币中的净资产价值（NAV）为1.8倍时，这很明显，这意味着MSTR投资者实际上支付了比特币的价值几乎两倍，以获得迈克尔·塞勒（Michael Saylor）的活跃国库策略。

The most obvious reaction would be to go short on MicroStrategy based on this relevant premium, and arguably, there is a notable short interest of 10.8% of MicroStrategy's float being shorted, according to the most recent data. However, what I believe bears are missing at this point is that beyond using available capital and liquidity for opportunistic Bitcoin purchases, MicroStrategy is actually revolutionizing the financial markets by introducing fixed-income instruments with derivative exposure to Bitcoin.

根据最新数据，最明显的反应是基于这种相关的溢价，缺乏微型造影，并且可以说，根据最新数据，缩短了MicroStrategy的浮点数为10.8％。但是，我认为目前缺少熊的原因是，除了将可用的资本和流动性用于机会性比特币购买外，MicroStrategy实际上正在通过引入衍生品接触比特币的固定收益工具来彻底改变金融市场。

Share Dilution in Perspective

从透视上分享稀释

MicroStrategy shares are down around 26% since their last peak at the end of November last year, and even with Bitcoin hitting new highs since then, the stock has failed to achieve the same despite the high correlation.

自去年11月底的最后一个高峰以来，MicroStrategy的股票下跌了约26％，即使比特币达到了新的高点，尽管相关性很高，该股票仍未达到相同的成就。

The recent weakness in MicroStrategy's stock is likely tied to the potential for a nearly 30x increase in its authorized shares, filed in late December last year and recently approved. The plan details an increase in Class A common stock shares from 330 million to a staggering 10.33 billion—something that initially scared investors about massive dilution.

最近的股票股票最近的弱点可能与去年12月下旬提交的授权股票增加了近30倍的潜力，并最近获得了批准。该计划详细介绍了A级普通股的增加，从3.3亿股增加到惊人的103.3亿股，这最初使投资者害怕大规模稀释。

As part of the company's strategy, issuing equity is one of the two ways to acquire more Bitcoins. Frankly, dilution is exactly what MicroStrategy's strategy needs to come to fruition. However, the potential 10.33 billion raised shares will not necessarily be immediately used for new financing potential.

作为公司战略的一部分，发行权益是获得更多比特币的两种方法之一。坦率地说，稀释正是Microstrategy的策略需要实现的目标。但是，潜在的103.3亿股份股票不一定立即用于新的融资潜力。

If MicroStrategy converted all the shares at once, or a substantial amount of them, it could potentially raise trillions of dollars if the market had the capacity to absorb the entire share price. Although I don't see this being feasible in a short space of time, the trend is that MicroStrategy will keep things going with its convertible bonds and at-the-market offerings to make the most out of its shares and gradually raise these potential trillions worth of new shares over the next

如果MicroStrategy一次转换所有股票或大量股票，那么如果市场有能力吸收整个股价，则可能会筹集数万亿美元。尽管我认为这在很短的时间内不可行，但这种趋势是，微观易变会以其可转换债券和在市场上的产品来保持事情的发展，以充分利用其份额，并逐渐提高这些潜在的万亿美元下一个新股的价值