<p>作者：Frances Yue</p>
<p>Strategy 在周一表示，上周购买了近 10 亿美元的比特币，这是自 7 月以来最大的一次单次购买。怀疑者担心该公司可能难以筹集额外资金。</p>
<p>Strategy 的执行主席 Michael Saylor 一直在推动公司的比特币购买策略。</p>
<p>Michael Saylor 的比特币国库公司 Strategy 在周一表示，上周又购买了大约 10 亿美元的比特币，这是自 7 月以来最大的一次单次购买，挑战了怀疑者对该公司可能难以筹集额外资金以扩大其加密货币持有量的担忧。</p>
<p>分析师表示，此举可能有助于提振一个受到打击的比特币（BTCUSD）市场，该市场自 10 月以来已下跌 29%。然而，这次购买也突显了一个更深层次的问题，即 Strategy（MSTR）如何维持其商业模式。</p>
<p>根据加密投资管理公司 Frontier Investments 的联合创始人兼首席执行官 Louis LaValle 的说法，Strategy 最近的收购不仅反映了 Saylor 对比特币的个人信念，还显示了公司的结构性需求。&#34;Michael Saylor 对比特币的信念和购买并不是这里发生的事情。他需要 [筹集资金购买比特币] 来维持运转，&#34;LaValle 说。&#34;他几乎必须在这个时候继续购买。&#34;LaValle 并没有持有任何 Strategy 的股份。</p>
<p>Strategy 没有回复寻求评论的电子邮件。</p>
<p>最初是一家软件公司，Strategy 在 2020 年通过筹集股权和债务转向了不同的商业模式，购买比特币，使其成为资产负债表的核心。一些投资者被 Strategy 的股票吸引，作为一种获得比特币敞口而无需直接持有加密货币的方式。Strategy 还充当了一个杠杆比特币工具，这意味着收益和损失可能会被放大。</p>
<p>Strategy 在周一披露，从 12 月 1 日至 12 月 7 日购买了 10,624 个比特币，花费了 9.627 亿美元，使其总持有量达到 660,624 个比特币，约占当前加密货币供应量的 3.3%，根据向美国证券交易委员会提交的文件。这次购买是通过公司普通股和永久优先股的销售所得资金进行的。</p>
<p>Frontier 的 LaValle 表示，该公司的巨额财务义务可能是一个关键驱动因素。值得注意的是，除了债务支付外，Strategy 现在还面临大约 8 亿美元的年度股息义务，基于截至 12 月 1 日的公司投资者演示文稿。</p>
<p>在 LaValle 看来，Strategy 每年产生的可持续现金流不足以偿还股息，因此必须依赖出售股票来满足这些义务。Strategy 上周设立了 14.4 亿美元的美元储备，以支持其优先股和利息的股息支付。该储备是通过普通股销售所得资金进行的。</p>
<p>但这也使得投资者对 Strategy 股票的持续需求对公司的生存至关重要。</p>
<p>&#34;为了以足够高的价格出售股票以支付账单，而不明显摧毁公司，Saylor 必须继续炒作他会购买更多比特币，&#34;LaValle 说。Saylor 已经建立了一个叙述，认为 Strategy 可以成为一个永久的比特币积累工具，维持这一叙述对于保持其股票的吸引力至关重要，他补充道。</p>
<p>&#34;如果 Saylor 对投资者说，'我不再购买比特币，'他就完全翻转了叙述。你几乎可以把它想象成一条鲨鱼，如果他停止游动，他就会死，&#34;LaValle 说。然而，LaValle 也认为，如果比特币价格继续下跌，Strategy 在某个时刻可能会面临流动性问题。</p>
<p>周一，Strategy 的股票上涨 2.6%，至 183.69 美元，但比 2024 年 11 月 20 日创下的 455.90 美元的历史高点低了 61.2%。</p>
<p>最近，Strategy 股票的吸引力正在减弱，自 11 月以来，该股票的交易价格低于其持有的比特币的价值，扭转了之前享有的溢价，根据数据提供商 BitcoinTreasuries.net 的数据。该公司的股票截至周一的交易价格比其持有的比特币的价值低 12%，而在 2020 年曾高达 700% 的溢价。</p>
<p>然而，Benchmark 公司的高级研究分析师 Mark Palmer 表示，Strategy 最近的比特币收购表明该公司仍然致力于其加密货币积累策略。</p>
<p>Palmer 补充说，此举也有助于恢复对 Strategy 筹集资金能力的信心。&#34;Strategy 能够同时出售普通股和优先股意味着其证券市场存在，&#34;他在电话采访中说。</p>
<p>与此同时，&#34;Strategy 进行如此规模的购买是对疲软比特币市场的看涨信号，&#34;他补充道。根据 MarketWatch 的数据，比特币在周一下午上涨 1.2%，交易价格约为 91,310 美元。</p>
<p>-Frances Yue</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和华尔街日报独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>12-08-25 1730ET</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>由迈克尔·塞勒领导的 Strategy 公司购买了近 10 亿美元的比特币，这是自 7 月份以来最大的收购，尽管对筹集资金存在担忧。此举旨在增强比特币市场并维持 Strategy 的商业模式，该模式在很大程度上依赖于比特币持有。分析师指出，公司需要保持投资者的兴趣并管理财务义务，包括分红。Strategy 的股价略有上涨，但仍显著低于其峰值。这次收购表明公司对加密货币积累的持续承诺，恢复了对 Strategy 筹集资金能力的信心</p>

<p>By Frances Yue</p>
<div class="lb-trans"><p>作者：Frances Yue</p>
