MicroStrategy 推出“21/21 計劃”，為比特幣購買籌集 42B 美元

MicroStrategy 透露計劃在未來三年內籌集 420 億美元的新資金用於購買比特幣

MicroStrategy Inc. announced plans to raise $42 billion in fresh capital for bitcoin purchases over the next three years, according to its Q3 2024 earnings release on October 30, 2024.

根據 2024 年 10 月 30 日發布的 2024 年第三季財報，MicroStrategy Inc. 宣布計劃在未來三年內籌集 420 億美元的新資本用於購買比特幣。

The company, which holds 252,220 bitcoins as of September 30, 2024, is the largest publicly traded company bitcoin holder worldwide, according to Coingecko data.

根據 Coingecko 的數據，截至 2024 年 9 月 30 日，該公司持有 252,220 枚比特幣，是全球最大的比特幣持有上市公司。

Now, MicroStrategy is aiming to secure $21 billion through equity offerings and another $21 billion via fixed-income securities between 2025 and 2027.

現在，MicroStrategy 的目標是在 2025 年至 2027 年間透過股票發行籌集 210 億美元，並透過固定收益證券籌集 210 億美元。

"Our focus remains to increase value generated to our shareholders by leveraging the digital transformation of capital. Today, we are announcing a strategic goal of raising $42 billion of capital over the next 3 years, comprised of $21 billion of equity and $21 billion of fixed income securities, which we refer to as our '21/21 Plan,'" said Phong Le, President and Chief Executive Officer, MicroStrategy in a press release statement.

「我們的重點仍然是透過利用資本的數位轉型來增加為股東創造的價值。今天，我們宣布了一個戰略目標，即在未來3 年內籌集420 億美元的資本，其中包括210 億美元的股本和210億美元的固定資本MicroStrategy 總裁兼首席執行官 Phong Le 在一份新聞稿中表示：“收入證券，我們稱之為‘21/21 計劃’。”

The "21/21 Plan" of MicroStrategy targets $42 billion in fresh capital for 2025-2027. The plan splits evenly between two sources: $21 billion from new stock offerings and $21 billion through fixed-income securities, according to MicroStrategy Q3 2024 earnings release.

MicroStrategy 的「21/21 計畫」目標是 2025 年至 2027 年新增資本達 420 億美元。根據 MicroStrategy 2024 年第三季財報，該計畫平均分配給兩個來源：210 億美元來自新股發行，210 億美元來自固定收益證券。

"We are basically creating leverage by tapping into the convertible bond market," Michael Saylor, Executive Chairman of MicroStrategy, said at a Bernstein event this month, according to Bloomberg. "Over time, we'll explore the fixed income market; we'll look at issuing preferred shares – things that are, in essence, a swap."

據彭博社報道，MicroStrategy 執行主席 Michael Saylor 本月在 Bernstein 的一次活動中表示：“我們基本上是通過進入可轉換債券市場來創造槓桿。” “隨著時間的推移，我們將探索固定收益市場；我們將考慮發行優先股——本質上是一種互換。”

The capital raising schedule shows a steady increase:

融資計劃呈現穩定成長：

To measure efficiency of bitcoin purchases against new share issuance, MicroStrategy uses a BTC Yield metric. For every 100 new shares issued, the company aims to buy enough bitcoin to maintain 106-110 bitcoins per share from 2025 to 2027. In 2024, they exceeded this goal, reaching almost 118 bitcoins per share.

為了衡量比特幣購買與新股發行的效率，MicroStrategy 使用了 BTC 收益率指標。該公司的目標是每發行 100 股新股就購買足夠的比特幣，以維持 2025 年至 2027 年間每股 106-110 比特幣。

The company's bitcoin holdings reached a market value of $16.007 billion at the end of Q3 2024, with bitcoin priced at $63,463. MicroStrategy acquired these holdings at a total cost of $9.904 billion, averaging $39,266 per bitcoin, according to its Q3 earnings release.

截至 2024 年第三季末，該公司持有的比特幣市值達到 160.07 億美元，比特幣價格為 63,463 美元。根據 MicroStrategy 第三季財報發布的數據，MicroStrategy 以 99.04 億美元的總成本收購了這些資產，平均每比特幣 39,266 美元。

MicroStrategy raised $2.1 billion in Q3 2024 to expand its bitcoin holdings in two ways:

MicroStrategy 在 2024 年第三季籌集了 21 億美元，透過兩種方式擴大其比特幣持有量：

The company used the new bond money to pay off its older, more expensive debt - $500 million of Senior Secured Notes with 6.125% interest rate. The company's cash reserves stayed around $46 million, similar to the end of 2023.

該公司用新的債券資金償還其較舊的、更昂貴的債務——5億美元的優先擔保票據，利率為6.125%。該公司的現金儲備維持在 4,600 萬美元左右，與 2023 年底相似。

MicroStrategy Cuts Borrowing Costs

MicroStrategy 降低借貸成本

MicroStrategy owes $4.3 billion in total debt with a low average interest rate of 0.811%. The company reduced its yearly interest payments by $24 million after replacing expensive loans with cheaper ones in Q3 2024, according to its earnings release.

MicroStrategy 負債總額為 43 億美元，平均利率較低，為 0.811%。根據其財報，該公司在 2024 年第三季用更便宜的貸款取代了昂貴的貸款後，將每年的利息支付減少了 2,400 萬美元。

A key change: MicroStrategy paid off its $500 million loan that required bitcoin as collateral. Now, all 252,220 bitcoins owned by the company are free from any loan obligations.

一個關鍵的變化是：MicroStrategy 償還了需要比特幣作為抵押品的 5 億美元貸款。現在，該公司擁有的所有 252,220 枚比特幣都沒有任何貸款義務。

The Bitcoin Strategy Shows Strong Growth

比特幣策略顯示強勁增長

MicroStrategy increased its bitcoin holdings by 11% in Q3 2024, bringing the total to 252,220 bitcoins. The company's BTC Yield - the rate at which bitcoin holdings grow compared to share count - reached 17.8% in 2024. For investors who bought MicroStrategy stock when the company started buying bitcoin in August 2020, the return stands at 1,989%, according to Q3 2024 earnings data.

MicroStrategy 在 2024 年第三季將其比特幣持有量增加了 11%，使比特幣總數達到 252,220 個。該公司的BTC 收益率（比特幣持有量與股票數量相比的增長率）在2024 年達到17.8%。時購買MicroStrategy 股票的投資人來說，回報率為1,989%獲利數據。

Looking ahead, MicroStrategy mapped out three main goals:

展望未來，MicroStrategy 制定了三個主要目標：