MicroStrategy的“财富密码”：融资买币策略全解析

在本文中，曼昆律师将拆解MicroStrategy融资购买加密货币的财富密码，并从境内外上市的中国企业角度分析是否有可能重新打造一个亚洲版的MicroStrategy。

MicroStrategy, an American company known for its business intelligence and mobile software solutions, has attracted much attention in recent years for its aggressive investments in the Bitcoin market. Since it began buying large amounts of Bitcoin in 2020, its stock price has risen about 20 times. On October 30, 2024, MicroStrategy announced the so-called "21/21 Plan", which plans to conduct $21 billion in equity financing and $21 billion in bond issuance in the next three years, raising a total of $42 billion to buy more Bitcoin. MicroStrategy's financing strategy for buying coins has not only made it famous in the cryptocurrency field, but also triggered widespread discussion in the market about its investment strategy, risk management and future prospects.

MicroStrategy是一家以商业智能和移动软件解决方案闻名的美国公司，近年来因其在比特币市场的积极投资而备受关注。自2020年开始大量购买比特币以来，其股价已上涨约20倍。 2024年10月30日，MicroStrategy宣布所谓“21/21计划”，计划未来三年进行210亿美元股权融资和210亿美元债券发行，总共筹集420亿美元用于购买更多比特币。 MicroStrategy的买币融资策略不仅让其在加密货币领域名声大噪，还引发了市场对其投资策略、风险管理和未来前景的广泛讨论。

In this article, Attorney Mankiw will dismantle the wealth code of MicroStrategy's financing and purchase of cryptocurrencies, and analyze whether it is possible to recreate an Asian version of MicroStrategy from the perspective of Chinese companies listed at home and abroad.

在本文中，曼昆律师将拆解MicroStrategy融资购买加密货币的财富密码，并从境内外上市的中国企业角度分析是否有可能重新打造一个亚洲版的MicroStrategy。

MicroStrategy’s “Wealth Code”: A Complete Analysis of the Financing and Buying Coin Strategy

MicroStrategy的“财富密码”：融资买币策略全解析

Analysis of MicroStrategy’s Financing Channels

MicroStrategy融资渠道分析

In August 2020, under the leadership of Chairman Michael Saylor, MicroStrategy boldly invested $250 million to purchase approximately 21,400 bitcoins, becoming the world's first listed company to incorporate Bitcoin into its funding strategy. Since then, MicroStrategy has been "surging" on the wave of Bitcoin, and has continuously increased its Bitcoin holdings through funds obtained through financing methods such as bond issuance. The number of bitcoins it currently holds has exceeded 420,000. This strategy has enabled MicroStrategy to obtain significant returns on investment when the price of Bitcoin rises.

2020年8月，在董事长Michael Saylor的带领下，MicroStrategy大胆投资2.5亿美元购买约21,400枚比特币，成为全球首家将比特币纳入融资策略的上市公司。此后，MicroStrategy在比特币浪潮中“风起云涌”，通过发债等融资方式获得的资金不断增持比特币。目前其持有的比特币数量已超过42万枚。这一策略使得 MicroStrategy 在比特币价格上涨时获得了可观的投资回报。

According to attorney Mankiw's observations and analysis, MicroStrategy has adopted a "diversified" strategy in its financing process. It not only raised funds through issuing bonds, but also cleverly used equity financing, bank loans and other means to "add bricks and tiles" to its Bitcoin investment plan.

根据曼昆律师的观察和分析，MicroStrategy在融资过程中采取了“多元化”策略。它不仅通过发行债券筹集资金，还巧妙地利用股权融资、银行贷款等手段为其比特币投资计划“添砖加瓦”。

Bond financing

债券融资

MicroStrategy raises funds primarily through the issuance of convertible bonds, convertible preferred notes, and senior secured bonds, specifically for the purchase of Bitcoin, with the most common financing method used by MicroStrategy being convertible bonds. These debt instruments vary in interest rates and maturity dates, but their common purpose is to expand MicroStrategy's Bitcoin holdings.

