<p>针对 <strong>Strategy Inc.</strong> (NASDAQ: MSTR) 的杠杆 ETF 在公司不断出售自身股票以筹集购买比特币资金的五天里表现惨淡。</p>
<p>在过去的五个交易日中，MSTR 下跌了约 15%，其杠杆 ETF 也大幅下跌：</p>
<ul>
<li><strong>Defiance Leveraged Long + Income MSTR ETF</strong> (NASDAQ: MST) 在五天内暴跌约 29%。</li>
<li><strong>Defiance Daily Target 2x Long MSTR ETF</strong> (NASDAQ: MSTX) 也下跌超过 28%，反映出 Strategy 日常表现的近 200%。</li>
<li>与 MSTX 类似，<strong>T-Rex 2X Long MSTR Daily Target ETF</strong>(BATS: MSTU) 也下跌近 30%。</li>
</ul>
<p>这些基金放大了 Strategy 的日常波动，容易受到长期抛售的影响。看涨投资者在过去一周的下跌中表现不佳。</p>
<p>Strategy 透露又购买了 850 个比特币，耗资 9970 万美元，通过市场发行股票融资。尽管此次购买将其整体持有量提高至 639,835 BTC，但投资者对新一轮稀释感到不安，导致股价下跌。</p>
<p>下滑的原因还来自于更广泛的加密货币市场的疲软。在过去的五天里，虚拟资产急剧减速。以太坊跌破了关键的 4000 美元关口，比特币下跌 2.23%，交易价格约为 111,000 美元，这是一个重要的心理关口。这一修正突显了加密货币相关股票与基础币价之间的紧密关联，以及这种关联的脆弱性。如果加密货币价格继续承压，像 Strategy 这样的股票及其杠杆 ETF 的抛售可能会加速。</p>
<p>Strategy 的做法仍然存在争议。最近，首席执行官 <strong>Michael Saylor</strong> 提出了一个 “最坏情况” 情景，即出售比特币以支付股息。这一言论引发了空头 <strong>Jim Chanos</strong> 的猛烈批评，他将其斥为 “财务胡言乱语”。由于持续发行股票以建立储备，投资者担心稀释将继续侵蚀股东价值。</p>
<p>对于投资者来说，像 MST、MSTX 和 MSTU 这样的杠杆 ETF 正在成为 ETF 教科书所警告的双刃剑：在牛市中强大，但在像本周这样的熊市中灾难性。</p>
<ul>
<li><strong>想要乘坐私人信贷的浪潮？Simplify 的新 ETF 为此而生</strong></li>
</ul>
<p><em>图片来源：Shutterstock</em></p>

MSTR

<p>比特币近期的疲软严重影响了与 Strategy Inc.（纳斯达克：MSTR）相关的杠杆 ETF，该公司因出售股票以资助比特币购买而导致股价下跌 15%。Defiance Leveraged Long + Income MSTR ETF（纳斯达克：MST）下跌 29%，而 T-Rex 2X Long MSTR Daily Target ETF（BATS：MSTU）几乎下跌 30%。这一下跌反映了与加密货币相关股票的波动性，整体加密市场的疲软加剧了抛售。对新股票发行造成稀释的担忧进一步动摇了投资者，突显了熊市中杠杆 ETF 的风险</p>

