MicroStrategy 推出“21/21 计划”，为比特币购买筹集 42B 美元

MicroStrategy 透露计划在未来三年内筹集 420 亿美元的新资金用于购买比特币

MicroStrategy Inc. announced plans to raise $42 billion in fresh capital for bitcoin purchases over the next three years, according to its Q3 2024 earnings release on October 30, 2024.

根据 2024 年 10 月 30 日发布的 2024 年第三季度财报，MicroStrategy Inc. 宣布计划在未来三年内筹集 420 亿美元的新资本用于购买比特币。

The company, which holds 252,220 bitcoins as of September 30, 2024, is the largest publicly traded company bitcoin holder worldwide, according to Coingecko data.

根据 Coingecko 的数据，截至 2024 年 9 月 30 日，该公司持有 252,220 枚比特币，是全球最大的比特币持有上市公司。

Now, MicroStrategy is aiming to secure $21 billion through equity offerings and another $21 billion via fixed-income securities between 2025 and 2027.

现在，MicroStrategy 的目标是在 2025 年至 2027 年间通过股票发行筹集 210 亿美元，并通过固定收益证券筹集 210 亿美元。

"Our focus remains to increase value generated to our shareholders by leveraging the digital transformation of capital. Today, we are announcing a strategic goal of raising $42 billion of capital over the next 3 years, comprised of $21 billion of equity and $21 billion of fixed income securities, which we refer to as our '21/21 Plan,'" said Phong Le, President and Chief Executive Officer, MicroStrategy in a press release statement.

“我们的重点仍然是通过利用资本的数字化转型来增加为股东创造的价值。今天，我们宣布了一个战略目标，即在未来 3 年内筹集 420 亿美元的资本，其中包括 210 亿美元的股本和 210 亿美元的固定资本MicroStrategy 总裁兼首席执行官 Phong Le 在一份新闻稿中表示：“收入证券，我们称之为‘21/21 计划’。”

The "21/21 Plan" of MicroStrategy targets $42 billion in fresh capital for 2025-2027. The plan splits evenly between two sources: $21 billion from new stock offerings and $21 billion through fixed-income securities, according to MicroStrategy Q3 2024 earnings release.

MicroStrategy 的“21/21 计划”目标是 2025 年至 2027 年新增资本达 420 亿美元。根据 MicroStrategy 2024 年第三季度收益报告，该计划平均分配给两个来源：210 亿美元来自新股发行，210 亿美元来自固定收益证券。

"We are basically creating leverage by tapping into the convertible bond market," Michael Saylor, Executive Chairman of MicroStrategy, said at a Bernstein event this month, according to Bloomberg. "Over time, we'll explore the fixed income market; we'll look at issuing preferred shares – things that are, in essence, a swap."

据彭博社报道，MicroStrategy 执行主席 Michael Saylor 本月在 Bernstein 的一次活动中表示：“我们基本上是通过进入可转换债券市场来创造杠杆。” “随着时间的推移，我们将探索固定收益市场；我们将考虑发行优先股——本质上是一种互换。”

The capital raising schedule shows a steady increase:

融资计划呈现稳步增长：

To measure efficiency of bitcoin purchases against new share issuance, MicroStrategy uses a BTC Yield metric. For every 100 new shares issued, the company aims to buy enough bitcoin to maintain 106-110 bitcoins per share from 2025 to 2027. In 2024, they exceeded this goal, reaching almost 118 bitcoins per share.

为了衡量比特币购买与新股发行的效率，MicroStrategy 使用了 BTC 收益率指标。该公司的目标是每发行 100 股新股就购买足够的比特币，以维持 2025 年至 2027 年间每股 106-110 比特币。2024 年，他们超越了这一目标，达到每股近 118 比特币。

The company's bitcoin holdings reached a market value of $16.007 billion at the end of Q3 2024, with bitcoin priced at $63,463. MicroStrategy acquired these holdings at a total cost of $9.904 billion, averaging $39,266 per bitcoin, according to its Q3 earnings release.

截至 2024 年第三季度末，该公司持有的比特币市值达到 160.07 亿美元，比特币价格为 63,463 美元。根据 MicroStrategy 第三季度财报发布的数据，MicroStrategy 以 99.04 亿美元的总成本收购了这些资产，平均每比特币 39,266 美元。

MicroStrategy raised $2.1 billion in Q3 2024 to expand its bitcoin holdings in two ways:

MicroStrategy 在 2024 年第三季度筹集了 21 亿美元，通过两种方式扩大其比特币持有量：

The company used the new bond money to pay off its older, more expensive debt - $500 million of Senior Secured Notes with 6.125% interest rate. The company's cash reserves stayed around $46 million, similar to the end of 2023.

该公司用新的债券资金来偿还其较旧的、更昂贵的债务——5亿美元的高级担保票据，利率为6.125%。该公司的现金储备保持在 4600 万美元左右，与 2023 年底相似。

MicroStrategy Cuts Borrowing Costs

MicroStrategy 降低借贷成本

MicroStrategy owes $4.3 billion in total debt with a low average interest rate of 0.811%. The company reduced its yearly interest payments by $24 million after replacing expensive loans with cheaper ones in Q3 2024, according to its earnings release.

MicroStrategy 欠债总额为 43 亿美元，平均利率较低，为 0.811%。根据其财报，该公司在 2024 年第三季度用更便宜的贷款取代了昂贵的贷款后，将每年的利息支付减少了 2400 万美元。

A key change: MicroStrategy paid off its $500 million loan that required bitcoin as collateral. Now, all 252,220 bitcoins owned by the company are free from any loan obligations.

一个关键的变化是：MicroStrategy 偿还了需要比特币作为抵押品的 5 亿美元贷款。现在，该公司拥有的所有 252,220 枚比特币都没有任何贷款义务。

The Bitcoin Strategy Shows Strong Growth

比特币策略显示强劲增长

MicroStrategy increased its bitcoin holdings by 11% in Q3 2024, bringing the total to 252,220 bitcoins. The company's BTC Yield - the rate at which bitcoin holdings grow compared to share count - reached 17.8% in 2024. For investors who bought MicroStrategy stock when the company started buying bitcoin in August 2020, the return stands at 1,989%, according to Q3 2024 earnings data.

MicroStrategy 在 2024 年第三季度将其比特币持有量增加了 11%，使比特币总数达到 252,220 个。该公司的 BTC 收益率（比特币持有量与股票数量相比的增长率）在 2024 年达到 17.8%。根据 2024 年第三季度的数据，对于在该公司于 2020 年 8 月开始购买比特币时购买 MicroStrategy 股票的投资者来说，回报率为 1,989%盈利数据。

Looking ahead, MicroStrategy mapped out three main goals:

展望未来，MicroStrategy 制定了三个主要目标：