標題：比特幣BTC/USD財政公司，例如Michael Saylor'

比特幣BTC/USD財政公司，例如Michael Saylor'。 MSTR（以前為MicroStrategy）是ARK Investment Management LLC的主要未來主義者Brett Winton的重點

Treasury companies like Strategy Inc. (NASDAQ:MSTR), formerly known as MicroStrategy, which issues both equity and debt to fund Bitcoin purchases, could be setting themselves up for trouble in the long run, according to an ARK Investment Management LLC chief futurist.

ARK Investment Investment Management LLC首席執行官Futurist稱，諸如戰略公司（NASDAQ：MSTR）之類的財政公司（以前稱為MicroStrategy），該公司既有股票和債務來為比特幣購買資金，從長遠來看可能會為麻煩騰出麻煩。

What Happened: Brett Winton, the chief futurist at ARK Investment Management, took to X, formerly Twitter, to discuss the models used by Bitcoin treasury companies such as MSTR and new entrants like GameStop Corp (NYSE:GME) to fund BTC purchases.

發生了什麼事：方舟投資管理公司的主要未來主義者布雷特·溫頓（Brett Winton）前往X（以前是Twitter），討論了比特幣財政公司（如MSTR和GameStop Corp（NYSE：GME））等比特幣財政公司使用的模型，以資助BTC購買。

According to Winton, an arbitrage opportunity exists as long as the stock prices for companies like MSTR trade at a premium to the net asset value (NAV).

根據溫頓的說法，只要MSTR貿易的股價以淨資產淨值（NAV）的價格溢價，就存在套利機會。

As of its May 12 SEC filing, MSTR held 568,840 Bitcoins at an aggregate purchase price of $39.41 billion, whereas its market capitalization stood at a staggering $108.55 billion.

截至5月12日，MSTR持有568,840個比特幣，總購買價為394.1億美元，而其市值為10085.5億美元。

"Maybe BTC treasury company stock price trades at 3x NAV (net asset value) while competitors are launching/raising at 1x NAV," explained Winton in his X post.

Winton在他的X帖子中解釋說：“也許BTC財政公司的股價交易價格為3倍NAV（淨資產價值），而競爭對手則以1X NAV推出/提高。”

"Arbitrage opportunity = competitors get more demand at a lower price = they grow faster and take market share."

“套利機會=競爭對手以較低的價格獲得更多需求=他們增長速度並佔據市場份額。”

According to him, if the treasury companies keep doing so, “a higher debt mix” will “be the seed that grows to destroy the business-less business model.”

據他說，如果財政部一直這樣做，“較高的債務組合”將“成為破壞無業務商業模式的種子”。

"If the company is trading at 3x NAV, they can keep issuing equity until the arbitrage opportunity closes. Competitors are now launching/raising will accelerate that process."

“如果公司在3倍NAV上進行交易，他們可以繼續發行股權，直到套利機會結束為止。競爭對手現在正在推出/籌款將加速這一過程。”

However, as the equity to NAV gap closes, the companies will shift to debt for funding their BTC purchases, thus concocting the “recipe for disaster,” as underscored by Winton.

但是，隨著NAV GAP的股權關閉，公司將轉移債務以資助其BTC購買，從而炮製了Winton強調的“災難秘訣”。

"A bit surprising to me that no one has pointed out the obvious. As long as the company stock trades at a premium to the BTC they hold (NAV) there is an arbitrage opportunity."

“讓我有些令人驚訝的是，沒有人指出顯而易見的東西。只要公司的股票以溢價交易，他們持有的BTC（NAV）就有套利機會。”

According to him, if the treasury companies keep doing so, “a higher debt mix” will “be the seed that grows to decompose the business-less business model.”

據他說，如果財政部一直這樣做，“較高的債務組合”將“成為分解無業務商業模式的種子”。

"If the company is trading at 3x NAV, they can keep issuing equity until the arbitrage opportunity closes. Competitors are now launching/raising will accelerate that process. But if they start mixing in more and more debt to do the BTC purchases, that seems like a recipe for disaster on the back end of this cycle."

“如果公司在3倍NAV上進行交易，他們可以繼續發行股權，直到套利機會結束為止。競爭對手現在正在推出/籌集力，將加速這一過程。但是，如果他們開始越來越多的債務來進行BTC的購買，這似乎是該週期後端災難的食譜。”

See Also: Warren Buffett Shows How Patience Pays: 98% Of His $160 Billion Wealth Came After Turning 65, Thanks The Power Of ‘Compound Interest’

另請參閱：沃倫·巴菲特（Warren Buffett

Why It Matters: MSTR is the largest BTC treasury company that has issues both equity and debt to purchase Bitcoins. Recently, GameStop announced its plans to join MSTR’s ranks.

它為什麼重要：MSTR是最大的BTC財政公司，具有購買比特幣的股權和債務。最近，GameStop宣布了加入MSTR隊伍的計劃。

MARA Holdings Inc (NYSE:MARA), Cantor Equity Partners Inc (NYSE:CEP), Riot Platforms Inc (NASDAQ:RIOT), and Galaxy Digital Holdings Ltd (NYSE:GLXY) follow MSTR closely in terms of having the highest proportion of their assets invested in Bitcoins.

Mara Holdings Inc（NYSE：MARA），Cantor Equity Partners Inc（NYSE：CEP），Riot Platforms Inc（NASDAQ：RIOT）和Galaxy Digital Holdings Ltd（NYSE：GLXY）在比特幣中投入最高比例的資產，從而遵循MSTR。

Meanwhile, other experts believe that Bitcoin prices are poised to rise. Highlighting Tom Lee, the head of research at Fundstrat, the Moon Show noted on X Friday the potential for Bitcoin’s network value to equal that of gold.

同時，其他專家認為比特幣價格有望上漲。月球節目在X週五指出的是FundStrat的研究負責人湯姆·李（Tom Lee），比特幣的網絡價值與黃金相同的潛力。

Lee argued that Bitcoin’s versatility, acting as a risk-on asset in bull markets, combined with growing adoption, fuels network value and price appreciation.

李認為，比特幣的多功能性在牛市中充當風險資產，再加上越來越多的採用，燃料網絡價值和價格升值。

Price Action: Shares of MSTR fell 4.73% on Thursday and rose 1.03% in premarket on Friday. The stock was up 32.34% year-to-date and 175.72% higher over the year.

價格行動：週四，MSTR的股票下跌4.73％，週五上漲1.03％。該股票年僅上漲了32.34％，一年四季上漲了175.72％。

Benzinga Edge Stock Rankings showed that MSTR had a stronger price trend over the short, medium, and long term. Its momentum ranking was solid at the 97.50th percentile, while the value ranking was very poor. You can check the details of other metrics here.

Benzinga Edge排名表明，MSTR在短期，中期和長期內的價格趨勢更強。它的勢頭排名在第97.50個百分位數中是穩定的，而價值排名很差。您可以在此處查看其他指標的詳細信息。

The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NYSE:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were higher in premarket on Friday. The SPY rose 0.29% to $592.20, and the QQQ advanced 0.34% to $521.01, according to Benzinga Pro data.

SPDR S＆P 500 ETF Trust（NYSE：SPY）和Invesco QQQ Trust ETF（NYSE：QQQ）在周五的Premarket中分別跟踪S＆P 500 INDEX和NASDAQ 100 INDEX的SPDR QQQ Trust（NYSE：QQQ）分別更高。根據Benzinga Pro Data的數據，間諜上漲了0.29％，至592.20美元，QQQ上漲了0.34％，至521.01美元。