微观：比特币中的高挥发性“信徒的杠杆”

Microstrategy的名称于1989年成立为企业软件公司，已成为比特币的代名词。在2020年，它成为第一个公开交易的主要主要交易

(Bloomberg) -- MicroStrategy Inc. shares rose after the enterprise software company said it purchased an additional 229 Bitcoin, bringing its total cryptocurrency holdings to about 471,107 units.

（彭博社） - 企业软件公司表示，Microstrategy Inc.股票Rose Rose Rose Rose股份表示，它购买了另外229个比特币，将其总的加密货币持有量达到了约471,107辆。

The company’s Bitcoin yield, which represents the period-to-period change in the ratio of its Bitcoin holdings to its total assumed shares outstanding, was 2.9% for the period from Jan. 1 to Jan. 26, according to a filing Monday. If the company’s number of Bitcoin held increases faster than the share count, MicroStrategy achieves “positive Bitcoin yield,” which signals to shareholders that the acquisition of the crypto is accretive rather than dilutive.

根据周一的文件，该公司的比特币收益率代表了其比特币持有量与其已偿还股票总额的比率变化的期限。如果公司持有的比特币数量的增加速度快于股票数，那么MicroStrategy就会实现“正币产量”，这表明股东的收购是获得加密货币而不是稀释性。

MicroStrategy shares advanced as much as 2.1% in premarket trading Monday after closing Friday at $223.63. Shares slipped last week when President Donald拡大する画像を開く

MicroStrategy在周五关闭223.63美元后，在预售中股票高达2.1％。

MicroStrategy is a ‘high-volatility stock,’ analysts say, rising and falling with the price of Bitcoin. Photographer: Michael Nagle/Bloomberg , despite promising a strategic Bitcoin reserve and less stringent regulations on the campaign trail.

分析师说，MicroStrategy是一种“高挥发性股票”，随着比特币的价格上涨和下降。摄影师：迈克尔·纳格尔（Michael Nagle）/彭博社（Bloomberg），尽管有望在竞选活动中制定战略性的比特币储备和不太严格的规定。

Some details emerged Thursday in the form of an executive order, though the mandate fell short of establishing any sort of reserve.

周四以行政命令的形式出现了一些细节，尽管该任务没有建立任何储备金。

Bitcoin, the world’s largest digital currency by market value, gained 0.8% over the past 24 hours to $101,969 on Wednesday, according to CoinDesk data. As of Wednesday, there were 19.28 million Bitcoins in circulation.

根据Coindesk的数据，比特币是全球最大的数字货币，在过去的24小时内上涨0.8％，至周三的101,969美元。截至周三，发行量有1928万比特币。

At the current mining rate, it could take over a century for that number to reach the maximum 21 million. However, Mizuho analysts expect the scarcity to act as a catalyst, boosting value appreciation in the form of a 25% to 30% Bitcoin price compound annual growth rate through 2027, “albeit with extreme volatility.”

以目前的采矿率，该数字最多达到2100万。然而，瑞am族分析师预计稀缺性将作为催化剂，以25％至30％的比特币价格复合年的增长率在2027年之前提高价值升值，“尽管有极端波动。”

Bitcoin has “no intrinsic value” on its own, though growing enthusiasm around the finite number of Bitcoins could nudge the price higher, the analysts noted. They also pointed out that MicroStrategy, which is set apart from Bitcoin exchange-traded funds and the cryptocurrency itself, is able to access debt and equity capital markets to raise money for incremental Bitcoin purchases.

分析师指出，尽管对有限数量的比特币的热情可以提高价格，但比特币本身具有“没有内在价值”。他们还指出，与比特币交易所交易的资金和加密货币本身分开的微观策略能够获取债务和股本资本市场，以筹集资金以逐步购买。

Mizuho analysts expect the company to continue snapping up more digital currency, coupled with anticipated Bitcoin price appreciation, to give MicroStrategy a 75% premium to the underlying value of its Bitcoin holdings. This premium allows the company to grow its Bitcoin holdings at a faster rate than its share dilution from capital markets activities.

Mizuho分析师预计，该公司将继续抢购更多的数字货币，再加上预期的比特币价格升值，将使MicroStrategy对其比特币持有的基本价值高75％。这种溢价使该公司能够以比资本市场活动中的股票稀释速度更快地增加其比特币持有量。