<p>Leveraged ETFs against <strong>Strategy Inc.</strong> (NASDAQ: MSTR) had a miserable five days when the company kept selling its own shares to fund the purchase of Bitcoin.</p>
<div class="lb-trans"><p>针对 <strong>Strategy Inc.</strong> (NASDAQ: MSTR) 的杠杆 ETF 在公司不断出售自身股票以筹集购买比特币资金的五天里表现惨淡。</p>
</div><p>In the past five sessions, MSTR lost around 15%, and its leveraged ETFs plummeted as well:</p>
<div class="lb-trans"><p>在过去的五个交易日中，MSTR 下跌了约 15%，其杠杆 ETF 也大幅下跌：</p>
</div><ul>
<li><strong>Defiance Leveraged Long + Income MSTR ETF</strong> (NASDAQ: MST) plunged around 29% in five days.</li>
<li><strong>Defiance Daily Target 2x Long MSTR ETF</strong> (NASDAQ: MSTX) also fell over 28%, reflecting almost 200% of the daily performance of Strategy.</li>
<li>Similar to MSTX, the <strong>T-Rex 2X Long MSTR Daily Target ETF</strong>(BATS: MSTU) dropped almost 30%.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Defiance Leveraged Long + Income MSTR ETF</strong> (NASDAQ: MST) 在五天内暴跌约 29%。</li>
<li><strong>Defiance Daily Target 2x Long MSTR ETF</strong> (NASDAQ: MSTX) 也下跌超过 28%，反映出 Strategy 日常表现的近 200%。</li>
<li>与 MSTX 类似，<strong>T-Rex 2X Long MSTR Daily Target ETF</strong>(BATS: MSTU) 也下跌近 30%。</li>
</ul>
</div><p>The funds amplify Strategy’s daily movement and are susceptible to protracted selloffs. Bullish investors have not fared well in the past week’s decline.</p>
<div class="lb-trans"><p>这些基金放大了 Strategy 的日常波动，容易受到长期抛售的影响。看涨投资者在过去一周的下跌中表现不佳。</p>
</div><p>Strategy revealed another purchase of 850 Bitcoin costing $99.7 million, financed through an at-the-market stock offering. Though the purchase raised its overall holdings to 639,835 BTC, investors shuddered at new dilution, sending shares down.</p>
<div class="lb-trans"><p>Strategy 透露又购买了 850 个比特币，耗资 9970 万美元，通过市场发行股票融资。尽管此次购买将其整体持有量提高至 639,835 BTC，但投资者对新一轮稀释感到不安，导致股价下跌。</p>
</div><p>Fuel to the slide came from weakness across the broader crypto complex. In the past five days, virtual assets hit the brakes. Ethereum fell below the pivotal $4,000 mark, and Bitcoin dropped 2.23% to trade at around $111,000, a crucial psychological barrier. The correction highlights just how closely crypto-paired equities currently track underlying coin prices—and just how unstable that correlation can be. If crypto prices continue to come under pressure, the selling may accelerate for stocks such as Strategy and, by proxy, its leveraged ETFs.</p>
<div class="lb-trans"><p>下滑的原因还来自于更广泛的加密货币市场的疲软。在过去的五天里，虚拟资产急剧减速。以太坊跌破了关键的 4000 美元关口，比特币下跌 2.23%，交易价格约为 111,000 美元，这是一个重要的心理关口。这一修正突显了加密货币相关股票与基础币价之间的紧密关联，以及这种关联的脆弱性。如果加密货币价格继续承压，像 Strategy 这样的股票及其杠杆 ETF 的抛售可能会加速。</p>
</div><p>Strategy’s approach remains divisive. Recently, CEO <strong>Michael Saylor</strong> floated a “worst-case” scenario of selling Bitcoin to pay for dividends. The remark provoked withering criticism from short-seller <strong>Jim Chanos</strong>, who dismissed it as “financial gibberish.” With continuous equity issuance to create reserves, investors worry dilution will continue eating into shareholder value.</p>
<div class="lb-trans"><p>Strategy 的做法仍然存在争议。最近，首席执行官 <strong>Michael Saylor</strong> 提出了一个 “最坏情况” 情景，即出售比特币以支付股息。这一言论引发了空头 <strong>Jim Chanos</strong> 的猛烈批评，他将其斥为 “财务胡言乱语”。由于持续发行股票以建立储备，投资者担心稀释将继续侵蚀股东价值。</p>
</div><p>For investors, leveraged ETFs like MST, MSTX, and MSTU are turning out to be the two-edged swords that ETF textbook warns about: powerful during bull runs, but disastrous during bear runs like the one this week.</p>
<div class="lb-trans"><p>对于投资者来说，像 MST、MSTX 和 MSTU 这样的杠杆 ETF 正在成为 ETF 教科书所警告的双刃剑：在牛市中强大，但在像本周这样的熊市中灾难性。</p>
</div><ul>
<li><strong>Want To Ride The Private Credit Boom? Simplify’s New ETF Is Built For It</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>想要乘坐私人信贷的浪潮？Simplify 的新 ETF 为此而生</strong></li>
</ul>
</div><p><em>Image: Shutterstock</em></p>
<div class="lb-trans"><p><em>图片来源：Shutterstock</em></p>
</div>

比特币的疲软对策略造成了冲击——这些 ETF 遭受了双倍的损失