<p>作者：Frances Yue</p>
<p>Strategy 在週一表示，上週購買了近 10 億美元的比特幣，這是自 7 月以來最大的一次單次購買。懷疑者擔心該公司可能難以籌集額外資金。</p>
<p>Strategy 的執行主席 Michael Saylor 一直在推動公司的比特幣購買策略。</p>
<p>Michael Saylor 的比特幣國庫公司 Strategy 在週一表示，上週又購買了大約 10 億美元的比特幣，這是自 7 月以來最大的一次單次購買，挑戰了懷疑者對該公司可能難以籌集額外資金以擴大其加密貨幣持有量的擔憂。</p>
<p>分析師表示，此舉可能有助於提振一個受到打擊的比特幣（BTCUSD）市場，該市場自 10 月以來已下跌 29%。然而，這次購買也突顯了一個更深層次的問題，即 Strategy（MSTR）如何維持其商業模式。</p>
<p>根據加密投資管理公司 Frontier Investments 的聯合創始人兼首席執行官 Louis LaValle 的説法，Strategy 最近的收購不僅反映了 Saylor 對比特幣的個人信念，還顯示了公司的結構性需求。&#34;Michael Saylor 對比特幣的信念和購買並不是這裏發生的事情。他需要 [籌集資金購買比特幣] 來維持運轉，&#34;LaValle 説。&#34;他幾乎必須在這個時候繼續購買。&#34;LaValle 並沒有持有任何 Strategy 的股份。</p>
<p>Strategy 沒有回覆尋求評論的電子郵件。</p>
<p>最初是一家軟件公司，Strategy 在 2020 年通過籌集股權和債務轉向了不同的商業模式，購買比特幣，使其成為資產負債表的核心。一些投資者被 Strategy 的股票吸引，作為一種獲得比特幣敞口而無需直接持有加密貨幣的方式。Strategy 還充當了一個槓桿比特幣工具，這意味着收益和損失可能會被放大。</p>
<p>Strategy 在週一披露，從 12 月 1 日至 12 月 7 日購買了 10,624 個比特幣，花費了 9.627 億美元，使其總持有量達到 660,624 個比特幣，約佔當前加密貨幣供應量的 3.3%，根據向美國證券交易委員會提交的文件。這次購買是通過公司普通股和永久優先股的銷售所得資金進行的。</p>
<p>Frontier 的 LaValle 表示，該公司的鉅額財務義務可能是一個關鍵驅動因素。值得注意的是，除了債務支付外，Strategy 現在還面臨大約 8 億美元的年度股息義務，基於截至 12 月 1 日的公司投資者演示文稿。</p>
<p>在 LaValle 看來，Strategy 每年產生的可持續現金流不足以償還股息，因此必須依賴出售股票來滿足這些義務。Strategy 上週設立了 14.4 億美元的美元儲備，以支持其優先股和利息的股息支付。該儲備是通過普通股銷售所得資金進行的。</p>
<p>但這也使得投資者對 Strategy 股票的持續需求對公司的生存至關重要。</p>
<p>&#34;為了以足夠高的價格出售股票以支付賬單，而不明顯摧毀公司，Saylor 必須繼續炒作他會購買更多比特幣，&#34;LaValle 説。Saylor 已經建立了一個敍述，認為 Strategy 可以成為一個永久的比特幣積累工具，維持這一敍述對於保持其股票的吸引力至關重要，他補充道。</p>
<p>&#34;如果 Saylor 對投資者説，'我不再購買比特幣，'他就完全翻轉了敍述。你幾乎可以把它想象成一條鯊魚，如果他停止遊動，他就會死，&#34;LaValle 説。然而，LaValle 也認為，如果比特幣價格繼續下跌，Strategy 在某個時刻可能會面臨流動性問題。</p>
<p>週一，Strategy 的股票上漲 2.6%，至 183.69 美元，但比 2024 年 11 月 20 日創下的 455.90 美元的歷史高點低了 61.2%。</p>
<p>最近，Strategy 股票的吸引力正在減弱，自 11 月以來，該股票的交易價格低於其持有的比特幣的價值，扭轉了之前享有的溢價，根據數據提供商 BitcoinTreasuries.net 的數據。該公司的股票截至週一的交易價格比其持有的比特幣的價值低 12%，而在 2020 年曾高達 700% 的溢價。</p>
<p>然而，Benchmark 公司的高級研究分析師 Mark Palmer 表示，Strategy 最近的比特幣收購表明該公司仍然致力於其加密貨幣積累策略。</p>
<p>Palmer 補充説，此舉也有助於恢復對 Strategy 籌集資金能力的信心。&#34;Strategy 能夠同時出售普通股和優先股意味着其證券市場存在，&#34;他在電話採訪中説。</p>
<p>與此同時，&#34;Strategy 進行如此規模的購買是對疲軟比特幣市場的看漲信號，&#34;他補充道。根據 MarketWatch 的數據，比特幣在週一下午上漲 1.2%，交易價格約為 91,310 美元。</p>
<p>-Frances Yue</p>
<p>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和華爾街日報獨立出版。</p>
<p>（完）道瓊斯新聞通訊</p>
<p>12-08-25 1730ET</p>

