<p>作者：Frances Yue</p>
<p>投資者是否對邁克爾·塞勒（Michael Saylor）無論價格如何都大量購買比特幣的策略感到失望？</p>
<p>邁克爾·塞勒，Strategy 的董事長，領導公司籌集資金併購買比特幣。</p>
<p>Strategy 的股票在週二收盤時創下七個月來的最低點，此前比特幣首次自六月份以來短暫跌破$100,000。</p>
<p>這是該股票最新的令人失望的里程碑，去年在唐納德·特朗普（Donald Trump）當選總統後，該股票曾因加密貨幣的熱潮而高漲。Strategy 的下滑表明，投資者對董事長邁克爾·塞勒的策略——似乎無論價格如何都大量購買比特幣——變得更加謹慎。</p>
<p>根據道瓊斯市場數據，Strategy 的股票（MSTR）在週二下跌了$17.68，跌幅為 6.7%，收於$246.99，為 4 月 8 日以來的最低水平。年初至今，股票下跌了 14.7%，較 2024 年 11 月 20 日創下的$473.83 的歷史收盤高點下跌了 47.9%。</p>
<p>下跌部分原因與比特幣的回調有關，週二這款最大的加密貨幣首次自六月份以來短暫回落至$100,000 以下。</p>
<p>見：比特幣首次自六月份以來跌破$100,000。它接下來可能會走向何方。</p>
<p>&#34;今天比特幣的走勢並沒有幫助這個故事，&#34; Monness, Crespi, Hardt &amp; Co., Inc.的高級股票研究分析師 Gus Galá在接受 MarketWatch 電話採訪時表示。週二下午，比特幣（BTCUSD）交易價格約為$100,172，距離其 10 月 6 日創下的$126,272.76 的歷史最高點大約低了 20.3%。</p>
<p>但 Strategy（前稱 MicroStrategy）在數月內承受壓力的事實表明，投資者可能對公司頻繁籌集資金以購買更多比特幣的策略失去了信心，Galá表示。該公司試圖通過發行債務和股票來吸引投資者，利用持有比特幣所帶來的高波動性，這反過來又產生了活躍的交易機會。然而，正如 Galá在之前的採訪中指出的，隨着比特幣的波動性整體趨勢下降，這種方法變得更加具有挑戰性。</p>
<p>溢價壓縮</p>
<p>Strategy 股票相對於其持有的比特幣價值的溢價今年大幅縮小，週二降至約 1.25，遠低於 2020 年高達 8 的水平，數據平台 StrategyTracker 顯示。</p>
<p>下圖顯示了 Strategy 的淨資產價值倍數如何隨着時間的推移而下降，該倍數比較了公司的市場價值與其持有的比特幣的價值。</p>
<p>該溢價是衡量投資者願意為 Strategy 的股票支付多少額外費用以獲得比特幣敞口的指標。溢價的縮小意味着市場對持有該股票作為獲取比特幣敞口的額外價值的看法減少。</p>
<p>溢價降低&#34;減少了 MSTR 資本市場策略的增值潛力，&#34; Cantor Fitzgerald &amp; Co.的分析師 Brett Knoblauch 在最近的一份報告中表示。換句話説，這表明公司利用槓桿購買更多比特幣的策略對投資者的吸引力正在減弱。</p>
<p>Galá表示，還有人擔心 Strategy 可能會繼續稀釋現有股東的權益。</p>
<p>塞勒在 10 月 31 日的 Strategy 第三季度財報電話會議上表示，公司計劃逐步減少其整體高級可轉換債務，並將在有機會時尋求將其轉換為股權。</p>
<p>比特幣的下跌增加了壓力</p>
<p>比特幣的下跌繼續對 Strategy 的股價施加壓力，因為更廣泛的加密市場在努力從今年最大的一次單日清算事件中恢復，Benchmark Co.的分析師 Mark Palmer 表示。10 月 10 日，至少有 200 億美元的槓桿頭寸被清算。</p>
<p>與此同時，投資者一直在關注《清晰法案》（Clarity Act），這是一項旨在建立加密貨幣綜合監管框架的法案，是否能夠推進。但自 10 月 1 日開始的美國政府停擺使該法案的進展陷入停滯，Palmer 在通過電子郵件與 MarketWatch 分享的評論中表示。</p>
<p>儘管如此，Palmer 仍然對 Strategy 維持買入評級。他表示，一旦流動性迴歸加密市場，如果美國政府重新開放，這可能為比特幣和 Strategy 的股價提供更好的環境。</p>
<p>投資者還在關注 Strategy 是否可能在 12 月的標準普爾 500 指數（S&amp;P 500 SPX）季度再平衡中被納入，Cantor 的 Knoblauch 表示。如果發生這種情況，可能會對 Strategy 的股票施加上行壓力。</p>
<p>週二，其他幾隻與加密相關的股票也下跌。根據 FactSet 數據，加密交易所 Coinbase（COIN）的股票下跌 7%，收於$305.69。該股票目前較 7 月 18 日的收盤高點$419.78 下跌 27%，儘管在 2025 年表現遠好於 Strategy，並且自年初以來仍保持在正區間。比特幣礦商 Hut 8（CA:HUT）的股票下跌 12.5%，收於$48.11，而 MARA Holdings（MARA）下跌 6.7%，收於$16.62。</p>
<p>美國股市週二收盤走低，道瓊斯工業平均指數（DJIA）下跌超過 250 點，跌幅為 0.5%，道瓊斯市場數據顯示。標準普爾 500 指數（SPX）下跌 1.2%，納斯達克綜合指數（COMP）下跌 2%。</p>
<p>-Frances Yue</p>
<p>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞社和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞社</p>
<p>11-04-25 1824ET</p>

