微觀：比特幣中的高揮發性“信徒的槓桿”

Microstrategy的名稱於1989年成立為企業軟件公司，已成為比特幣的代名詞。在2020年，它成為第一個公開交易的主要主要交易

(Bloomberg) -- MicroStrategy Inc. shares rose after the enterprise software company said it purchased an additional 229 Bitcoin, bringing its total cryptocurrency holdings to about 471,107 units.

（彭博社） - 企業軟件公司表示，Microstrategy Inc.股票Rose Rose Rose Rose股份表示，它購買了另外229個比特幣，將其總的加密貨幣持有量達到了約471,107輛。

The company’s Bitcoin yield, which represents the period-to-period change in the ratio of its Bitcoin holdings to its total assumed shares outstanding, was 2.9% for the period from Jan. 1 to Jan. 26, according to a filing Monday. If the company’s number of Bitcoin held increases faster than the share count, MicroStrategy achieves “positive Bitcoin yield,” which signals to shareholders that the acquisition of the crypto is accretive rather than dilutive.

根據周一的文件，該公司的比特幣收益率代表了其比特幣持有量與其已償還股票總額的比率變化的期限。如果公司持有的比特幣數量的增加速度快於股票數，那麼MicroStrategy就會實現“正幣產量”，這表明股東的收購是獲得加密貨幣而不是稀釋性。

MicroStrategy shares advanced as much as 2.1% in premarket trading Monday after closing Friday at $223.63. Shares slipped last week when President Donald拡大する画像を開く

MicroStrategy在周五關閉223.63美元後，在預售中股票高達2.1％。

MicroStrategy is a ‘high-volatility stock,’ analysts say, rising and falling with the price of Bitcoin. Photographer: Michael Nagle/Bloomberg , despite promising a strategic Bitcoin reserve and less stringent regulations on the campaign trail.

分析師說，MicroStrategy是一種“高揮發性股票”，隨著比特幣的價格上漲和下降。攝影師：邁克爾·納格爾（Michael Nagle）/彭博社（Bloomberg），儘管有望在競選活動中製定戰略性的比特幣儲備和不太嚴格的規定。

Some details emerged Thursday in the form of an executive order, though the mandate fell short of establishing any sort of reserve.

週四以行政命令的形式出現了一些細節，儘管該任務沒有建立任何儲備金。

Bitcoin, the world’s largest digital currency by market value, gained 0.8% over the past 24 hours to $101,969 on Wednesday, according to CoinDesk data. As of Wednesday, there were 19.28 million Bitcoins in circulation.

根據Coindesk的數據，比特幣是全球最大的數字貨幣，在過去的24小時內上漲0.8％，至週三的101,969美元。截至週三，發行量有1928萬比特幣。

At the current mining rate, it could take over a century for that number to reach the maximum 21 million. However, Mizuho analysts expect the scarcity to act as a catalyst, boosting value appreciation in the form of a 25% to 30% Bitcoin price compound annual growth rate through 2027, “albeit with extreme volatility.”

以目前的採礦率，該數字最多達到2100萬。然而，瑞am族分析師預計稀缺性將作為催化劑，以25％至30％的比特幣價格複合年的增長率在2027年之前提高價值升值，“儘管有極端波動。”

Bitcoin has “no intrinsic value” on its own, though growing enthusiasm around the finite number of Bitcoins could nudge the price higher, the analysts noted. They also pointed out that MicroStrategy, which is set apart from Bitcoin exchange-traded funds and the cryptocurrency itself, is able to access debt and equity capital markets to raise money for incremental Bitcoin purchases.

分析師指出，儘管對有限數量的比特幣的熱情可以提高價格，但比特幣本身俱有“沒有內在價值”。他們還指出，與比特幣交易所交易的資金和加密貨幣本身分開的微觀策略能夠獲取債務和股本資本市場，以籌集資金以逐步購買。

Mizuho analysts expect the company to continue snapping up more digital currency, coupled with anticipated Bitcoin price appreciation, to give MicroStrategy a 75% premium to the underlying value of its Bitcoin holdings. This premium allows the company to grow its Bitcoin holdings at a faster rate than its share dilution from capital markets activities.

Mizuho分析師預計，該公司將繼續搶購更多的數字貨幣，再加上預期的比特幣價格升值，將使MicroStrategy對其比特幣持有的基本價值高75％。這種溢價使該公司能夠以比資本市場活動中的股票稀釋速度更快地增加其比特幣持有量。