How Leveraged MicroStrategy ETFs Are Powering The Bitcoin Surge
How Leveraged MicroStrategy ETFs Are Powering The Bitcoin Surge
These ETFs, designed to offer amplified exposure to Bitcoin through MicroStrategy's stock, are increasingly popular among retail investors who lack access to direct Bitcoin ETFs. This surge underscores their growing importance in facilitating Bitcoin exposure via equity markets.MicroStrategy Inc's (NASDAQ:MSTR) leveraged ETFs have amplified the company's role as a de facto Bitcoin (CRYPTO: BTC) proxy.
纳斯达克：microstrategy公司的杠杆etf放大了该公司作为事实上比特币代理的角色。
According to JPMorgan analyst Nikolaos Panigirtzoglou, these ETFs — Defiance Daily Target 2x Long MSTR ETF (NASDAQ:MSTX) and the T-Rex 2X Long MSTR Daily Target ETF (BATS:MSTU) — have fueled record inflows and significantly impacted MicroStrategy's stock volatility and valuation.
根据摩根大通分析师Nikolaos Panigirtzoglou的说法，这些etf——Defiance Daily Target 2x Long MSTR ETF（纳斯达克:MSTX）和t-Rex 2X Long MSTR Daily Target ETF（BATS:MSTU）——推动了创纪录的资金流入，显著影响了microstrategy的股票波动性和估值。
Leveraged ETFs tied to MicroStrategy stock accounted for $3.4 billion of November's $11 billion inflows into crypto markets, Panigirtzoglou notes.
与microstrategy股票挂钩的杠杆etf在11月的110亿美元流入加密市场中占了34亿美元，Panigirtzoglou指出。
These ETFs, designed to offer amplified exposure to Bitcoin through MicroStrategy's stock, are increasingly popular among retail investors who lack access to direct Bitcoin ETFs. This surge underscores their growing importance in facilitating Bitcoin exposure via equity markets.
这些旨在通过microstrategy股票提供放大比特币曝光的etf在零售投资者中越来越受欢迎，这些投资者无法直接获得比特币etf。这一激增凸显了它们在通过股票市场促进比特币曝光方面的日益重要性。
Read Also: Leveraged MicroStrategy ETFs Are Playing With Fire, Experts Warn
阅读更多：杠杆microstrategy etf在玩火，专家警告
Rebalancing Flows Amplify Stock Volatility
再平衡资金流放大股价波动
Daily rebalancing of these ETFs magnifies volatility in MicroStrategy's stock. The "price-insensitive" nature of these flows, as described by Panigirtzoglou, exacerbates market moves, particularly during end-of-day trading.
这些etf的每日再平衡放大了microstrategy的股价波动。正如Panigirtzoglou所描述的“不计成本”的资金流的性质，尤其在交易日结束时，加剧了市场波动。
In November, there were five instances where rebalancing flows exceeded $2 billion in a single day. This contributed to the stock's near 60% surge during the month.
在11月，有五次再平衡流超过20亿美元，这导致该股在该月飙升近60%。
A Premium On Bitcoin Exposure
比特币曝光溢价
MicroStrategy's stock trades at a premium, reflecting factors like its inclusion in indices like MSCI World, enabling passive inflows, and its leveraged Bitcoin acquisition strategy.
microstrategy的股票交易溢价，反映了诸如被纳入MSCI世界指数等因素，能够实现被动流入，以及其杠杆比特币收购策略。
MicroStrategy "offers a way for those investors restricted from investing in spot bitcoin ETFs to gain bitcoin exposure," Panigirtzoglou said.
Panigirtzoglou表示，microstrategy“为那些受限于投资现货比特币etf的投资者提供了获得比特币曝光的途径。”
The company also serves as an "equivalent to a leveraged bitcoin fund (given its issuance of both equity and debt to acquire bitcoins)," he added.
他补充说，该公司还作为一个“相当于一个杠杆比特币基金的替代品（由于发行股票和债务来获取比特币）。”
With $17 billion spent on Bitcoin in 2024, including $13 billion this quarter alone, MicroStrategy's leveraged ETFs have become a linchpin in its Bitcoin acquisition strategy, reshaping its market presence and redefining how retail investors access crypto.
在2024年花费了170亿美元用于比特币，仅本季度就有130亿美元，microstrategy的杠杆etf已经成为其比特币收购策略的关键，重塑了其市场地位，并重新定义了零售投资者如何接触加密货币。
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Image: Shutterstock
图片：shutterstock
