<p>針對 <strong>Strategy Inc.</strong> (NASDAQ: MSTR) 的槓桿 ETF 在公司不斷出售自身股票以籌集購買比特幣資金的五天裏表現慘淡。</p>
<p>在過去的五個交易日中，MSTR 下跌了約 15%，其槓桿 ETF 也大幅下跌：</p>
<ul>
<li><strong>Defiance Leveraged Long + Income MSTR ETF</strong> (NASDAQ: MST) 在五天內暴跌約 29%。</li>
<li><strong>Defiance Daily Target 2x Long MSTR ETF</strong> (NASDAQ: MSTX) 也下跌超過 28%，反映出 Strategy 日常表現的近 200%。</li>
<li>與 MSTX 類似，<strong>T-Rex 2X Long MSTR Daily Target ETF</strong>(BATS: MSTU) 也下跌近 30%。</li>
</ul>
<p>這些基金放大了 Strategy 的日常波動，容易受到長期拋售的影響。看漲投資者在過去一週的下跌中表現不佳。</p>
<p>Strategy 透露又購買了 850 個比特幣，耗資 9970 萬美元，通過市場發行股票融資。儘管此次購買將其整體持有量提高至 639,835 BTC，但投資者對新一輪稀釋感到不安，導致股價下跌。</p>
<p>下滑的原因還來自於更廣泛的加密貨幣市場的疲軟。在過去的五天裏，虛擬資產急劇減速。以太坊跌破了關鍵的 4000 美元關口，比特幣下跌 2.23%，交易價格約為 111,000 美元，這是一個重要的心理關口。這一修正突顯了加密貨幣相關股票與基礎幣價之間的緊密關聯，以及這種關聯的脆弱性。如果加密貨幣價格繼續承壓，像 Strategy 這樣的股票及其槓桿 ETF 的拋售可能會加速。</p>
<p>Strategy 的做法仍然存在爭議。最近，首席執行官 <strong>Michael Saylor</strong> 提出了一個 “最壞情況” 情景，即出售比特幣以支付股息。這一言論引發了空頭 <strong>Jim Chanos</strong> 的猛烈批評，他將其斥為 “財務胡言亂語”。由於持續發行股票以建立儲備，投資者擔心稀釋將繼續侵蝕股東價值。</p>
<p>對於投資者來説，像 MST、MSTX 和 MSTU 這樣的槓桿 ETF 正在成為 ETF 教科書所警告的雙刃劍：在牛市中強大，但在像本週這樣的熊市中災難性。</p>
<ul>
<li><strong>想要乘坐私人信貸的浪潮？Simplify 的新 ETF 為此而生</strong></li>
</ul>
<p><em>圖片來源：Shutterstock</em></p>

MSTR

<p>比特幣近期的疲軟嚴重影響了與 Strategy Inc.（納斯達克：MSTR）相關的槓桿 ETF，該公司因出售股票以資助比特幣購買而導致股價下跌 15%。Defiance Leveraged Long + Income MSTR ETF（納斯達克：MST）下跌 29%，而 T-Rex 2X Long MSTR Daily Target ETF（BATS：MSTU）幾乎下跌 30%。這一下跌反映了與加密貨幣相關股票的波動性，整體加密市場的疲軟加劇了拋售。對新股票發行造成稀釋的擔憂進一步動搖了投資者，突顯了熊市中槓桿 ETF 的風險</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>針對 <strong>Strategy Inc.</strong> (NASDAQ: MSTR) 的槓桿 ETF 在公司不斷出售自身股票以籌集購買比特幣資金的五天裏表現慘淡。</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>在過去的五個交易日中，MSTR 下跌了約 15%，其槓桿 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) 在五天內暴跌約 29%。</li>
<li><strong>Defiance Daily Target 2x Long MSTR ETF</strong> (NASDAQ: MSTX) 也下跌超過 28%，反映出 Strategy 日常表現的近 200%。</li>
<li>與 MSTX 類似，<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>這些基金放大了 Strategy 的日常波動，容易受到長期拋售的影響。看漲投資者在過去一週的下跌中表現不佳。</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 透露又購買了 850 個比特幣，耗資 9970 萬美元，通過市場發行股票融資。儘管此次購買將其整體持有量提高至 639,835 BTC，但投資者對新一輪稀釋感到不安，導致股價下跌。</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>下滑的原因還來自於更廣泛的加密貨幣市場的疲軟。在過去的五天裏，虛擬資產急劇減速。以太坊跌破了關鍵的 4000 美元關口，比特幣下跌 2.23%，交易價格約為 111,000 美元，這是一個重要的心理關口。這一修正突顯了加密貨幣相關股票與基礎幣價之間的緊密關聯，以及這種關聯的脆弱性。如果加密貨幣價格繼續承壓，像 Strategy 這樣的股票及其槓桿 ETF 的拋售可能會加速。</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 的做法仍然存在爭議。最近，首席執行官 <strong>Michael Saylor</strong> 提出了一個 “最壞情況” 情景，即出售比特幣以支付股息。這一言論引發了空頭 <strong>Jim Chanos</strong> 的猛烈批評，他將其斥為 “財務胡言亂語”。由於持續發行股票以建立儲備，投資者擔心稀釋將繼續侵蝕股東價值。</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>對於投資者來説，像 MST、MSTX 和 MSTU 這樣的槓桿 ETF 正在成為 ETF 教科書所警告的雙刃劍：在牛市中強大，但在像本週這樣的熊市中災難性。</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>想要乘坐私人信貸的浪潮？Simplify 的新 ETF 為此而生</strong></li>
</ul>
</div><p><em>Image: Shutterstock</em></p>
<div class="lb-trans"><p><em>圖片來源：Shutterstock</em></p>
</div>

比特幣的疲軟對策略造成了衝擊——這些 ETF 遭受了雙倍的損失