</div><p>Strategy said on Monday it bought nearly $1 billion of bitcoin last week, its biggest single-time purchase since July. Skeptics were worried the company might struggle to raise additional capital.</p>
<div class="lb-trans"><p>Strategy 在周一表示，上周购买了近 10 亿美元的比特币，这是自 7 月以来最大的一次单次购买。怀疑者担心该公司可能难以筹集额外资金。</p>
</div><p>Strategy's Executive Chairman Michael Saylor has been pushing forward the company's bitcoin purchase strategy.</p>
<div class="lb-trans"><p>Strategy 的执行主席 Michael Saylor 一直在推动公司的比特币购买策略。</p>
</div><p>Michael Saylor's bitcoin treasury company Strategy on Monday said it bought another roughly $1 billion of bitcoin last week, its biggest single-time purchase since July, defying skeptics who had worried the company might struggle to raise additional capital to expand its crypto holdings.</p>
<div class="lb-trans"><p>Michael Saylor 的比特币国库公司 Strategy 在周一表示，上周又购买了大约 10 亿美元的比特币，这是自 7 月以来最大的一次单次购买，挑战了怀疑者对该公司可能难以筹集额外资金以扩大其加密货币持有量的担忧。</p>
</div><p>Analysts said the move could help bolster a beleaguered bitcoin (BTCUSD) market that has fallen 29% from its record peak in October. Yet the purchase also highlights a deeper question about how Strategy (MSTR) sustains its model.</p>
<div class="lb-trans"><p>分析师表示，此举可能有助于提振一个受到打击的比特币（BTCUSD）市场，该市场自 10 月以来已下跌 29%。然而，这次购买也突显了一个更深层次的问题，即 Strategy（MSTR）如何维持其商业模式。</p>
</div><p>Strategy's latest acquisition does not simply reflect Saylor's personal conviction in bitcoin, but shows a structural need for the company, according to Louis LaValle, co-founder and chief executive at crypto investment-management company Frontier Investments. &#34;Michael Saylor having conviction in bitcoin and buying it is not what's happening here. He needs to [raise money to buy bitcoin] to keep the engine running,&#34; LaValle said. &#34;He almost has to keep buying at this point.&#34; LaValle does not have any Strategy exposure.</p>
<div class="lb-trans"><p>根据加密投资管理公司 Frontier Investments 的联合创始人兼首席执行官 Louis LaValle 的说法，Strategy 最近的收购不仅反映了 Saylor 对比特币的个人信念，还显示了公司的结构性需求。&#34;Michael Saylor 对比特币的信念和购买并不是这里发生的事情。他需要 [筹集资金购买比特币] 来维持运转，&#34;LaValle 说。&#34;他几乎必须在这个时候继续购买。&#34;LaValle 并没有持有任何 Strategy 的股份。</p>
</div><p>Strategy did not respond to an email seeking comment.</p>
<div class="lb-trans"><p>Strategy 没有回复寻求评论的电子邮件。</p>
</div><p>Originally a software business, Strategy pivoted to a different playbook in 2020 by raising equity and debt to buy bitcoin, making the crypto the core of its balance sheet. Some investors have been drawn to Strategy's shares as a way to gain bitcoin exposure without holding the cryptocurrency directly. Strategy also acts as a leveraged bitcoin vehicle, meaning that gains and losses can be magnified.</p>
