标题：比特币BTC/USD财政公司，例如Michael Saylor'

比特币BTC/USD财政公司，例如Michael Saylor'。 MSTR（以前为MicroStrategy）是ARK Investment Management LLC的主要未来主义者Brett Winton的重点

Treasury companies like Strategy Inc. (NASDAQ:MSTR), formerly known as MicroStrategy, which issues both equity and debt to fund Bitcoin purchases, could be setting themselves up for trouble in the long run, according to an ARK Investment Management LLC chief futurist.

ARK Investment Investment Management LLC首席执行官Futurist称，诸如战略公司（NASDAQ：MSTR）之类的财政公司（以前称为MicroStrategy），该公司既有股票和债务来为比特币购买资金，从长远来看可能会为麻烦腾出麻烦。

What Happened: Brett Winton, the chief futurist at ARK Investment Management, took to X, formerly Twitter, to discuss the models used by Bitcoin treasury companies such as MSTR and new entrants like GameStop Corp (NYSE:GME) to fund BTC purchases.

发生了什么事：方舟投资管理公司的主要未来主义者布雷特·温顿（Brett Winton）前往X（以前是Twitter），讨论了比特币财政公司（如MSTR和GameStop Corp（NYSE：GME））等比特币财政公司使用的模型，以资助BTC购买。

According to Winton, an arbitrage opportunity exists as long as the stock prices for companies like MSTR trade at a premium to the net asset value (NAV).

根据温顿的说法，只要MSTR贸易的股价以净资产净值（NAV）的价格溢价，就存在套利机会。

As of its May 12 SEC filing, MSTR held 568,840 Bitcoins at an aggregate purchase price of $39.41 billion, whereas its market capitalization stood at a staggering $108.55 billion.

截至5月12日，MSTR持有568,840个比特币，总购买价为394.1亿美元，而其市值为10085.5亿美元。

"Maybe BTC treasury company stock price trades at 3x NAV (net asset value) while competitors are launching/raising at 1x NAV," explained Winton in his X post.

Winton在他的X帖子中解释说：“也许BTC财政公司的股价交易价格为3倍NAV（净资产价值），而竞争对手则以1X NAV推出/提高。”

"Arbitrage opportunity = competitors get more demand at a lower price = they grow faster and take market share."

“套利机会=竞争对手以较低的价格获得更多需求=他们增长速度并占据市场份额。”

According to him, if the treasury companies keep doing so, “a higher debt mix” will “be the seed that grows to destroy the business-less business model.”

据他说，如果财政部一直这样做，“较高的债务组合”将“成为破坏无业务商业模式的种子”。

"If the company is trading at 3x NAV, they can keep issuing equity until the arbitrage opportunity closes. Competitors are now launching/raising will accelerate that process."

“如果公司在3倍NAV上进行交易，他们可以继续发行股权，直到套利机会结束为止。竞争对手现在正在推出/筹款将加速这一过程。”

However, as the equity to NAV gap closes, the companies will shift to debt for funding their BTC purchases, thus concocting the “recipe for disaster,” as underscored by Winton.

但是，随着NAV GAP的股权关闭，公司将转移债务以资助其BTC购买，从而炮制了Winton强调的“灾难秘诀”。

"A bit surprising to me that no one has pointed out the obvious. As long as the company stock trades at a premium to the BTC they hold (NAV) there is an arbitrage opportunity."

“让我有些令人惊讶的是，没有人指出显而易见的东西。只要公司的股票以溢价交易，他们持有的BTC（NAV）就有套利机会。”

According to him, if the treasury companies keep doing so, “a higher debt mix” will “be the seed that grows to decompose the business-less business model.”

据他说，如果财政部一直这样做，“较高的债务组合”将“成为分解无业务商业模式的种子”。

"If the company is trading at 3x NAV, they can keep issuing equity until the arbitrage opportunity closes. Competitors are now launching/raising will accelerate that process. But if they start mixing in more and more debt to do the BTC purchases, that seems like a recipe for disaster on the back end of this cycle."

“如果公司在3倍NAV上进行交易，他们可以继续发行股权，直到套利机会结束为止。竞争对手现在正在推出/筹集力，将加速这一过程。但是，如果他们开始越来越多的债务来进行BTC的购买，这似乎是该周期后端灾难的食谱。”

See Also: Warren Buffett Shows How Patience Pays: 98% Of His $160 Billion Wealth Came After Turning 65, Thanks The Power Of ‘Compound Interest’

另请参阅：沃伦·巴菲特（Warren Buffett

Why It Matters: MSTR is the largest BTC treasury company that has issues both equity and debt to purchase Bitcoins. Recently, GameStop announced its plans to join MSTR’s ranks.

它为什么重要：MSTR是最大的BTC财政公司，具有购买比特币的股权和债务。最近，GameStop宣布了加入MSTR队伍的计划。

MARA Holdings Inc (NYSE:MARA), Cantor Equity Partners Inc (NYSE:CEP), Riot Platforms Inc (NASDAQ:RIOT), and Galaxy Digital Holdings Ltd (NYSE:GLXY) follow MSTR closely in terms of having the highest proportion of their assets invested in Bitcoins.

Mara Holdings Inc（NYSE：MARA），Cantor Equity Partners Inc（NYSE：CEP），Riot Platforms Inc（NASDAQ：RIOT）和Galaxy Digital Holdings Ltd（NYSE：GLXY）在比特币中投入最高比例的资产，从而遵循MSTR。

Meanwhile, other experts believe that Bitcoin prices are poised to rise. Highlighting Tom Lee, the head of research at Fundstrat, the Moon Show noted on X Friday the potential for Bitcoin’s network value to equal that of gold.

同时，其他专家认为比特币价格有望上涨。月球节目在X周五指出的是FundStrat的研究负责人汤姆·李（Tom Lee），比特币的网络价值与黄金相同的潜力。

Lee argued that Bitcoin’s versatility, acting as a risk-on asset in bull markets, combined with growing adoption, fuels network value and price appreciation.

李认为，比特币的多功能性在牛市中充当风险资产，再加上越来越多的采用，燃料网络价值和价格升值。

Price Action: Shares of MSTR fell 4.73% on Thursday and rose 1.03% in premarket on Friday. The stock was up 32.34% year-to-date and 175.72% higher over the year.

价格行动：周四，MSTR的股票下跌4.73％，周五上涨1.03％。该股票年仅上涨了32.34％，一年四季上涨了175.72％。

Benzinga Edge Stock Rankings showed that MSTR had a stronger price trend over the short, medium, and long term. Its momentum ranking was solid at the 97.50th percentile, while the value ranking was very poor. You can check the details of other metrics here.

Benzinga Edge排名表明，MSTR在短期，中期和长期内的价格趋势更强。它的势头排名在第97.50个百分位数中是稳定的，而价值排名很差。您可以在此处查看其他指标的详细信息。

The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NYSE:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were higher in premarket on Friday. The SPY rose 0.29% to $592.20, and the QQQ advanced 0.34% to $521.01, according to Benzinga Pro data.

SPDR S＆P 500 ETF Trust（NYSE：SPY）和Invesco QQQ Trust ETF（NYSE：QQQ）在周五的Premarket中分别跟踪S＆P 500 INDEX和NASDAQ 100 INDEX的SPDR QQQ Trust（NYSE：QQQ）分别更高。根据Benzinga Pro Data的数据，间谍上涨了0.29％，至592.20美元，QQQ上涨了0.34％，至521.01美元。