比特幣策略：隨著 MicroStrategy 加倍下調，花旗發布買入評級

花旗給予 MicroStrategy 買入評級，同時該公司繼續其比特幣積累策略。在當前市場上，這是明智之舉嗎？

Bitcoin Strategy: Citi Issues Buy Rating as MicroStrategy Doubles Down

比特幣策略：隨著 MicroStrategy 加倍下調，花旗發布買入評級

Bitcoin's wild ride continues! Investment bank Citi slaps a 'buy' rating on MicroStrategy (MSTR), viewing it as a leveraged play on Bitcoin, while MicroStrategy keeps stacking sats. Let's dive into what's happening and what it means for investors.

比特幣的瘋狂之旅仍在繼續！投資銀行花旗對 MicroStrategy (MSTR) 給予“買入”評級，將其視為比特幣的槓桿投資，而 MicroStrategy 則繼續增持比特幣。讓我們深入了解正在發生的事情以及這對投資者意味著什麼。

Citi's Bullish Stance on MicroStrategy

花旗對 MicroStrategy 的看好立場

Citi initiated coverage of MicroStrategy with a 'buy/high risk' rating and a $485 price target. Their reasoning? MicroStrategy's stock is essentially an amplified bet on Bitcoin. Citi's analysts predict Bitcoin could hit $181,000 within 12 months, and MicroStrategy's stock price target reflects this optimism.

花旗首次對 MicroStrategy 給予“買入/高風險”評級和 485 美元的目標價。他們的推理？ MicroStrategy 的股票本質上是對比特幣的放大押注。花旗分析師預測比特幣可能在 12 個月內達到 181,000 美元，MicroStrategy 的股價目標反映了這種樂觀情緒。

The bank highlights MicroStrategy's shift to a Bitcoin-focused treasury strategy in 2020, spearheaded by Executive Chairman Michael Saylor, as a key factor. They anticipate MicroStrategy will continue issuing convertible debt and equity to expand its Bitcoin holdings.

該銀行強調，MicroStrategy 在執行主席 Michael Saylor 的帶領下，將在 2020 年轉向以比特幣為重點的財務戰略，這是一個關鍵因素。他們預計 MicroStrategy 將繼續發行可轉換債券和股票以擴大其比特幣持有量。

MicroStrategy's Bitcoin Buying Spree Continues

MicroStrategy 的比特幣購買熱潮仍在繼續

MicroStrategy isn't just sitting on its hands. Recent filings show they've been actively adding to their Bitcoin stash. They scooped up another 168 BTC at an average price of $112,051. As of late October 2025, their total holdings reached a staggering 640,418 BTC, currently valued around $71 billion, acquired at an average purchase price of $74,010.

MicroStrategy 並沒有坐視不管。最近的文件顯示，他們一直在積極增加比特幣儲備。他們以平均價格 112,051 美元又買入了 168 個 BTC。截至 2025 年 10 月下旬，他們的總持有量達到了驚人的 640,418 BTC，目前價值約為 710 億美元，平均購買價格為 74,010 美元。

While earlier in 2025 MicroStrategy was purchasing almost 25,000 BTC a month, the firm has shifted to smaller, more strategic buys due to market volatility. Still, Michael Saylor hints at further acquisitions, viewing Bitcoin as the ultimate treasury asset.

雖然 2025 年初，MicroStrategy 每月購買近 25,000 比特幣，但由於市場波動，該公司已轉向規模較小、更具戰略性的購買。儘管如此，邁克爾·塞勒暗示將進行進一步收購，並將比特幣視為最終的財務資產。

INJ Price Tests Key Support as Private Equity Futures Innovation Meets Bitcoin Volatility

隨著私募股權期貨創新遇到比特幣波動，INJ 價格測試關鍵支撐

While MicroStrategy is focused on Bitcoin, the broader crypto market experiences some turbulance. Injective's launch of perpetual futures for private equity markets generated institutional interest, even as the INJ price faces technical pressure.

雖然 MicroStrategy 專注於比特幣，但更廣泛的加密市場經歷了一些動盪。儘管 INJ 價格面臨技術壓力，但 Injective 為私募股權市場推出的永續期貨引起了機構的興趣。

Bitcoin's surge past $110,000 on October 18th initially lifted INJ alongside the broader altcoin market, contributing to a 6% rally. However, a pullback in Bitcoin is weighing on risk assets across the cryptocurrency sector, with INJ showing typical correlation patterns as it retreats from recent highs.

10 月 18 日，比特幣飆升至 110,000 美元以上，最初與更廣泛的山寨幣市場一起提振了 INJ，推動了 6% 的上漲。然而，比特幣的回調正在給整個加密貨幣領域的風險資產帶來壓力，INJ 從近期高點回落時呈現出典型的相關模式。

The Risks and Rewards

風險和回報

Citi acknowledges the risks. In a bear-case scenario, where Bitcoin drops 25% and MicroStrategy's net asset value premium shrinks, the stock could plummet. However, they believe the potential upside outweighs the downside, especially if Bitcoin continues its upward trajectory.

花旗承認存在風險。在悲觀的情況下，即比特幣下跌 25% 並且 MicroStrategy 的淨資產價值溢價縮小，該股可能會暴跌。然而，他們認為潛在的上行大於下行，特別是如果比特幣繼續其上行軌蹟的話。

My Two Sats

我的兩個星期六

MicroStrategy's Bitcoin strategy is undoubtedly bold. It's a high-risk, high-reward approach that could pay off handsomely if Bitcoin moons. However, investors should be aware of the potential for significant losses if the market turns sour. Always do your own research before investing.

MicroStrategy的比特幣策略無疑是大膽的。這是一種高風險、高回報的方法，如果比特幣上漲，可能會帶來豐厚的回報。然而，投資者應該意識到，如果市場惡化，投資者可能會遭受重大損失。在投資之前一定要先進行自己的研究。

The Bottom Line

底線

So, is MicroStrategy a 'buy'? Citi thinks so, if you're looking for a leveraged play on Bitcoin. But remember, it's not for the faint of heart. As for MicroStrategy, they're clearly all-in on Bitcoin. Will their bet pay off? Only time will tell. But one thing's for sure: it's going to be an interesting ride. Now, if you'll excuse me, I'm off to check my own Bitcoin holdings... just in case!

那麼，MicroStrategy 值得“買入”嗎？如果你正在尋找比特幣的槓桿投資，花旗是這麼認為的。但請記住，這不適合膽小的人。至於 MicroStrategy，他們顯然全力投資比特幣。他們的賭注會得到回報嗎？只有時間才能證明一切。但有一件事是肯定的：這將是一次有趣的旅程。現在，請原諒，我要去檢查一下我自己的比特幣持有量……以防萬一！