<p>作者：Frances Yue</p>
<p>投资者是否对迈克尔·塞勒（Michael Saylor）无论价格如何都大量购买比特币的策略感到失望？</p>
<p>迈克尔·塞勒，Strategy 的董事长，领导公司筹集资金并购买比特币。</p>
<p>Strategy 的股票在周二收盘时创下七个月来的最低点，此前比特币首次自六月份以来短暂跌破$100,000。</p>
<p>这是该股票最新的令人失望的里程碑，去年在唐纳德·特朗普（Donald Trump）当选总统后，该股票曾因加密货币的热潮而高涨。Strategy 的下滑表明，投资者对董事长迈克尔·塞勒的策略——似乎无论价格如何都大量购买比特币——变得更加谨慎。</p>
<p>根据道琼斯市场数据，Strategy 的股票（MSTR）在周二下跌了$17.68，跌幅为 6.7%，收于$246.99，为 4 月 8 日以来的最低水平。年初至今，股票下跌了 14.7%，较 2024 年 11 月 20 日创下的$473.83 的历史收盘高点下跌了 47.9%。</p>
<p>下跌部分原因与比特币的回调有关，周二这款最大的加密货币首次自六月份以来短暂回落至$100,000 以下。</p>
<p>见：比特币首次自六月份以来跌破$100,000。它接下来可能会走向何方。</p>
<p>&#34;今天比特币的走势并没有帮助这个故事，&#34; Monness, Crespi, Hardt &amp; Co., Inc.的高级股票研究分析师 Gus Galá在接受 MarketWatch 电话采访时表示。周二下午，比特币（BTCUSD）交易价格约为$100,172，距离其 10 月 6 日创下的$126,272.76 的历史最高点大约低了 20.3%。</p>
<p>但 Strategy（前称 MicroStrategy）在数月内承受压力的事实表明，投资者可能对公司频繁筹集资金以购买更多比特币的策略失去了信心，Galá表示。该公司试图通过发行债务和股票来吸引投资者，利用持有比特币所带来的高波动性，这反过来又产生了活跃的交易机会。然而，正如 Galá在之前的采访中指出的，随着比特币的波动性整体趋势下降，这种方法变得更加具有挑战性。</p>
<p>溢价压缩</p>
<p>Strategy 股票相对于其持有的比特币价值的溢价今年大幅缩小，周二降至约 1.25，远低于 2020 年高达 8 的水平，数据平台 StrategyTracker 显示。</p>
<p>下图显示了 Strategy 的净资产价值倍数如何随着时间的推移而下降，该倍数比较了公司的市场价值与其持有的比特币的价值。</p>
<p>该溢价是衡量投资者愿意为 Strategy 的股票支付多少额外费用以获得比特币敞口的指标。溢价的缩小意味着市场对持有该股票作为获取比特币敞口的额外价值的看法减少。</p>
<p>溢价降低&#34;减少了 MSTR 资本市场策略的增值潜力，&#34; Cantor Fitzgerald &amp; Co.的分析师 Brett Knoblauch 在最近的一份报告中表示。换句话说，这表明公司利用杠杆购买更多比特币的策略对投资者的吸引力正在减弱。</p>
<p>Galá表示，还有人担心 Strategy 可能会继续稀释现有股东的权益。</p>
<p>塞勒在 10 月 31 日的 Strategy 第三季度财报电话会议上表示，公司计划逐步减少其整体高级可转换债务，并将在有机会时寻求将其转换为股权。</p>
<p>比特币的下跌增加了压力</p>
<p>比特币的下跌继续对 Strategy 的股价施加压力，因为更广泛的加密市场在努力从今年最大的一次单日清算事件中恢复，Benchmark Co.的分析师 Mark Palmer 表示。10 月 10 日，至少有 200 亿美元的杠杆头寸被清算。</p>
<p>与此同时，投资者一直在关注《清晰法案》（Clarity Act），这是一项旨在建立加密货币综合监管框架的法案，是否能够推进。但自 10 月 1 日开始的美国政府停摆使该法案的进展陷入停滞，Palmer 在通过电子邮件与 MarketWatch 分享的评论中表示。</p>
<p>尽管如此，Palmer 仍然对 Strategy 维持买入评级。他表示，一旦流动性回归加密市场，如果美国政府重新开放，这可能为比特币和 Strategy 的股价提供更好的环境。</p>
<p>投资者还在关注 Strategy 是否可能在 12 月的标准普尔 500 指数（S&amp;P 500 SPX）季度再平衡中被纳入，Cantor 的 Knoblauch 表示。如果发生这种情况，可能会对 Strategy 的股票施加上行压力。</p>
<p>周二，其他几只与加密相关的股票也下跌。根据 FactSet 数据，加密交易所 Coinbase（COIN）的股票下跌 7%，收于$305.69。该股票目前较 7 月 18 日的收盘高点$419.78 下跌 27%，尽管在 2025 年表现远好于 Strategy，并且自年初以来仍保持在正区间。比特币矿商 Hut 8（CA:HUT）的股票下跌 12.5%，收于$48.11，而 MARA Holdings（MARA）下跌 6.7%，收于$16.62。</p>
<p>美国股市周二收盘走低，道琼斯工业平均指数（DJIA）下跌超过 250 点，跌幅为 0.5%，道琼斯市场数据显示。标准普尔 500 指数（SPX）下跌 1.2%，纳斯达克综合指数（COMP）下跌 2%。</p>
<p>-Frances Yue</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻社</p>
<p>11-04-25 1824ET</p>

