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.
比特幣是一種雄心勃勃的資產2020年，今年到目前為止增長了約155%。世界上交易量最大的數字貨幣上週晚些時候超過了18,000美元的門檻。
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.
比特幣的浮力使其有望創下20089美元的歷史新高，這種加密貨幣在2017年12月17日盤中觸及20089美元。比特幣市值創歷史新高，反映出投資者對該資產的興趣增加。
It is against this backdrop that short seller Citron issued a long call on the cryptocurrency Tuesday.
正是在這種背景下，賣空者雪鐵龍(Citron)週二對這種加密貨幣發出了多頭呼籲。
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.
從短到長，用了3年時間：三年前曾直言不諱地對比特幣持懷疑態度的雪鐵龍(Citron)，現在已經改變了立場。該公司表示，它現在做多數字貨幣，認為市場上沒有更好的通脹對衝。
Citron is not recommending Bitcoin but as a response to many emails... we must admit Citron Fund is a $Hodler. We own BTC through $MSTR. Read Citron report ONLY if you want Bitcoin exposure. https://t.co/Fn9MwJO3Xn
— Citron Research (@CitronResearch) November 24, 2020
Citron不推薦比特幣，但作為對許多電子郵件的回覆……我們必須承認雪鐵龍基金是一個$Hodler。我們通過以下途徑擁有BTC$Mstr。只有在你想曝光比特幣的情況下，才能閲讀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通過MicroStrategy的比特幣曝險： 微戰略公司(MicroStrategy Inc.)(納斯達克：Mstr根據Citron的説法，商業智能公司)是獲得比特幣敞口的唯一安全和經濟高效的方式。
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.
賣空者認為，由於比特幣被盜的可能性，實際持有比特幣是有風險的。通過以下方式投資比特幣灰度比特幣信託(BTC)(場外交易：GBTC)，投資者需要支付相對於標的價格的溢價，Citron表示。
"Today, MSTR owns more bitcoin than any other publicly traded company," the short seller said.
這位賣空者表示：“如今，Mstr擁有的比特幣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，該公司投資4.25億美元購買了38,250枚比特幣，市值超過7億美元。報告稱，因此，該公司的股價僅為其銷售額的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認為MicroStrategy的比特幣寶庫將繼續增長。此外，Citron表示，該公司正在尋求建立一套比特幣數據服務。
"As investors scramble to look for ways to capitalize on bitcoin in the stock market, look no further than MSTR," the report said.
報告稱，“當投資者爭相尋找在股市利用比特幣獲利的方法時，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."
“按照今天的價格，投資者將以折扣價獲得同類最佳的軟件業務，並擁有不斷增長的比特幣寶庫的免費看漲期權。”
Citron has a $700 price target for MicroStrategy shares, representing roughly 220% upside from current levels.
Citron為MicroStrategy的股價設定了700美元的目標價，較當前水平上漲了約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.
本辛加的觀點：雪鐵龍(Citron)對MicroStrategy的推薦不得不持保留態度，因為該公司在這家科技公司擁有一席之地。
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.
鑑於比特幣不是MicroStrategy的主營業務，目前仍不清楚比特幣能為該公司的長期估值提供多大的上行空間。
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.
投資者還應牢記2017年後加密貨幣的崩盤。比特幣花了大約三年時間才回到之前的峯值。
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.
最新消息顯示，微策略股價上漲8.83%，至240.25美元，灰度比特幣信託上漲6.19%，至23.5美元。