分析師：如果比特幣到 2025 年底升至 15 萬美元，MicroStrategy 股價將上漲 30%

Benchmark 金融科技分析師 Mark Palmer 表示，如果 MicroStrategy 維持創辦人 Michael Saylor 在 2020 年發起的 BTC 購買熱潮，該股可能會達到每股 2,150 美元。

Shares of business intelligence firm MicroStrategy (NASDAQ:MSTR) could rally 30% to reach $2,150 each by the end of 2025 if the company continues buying Bitcoin (BTC) and the cryptocurrency climbs to $150,000, an analyst said.

一位分析師表示，如果商業智慧公司MicroStrategy（NASDAQ：MSTR）繼續購買比特幣（BTC）並且加密貨幣價格攀升至15 萬美元，該公司的股價到2025 年底可能會上漲30% ，達到每股2,150 美元。

The stock currently trades at around $1,450.

該股目前交易價格約為 1,450 美元。

MicroStrategy began buying BTC in 2020 under the leadership of founder Michael Saylor.

MicroStrategy 在創辦人 Michael Saylor 的領導下於 2020 年開始購買 BTC。

The company's stock has outperformed both BTC and the broader stock market since then.

自那時以來，該公司的股票表現一直優於比特幣和更廣泛的股票市場。

MicroStrategy is now valued at around $33 billion, making it one of the most valuable companies in the cryptocurrency space.

MicroStrategy 目前估值約為 330 億美元，使其成為加密貨幣領域最有價值的公司之一。

The company's stock is also a popular choice among retail traders, who have helped drive up its price in recent years.

該公司的股票也是零售交易商的熱門選擇，近年來他們幫助推高了該公司的價格。

However, some analysts have warned that MicroStrategy's stock is overvalued and could be due for a correction.

然而，一些分析師警告稱，MicroStrategy 的股票估值過高，可能需要進行調整。

The company's stock has also come under pressure in recent months due to concerns about its slowing enterprise software revenue and虧損.

由於擔心企業軟體營收和虧損放緩，該公司的股價近幾個月也承受壓力。

MicroStrategy also said on its Aug. 1 earnings call that it would now be tracking a new performance metric called “Bitcoin yield,” which calculates the ratio of BTC holdings to outstanding shares and essentially sets BTC-per-share as a lodestar for corporate performance.

MicroStrategy 也在8 月1 日的財報電話會議上表示，它現在將追蹤一項名為「比特幣收益率」的新績效指標，該指標計算持有的BTC 與已發行股票的比率，本質上將每股BTC 設定為企業績效的指南針。

This metric is designed to highlight the company's strategy of using its enterprise software revenue to buy and hold BTC, and to "demonstrate the efficacy of its bitcoin acquisition strategy and its use of intelligent leverage,” Benchmark fintech analyst Mark Palmer told Cointelegraph in an email on Aug. 2.

Benchmark 金融科技分析師Mark Palmer 在一封電子郵件中告訴Cointelegraph，該指標旨在強調該公司利用其企業軟體收入購買和持有BTC 的策略，並「展示其比特幣收購策略及其對智慧槓桿的使用的有效性” 8 月 2 日。

“Our valuation assumes that [MicroStrategy] will continue to aggressively accumulate Bitcoin during the next 1.5 years and that Bitcoin’s price will reach $150,000 by the end of 2025,” Palmer said, regarding the firm's buy rating on the stock.

「我們的估值假設[MicroStrategy] 將在未來1.5 年內繼續積極累積比特幣，到2025 年底，比特幣的價格將達到15 萬美元，」帕爾默在談到該公司對該股的買入評級時表示。

“This approach has had plenty of detractors, but notably, management has responded to criticism by pointing to the scoreboard: since the company adopted this approach on August 10, 2020, the company's stock has appreciated by 1,206%,” the report said, adding that MicroStrategy greatly outperformed both BTC and stocks during that time frame.

報導稱：“這種做法遭到了很多批評，但值得注意的是，管理層通過記分牌來回應批評：自公司於 2020 年 8 月 10 日採用這種做法以來，公司股價已上漲 1,206%。”在此期間，MicroStrategy 的表現大大優於BTC 和股票。

The company's stock is up over 1,200% since Aug. 10, 2020, while BTC is up around 345% and the S&P 500 index is up about 68%.

自 2020 年 8 月 10 日以來，該公司股價上漲超過 1,200%，而 BTC 上漲約 345%，標普 500 指數上漲約 68%。

MicroStrategy's buy rating from Benchmark is “based on a sum-of-the-parts analysis that combines (1) our estimate of the year-end 2025 value of the company’s Bitcoin holdings and (2) our estimate of the year-end 2025 value of its enterprise software business,” Palmer said.

Benchmark 給出的 MicroStrategy 買入評級是「基於部分總和分析，該分析結合了 (1) 我們對公司所持比特幣持有量 2025 年底價值的估計，以及 (2) 我們對 2025 年底價值的估計其企業軟體業務，」帕爾默說。

MicroStrategy shares fell about 10% in post-market trading after revealing a loss of $5.74 per share, as declining revenue from its core enterprise software business drove the company to a loss in the second quarter.

MicroStrategy 公佈每股虧損 5.74 美元後，其股價在盤後交易中下跌約 10%，原因是其核心企業軟體業務收入下降導致該公司第二季度出現虧損。