MSTR

2 倍做空 MSTR ETF - Defiance

2 倍做空 MSTR ETF - T-Rex

南方两倍做多MSTR

南方两倍做空MSTR

<p>Strategy 是一家 heavily invested in bitcoin 的软件公司，其股价在周二跌至七个月来的低点 246.99 美元，下降了 6.7%。这一下跌发生在比特币跌破 100,000 美元之后，引发了人们对董事长 Michael Saylor 在不考虑价格的情况下继续增持比特币策略的投资者信心的担忧。Strategy 的股价相对于其比特币持有价值的溢价显著缩小，表明投资者兴趣减弱。分析师指出，该公司的资本市场策略可能正在失去吸引力，加上更广泛的市场波动和监管不确定性</p>

<p>By Frances Yue</p>
<div class="lb-trans"><p>作者：Frances Yue</p>
</div><p>Are investors souring on Michael Saylor's strategy of gobbling up more bitcoin regardless of the price?</p>
<div class="lb-trans"><p>投资者是否对迈克尔·塞勒（Michael Saylor）无论价格如何都大量购买比特币的策略感到失望？</p>
</div><p>Michael Saylor, chairman at Strategy, has led the company's push to raise money and buy bitcoin.</p>
<div class="lb-trans"><p>迈克尔·塞勒，Strategy 的董事长，领导公司筹集资金并购买比特币。</p>
</div><p>Shares of Strategy, the software company that rose to prominence as a leveraged bet on bitcoin, tallied their lowest close in seven months on Tuesday after bitcoin briefly dipped below $100,000 for the first time since June.</p>
<div class="lb-trans"><p>Strategy 的股票在周二收盘时创下七个月来的最低点，此前比特币首次自六月份以来短暂跌破$100,000。</p>
</div><p>It was the latest disappointing milestone for a stock that a year ago was riding high as President Donald Trump's electoral victory ushered in a wave of enthusiasm for cryptocurrencies. Strategy's decline signals that investors are growing more cautious about Chairman Michael Saylor's playbook for gobbling up more bitcoin, seemingly regardless of the price.</p>
<div class="lb-trans"><p>这是该股票最新的令人失望的里程碑，去年在唐纳德·特朗普（Donald Trump）当选总统后，该股票曾因加密货币的热潮而高涨。Strategy 的下滑表明，投资者对董事长迈克尔·塞勒的策略——似乎无论价格如何都大量购买比特币——变得更加谨慎。</p>
</div><p>Strategy's stock (MSTR) fell $17.68, or 6.7%, on Tuesday to finish at $246.99, the lowest level since April 8, according to Dow Jones Market Data. Shares have fallen 14.7% year to date, and are down 47.9% from the record closing high of $473.83 reached on Nov. 20, 2024, Dow Jones Market Data showed.</p>
<div class="lb-trans"><p>根据道琼斯市场数据，Strategy 的股票（MSTR）在周二下跌了$17.68，跌幅为 6.7%，收于$246.99，为 4 月 8 日以来的最低水平。年初至今，股票下跌了 14.7%，较 2024 年 11 月 20 日创下的$473.83 的历史收盘高点下跌了 47.9%。</p>
</div><p>Part of the decline has to do with bitcoin's pullback, as the largest cryptocurrency on Tuesday briefly retreated below $100,000 for the first time since June.</p>
<div class="lb-trans"><p>下跌部分原因与比特币的回调有关，周二这款最大的加密货币首次自六月份以来短暂回落至$100,000 以下。</p>
</div><p>See: Bitcoin slips below $100,000 for first time since June. Here's where it might be headed next.</p>
<div class="lb-trans"><p>见：比特币首次自六月份以来跌破$100,000。它接下来可能会走向何方。</p>
</div><p>&#34;Bitcoin's move today does not help the story,&#34; Gus Galá, senior equity research analyst at Monness, Crespi, Hardt &amp; Co., Inc., said in a phone interview with MarketWatch. Bitcoin (BTCUSD) traded at around $100,172 on Tuesday afternoon, roughly 20.3% shy of its record intraday high of $126,272.76 reached on Oct. 6.</p>
<div class="lb-trans"><p>&#34;今天比特币的走势并没有帮助这个故事，&#34; Monness, Crespi, Hardt &amp; Co., Inc.的高级股票研究分析师 Gus Galá在接受 MarketWatch 电话采访时表示。周二下午，比特币（BTCUSD）交易价格约为$100,172，距离其 10 月 6 日创下的$126,272.76 的历史最高点大约低了 20.3%。</p>
