分析的MicroStrategy（MSTR）：高级估值和比特币策略

对MicroStrategy的溢价估值，资本结构及其杠杆比特币战略的分析，探讨了其对股票绩效和潜在风险的影响。

MicroStrategy (MSTR) has become a subject of intrigue among investors for its unique capital structure and bold strategy in deploying it. Commencing in 2020, MicroStrategy embarked on a capital structure transformation, integrating convertible securities, preferred stocks, and various debt instruments into its financing mix.

MicroStrategy（MSTR）已成为投资者独特的资本结构和大胆部署战略的阴谋主题。从2020年开始，MicroStrategy开始了资本结构转型，将可转换证券，优先股和各种债务工具整合到其融资组合中。

This strategy is closely linked to MicroStrategy’s overarching goal: amassing as much Bitcoin (BTC) as possible.

该策略与MicroStrategy的总体目标密切相关：尽可能多地积累比特币（BTC）。

According to an analysis by investing firm VanEck, MicroStrategy’s stock is valued at a +112% premium.

根据投资公司Vaneck的分析，MicroStrategy的股票价值为112％。

“While some investors may view this premium as excessive, it’s important to consider the narrative that drives it. Notably, MicroStrategy trades at a +665% premium to its core enterprise software business, which is a testament to the strength of the Bitcoin narrative in 2024. In essence, investors are willing to pay a substantial amount for a company that is rapidly accumulating Bitcoin, leveraging its capital structure to do so.”

“尽管有些投资者可能认为这种溢价过高，但重要的是要考虑驱动它的叙述。据其核心企业软件业务的近665％溢价以 +665％的溢价交易，这证明了2024年比特币叙事的实力。在本质上，投资者愿意为公司付出大量的累积，这是一个累积的累积。

Capital Structure

资本结构

A significant portion of MicroStrategy’s capital structure consists of convertibles, which come with both advantages and disadvantages. These convertibles, like STRK and STRF, offer investors varying yields based on the levels of Bitcoin exposure they provide. For instance, STRK, a convertible preferred stock issued in 2023, promises an 8% yield to investors. However, this comes with an implication that investors will have to bear a large portion of the Bitcoin price volatility.

MicroStrategy资本结构的很大一部分由敞篷车组成，既有优势又具有缺点。这些敞篷车（如STRK和Strf）根据其提供的比特币风险水平为投资者提供了变化的收益率。例如，Strk是2023年发行的可转换优先股，承诺向投资者产生8％的收益。但是，这意味着投资者将不得不承担大部分比特币价格波动。

On the other hand, STRF, a convertible note issued in 2024, offers a lower 0% yield but comes with less sensitivity to Bitcoin price fluctuations.

另一方面，STRF是2024年发行的可转换票据，其产量较低，但对比特币价格波动的敏感性较小。

As of the analysis, MicroStrategy’s capital structure is comprised of 36% convertibles and 21% preferred stocks, both of which are sold at a premium to their underlying shares. Moreover, the company's capital structure is characterized by a high level of complexity, which contributes to the stock’s illiquidity and sensitivity to market movements.

在分析时，MicroStrategy的资本结构由36％的敞篷车和21％的优先股组成，两者都以溢价出售给其基础股票。此外，公司的资本结构的特征是高度复杂，这有助于股票的流动性和对市场变动的敏感性。

Bitcoin Treasury Strategy

比特币国库策略

Since announcing its Bitcoin Treasury Strategy in 2020, MicroStrategy has undergone a substantial transformation. Once a traditional enterprise software provider, the company has pivoted into a Bitcoin-centric financial entity.

自2020年宣布其比特币国库策略以来，MicroStrategy经历了实质性的转变。曾经是传统的企业软件提供商，该公司已将其转向以比特币为中心的金融实体。

To date, MicroStrategy has accumulated over 182,000 BTC, rendering it one of the largest institutional holders of the cryptocurrency. At current prices, this Bitcoin stash is valued at over $5 billion, which is a significant amount for a company with a market capitalization of $9 billion.

迄今为止，MicroStrategy积累了182,000多个BTC，使其成为加密货币中最大的机构持有人之一。以目前的价格，这个比特币储藏码的价值超过50亿美元，这对于一家市值90亿美元的公司来说是一笔可观的数额。

In pursuit of maximizing the Bitcoin backing of its shares, MicroStrategy has actively engaged in leveraged capital raising activities. As of the analysis, every $1 of common stock is backed by $0.6 of Bitcoin, and the company is actively exploring avenues to increase this ratio further.

为了最大程度地利用比特币的股份支持，MicroStrategy积极从事杠杆资本筹集活动。在分析时，普通股的每1美元都得到了0.6美元的比特币，该公司正在积极探索途径以进一步提高该比率。

This strategy positions MSTR as a unique vehicle for investors seeking exposure to Bitcoin through traditional equity markets. For investors seeking leveraged exposure to BTC in a single trade, MSTR offers a concentrated avenue, especially for those who prefer investing in liquid, plain-vanilla shares of a U.S.-listed company.

该策略将MSTR定位为寻求通过传统股票市场接触比特币的投资者的独特工具。对于寻求单一交易中杠杆率的投资者，MSTR提供了集中的途径，尤其是对于那些喜欢投资于液体，普通范围股份的人，这是一家美国上市公司的股票。

However, it’s crucial to note that this strategy also carries inherent risks. A decline in Bitcoin prices, reduced volatility, or a collapse of MSTR’s premium could have a substantial impact on the company’s ability to raise capital and sustain its business model.

但是，至关重要的是要注意，该策略还具有固有的风险。比特币价格下跌，波动性降低或MSTR溢价崩溃可能会对公司提高资本和维持其商业模式的能力产生重大影响。

Furthermore, emerging competitors like Block (SQ) and Invictus in the BTC capital structure space, along with potential changes in the tax and regulatory landscape, could pose additional challenges to MicroStrategy’s market position.

此外，BTC资本结构空间中的Block（SQ）和Invictus等新兴竞争对手以及税收和监管格局的潜在变化可能会对MicroStrategy的市场地位构成其他挑战。