分析的MicroStrategy（MSTR）：高級估值和比特幣策略

對MicroStrategy的溢價估值，資本結構及其槓桿比特幣戰略的分析，探討了其對股票績效和潛在風險的影響。

MicroStrategy (MSTR) has become a subject of intrigue among investors for its unique capital structure and bold strategy in deploying it. Commencing in 2020, MicroStrategy embarked on a capital structure transformation, integrating convertible securities, preferred stocks, and various debt instruments into its financing mix.

MicroStrategy（MSTR）已成為投資者獨特的資本結構和大膽部署戰略的陰謀主題。從2020年開始，MicroStrategy開始了資本結構轉型，將可轉換證券，優先股和各種債務工具整合到其融資組合中。

This strategy is closely linked to MicroStrategy’s overarching goal: amassing as much Bitcoin (BTC) as possible.

該策略與MicroStrategy的總體目標密切相關：盡可能多地積累比特幣（BTC）。

According to an analysis by investing firm VanEck, MicroStrategy’s stock is valued at a +112% premium.

根據投資公司Vaneck的分析，MicroStrategy的股票價值為112％。

“While some investors may view this premium as excessive, it’s important to consider the narrative that drives it. Notably, MicroStrategy trades at a +665% premium to its core enterprise software business, which is a testament to the strength of the Bitcoin narrative in 2024. In essence, investors are willing to pay a substantial amount for a company that is rapidly accumulating Bitcoin, leveraging its capital structure to do so.”

“儘管有些投資者可能認為這種溢價過高，但重要的是要考慮驅動它的敘述。據其核心企業軟件業務的近665％溢價以 +665％的溢價交易，這證明了2024年比特幣敘事的實力。在本質上，投資者願意為公司付出大量的累積，這是一個累積的累積。

Capital Structure

資本結構

A significant portion of MicroStrategy’s capital structure consists of convertibles, which come with both advantages and disadvantages. These convertibles, like STRK and STRF, offer investors varying yields based on the levels of Bitcoin exposure they provide. For instance, STRK, a convertible preferred stock issued in 2023, promises an 8% yield to investors. However, this comes with an implication that investors will have to bear a large portion of the Bitcoin price volatility.

MicroStrategy資本結構的很大一部分由敞篷車組成，既有優勢又具有缺點。這些敞篷車（如STRK和Strf）根據其提供的比特幣風險水平為投資者提供了變化的收益率。例如，Strk是2023年發行的可轉換優先股，承諾向投資者產生8％的收益。但是，這意味著投資者將不得不承擔大部分比特幣價格波動。

On the other hand, STRF, a convertible note issued in 2024, offers a lower 0% yield but comes with less sensitivity to Bitcoin price fluctuations.

另一方面，STRF是2024年發行的可轉換票據，其產量較低，但對比特幣價格波動的敏感性較小。

As of the analysis, MicroStrategy’s capital structure is comprised of 36% convertibles and 21% preferred stocks, both of which are sold at a premium to their underlying shares. Moreover, the company's capital structure is characterized by a high level of complexity, which contributes to the stock’s illiquidity and sensitivity to market movements.

在分析時，MicroStrategy的資本結構由36％的敞篷車和21％的優先股組成，兩者都以溢價出售給其基礎股票。此外，公司的資本結構的特徵是高度複雜，這有助於股票的流動性和對市場變動的敏感性。

Bitcoin Treasury Strategy

比特幣國庫策略

Since announcing its Bitcoin Treasury Strategy in 2020, MicroStrategy has undergone a substantial transformation. Once a traditional enterprise software provider, the company has pivoted into a Bitcoin-centric financial entity.

自2020年宣布其比特幣國庫策略以來，MicroStrategy經歷了實質性的轉變。曾經是傳統的企業軟件提供商，該公司已將其轉向以比特幣為中心的金融實體。

To date, MicroStrategy has accumulated over 182,000 BTC, rendering it one of the largest institutional holders of the cryptocurrency. At current prices, this Bitcoin stash is valued at over $5 billion, which is a significant amount for a company with a market capitalization of $9 billion.

迄今為止，MicroStrategy積累了182,000多個BTC，使其成為加密貨幣中最大的機構持有人之一。以目前的價格，這個比特幣儲藏碼的價值超過50億美元，這對於一家市值90億美元的公司來說是一筆可觀的數額。

In pursuit of maximizing the Bitcoin backing of its shares, MicroStrategy has actively engaged in leveraged capital raising activities. As of the analysis, every $1 of common stock is backed by $0.6 of Bitcoin, and the company is actively exploring avenues to increase this ratio further.

為了最大程度地利用比特幣的股份支持，MicroStrategy積極從事槓桿資本籌集活動。在分析時，普通股的每1美元都得到了0.6美元的比特幣，該公司正在積極探索途徑以進一步提高該比率。

This strategy positions MSTR as a unique vehicle for investors seeking exposure to Bitcoin through traditional equity markets. For investors seeking leveraged exposure to BTC in a single trade, MSTR offers a concentrated avenue, especially for those who prefer investing in liquid, plain-vanilla shares of a U.S.-listed company.

該策略將MSTR定位為尋求通過傳統股票市場接觸比特幣的投資者的獨特工具。對於尋求單一交易中槓桿率的投資者，MSTR提供了集中的途徑，尤其是對於那些喜歡投資於液體，普通範圍股份的人，這是一家美國上市公司的股票。

However, it’s crucial to note that this strategy also carries inherent risks. A decline in Bitcoin prices, reduced volatility, or a collapse of MSTR’s premium could have a substantial impact on the company’s ability to raise capital and sustain its business model.

但是，至關重要的是要注意，該策略還具有固有的風險。比特幣價格下跌，波動性降低或MSTR溢價崩潰可能會對公司提高資本和維持其商業模式的能力產生重大影響。

Furthermore, emerging competitors like Block (SQ) and Invictus in the BTC capital structure space, along with potential changes in the tax and regulatory landscape, could pose additional challenges to MicroStrategy’s market position.

此外，BTC資本結構空間中的Block（SQ）和Invictus等新興競爭對手以及稅收和監管格局的潛在變化可能會對MicroStrategy的市場地位構成其他挑戰。