</div><p>But the fact that Strategy - formerly named MicroStrategy - has been under pressure for months suggests that investors may be losing confidence in the company's, well, strategy of frequently raising money to buy more bitcoin, according to Galá. The company has sought to entice investors by issuing debt and stock, capitalizing on the high volatility that comes from holding bitcoin on its balance sheet, which in turn generates active trading opportunities. However, as bitcoin's volatility trends lower overall, that approach has become more challenging, Galá noted in previous interviews.</p>
<div class="lb-trans"><p>但 Strategy（前称 MicroStrategy）在数月内承受压力的事实表明，投资者可能对公司频繁筹集资金以购买更多比特币的策略失去了信心，Galá表示。该公司试图通过发行债务和股票来吸引投资者，利用持有比特币所带来的高波动性，这反过来又产生了活跃的交易机会。然而，正如 Galá在之前的采访中指出的，随着比特币的波动性整体趋势下降，这种方法变得更加具有挑战性。</p>
</div><p>Premium compresses</p>
<div class="lb-trans"><p>溢价压缩</p>
</div><p>The premium of Strategy's shares over the value of the bitcoin it holds has narrowed sharply this year, falling to around 1.25 on Tuesday, down from as high as 8 in 2020, according to data platform StrategyTracker.</p>
<div class="lb-trans"><p>Strategy 股票相对于其持有的比特币价值的溢价今年大幅缩小，周二降至约 1.25，远低于 2020 年高达 8 的水平，数据平台 StrategyTracker 显示。</p>
</div><p>The chart below shows how Strategy's multiple to net asset value, which compares a company's market value to the value of the bitcoin it holds, has declined over time.</p>
<div class="lb-trans"><p>下图显示了 Strategy 的净资产价值倍数如何随着时间的推移而下降，该倍数比较了公司的市场价值与其持有的比特币的价值。</p>
</div><p>That premium is a gauge of how much more investors are willing to pay for Strategy's stock compared with the actual value of its bitcoin holdings. A narrowing premium means the market sees less extra value in owning the stock as a way to get bitcoin exposure.</p>
<div class="lb-trans"><p>该溢价是衡量投资者愿意为 Strategy 的股票支付多少额外费用以获得比特币敞口的指标。溢价的缩小意味着市场对持有该股票作为获取比特币敞口的额外价值的看法减少。</p>
</div><p>A lowering premium &#34;reduces how accretive MSTR's capital-markets strategy can be,&#34; Brett Knoblauch, analyst at Cantor Fitzgerald &amp; Co., said in a recent report. Put another way, it suggests the company's strategy of employing leverage to buy more bitcoin is becoming less attractive to investors.</p>
<div class="lb-trans"><p>溢价降低&#34;减少了 MSTR 资本市场策略的增值潜力，&#34; Cantor Fitzgerald &amp; Co.的分析师 Brett Knoblauch 在最近的一份报告中表示。换句话说，这表明公司利用杠杆购买更多比特币的策略对投资者的吸引力正在减弱。</p>
</div><p>There are also concerns that Strategy may continue to dilute existing shareholders, Galá said.</p>
<div class="lb-trans"><p>Galá表示，还有人担心 Strategy 可能会继续稀释现有股东的权益。</p>
</div><p>Saylor said during Strategy's third-quarter earnings call on Oct. 31 that the company plans to reduce its overall senior convertible debt outstanding over time and will seek to convert it into equity when that becomes an option.</p>
<div class="lb-trans"><p>塞勒在 10 月 31 日的 Strategy 第三季度财报电话会议上表示，公司计划逐步减少其整体高级可转换债务，并将在有机会时寻求将其转换为股权。</p>
</div><p>Bitcoin's decline adds to the pressure</p>
<div class="lb-trans"><p>比特币的下跌增加了压力</p>
