华尔街分析师坚定地站在战略（MST）的侵略性升级其比特币（BTC）收购策略的升级后面

“尽管试图复制战略的比特币获取策略的公司数量持续增长……”

Wall Street analysts are standing firmly behind Strategy’s (MSTR) aggressive escalation of its bitcoin (BTC) acquisition strategy after the company unveiled plans to double its capital-raising ambitions.

华尔街分析师牢固地站在战略（MSTR）的积极升级其比特币（BTC）收购策略之后，该公司揭幕计划将其资本筹集的野心加倍。

While the number of companies that have sought to replicate Strategy’s bitcoin acquisition strategy has continued to grow rapidly … MSTR yesterday issued a reminder of the extent of its first-mover advantage and how its ability to accelerate its accumulation of bitcoin has increased as its platform has scaled,” said Benchmark's Mark Palmer, who maintains a buy rating and a $650 price target on the shares.

尽管试图复制策略的比特币获取策略的公司数量持续迅速增长……MSTR昨天发出了其第一步优势的程度，以及它如何加速其比特币积累的能力，随着平台的扩展，其平台扩大了。

Pointing out that MSTR trades at more than double the value of its bitcoin holdings, which may seem "a high multiple at first glance," Palmer adds that level is "attractive" thanks to Executive Chairman Michael Saylor and team's "demonstrated ability to create shareholder value through their treasury operations."

帕尔默（Palmer）指出，MSTR的交易价格是其比特币持有量的价值的两倍以上，这似乎“乍一看似乎是一个很高的倍数”，他补充说，由于执行董事长Michael Saylor和Team的“通过其财政部业务创造股东价值的能力，”水平“有吸引力”。

Alongside reporting its 1Q23 results Thursday evening, Strategy announced an expansion of its recent 21/21 plan - which saw the company set out to raise $42 billion via issuance of common stock and debt (or debt-like securities) - to a total of $84 billion. The company also announced an increase in its bitcoin-related performance targets, including a 25% BTC Yield target by 2025 (vs. 15% previously) and $15 billion BTC $ Gain (vs. $10 billion).

除了在周四晚上举报其第1季度的结果外，战略还宣布将其最近的21/21计划扩展 - 该公司将通过发行普通股和债务（或类似债务的证券）筹集420亿美元，总计840亿美元。该公司还宣布增加了与比特币相关的绩效目标，其中包括2025年的BTC收益目标25％（以前为15％）和150亿美元的BTC $ GANE（相比100亿美元）。

The move comes as Strategy looks to capitalize further on the booming demand for bitcoin in the wake of the recent cryptocurrency winter.

此举是因为在最近的加密货币冬季，战略希望进一步利用对比特币的蓬勃发展需求。

However, also acknowledging the ambition of the updated strategy, TD Cowen's Lance Vitanza says it is "aggressive perhaps but by no means out of the question."

然而，TD Cowen的Lance Vitanza也承认了更新战略的野心，他说“也许是积极的，但绝对不是问题。”

In a note to clients Friday, Vitanza - who has a buy rating and a $550 price target on the shares - highlighted that Strategy has already raised $28.3 billion under the original 21/21 Plan and that the company’s significantly larger $111 billion market cap and deep trading liquidity attest to the credibility of the new fundraising efforts.

在周五给客户的注释中，Vitanza（股票的买入评级和550美元的价格目标）强调，该策略已经根据原始21/21计划筹集了283亿美元，并且该公司对新筹款活动的可靠性，该公司的市值明显更大。

With average daily share volume of $5.6 billion, Vitanza suggested that raising another $56.7 billion over the next 32 months is realistic.

维坦扎（Vitanza）的平均每日份额为56亿美元，建议在未来32个月内再筹集567亿美元。

Both analysts highlighted that Strategy has already made significant progress towards its bitcoin-related performance targets, having achieved ~90% of its original BTC Yield target in just four months.

两位分析师都强调，策略已经在与比特币相关的绩效目标方面取得了重大进展，在短短四个月内就达到了其原始BTC产量目标的90％。

MSTR shares are up 1.8% to $388 in early Friday trading as bitcoin continues to trade slightly below the $67,000 level.

随着比特币的交易略低于67,000美元，周五早些时候，MST的股票上涨了1.8％，至388美元。

Earnings call highlights

收入呼叫亮点

“The adoption of the Bitcoin standard by more companies is beneficial, legitimizing bitcoin and attracting more capital, ” said Saylor on the post-earnings conference call Thursday evening. “As more companies join, it stabilizes and drives up bitcoin's price. Each market needs its own BTC companies, and as more join, it accelerates the transition to the bitcoin standard, pressuring others to join.”

Saylor在周四晚上的致敬电话会议上说：“越来越多的公司采用比特币标准是有益的，使比特币合法化并吸引更多的资本。” “随着越来越多的公司加入，它稳定并推动了比特币的价格。每个市场都需要自己的BTC公司，并且随着更多的加入，它加速了向比特币标准的过渡，使其他人加入了加入。”

Addressing concerns over dilution, CEO Fong Li highlighted the accretive nature of the equity raises:

首席执行官Fong Li强调了对稀释的担忧，强调了股权的增值：

“Issuing equity at greater than one times mNAV [the multiple of the company's net asset value] is accretive, not dilutive. As mNAV rises, equity issuance becomes more like fixed income, and we aim to make the fixed income market more efficient.”

“发行股权超过一次MNAV（公司净资产价值的倍数）是积极的，而不是稀释的。随着MNAV的上升，股权发行更像是固定收益，我们的目标是使固定收益市场更有效。”

Pointing to the company's $5.9 billion unrealized loss in 1Q23 due to bitcoin’s price decline under newly adopted fair value accounting, CFO Andrew Kang said:

CFO Andrew Kang表示，指出该公司在1季度的59亿美元未实现的损失，因为比特币的价格下跌，CFO Andrew Kang表示：

“Despite the volatility, we believe the transparency is vital… We expect more positive swings over time, aligning with our long-term strategy.”

“尽管有波动性，但我们认为透明度至关重要……我们期望随着时间的流逝，我们的长期战略一致。”