MSTR

2 倍做空 MSTR ETF - Defiance

2 倍做空 MSTR ETF - T-Rex

南方兩倍做多MSTR

南方兩倍做空MSTR

<p>由邁克爾·塞勒領導的 Strategy 公司購買了近 10 億美元的比特幣，這是自 7 月份以來最大的收購，儘管對籌集資金存在擔憂。此舉旨在增強比特幣市場並維持 Strategy 的商業模式，該模式在很大程度上依賴於比特幣持有。分析師指出，公司需要保持投資者的興趣並管理財務義務，包括分紅。Strategy 的股價略有上漲，但仍顯著低於其峯值。這次收購表明公司對加密貨幣積累的持續承諾，恢復了對 Strategy 籌集資金能力的信心</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 在週一表示，上週購買了近 10 億美元的比特幣，這是自 7 月以來最大的一次單次購買。懷疑者擔心該公司可能難以籌集額外資金。</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 的執行主席 Michael Saylor 一直在推動公司的比特幣購買策略。</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 的比特幣國庫公司 Strategy 在週一表示，上週又購買了大約 10 億美元的比特幣，這是自 7 月以來最大的一次單次購買，挑戰了懷疑者對該公司可能難以籌集額外資金以擴大其加密貨幣持有量的擔憂。</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>分析師表示，此舉可能有助於提振一個受到打擊的比特幣（BTCUSD）市場，該市場自 10 月以來已下跌 29%。然而，這次購買也突顯了一個更深層次的問題，即 Strategy（MSTR）如何維持其商業模式。</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>根據加密投資管理公司 Frontier Investments 的聯合創始人兼首席執行官 Louis LaValle 的説法，Strategy 最近的收購不僅反映了 Saylor 對比特幣的個人信念，還顯示了公司的結構性需求。&#34;Michael Saylor 對比特幣的信念和購買並不是這裏發生的事情。他需要 [籌集資金購買比特幣] 來維持運轉，&#34;LaValle 説。&#34;他幾乎必須在這個時候繼續購買。&#34;LaValle 並沒有持有任何 Strategy 的股份。</p>
</div><p>Strategy did not respond to an email seeking comment.</p>
<div class="lb-trans"><p>Strategy 沒有回覆尋求評論的電子郵件。</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>最初是一家軟件公司，Strategy 在 2020 年通過籌集股權和債務轉向了不同的商業模式，購買比特幣，使其成為資產負債表的核心。一些投資者被 Strategy 的股票吸引，作為一種獲得比特幣敞口而無需直接持有加密貨幣的方式。Strategy 還充當了一個槓桿比特幣工具，這意味着收益和損失可能會被放大。</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 在週一披露，從 12 月 1 日至 12 月 7 日購買了 10,624 個比特幣，花費了 9.627 億美元，使其總持有量達到 660,624 個比特幣，約佔當前加密貨幣供應量的 3.3%，根據向美國證券交易委員會提交的文件。這次購買是通過公司普通股和永久優先股的銷售所得資金進行的。</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，該公司的鉅額財務義務可能是一個關鍵驅動因素。值得注意的是，除了債務支付外，Strategy 現在還面臨大約 8 億美元的年度股息義務，基於截至 12 月 1 日的公司投資者演示文稿。</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 看來，Strategy 每年產生的可持續現金流不足以償還股息，因此必須依賴出售股票來滿足這些義務。Strategy 上週設立了 14.4 億美元的美元儲備，以支持其優先股和利息的股息支付。該儲備是通過普通股銷售所得資金進行的。</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>但這也使得投資者對 Strategy 股票的持續需求對公司的生存至關重要。</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;為了以足夠高的價格出售股票以支付賬單，而不明顯摧毀公司，Saylor 必須繼續炒作他會購買更多比特幣，&#34;LaValle 説。Saylor 已經建立了一個敍述，認為 Strategy 可以成為一個永久的比特幣積累工具，維持這一敍述對於保持其股票的吸引力至關重要，他補充道。</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 對投資者説，'我不再購買比特幣，'他就完全翻轉了敍述。你幾乎可以把它想象成一條鯊魚，如果他停止遊動，他就會死，&#34;LaValle 説。然而，LaValle 也認為，如果比特幣價格繼續下跌，Strategy 在某個時刻可能會面臨流動性問題。</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>週一，Strategy 的股票上漲 2.6%，至 183.69 美元，但比 2024 年 11 月 20 日創下的 455.90 美元的歷史高點低了 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 股票的吸引力正在減弱，自 11 月以來，該股票的交易價格低於其持有的比特幣的價值，扭轉了之前享有的溢價，根據數據提供商 BitcoinTreasuries.net 的數據。該公司的股票截至週一的交易價格比其持有的比特幣的價值低 12%，而在 2020 年曾高達 700% 的溢價。</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 公司的高級研究分析師 Mark Palmer 表示，Strategy 最近的比特幣收購表明該公司仍然致力於其加密貨幣積累策略。</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 補充説，此舉也有助於恢復對 Strategy 籌集資金能力的信心。&#34;Strategy 能夠同時出售普通股和優先股意味着其證券市場存在，&#34;他在電話採訪中説。</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>與此同時，&#34;Strategy 進行如此規模的購買是對疲軟比特幣市場的看漲信號，&#34;他補充道。根據 MarketWatch 的數據，比特幣在週一下午上漲 1.2%，交易價格約為 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>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和華爾街日報獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞通訊</p>
</div><p>12-08-25 1730ET</p>
<div class="lb-trans"><p>12-08-25 1730ET</p>
</div>

‘他幾乎必須繼續購買’：為什麼 Michael Saylor 的策略在加倍押注比特幣