<div class="lb-trans"><p>最初是一家软件公司，Strategy 在 2020 年通过筹集股权和债务转向了不同的商业模式，购买比特币，使其成为资产负债表的核心。一些投资者被 Strategy 的股票吸引，作为一种获得比特币敞口而无需直接持有加密货币的方式。Strategy 还充当了一个杠杆比特币工具，这意味着收益和损失可能会被放大。</p>
</div><p>Strategy disclosed on Monday it bought 10,624 bitcoins from Dec. 1 to Dec. 7 for $962.7 million, bringing its total holdings to 660,624 bitcoins, or roughly 3.3% of the crypto's current supply, according to a filing with the U.S. Securities and Exchange Commission. The purchase was funded by proceeds from sales of the company's common shares and perpetual preferred stock.</p>
<div class="lb-trans"><p>Strategy 在周一披露，从 12 月 1 日至 12 月 7 日购买了 10,624 个比特币，花费了 9.627 亿美元，使其总持有量达到 660,624 个比特币，约占当前加密货币供应量的 3.3%，根据向美国证券交易委员会提交的文件。这次购买是通过公司普通股和永久优先股的销售所得资金进行的。</p>
</div><p>LaValle at Frontier said the company's sizeable financial obligations were likely a key driver. Notably, in addition to its debt payments, Strategy now faces roughly $800 million in total annualized dividend obligations across its outstanding perpetual preferred shares, based on the company's investor presentation as of Dec. 1.</p>
<div class="lb-trans"><p>Frontier 的 LaValle 表示，该公司的巨额财务义务可能是一个关键驱动因素。值得注意的是，除了债务支付外，Strategy 现在还面临大约 8 亿美元的年度股息义务，基于截至 12 月 1 日的公司投资者演示文稿。</p>
</div><p>In LaValle's view, Strategy does not generate enough sustainable cash flow to repay the dividends each year, and therefore must rely on selling stock to meet those obligations. Strategy moved to establish a $1.44 billion U.S.-dollar reserve last week to support dividend payments on its preferred stock and interest. That reserve was funded through proceeds from the sale of common shares.</p>
<div class="lb-trans"><p>在 LaValle 看来，Strategy 每年产生的可持续现金流不足以偿还股息，因此必须依赖出售股票来满足这些义务。Strategy 上周设立了 14.4 亿美元的美元储备，以支持其优先股和利息的股息支付。该储备是通过普通股销售所得资金进行的。</p>
</div><p>But that also makes ongoing investor demand for Strategy's shares critical to the company's survival.</p>
<div class="lb-trans"><p>但这也使得投资者对 Strategy 股票的持续需求对公司的生存至关重要。</p>
</div><p>&#34;To sell stock at a high enough price to pay that bill without obviously destroying the company, Saylor has to keep hyping up that he would buy more bitcoin,&#34; LaValle said. Saylor has built a narrative that Strategy could be a perpetual bitcoin-accumulation vehicle, and maintaining that narrative is essential to keep its stock appealing, he added.</p>
<div class="lb-trans"><p>&#34;为了以足够高的价格出售股票以支付账单，而不明显摧毁公司，Saylor 必须继续炒作他会购买更多比特币，&#34;LaValle 说。Saylor 已经建立了一个叙述，认为 Strategy 可以成为一个永久的比特币积累工具，维持这一叙述对于保持其股票的吸引力至关重要，他补充道。</p>
