華爾街分析師堅定地站在戰略（MST）的侵略性升級其比特幣（BTC）收購策略的升級後面

“儘管試圖複製戰略的比特幣獲取策略的公司數量持續增長……”

Wall Street analysts are standing firmly behind Strategy’s (MSTR) aggressive escalation of its bitcoin (BTC) acquisition strategy after the company unveiled plans to double its capital-raising ambitions.

華爾街分析師牢固地站在戰略（MSTR）的積極升級其比特幣（BTC）收購策略之後，該公司揭幕計劃將其資本籌集的野心加倍。

While the number of companies that have sought to replicate Strategy’s bitcoin acquisition strategy has continued to grow rapidly … MSTR yesterday issued a reminder of the extent of its first-mover advantage and how its ability to accelerate its accumulation of bitcoin has increased as its platform has scaled,” said Benchmark's Mark Palmer, who maintains a buy rating and a $650 price target on the shares.

儘管試圖複製策略的比特幣獲取策略的公司數量持續迅速增長……MSTR昨天發出了其第一步優勢的程度，以及它如何加速其比特幣積累的能力，隨著平台的擴展，其平台擴大了。

Pointing out that MSTR trades at more than double the value of its bitcoin holdings, which may seem "a high multiple at first glance," Palmer adds that level is "attractive" thanks to Executive Chairman Michael Saylor and team's "demonstrated ability to create shareholder value through their treasury operations."

帕爾默（Palmer）指出，MSTR的交易價格是其比特幣持有量的價值的兩倍以上，這似乎“乍一看似乎是一個很高的倍數”，他補充說，由於執行董事長Michael Saylor和Team的“通過其財政部業務創造股東價值的能力，”水平“有吸引力”。

Alongside reporting its 1Q23 results Thursday evening, Strategy announced an expansion of its recent 21/21 plan - which saw the company set out to raise $42 billion via issuance of common stock and debt (or debt-like securities) - to a total of $84 billion. The company also announced an increase in its bitcoin-related performance targets, including a 25% BTC Yield target by 2025 (vs. 15% previously) and $15 billion BTC $ Gain (vs. $10 billion).

除了在周四晚上舉報其第1季度的結果外，戰略還宣布將其最近的21/21計劃擴展 - 該公司將通過發行普通股和債務（或類似債務的證券）籌集420億美元，總計840億美元。該公司還宣布增加了與比特幣相關的績效目標，其中包括2025年的BTC收益目標25％（以前為15％）和150億美元的BTC $ GANE（相比100億美元）。

The move comes as Strategy looks to capitalize further on the booming demand for bitcoin in the wake of the recent cryptocurrency winter.

此舉是因為在最近的加密貨幣冬季，戰略希望進一步利用對比特幣的蓬勃發展需求。

However, also acknowledging the ambition of the updated strategy, TD Cowen's Lance Vitanza says it is "aggressive perhaps but by no means out of the question."

然而，TD Cowen的Lance Vitanza也承認了更新戰略的野心，他說“也許是積極的，但絕對不是問題。”

In a note to clients Friday, Vitanza - who has a buy rating and a $550 price target on the shares - highlighted that Strategy has already raised $28.3 billion under the original 21/21 Plan and that the company’s significantly larger $111 billion market cap and deep trading liquidity attest to the credibility of the new fundraising efforts.

在周五給客戶的註釋中，Vitanza（股票的買入評級和550美元的價格目標）強調，該策略已經根據原始21/21計劃籌集了283億美元，並且該公司對新籌款活動的可靠性，該公司的市值明顯更大。

With average daily share volume of $5.6 billion, Vitanza suggested that raising another $56.7 billion over the next 32 months is realistic.

維坦扎（Vitanza）的平均每日份額為56億美元，建議在未來32個月內再籌集567億美元。

Both analysts highlighted that Strategy has already made significant progress towards its bitcoin-related performance targets, having achieved ~90% of its original BTC Yield target in just four months.

兩位分析師都強調，策略已經在與比特幣相關的績效目標方面取得了重大進展，在短短四個月內就達到了其原始BTC產量目標的90％。

MSTR shares are up 1.8% to $388 in early Friday trading as bitcoin continues to trade slightly below the $67,000 level.

隨著比特幣的交易略低於67,000美元，週五早些時候，MST的股票上漲了1.8％，至388美元。

Earnings call highlights

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“The adoption of the Bitcoin standard by more companies is beneficial, legitimizing bitcoin and attracting more capital, ” said Saylor on the post-earnings conference call Thursday evening. “As more companies join, it stabilizes and drives up bitcoin's price. Each market needs its own BTC companies, and as more join, it accelerates the transition to the bitcoin standard, pressuring others to join.”

Saylor在周四晚上的致敬電話會議上說：“越來越多的公司採用比特幣標準是有益的，使比特幣合法化並吸引更多的資本。” “隨著越來越多的公司加入，它穩定並推動了比特幣的價格。每個市場都需要自己的BTC公司，並且隨著更多的加入，它加速了向比特幣標準的過渡，使其他人加入了加入。”

Addressing concerns over dilution, CEO Fong Li highlighted the accretive nature of the equity raises:

首席執行官Fong Li強調了對稀釋的擔憂，強調了股權的增值：

“Issuing equity at greater than one times mNAV [the multiple of the company's net asset value] is accretive, not dilutive. As mNAV rises, equity issuance becomes more like fixed income, and we aim to make the fixed income market more efficient.”

“發行股權超過一次MNAV（公司淨資產價值的倍數）是積極的，而不是稀釋的。隨著MNAV的上升，股權發行更像是固定收益，我們的目標是使固定收益市場更有效。”

Pointing to the company's $5.9 billion unrealized loss in 1Q23 due to bitcoin’s price decline under newly adopted fair value accounting, CFO Andrew Kang said:

CFO Andrew Kang表示，指出該公司在1季度的59億美元未實現的損失，因為比特幣的價格下跌，CFO Andrew Kang表示：

“Despite the volatility, we believe the transparency is vital… We expect more positive swings over time, aligning with our long-term strategy.”

“儘管有波動性，但我們認為透明度至關重要……我們期望隨著時間的流逝，我們的長期戰略一致。”