比特币（BTCUSD）价格比过去一个月上涨了22％，Coinbase（Coin）

比特币（BTCUSD）价格比过去一个月上涨了22％，Coinbase（Coin）

MicroStrategy (NASDAQ:MSTR) is a name that has become synonymous with Bitcoin (BTCUSD:) Treasury strategies among retail investors. The company, originally known for its enterprise software, pivoted its focus to Bitcoin in recent years, leading to gains of more than 1,400% for investors.

MicroStrategy（NASDAQ：MSTR）是一个名称，它已成为比特币（BTCUSD ：）零售投资者中的财政部策略的代名词。该公司最初以其企业软件而闻名，近年来将其重点放在了比特币上，从而导致投资者的收益超过1,400％。

Now, as Coinbase (NASDAQ:COIN) prepares to join the S&P 500 Index(SPX) next week in a milestone for the crypto industry, attention is turning back to Strategy as this apex institution pivots to include COIN.

现在，正如Coinbase（NASDAQ：COIN）准备在下周加入标准普尔500指数（SPX）进入加密货币行业的里程碑时，由于该Apex机构枢纽将包括硬币包括在内。

The team at H.C. Wainwright has become notably bullish on Strategy, issuing a massive price target of $480.

HC Wainwright的团队已尤其是对战略的看涨，其价格目标为480美元。

Why Some Analysts Are Growing Bullish on Strategy

为什么有些分析师对战略的看涨

Looking at Strategy’s five-year chart, it’s clear that long-term believers in Bitcoin have benefited from owning shares in this tech company. Shares of MSTR stock have gone from roughly $10 apiece five years ago to roughly $420 today, and this recent analyst price target suggests 15% upside is still possible from here.

从策略的五年图表中看，很明显，比特币的长期信徒从拥有这家科技公司的股票中受益。 MST股票的股票已从五年前的大约10美元增加到今天的大约420美元，而最近的Analyst Propping目标表明，从这里仍然可以使用15％的上升空间。

Of course, given the scale of Strategy’s share price appreciation, with shares up 3,200% over the past five years, anything is possible. And as we’ve seen with Bitcoin prices, volatility can indeed be the best friend of long-term investors.

当然，鉴于战略​​的股价赞赏规模，在过去五年中股票上涨了3,200％，这一切皆有可能。正如我们从比特币价格看到的那样，波动确实可以成为长期投资者的最好朋友。

By borrowing massively in the bond market to reinvest into Bitcoin, Strategy’s balance sheet is a mix of U.S. Dollar-denominated debt and Bitcoin-denominated assets. As the value of Bitcoin in dollar terms rises, investors stand to benefit.

通过在债券市场上大量借贷以将比特币重新投资，战略的资产负债表是以美元计价的债务和以比特币计价的资产的混合在一起。随着以美元计算的比特币价值上升，投资者将受益。

Of course, if the long-term trend higher in Bitcoin prices does eventually break down, Strategy’s leveraged position on Bitcoin prices could work against investors. But for now, it's been a rather steady ride higher for those who have stuck with Michael Saylor and his almost fervent faith in the value of Bitcoin as a Treasury asset.

当然，如果比特币价格的长期趋势最终最终破坏了，那么战略对比特币价格的杠杆位置可能会对投资者起作用。但是目前，对于那些坚持迈克尔·塞勒（Michael Saylor）以及他对比特币作为国库资产价值的信念的人来说，这是一个相当稳定的旅程。

What to Make of MicroStrategy’s Balance Sheet?

MicroStrategy的资产负债表如何做些什么？

I think the key point for investors considering Strategy has to be the company’s balance sheet. H.C Wainwright analysts point out that Strategy has indeed raised more than $25 billion to buy a stack of Bitcoin that’s now worth closer to $50 billion. That’s great.

我认为，考虑策略的投资者的关键必须是公司的资产负债表。 HC Wainwright分析师指出，战略确实已经筹集了超过250亿美元的价格购买了一堆比特币，现在价值接近500亿美元。那太棒了。

However, if the company’s debt load exceeds a psychological threshold the market isn’t willing to stomach, it’s plausible that the company’s share price appreciation profile could slow.

但是，如果公司的债务负担超过了市场不愿意忍受的心理阈值，那么公司的股价赞赏状况可能会放缓是合理的。

In my view, the company’s balance sheet does not look stretched, and there’s a solid argument to be made that Strategy has done a good job of becoming a tool for investors looking for liquid access to leveraged Bitcoin.

在我看来，公司的资产负债表看起来并不伸展，并且有一个扎实的论点是，策略已经为寻求液体访问杠杆比特币的投资者提供了很好的工作。

That said, I’m always wary of the potential for a significant drawdown in the price of Bitcoin, which could very quickly erode this balance sheet strength, particularly if Saylor continues to acquire Bitcoin at his current rate or ramp up buying activity.

也就是说，我一直对比特币价格大幅度降低的潜力很谨慎，这可能很快侵蚀了这种资产负债表的强度，尤其是当Saylor继续以他目前的价格收购比特币或提高购买活动时。

What Do Analysts Think About MSTR Stock?

分析师对MST的股票有何看法？

Aside from the aforementioned analysts at H.C. Wainwright, most other analysts are also bullish on Strategy. As the graph below shows, the consensus “Strong Buy” rating for Strategy has remained in place due to a still-positive forecast for Bitcoin. However, as the macro environment has become increasingly uncertain, the aggregate rating has dropped from a 4.91 to a 4.62 out of 5 over the last three months.

除了HC Wainwright的上述分析师外，大多数其他分析师也看好战略。如下图所示，由于比特币的阳性预测，对策略的共识“强买”评级一直保持不变。但是，随着宏观环境变得越来越不确定，在过去三个月中，总评级从4.91下降到5分的4.62。

In my view, the consensus $524.17 price target on Strategy is likely a little aggressive, given the plethora of downside risks that could materialize. Saylor and his team have done a good job of buying Bitcoin when it has been cheap. But I’m not among those who believe that “price go up” is a strategy that can be relied on forever.

我认为，鉴于很多可能实现的下行风险，共识$ 524.17的策略目标目标可能有些积极。 Saylor和他的团队在便宜的时候就做得很好。但是，我并不是那些认为“价格上涨”的人是可以永远依靠的策略。

As mentioned, any sort of drawdown in the price of Bitcoin of more than 50%, and the show could be over for Strategy. That’s a risky proposition right now in my view.

如前所述，比特币价格超过50％的任何缩减，该节目可能已经结束。在我看来，这是一个冒险的主张。