</div><p>&#34;If Saylor goes [to investors] and says, 'I'm no longer buying bitcoin,' he completely flips the narrative. You can almost think about it like a shark, and if he stops swimming, he dies,&#34; LaValle said. However, LaValle also thinks that there's a good chance that Strategy could face liquidity issues at some point, if bitcoin price keeps going south.</p>
<div class="lb-trans"><p>&#34;如果 Saylor 对投资者说，'我不再购买比特币，'他就完全翻转了叙述。你几乎可以把它想象成一条鲨鱼，如果他停止游动，他就会死，&#34;LaValle 说。然而，LaValle 也认为，如果比特币价格继续下跌，Strategy 在某个时刻可能会面临流动性问题。</p>
</div><p>Strategy's shares rose 2.6% to $183.69 on Monday, but were 61.2% off their record high at $455.90 reached on Nov. 20, 2024.</p>
<div class="lb-trans"><p>周一，Strategy 的股票上涨 2.6%，至 183.69 美元，但比 2024 年 11 月 20 日创下的 455.90 美元的历史高点低了 61.2%。</p>
</div><p>The appeal of Strategy's shares has been fading lately, with the stock trading below the value of the bitcoin it holds since November, reversing the premium it previously enjoyed, according to data provider BitcoinTreasuries.net. The company's shares are trading at a 12% discount to the value of the bitcoin it holds as of Monday, compared with a premium of as much as 700% in 2020.</p>
<div class="lb-trans"><p>最近，Strategy 股票的吸引力正在减弱，自 11 月以来，该股票的交易价格低于其持有的比特币的价值，扭转了之前享有的溢价，根据数据提供商 BitcoinTreasuries.net 的数据。该公司的股票截至周一的交易价格比其持有的比特币的价值低 12%，而在 2020 年曾高达 700% 的溢价。</p>
</div><p>Yet Mark Palmer, senior research analyst at the Benchmark Company, said Strategy's latest bitcoin acquisition signals the company remains committed to its crypto accumulation strategy.</p>
<div class="lb-trans"><p>然而，Benchmark 公司的高级研究分析师 Mark Palmer 表示，Strategy 最近的比特币收购表明该公司仍然致力于其加密货币积累策略。</p>
</div><p>Palmer added that the move also helps restore confidence in Strategy's ability to raise capital. &#34;The fact that Strategy was able to sell both common equity and preferred means that there's a market for its securities,&#34; he said in a phone interview.</p>
<div class="lb-trans"><p>Palmer 补充说，此举也有助于恢复对 Strategy 筹集资金能力的信心。&#34;Strategy 能够同时出售普通股和优先股意味着其证券市场存在，&#34;他在电话采访中说。</p>
</div><p>Meanwhile, &#34;Strategy making a purchase of this size is a bullish signal&#34; for a sluggish bitcoin market, he added. Bitcoin rose 1.2% on Monday afternoon to trade at around $91,310, according to MarketWatch data.</p>
<div class="lb-trans"><p>与此同时，&#34;Strategy 进行如此规模的购买是对疲软比特币市场的看涨信号，&#34;他补充道。根据 MarketWatch 的数据，比特币在周一下午上涨 1.2%，交易价格约为 91,310 美元。</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 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和华尔街日报独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>12-08-25 1730ET</p>
<div class="lb-trans"><p>12-08-25 1730ET</p>
</div>

‘他几乎必须继续购买’：为什么 Michael Saylor 的策略在加倍押注比特币