MSTR

2 倍做空 MSTR ETF - Defiance

2 倍做空 MSTR ETF - T-Rex

南方兩倍做多MSTR

南方兩倍做空MSTR

<p>Strategy 是一家 heavily invested in bitcoin 的軟件公司，其股價在週二跌至七個月來的低點 246.99 美元，下降了 6.7%。這一下跌發生在比特幣跌破 100,000 美元之後，引發了人們對董事長 Michael Saylor 在不考慮價格的情況下繼續增持比特幣策略的投資者信心的擔憂。Strategy 的股價相對於其比特幣持有價值的溢價顯著縮小，表明投資者興趣減弱。分析師指出，該公司的資本市場策略可能正在失去吸引力，加上更廣泛的市場波動和監管不確定性</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>投資者是否對邁克爾·塞勒（Michael Saylor）無論價格如何都大量購買比特幣的策略感到失望？</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>邁克爾·塞勒，Strategy 的董事長，領導公司籌集資金併購買比特幣。</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 的股票在週二收盤時創下七個月來的最低點，此前比特幣首次自六月份以來短暫跌破$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>這是該股票最新的令人失望的里程碑，去年在唐納德·特朗普（Donald Trump）當選總統後，該股票曾因加密貨幣的熱潮而高漲。Strategy 的下滑表明，投資者對董事長邁克爾·塞勒的策略——似乎無論價格如何都大量購買比特幣——變得更加謹慎。</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>根據道瓊斯市場數據，Strategy 的股票（MSTR）在週二下跌了$17.68，跌幅為 6.7%，收於$246.99，為 4 月 8 日以來的最低水平。年初至今，股票下跌了 14.7%，較 2024 年 11 月 20 日創下的$473.83 的歷史收盤高點下跌了 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>下跌部分原因與比特幣的回調有關，週二這款最大的加密貨幣首次自六月份以來短暫回落至$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>見：比特幣首次自六月份以來跌破$100,000。它接下來可能會走向何方。</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;今天比特幣的走勢並沒有幫助這個故事，&#34; Monness, Crespi, Hardt &amp; Co., Inc.的高級股票研究分析師 Gus Galá在接受 MarketWatch 電話採訪時表示。週二下午，比特幣（BTCUSD）交易價格約為$100,172，距離其 10 月 6 日創下的$126,272.76 的歷史最高點大約低了 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（前稱 MicroStrategy）在數月內承受壓力的事實表明，投資者可能對公司頻繁籌集資金以購買更多比特幣的策略失去了信心，Galá表示。該公司試圖通過發行債務和股票來吸引投資者，利用持有比特幣所帶來的高波動性，這反過來又產生了活躍的交易機會。然而，正如 Galá在之前的採訪中指出的，隨着比特幣的波動性整體趨勢下降，這種方法變得更加具有挑戰性。</p>
</div><p>Premium compresses</p>
