Saylor 在 MicroStrategy 的比特币赌博充其量是有风险的

MicroStrategy 在企业加密货币采用方面长期处于领先地位，成为早期和活跃的比特币采用者

MicroStrategy (NASDAQ:MSTR) is planning to increase its share count by 10 billion, a move that will allow the company to raise funds for further Bitcoin purchases.

MicroStrategy（纳斯达克股票代码：MSTR）计划将其股票数量增加 100 亿股，此举将使该公司能够筹集资金用于进一步购买比特币。

The company filed an amendment to Form S-3 with the Securities and Exchange Commission on Monday, revealing its intention to raise capital through sales of common stock, preferred stock, debt securities, and other equity or debt instruments.

该公司周一向美国证券交易委员会提交了 S-3 表格修正案，透露其打算通过出售普通股、优先股、债务证券和其他股权或债务工具筹集资金。

The proceeds from these sales will be used for "general corporate purposes, including the acquisition of bitcoin," according to the filing.

文件称，这些销售所得的收益将用于“一般企业用途，包括收购比特币”。

At the end of last year, MicroStrategy had about 132,500 BTC on its balance sheet, with an average purchase price of around $30,100. The company's bitcoin holdings were valued at about $4.1 billion at the time.

截至去年底，MicroStrategy 的资产负债表上约有 132,500 个 BTC，平均购买价格约为 30,100 美元。当时该公司持有的比特币价值约为 41 亿美元。

However, the company's bitcoin purchases have slowed down in recent quarters. In Q4 2023, MicroStrategy purchased 2,397 BTC at an average price of $44,837, spending a total of $107 million. This was significantly lower than the $1.03 billion spent on 14,322 BTC in Q3 2023.

然而，该公司的比特币购买量在最近几个季度有所放缓。 2023 年第四季度，MicroStrategy 以平均价格 44,837 美元购买了 2,397 BTC，总共花费了 1.07 亿美元。这明显低于 2023 年第三季度购买 14,322 个 BTC 的 10.3 亿美元。

The company's stock price has also declined in recent months, closing at $220.04 on Monday. This is down from a 52-week high of $322.36, but still above the 52-week low of $113.08.

该公司股价近几个月也有所下跌，周一收于220.04美元。这低于 52 周高点 322.36 美元，但仍高于 52 周低点 113.08 美元。

Several analysts have expressed contrasting views on the company's strategy and upcoming capital raise.

几位分析师对该公司的战略和即将进行的融资表达了截然不同的看法。

"We believe MicroStrategy's upcoming capital raise will be used to continue purchasing bitcoin, given Saylor's commentary and the company's recent actions," wrote Truist Securities analyst Joel Fishbein in a recent note to clients.

Truist Securities 分析师 Joel Fishbein 在最近给客户的一份报告中写道：“鉴于 Saylor 的评论和该公司最近的行动，我们认为 MicroStrategy 即将进行的融资将用于继续购买比特币。”

"This strategy is designed to increase MicroStrategy's bitcoin holdings and, ultimately, its enterprise value. While this strategy could be beneficial if bitcoin prices rise, it also carries the risk of diluting MicroStrategy's earnings and making it more difficult for the company to achieve profitability."

“这一战略旨在增加 MicroStrategy 的比特币持有量，并最终提高其企业价值。虽然如果比特币价格上涨，这一战略可能会带来好处，但它也存在稀释 MicroStrategy 收益并使公司更难实现盈利的风险。 ”

Piper Sandler analyst Weston Kulkarni, on the other hand, believes that the company's bitcoin purchases are coming at a time when "cryptocurrency markets are recovering from a down year in 2022."

另一方面，Piper Sandler 分析师 Weston Kulkarni 认为，该公司购买比特币的时机正值“加密货币市场正在从 2022 年的低迷中复苏”之际。

"We believe bitcoin is still trading at a discount to our long-term price target of $100k, presenting an opportunity for further price appreciation and realized gains for bitcoin holders like MicroStrategy," Kulkarni added.

Kulkarni 补充道：“我们认为，比特币的交易价格仍低于我们 10 万美元的长期目标价格，这为 MicroStrategy 等比特币持有者提供了价格进一步升值并实现收益的机会。”

While MicroStrategy's bitcoin strategy has attracted attention and sparked discussions among investors and analysts, it's important to note that cryptocurrency markets are highly volatile and can be influenced by a range of factors, including regulatory changes, technological advancements, and macroeconomic conditions.

虽然 MicroStrategy 的比特币策略引起了投资者和分析师的关注并引发了讨论，但值得注意的是，加密货币市场波动性很大，可能受到一系列因素的影响，包括监管变化、技术进步和宏观经济状况。