Citron Long On Bitcoin, Says MicroStrategy Is Best Investment Route
Citron Long On Bitcoin, Says MicroStrategy Is Best Investment Route
Bitcoin is a high-flying asset in 2020, up about 155% year-to-date. The world's most-traded digital currency crossed the $18,000 threshold late last week.
比特币是一种雄心勃勃的资产2020年，今年到目前为止增长了约155%。世界上交易量最大的数字货币上周晚些时候超过了18,000美元的门槛。
The buoyancy places bitcoin within sight of its all-time high of $20,089, which the cryptocurrency hit intraday on Dec. 17, 2017. The market capitalization of bitcoin is at a record high, reflecting increased investor interest in the asset.
比特币的浮力使其有望创下20089美元的历史新高，这种加密货币在2017年12月17日盘中触及20089美元。比特币市值创历史新高，反映出投资者对该资产的兴趣增加。
It is against this backdrop that short seller Citron issued a long call on the cryptocurrency Tuesday.
正是在这种背景下，卖空者雪铁龙(Citron)周二对这种加密货币发出了多头呼吁。
From Short To Long In 3 Years: Citron, which was a very vocal skeptic of bitcoin three years back, has reversed its stance now. The firm said it is now long on the digital currency and sees no better inflation hedge in the market.
从短到长，用了3年时间：三年前曾直言不讳地对比特币持怀疑态度的雪铁龙(Citron)，现在已经改变了立场。该公司表示，它现在做多数字货币，认为市场上没有更好的通胀对冲。
Citron is not recommending Bitcoin but as a response to many emails... we must admit Citron Fund is a $Hodler. We own BTC through $MSTR. Read Citron report ONLY if you want Bitcoin exposure. https://t.co/Fn9MwJO3Xn
— Citron Research (@CitronResearch) November 24, 2020
Citron不推荐比特币，但作为对许多电子邮件的回复……我们必须承认雪铁龙基金是一个$Hodler。我们通过以下途径拥有BTC$Mstr。只有在你想曝光比特币的情况下，才能阅读Citron Report。Https://t.co/Fn9MwJO3Xn
--Citron Research(@CitronResearch)2020年11月24日
The firm attributed its earlier pessimism to the digital currency spawning what Citron said were low-quality companies that soared on hype, naming Longfin Corp (OTC:LFIN) and Riot Blockchain Inc (NASDAQ:RIOT) as examples.
Citron's Bitcoin Exposure Via MicroStrategy: MicroStrategy Incorporated (NASDAQ:MSTR), a business intelligence company, is the only safe and cost-effective way to get exposure to bitcoin, according to Citron.
Citron通过MicroStrategy的比特币曝险： 微战略公司(MicroStrategy Inc.)(纳斯达克：Mstr根据Citron的说法，商业智能公司)是获得比特币敞口的唯一安全和经济高效的方式。
The short seller sees physical possession of bitcoin as risky due to the chance of theft. For investing in bitcoin through Grayscale Bitcoin Trust (Btc) (OTC:GBTC), an investor needs to cough up a premium to the underlying price, Citron said.
卖空者认为，由于比特币被盗的可能性，实际持有比特币是有风险的。通过以下方式投资比特币灰度比特币信托(BTC)(场外交易：GBTC)，投资者需要支付相对于标的价格的溢价，Citron表示。
"Today, MSTR owns more bitcoin than any other publicly traded company," the short seller said.
这位卖空者表示：“如今，Mstr拥有的比特币比其他任何一家上市公司都多。”
The company invested $425 million to buy 38,250 bitcoins that have a market value of over $700 million, Citron said. The company is therefore trading at just 2.5 times its sales, the report said.
Citron表示，该公司投资4.25亿美元购买了38,250枚比特币，市值超过7亿美元。报告称，因此，该公司的股价仅为其销售额的2.5倍。
Citron sees MicroStrategy's bitcoin treasure chest continuing to grow. Additionally, the company is looking to build a suite of bitcoin data services, Citron said.
Citron认为MicroStrategy的比特币宝库将继续增长。此外，Citron表示，该公司正在寻求建立一套比特币数据服务。
"As investors scramble to look for ways to capitalize on bitcoin in the stock market, look no further than MSTR," the report said.
报告称，“当投资者争相寻找在股市利用比特币获利的方法时，只需看看MSTR就知道了.”
"At these prices today, investors are getting a best in class software business at a discount and a free call option on owning a growing treasure chest of bitcoins."
“按照今天的价格，投资者将以折扣价获得同类最佳的软件业务，并拥有不断增长的比特币宝库的免费看涨期权。”
Citron has a $700 price target for MicroStrategy shares, representing roughly 220% upside from current levels.
Citron为MicroStrategy的股价设定了700美元的目标价，较当前水平上涨了约220%。
Benzinga's Take: Citron's recommendation of MicroStrategy has to be taken with a pinch of salt, as the firm has a position in the tech company.
本辛加的观点：雪铁龙(Citron)对MicroStrategy的推荐不得不持保留态度，因为该公司在这家科技公司拥有一席之地。
Given that bitcoin is not MicroStrategy's main line of business, it is still unclear how much of upside it can offer to the company's long-term valuation.
鉴于比特币不是MicroStrategy的主营业务，目前仍不清楚比特币能为该公司的长期估值提供多大的上行空间。
Investors should also keep in mind the post-2017 meltdown in cryptocurrencies. It has taken about three years for bitcoin to return to its prior peak.
投资者还应牢记2017年后加密货币的崩盘。比特币花了大约三年时间才回到之前的峰值。
At last check, MicroStrategy shares were rallying by 8.83% to $240.25 and the Grayscale Bitcoin Trust was advancing 6.19% to $23.50.
最新消息显示，微策略股价上涨8.83%，至240.25美元，灰度比特币信托上涨6.19%，至23.5美元。