比特币策略：随着 MicroStrategy 加倍下调，花旗发布买入评级

花旗给予 MicroStrategy 买入评级，同时该公司继续其比特币积累策略。在当前市场上，这是明智之举吗？

Bitcoin Strategy: Citi Issues Buy Rating as MicroStrategy Doubles Down

比特币策略：随着 MicroStrategy 加倍下调，花旗发布买入评级

Bitcoin's wild ride continues! Investment bank Citi slaps a 'buy' rating on MicroStrategy (MSTR), viewing it as a leveraged play on Bitcoin, while MicroStrategy keeps stacking sats. Let's dive into what's happening and what it means for investors.

比特币的疯狂之旅仍在继续！投资银行花旗对 MicroStrategy (MSTR) 给予“买入”评级，将其视为比特币的杠杆投资，而 MicroStrategy 则继续增持比特币。让我们深入了解正在发生的事情以及这对投资者意味着什么。

Citi's Bullish Stance on MicroStrategy

花旗对 MicroStrategy 的看好立场

Citi initiated coverage of MicroStrategy with a 'buy/high risk' rating and a $485 price target. Their reasoning? MicroStrategy's stock is essentially an amplified bet on Bitcoin. Citi's analysts predict Bitcoin could hit $181,000 within 12 months, and MicroStrategy's stock price target reflects this optimism.

花旗首次对 MicroStrategy 给予“买入/高风险”评级和 485 美元的目标价。他们的推理？ MicroStrategy 的股票本质上是对比特币的放大押注。花旗分析师预测比特币可能在 12 个月内达到 181,000 美元，MicroStrategy 的股价目标反映了这种乐观情绪。

The bank highlights MicroStrategy's shift to a Bitcoin-focused treasury strategy in 2020, spearheaded by Executive Chairman Michael Saylor, as a key factor. They anticipate MicroStrategy will continue issuing convertible debt and equity to expand its Bitcoin holdings.

该银行强调，MicroStrategy 在执行主席 Michael Saylor 的带领下，将在 2020 年转向以比特币为重点的财务战略，这是一个关键因素。他们预计 MicroStrategy 将继续发行可转换债券和股票以扩大其比特币持有量。

MicroStrategy's Bitcoin Buying Spree Continues

MicroStrategy 的比特币购买热潮仍在继续

MicroStrategy isn't just sitting on its hands. Recent filings show they've been actively adding to their Bitcoin stash. They scooped up another 168 BTC at an average price of $112,051. As of late October 2025, their total holdings reached a staggering 640,418 BTC, currently valued around $71 billion, acquired at an average purchase price of $74,010.

MicroStrategy 并没有坐视不管。最近的文件显示，他们一直在积极增加比特币储备。他们以平均价格 112,051 美元又买入了 168 个 BTC。截至 2025 年 10 月下旬，他们的总持有量达到了惊人的 640,418 BTC，目前价值约为 710 亿美元，平均购买价格为 74,010 美元。

While earlier in 2025 MicroStrategy was purchasing almost 25,000 BTC a month, the firm has shifted to smaller, more strategic buys due to market volatility. Still, Michael Saylor hints at further acquisitions, viewing Bitcoin as the ultimate treasury asset.

虽然 2025 年初，MicroStrategy 每月购买近 25,000 比特币，但由于市场波动，该公司已转向规模较小、更具战略性的购买。尽管如此，迈克尔·塞勒暗示将进行进一步收购，并将比特币视为最终的财务资产。

INJ Price Tests Key Support as Private Equity Futures Innovation Meets Bitcoin Volatility

随着私募股权期货创新遇到比特币波动，INJ 价格测试关键支撑

While MicroStrategy is focused on Bitcoin, the broader crypto market experiences some turbulance. Injective's launch of perpetual futures for private equity markets generated institutional interest, even as the INJ price faces technical pressure.

虽然 MicroStrategy 专注于比特币，但更广泛的加密市场经历了一些动荡。尽管 INJ 价格面临技术压力，但 Injective 为私募股权市场推出的永续期货引起了机构的兴趣。

Bitcoin's surge past $110,000 on October 18th initially lifted INJ alongside the broader altcoin market, contributing to a 6% rally. However, a pullback in Bitcoin is weighing on risk assets across the cryptocurrency sector, with INJ showing typical correlation patterns as it retreats from recent highs.

10 月 18 日，比特币飙升至 110,000 美元以上，最初与更广泛的山寨币市场一起提振了 INJ，推动了 6% 的上涨。然而，比特币的回调正在给整个加密货币领域的风险资产带来压力，INJ 从近期高点回落时呈现出典型的相关模式。

The Risks and Rewards

风险和回报

Citi acknowledges the risks. In a bear-case scenario, where Bitcoin drops 25% and MicroStrategy's net asset value premium shrinks, the stock could plummet. However, they believe the potential upside outweighs the downside, especially if Bitcoin continues its upward trajectory.

花旗承认存在风险。在悲观的情况下，即比特币下跌 25% 并且 MicroStrategy 的净资产价值溢价缩小，该股可能会暴跌。然而，他们认为潜在的上行大于下行，特别是如果比特币继续其上行轨迹的话。

My Two Sats

我的两个星期六

MicroStrategy's Bitcoin strategy is undoubtedly bold. It's a high-risk, high-reward approach that could pay off handsomely if Bitcoin moons. However, investors should be aware of the potential for significant losses if the market turns sour. Always do your own research before investing.

MicroStrategy的比特币策略无疑是大胆的。这是一种高风险、高回报的方法，如果比特币上涨，可能会带来丰厚的回报。然而，投资者应该意识到，如果市场恶化，投资者可能会遭受重大损失。在投资之前一定要先进行自己的研究。

The Bottom Line

底线

So, is MicroStrategy a 'buy'? Citi thinks so, if you're looking for a leveraged play on Bitcoin. But remember, it's not for the faint of heart. As for MicroStrategy, they're clearly all-in on Bitcoin. Will their bet pay off? Only time will tell. But one thing's for sure: it's going to be an interesting ride. Now, if you'll excuse me, I'm off to check my own Bitcoin holdings... just in case!

那么，MicroStrategy 值得“买入”吗？如果你正在寻找比特币的杠杆投资，花旗是这么认为的。但请记住，这不适合胆小的人。至于 MicroStrategy，他们显然全力投资比特币。他们的赌注会得到回报吗？只有时间才能证明一切。但有一件事是肯定的：这将是一次有趣的旅程。现在，请原谅，我要去检查一下我自己的比特币持有量……以防万一！