<div class="lb-trans"><p>溢價壓縮</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 股票相對於其持有的比特幣價值的溢價今年大幅縮小，週二降至約 1.25，遠低於 2020 年高達 8 的水平，數據平台 StrategyTracker 顯示。</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>下圖顯示了 Strategy 的淨資產價值倍數如何隨着時間的推移而下降，該倍數比較了公司的市場價值與其持有的比特幣的價值。</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>該溢價是衡量投資者願意為 Strategy 的股票支付多少額外費用以獲得比特幣敞口的指標。溢價的縮小意味着市場對持有該股票作為獲取比特幣敞口的額外價值的看法減少。</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>溢價降低&#34;減少了 MSTR 資本市場策略的增值潛力，&#34; Cantor Fitzgerald &amp; Co.的分析師 Brett Knoblauch 在最近的一份報告中表示。換句話説，這表明公司利用槓桿購買更多比特幣的策略對投資者的吸引力正在減弱。</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，還有人擔心 Strategy 可能會繼續稀釋現有股東的權益。</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 第三季度財報電話會議上表示，公司計劃逐步減少其整體高級可轉換債務，並將在有機會時尋求將其轉換為股權。</p>
</div><p>Bitcoin's decline adds to the pressure</p>
<div class="lb-trans"><p>比特幣的下跌增加了壓力</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>比特幣的下跌繼續對 Strategy 的股價施加壓力，因為更廣泛的加密市場在努力從今年最大的一次單日清算事件中恢復，Benchmark Co.的分析師 Mark Palmer 表示。10 月 10 日，至少有 200 億美元的槓桿頭寸被清算。</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>與此同時，投資者一直在關注《清晰法案》（Clarity Act），這是一項旨在建立加密貨幣綜合監管框架的法案，是否能夠推進。但自 10 月 1 日開始的美國政府停擺使該法案的進展陷入停滯，Palmer 在通過電子郵件與 MarketWatch 分享的評論中表示。</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>儘管如此，Palmer 仍然對 Strategy 維持買入評級。他表示，一旦流動性迴歸加密市場，如果美國政府重新開放，這可能為比特幣和 Strategy 的股價提供更好的環境。</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>投資者還在關注 Strategy 是否可能在 12 月的標準普爾 500 指數（S&amp;P 500 SPX）季度再平衡中被納入，Cantor 的 Knoblauch 表示。如果發生這種情況，可能會對 Strategy 的股票施加上行壓力。</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>週二，其他幾隻與加密相關的股票也下跌。根據 FactSet 數據，加密交易所 Coinbase（COIN）的股票下跌 7%，收於$305.69。該股票目前較 7 月 18 日的收盤高點$419.78 下跌 27%，儘管在 2025 年表現遠好於 Strategy，並且自年初以來仍保持在正區間。比特幣礦商 Hut 8（CA:HUT）的股票下跌 12.5%，收於$48.11，而 MARA Holdings（MARA）下跌 6.7%，收於$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>美國股市週二收盤走低，道瓊斯工業平均指數（DJIA）下跌超過 250 點，跌幅為 0.5%，道瓊斯市場數據顯示。標準普爾 500 指數（SPX）下跌 1.2%，納斯達克綜合指數（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>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞社和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞社</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 個月來的最低點。為什麼槓桿化的比特幣策略正在失去動力