Saylor 在 MicroStrategy 的比特幣賭博充其量只是有風險的

MicroStrategy 在企業加密貨幣採用方面長期處於領先地位，成為早期且活躍的比特幣採用者

MicroStrategy (NASDAQ:MSTR) is planning to increase its share count by 10 billion, a move that will allow the company to raise funds for further Bitcoin purchases.

MicroStrategy（納斯達克股票代碼：MSTR）計劃將其股票數量增加 100 億股，此舉將使該公司能夠籌集資金進一步購買比特幣。

The company filed an amendment to Form S-3 with the Securities and Exchange Commission on Monday, revealing its intention to raise capital through sales of common stock, preferred stock, debt securities, and other equity or debt instruments.

該公司週一向美國證券交易委員會提交了 S-3 表格修正案，透露其打算透過出售普通股、優先股、債務證券和其他股權或債務工具籌集資金。

The proceeds from these sales will be used for "general corporate purposes, including the acquisition of bitcoin," according to the filing.

文件稱，這些銷售所得的收益將用於「一般企業用途，包括收購比特幣」。

At the end of last year, MicroStrategy had about 132,500 BTC on its balance sheet, with an average purchase price of around $30,100. The company's bitcoin holdings were valued at about $4.1 billion at the time.

截至去年底，MicroStrategy 的資產負債表上約有 132,500 個 BTC，平均購買價格約為 30,100 美元。該公司持有的比特幣當時價值約 41 億美元。

However, the company's bitcoin purchases have slowed down in recent quarters. In Q4 2023, MicroStrategy purchased 2,397 BTC at an average price of $44,837, spending a total of $107 million. This was significantly lower than the $1.03 billion spent on 14,322 BTC in Q3 2023.

然而，該公司的比特幣購買量在最近幾季有所放緩。 2023 年第四季度，MicroStrategy 以平均價格 44,837 美元購買了 2,397 BTC，總共花了 1.07 億美元。這明顯低於 2023 年第三季購買 14,322 個 BTC 的 10.3 億美元。

The company's stock price has also declined in recent months, closing at $220.04 on Monday. This is down from a 52-week high of $322.36, but still above the 52-week low of $113.08.

該公司股價近幾個月也有所下跌，週一收在220.04美元。這低於 52 週高點 322.36 美元，但仍高於 52 週低點 113.08 美元。

Several analysts have expressed contrasting views on the company's strategy and upcoming capital raise.

幾位分析師對該公司的策略和即將進行的融資表達了截然不同的看法。

"We believe MicroStrategy's upcoming capital raise will be used to continue purchasing bitcoin, given Saylor's commentary and the company's recent actions," wrote Truist Securities analyst Joel Fishbein in a recent note to clients.

Truist Securities 分析師 Joel Fishbein 在最近給客戶的報告中寫道：“鑑於 Saylor 的評論和該公司最近的行動，我們認為 MicroStrategy 即將進行的融資將用於繼續購買比特幣。”

"This strategy is designed to increase MicroStrategy's bitcoin holdings and, ultimately, its enterprise value. While this strategy could be beneficial if bitcoin prices rise, it also carries the risk of diluting MicroStrategy's earnings and making it more difficult for the company to achieve profitability."

「這項策略旨在增加MicroStrategy 的比特幣持有量，並最終提高其企業價值。雖然如果比特幣價格上漲，這項策略可能會帶來好處，但它也存在稀釋MicroStrategy 收益並使公司更難實現盈利的風險。

Piper Sandler analyst Weston Kulkarni, on the other hand, believes that the company's bitcoin purchases are coming at a time when "cryptocurrency markets are recovering from a down year in 2022."

另一方面，Piper Sandler 分析師 Weston Kulkarni 認為，該公司購買比特幣的時機正值「加密貨幣市場正在從 2022 年的低迷中復甦」之際。

"We believe bitcoin is still trading at a discount to our long-term price target of $100k, presenting an opportunity for further price appreciation and realized gains for bitcoin holders like MicroStrategy," Kulkarni added.

Kulkarni 補充說：“我們認為，比特幣的交易價格仍低於我們 10 萬美元的長期目標價格，這為 MicroStrategy 等比特幣持有者提供了價格進一步升值並實現收益的機會。”

While MicroStrategy's bitcoin strategy has attracted attention and sparked discussions among investors and analysts, it's important to note that cryptocurrency markets are highly volatile and can be influenced by a range of factors, including regulatory changes, technological advancements, and macroeconomic conditions.

雖然MicroStrategy 的比特幣策略引起了投資者和分析師的關注並引發了討論，但值得注意的是，加密貨幣市場波動性很大，可能受到一系列因素的影響，包括監管變化、技術進步和宏觀經濟條件。