MicroStrategy's Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community
MicroStrategy's Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community
Kolicich further elaborated that MicroStrategy is not leveraged but instead deleveraged, offering reduced Bitcoin exposure compared to direct investments. With Bitcoin (CRYPTO: BTC) prices peaking to all-time high levels, MicroStrategy's (NASDAQ:MSTR) aggressive Bitcoin accumulation strategy has once again become a focal point in discussions among traders and analysts.
随着比特币（CRYPTO: BTC）价格达到历史最高水平，MicroStrategy（纳斯达克:MSTR）积极的比特币积累策略再次成为交易者和分析师讨论的焦点。
What Happened: In a tweet on Monday, industry expert Alex Kolicich addressed common misconceptions about MSTR in a recent tweet, explaining that the stock is neither a leveraged nor a synthetic call option on Bitcoin.
发生了什么：在周一的一条推文中，行业专家亚历克斯·科利基奇回应了有关MSTR的常见误解，解释该股票既不是对比特币的杠杆期权，也不是合成的看涨期权。
Instead, Kolicich pointed out several structural inefficiencies:
相反，科利基奇指出了几个结构性低效：
- MSTR trades at a 140% premium to its Bitcoin holdings' net asset value (NAV).
- Each $1 invested in MSTR stock provides only $0.45 of Bitcoin exposure, far less than direct Bitcoin ownership.
- MSTR的交易价格比其比特币资产的净资产价值（NAV）溢价140%。
- 每投资1美元于MSTR股票，仅能提供0.45美元的比特币曝光，远低于直接拥有比特币。
Kolicich further elaborated that MicroStrategy is not leveraged but instead deleveraged, offering reduced Bitcoin exposure compared to direct investments.
科利基奇进一步阐述，MicroStrategy并没有杠杆，而是去杠杆化，与直接投资相比，提供了较少的比特币曝光。
He highlighted alternatives like BITX, which provide 2x leverage without a NAV premium.
他强调了像BITX这样的替代方案，它们提供2倍的杠杆，而不需要NAV的溢价。
Additionally, while traditional call options on assets typically offer leveraged upside due to their long volatility exposure, MSTR's convertible bonds effectively short volatility, diluting shareholder returns as Bitcoin prices rise.
此外，尽管传统的资产看涨期权通常由于其长期波动性曝光而提供杠杆上行，MSTR的可转债则有效地开空波动性，稀释了股东在比特币价格上涨时的回报。
Also Read: MicroStrategy Expands Bitcoin Holdings By 15,350 BTC Worth $1.5 Billion After Joining Nasdaq 100
另请阅读：MicroStrategy 在加入 Nasdaq 100 后，扩展比特币持有量 15,350 BTC，价值 15亿
Why It Matters: Crypto trader TheFlowHorse on Dec. 17 in a post on X emphasized the implications of Saylor's aggressive Bitcoin purchases, noting that these acquisitions have significantly raised MicroStrategy's DCA to $61,000.
重要性：加密交易员 TheFlowHorse 在 12 月 17 日于 X 发布的帖子中强调了 Saylor 积极购买比特币的影响，指出这些收购大大提高了 MicroStrategy 的美元成本平均价至 $61,000。
This figure is approximately 40% higher than Bitcoin's current price, introducing potential risks if prices fail to recover significantly.
这个数字比比特币当前价格高出大约 40%，如果价格未能大幅回升，将带来潜在风险。
Take a look at Saylor's recent Bitcoin buys. The buys up here are so large that he has increased his dollar cost average price by nearly 50%, to 61k.
— HORSE (@TheFlowHorse) December 16, 2024
That level is around 40% away.
We haven't had a pullback of that magnitude for years, but at some point you have to wonder if in... pic.twitter.com/erhdvrErn2
看看 Saylor 最近的比特币购买。这些购买量如此之大，以至于他将美元成本平均价格提高了近 50%，达到了 6.1万。
— HORSE (@TheFlowHorse) 2024年12月16日
该水平大约相距 40%。
我们已经多年没有出现如此大幅度的回调，但总有一天你得考虑如果...... pic.twitter.com/erhdvrErn2
Analysts warn that while Bitcoin's pullbacks have historically been rare, Saylor's strategy could leave MSTR exposed to potential downside risk, especially with its C-Corp structure subject to double taxation, unlike more efficient ETFs.
分析师警告称，尽管比特币的回调在历史上一直很罕见，但 Saylor 的策略可能使 MSTR 面临潜在的下行风险，尤其是由于其 C-Corp 结构会遭受双重征税，而不像更有效的 ETF。
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Image: Shutterstock
图片：shutterstock