MicroStrategy 主要通过发行可转换债券、可转换优先票据和高级担保债券筹集资金，专门用于购买比特币，其中 MicroStrategy 最常见的融资方式是可转换债券。这些债务工具的利率和到期日各不相同，但其共同目的是扩大 MicroStrategy 的比特币持有量。

Convertible bonds: This is a hybrid security that allows bondholders to convert the bonds into common stock of the company within a certain period of time. For example, in December 2020, MicroStrategy raised $650 million by issuing convertible bonds, all of which were used to purchase Bitcoin.

可转换债券：这是一种混合证券，允许债券持有人在一定期限内将债券转换为公司的普通股。例如，2020年12月，MicroStrategy通过发行可转换债券筹集了6.5亿美元，全部用于购买比特币。

Convertible senior notes: This is a special debt instrument that gives the holder the right to convert the notes into preferred stock of the company at some point in the future. Preferred stock is a special type of stock that is compensated before common stockholders in the event of a company's bankruptcy liquidation. For example, in February 2021, MicroStrategy issued $900 million worth of convertible senior notes, and the proceeds were used to purchase Bitcoin;

可转换优先票据：这是一种特殊的债务工具，赋予持有人在未来某个时候将票据转换为公司优先股的权利。优先股是一种特殊类型的股票，在公司破产清算时，优先股先于普通股股东获得补偿。例如，2021年2月，MicroStrategy发行了价值9亿美元的可转换优先票据，所得资金用于购买比特币；

Senior secured notes: It is secured by the company's assets and has a higher priority in the company's debt structure. In the event of bankruptcy or liquidation of the company, holders of senior secured notes will be repaid before other unsecured creditors. For example, in June 2021, MicroStrategy completed the issuance of senior secured notes worth US$500 million, and the proceeds were also used to purchase Bitcoin.

高级担保票据：以公司资产作为担保，在公司债务结构中具有较高优先级。如果公司破产或清算，优先担保票据持有人将先于其他无担保债权人得到偿还。例如，2021年6月，MicroStrategy完成了价值5亿美元的高级担保票据的发行，所得款项也用于购买比特币。

Equity Financing

股权融资

Equity financing, that is, companies raise funds by issuing additional shares, is one of MicroStrategy's important "magic weapons". The company sells Class A common stock, just like drawing a steady stream of "living water" from the "capital pool" of the capital market, and investing the proceeds in large quantities in Bitcoin purchases. For example, in August 2021, MicroStrategy raised funds by selling $900 million worth of common stock to buy Bitcoin.

股权融资，即企业通过增发股票筹集资金，是MicroStrategy的重要“法宝”之一。该公司出售A类普通股，就像从资本市场的“资金池”中汲取源源不断的“活水”，并将收益大量投资于比特币购买。例如，2021 年 8 月，MicroStrategy 通过出售价值 9 亿美元的普通股筹集资金购买比特币。

MicroStrategy's practice of purchasing Bitcoin by selling common stock has formed a unique "value dilution" logic, that is, although the company has diluted the rights and interests of existing shareholders, due to the expected appreciation of Bitcoin, this dilution is interpreted by the market as an appreciation of asset value, thereby driving up the company's stock price.

MicroStrategy通过出售普通股购买比特币的做法形成了独特的“价值稀释”逻辑，即公司虽然稀释了现有股东的权益，但由于比特币的升值预期，这种稀释被市场解读为作为资产增值，从而推高公司股价。

Bank Loans

银行贷款

MicroStrategy is also actively involved in the field of lending. It uses its own Bitcoin as collateral and boldly borrows funds from financial institutions. This "borrowing chickens to lay eggs" strategy enables it to seize every investment opportunity in the market where Bitcoin prices fluctuate. When the price of Bitcoin is in a favorable position, timely borrowing funds to buy Bitcoin is like seizing the opportunity on the "golden track" of the market and further expanding the scale of its Bitcoin assets. For example, in September

MicroStrategy 还积极涉足贷款领域。它使用自己的比特币作为抵押品，大胆地向金融机构借款。这种“借鸡生蛋”的策略使其能够在比特币价格波动的市场中抓住每一个投资机会。当比特币价格处于有利位置时，及时借入资金购买比特币，就像抓住了市场“黄金轨道”上的机会，进一步扩大了其比特币资产规模。例如，九月