Investment Bank KBW表示，战略（MSTR）是寻求杠杆比特币（BTC）风险的股票投资者的一项吸引人的投资。

该公司以前被称为MicroStrategy是一项吸引人的投资投资，以寻求杠杆比特币（BTC）的风险投资

Technology company Strategy (NASDAQ:MSTR) stock rose on Thursday after an initiation note from KBW.

在KBW发起票据后，技术公司战略（NASDAQ：MSTR）的股票上涨。

KBW assumed coverage of Strategy with an outperform rating and a $560 price target. The shares were 1% higher at around $329 in early trading.

KBW以优于球员的评级和560美元的目标目标承担了战略的覆盖范围。在早期交易中，股票高出1％，约为329美元。

Once Strategy, the company co-founded by Michael Saylor, adopts the Financial Accounting Standards Board (FASB) updated accounting treatment for bitcoin holdings in the first quarter of this year, it will shift from an "outdated measurement approach to fair value accounting, with unrealized gains/losses flowing to net income," analyst Bill Papanastasiou wrote in a note to clients.

一旦策略，该公司由迈克尔·塞勒（Michael Saylor）共同创立，在今年第一季度采用了财务会计标准委员会（FASB）对比特币持有的更新会计处理，它将从“过时的测量方法”转变为公允价值会计，并与分析师Bill Papanastasiou在给客户的票据中写道：“未实现的收入损失/亏损。”

The company reported an impairment loss of $1 billion for the fourth quarter of 2024 because it did not adopt new FASB rules.

该公司报告说，2024年第四季度的减值损失为10亿美元，因为它没有采用新的FASB规则。

One of the most important criteria for joining the S&P 500 index is positive net earnings in the last quarter and the sum of the previous four quarters, the report said.

报告称，加入标准普尔500指数的最重要标准之一是上一季度的净收益和前四个季度的总和。

"We believe that the bitcoin fair value adjustment to net income will be a key driver of the company meeting this requirement and ultimately joining the S&P 500 index later this year," Papanastasiou added.

Papanastasiou补充说：“我们认为，对净收入的比特币公允价值调整将是满足此要求的公司的主要驱动力，并最终加入今年晚些时候的标准普尔500指数。”

"We expect bitcoin to continue to appreciate in value over the long term, driven by sound monetary policy, increasing adoption and demand for the digital asset."

“我们希望比特币从长期的货币政策驱动，增加对数字资产的需求和需求的驱动下，从长远来看。”

KBW said that Strategy has the "largest bitcoin treasury held by a public operating company," and the company has a number of tools it could use to expand its BTC stack.

KBW表示，该战略具有“公共运营公司持有的最大的比特币财政部”，并且该公司拥有许多工具来扩展其BTC堆栈。

In the longer term, there is also the opportunity for Strategy to generate yield on-chain from applications built on the Bitcoin network, the bank said.

该银行说，从长远来看，战略也有机会从比特币网络建立的应用程序中产生链接。

The development of applications on top of the Bitcoin network could result in a massive value unlock, as it is the most secure, decentralized and valuable public blockchain, the report added.

报告补充说，在比特币网络之上的应用程序的开发可能会导致大量价值解锁，因为它是最安全，最有价值和有价值的公共区块链。

"We believe that applications built on Bitcoin will be highly valuable, given the network effects and developer community, and will drive significant demand for BTC," Papanastasiou said.

Papanastasiou说：“我们认为，鉴于网络效应和开发人员社区，基于比特币建立的应用程序将非常有价值，并将推动对BTC的重大需求。”

"As applications on Bitcoin generate revenue and cash flows, we expect a portion of these revenues to flow back to bitcoin holders via buybacks, dividends or other capital return programs."

“随着对比特币的申请产生收入和现金流，我们预计这些收入的一部分能够通过回购，股息或其他资本返还计划回到比特币持有人。”

KBW also initiated coverage of Digital Currency Group (NYSE:DCG) with a market perform rating and a $160 price target. The shares were up 1% at around $122 in early trading.

KBW还以市场的评级和160美元的价格目标启动了数字货币集团（NYSE：DCG）的覆盖范围。股票在早期交易中增长了1％，约为122美元。

The investment bank also assumed coverage of Coinbase (NASDAQ:COIN) with a market perform rating and a $70 price target. The shares were 0.5% lower at around $63 in early trading.

投资银行还承担了Coinbase（NASDAQ：COIN）的覆盖范围，其市场评级为70美元。早期交易中，股票降低了0.5％，约为63美元。