MicroStrategy：转变为加密Mastodon的公司

随着比特币徘徊在96,000美元的左右，由迈克尔·塞勒（Michael Saylor）领导的公司刚刚推出了新的大胆举措：可转换债券发行20亿美元

As bitcoin hovers around 96,000 dollars, the firm led by Michael Saylor has just unveiled a new bold move: a convertible bond issuance of 2 billion dollars aimed at boosting its bitcoin treasure. An audacious, almost provocative strategy that raises as many questions as it fascinates.

随着比特币徘徊在96,000美元的左右，由迈克尔·塞勒（Michael Saylor）领导的公司刚刚推出了新的大胆举动：可转换债券发行为20亿美元，旨在提高其比特币宝藏。一种大胆的，几乎挑衅的策略，提出了同样多的问题。

How has a traditional company transformed into a crypto mastodon? And above all, how far will this quest go?

一家传统公司如何转变为加密Mastodon？最重要的是，这个任务将走多远？

Saylor’s Infernal Mechanism: Bonds to Tame Bitcoin

Saylor的地狱机制：与驯服比特币的联系

MicroStrategy, renamed Strategy, no longer relies on traditional fundraising. Its favorite weapon? 0% convertible bonds, a hybrid financial instrument that is as enticing as it is bewildering.

MicroStrategy，更名为策略，不再依赖传统的筹款活动。它最喜欢的武器？ 0％可转换债券，一种混合​​金融工具，令人困惑。

These securities, exchangeable for future shares, allow the company to raise billions without immediate interest. A boon for buying bitcoin, but also a risky bet: if the price of bitcoin collapses, bondholders could demand shares at a reduced price, diluting the company’s value.

这些证券可用于未来股票，使该公司可以立即筹集数十亿美元的利益。购买比特币的福音，也是一个冒险的赌注：如果比特币的价格崩溃，债券持有人可以以降低的价格要求股票，从而稀释公司的价值。

Saylor’s logic rests on a simple equation: borrow at zero interest, convert the debt into equity if bitcoin rises, and repeat the operation.

Saylor的逻辑基于一个简单的方程式：以零利息借入，如果比特币上升，将债务转换为权益，然后重复该操作。

Since October 2023, Strategy has already injected 21 billion dollars into this scheme, bringing its reserves to 478,740 BTC. A staggering figure, equivalent to 2.3% of the total bitcoin supply. For some, it is financial genius. For others, a disguised pyramid of debt.

自2023年10月以来，战略已经向该计划注入了210亿美元，将其储备金提高到478,740 BTC。一个惊人的数字，相当于比特币供应总额的2.3％。对于某些人来说，这是财务天才。对于其他人来说，伪装的债务金字塔。

Yet, the market seems to be playing along. Investors even have the option to purchase an additional 300 million dollars in bonds within five days following the issuance.

但是，市场似乎正在发展。投资者甚至可以选择在发行后五天内额外购买3亿美元的债券。

A confidence that can be explained by past performance: despite net losses of 670 million dollars in the last quarter of 2023, MSTR stock soared by 372% in one year. Proof that, in the crypto era, traditional indicators sometimes lose their meaning.

过去的表现可以解释的信心：尽管净亏损在2023年的最后一个季度净亏损了6.7亿美元，但MST的股票在一年内飙升了372％。证明在加密时代，传统指标有时会失去其含义。

The Strategy Paradox

策略悖论

How does a company showing colossal losses become a must-have in investors’ portfolios? The answer lies in one word: Bitcoin.

表现出巨大损失的公司如何成为投资者投资组合中的必备产品？答案在于一个单词：比特币。

Strategy embodies a new era where value is measured by the digital assets held, not the profits generated. By accumulating bitcoins, Saylor transforms his company into an indirect proxy for bitcoin, attracting investors looking to get exposure to crypto without holding it directly.

策略体现了一个新时代，其中价值是由持有的数字资产而不是产生的利润来衡量的。通过累积比特币，Saylor将公司变成了比特币的间接代理，吸引了希望在不直接持有的情况下获得加密货币的投资者。

But this transformation is not without its shadows. The issued bonds will mature in 2030, unless converted early. Until then, Strategy will have to manage its debts… or hope that bitcoin will have reached stratospheric heights. In the event of a crash, bondholders could demand cash repayments, plunging the company into a nightmarish scenario.

但是这种转变并非没有阴影。除非提早转换，否则发行的债券将在2030年成熟。在此之前，战略将必须管理其债务……或希望比特币将达到平流层高度。如果发生撞车事故，债券持有人可以要求现金还款，将公司陷入噩梦般的情况。

Still, the model is appealing. Twelve U.S. states already hold 330 million dollars in Strategy stock. An institutional adoption that effectively validates Saylor’s strategy, even if it remains marginal.

尽管如此，该模型还是很吸引人的。美国十二个州已经持有3.3亿美元的战略股票。一种机构采用，有效地验证了Saylor的战略，即使它仍然很边缘。