</div><p>Bitcoin's decline has continued to weigh on Strategy's share price as the broader crypto market struggles to recover from its largest single-day liquidation event of the year, according to Mark Palmer, an analyst at the Benchmark Co. On Oct. 10, at least $20 billion in leveraged positions were wiped out.</p>
<div class="lb-trans"><p>比特币的下跌继续对 Strategy 的股价施加压力，因为更广泛的加密市场在努力从今年最大的一次单日清算事件中恢复，Benchmark Co.的分析师 Mark Palmer 表示。10 月 10 日，至少有 200 亿美元的杠杆头寸被清算。</p>
</div><p>Meanwhile, investors have been watching whether the Clarity Act, a bill that aims to establish a comprehensive regulatory framework for crypto, could move forward. But the U.S. government shutdown that began on Oct. 1 has thrown the bill's progress into limbo, Palmer said in comments shared with MarketWatch via email.</p>
<div class="lb-trans"><p>与此同时，投资者一直在关注《清晰法案》（Clarity Act），这是一项旨在建立加密货币综合监管框架的法案，是否能够推进。但自 10 月 1 日开始的美国政府停摆使该法案的进展陷入停滞，Palmer 在通过电子邮件与 MarketWatch 分享的评论中表示。</p>
</div><p>Still, Palmer maintains his Buy rating on Strategy. Once liquidity returns to the crypto market and if the U.S. government reopens, it could provide a better setup for bitcoin and for Strategy's stock price as well, he said.</p>
<div class="lb-trans"><p>尽管如此，Palmer 仍然对 Strategy 维持买入评级。他表示，一旦流动性回归加密市场，如果美国政府重新开放，这可能为比特币和 Strategy 的股价提供更好的环境。</p>
</div><p>Investors are also watching whether Strategy could be included in the S&amp;P 500 SPX in December, when the index undergoes its quarterly rebalancing, Cantor's Knoblauch said. If that happens, it would likely put upward pressure on Strategy's shares.</p>
<div class="lb-trans"><p>投资者还在关注 Strategy 是否可能在 12 月的标准普尔 500 指数（S&amp;P 500 SPX）季度再平衡中被纳入，Cantor 的 Knoblauch 表示。如果发生这种情况，可能会对 Strategy 的股票施加上行压力。</p>
</div><p>Several other crypto-related stocks also fell on Tuesday. Shares of crypto exchange Coinbase (COIN) fell 7% to end at $305.69, FactSet data showed. The stock is now down 27% from its closing high of $419.78 on July 18, although it has fared much better than Strategy in 2025, and remains in positive territory since the start of the year. Shares of bitcoin miner Hut 8 (CA:HUT) sank 12.5% to finish at $48.11, and MARA Holdings (MARA) lost 6.7% to close at $16.62.</p>
<div class="lb-trans"><p>周二，其他几只与加密相关的股票也下跌。根据 FactSet 数据，加密交易所 Coinbase（COIN）的股票下跌 7%，收于$305.69。该股票目前较 7 月 18 日的收盘高点$419.78 下跌 27%，尽管在 2025 年表现远好于 Strategy，并且自年初以来仍保持在正区间。比特币矿商 Hut 8（CA:HUT）的股票下跌 12.5%，收于$48.11，而 MARA Holdings（MARA）下跌 6.7%，收于$16.62。</p>
</div><p>U.S. stocks finished lower on Tuesday, with the Dow Jones Industrial Average DJIA falling by more than 250 points, or 0.5%, Dow Jones Market Data showed. The S&amp;P 500 SPX fell 1.2% and the Nasdaq Composite COMP finished 2% lower.</p>
<div class="lb-trans"><p>美国股市周二收盘走低，道琼斯工业平均指数（DJIA）下跌超过 250 点，跌幅为 0.5%，道琼斯市场数据显示。标准普尔 500 指数（SPX）下跌 1.2%，纳斯达克综合指数（COMP）下跌 2%。</p>
</div><p>-Frances Yue</p>
<div class="lb-trans"><p>-Frances Yue</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻社</p>
</div><p>11-04-25 1824ET</p>
<div class="lb-trans"><p>11-04-25 1824ET</p>
</div>

Strategy 的股票跌至 7 个月来的最低点。为什么杠杆化的比特币策略正在失去动力