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.
隨着比特幣（CRYPTO: BTC）價格達到歷史最高水平，MicroStrategy（納斯達克:MSTR）積極的比特幣積累策略再次成爲交易者和分析師討論的焦點。
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.
發生了什麼：在週一的一條推文中，行業專家亞歷克斯·科利基奇回應了有關MSTR的常見誤解，解釋該股票既不是對比特幣的槓桿期權，也不是合成的看漲期權。
Instead, Kolicich pointed out several structural inefficiencies:
相反，科利基奇指出了幾個結構性低效：
- 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的交易價格比其比特幣資產的淨資產價值（NAV）溢價140%。
- 每投資1美元於MSTR股票，僅能提供0.45美元的比特幣曝光，遠低於直接擁有比特幣。
Kolicich further elaborated that MicroStrategy is not leveraged but instead deleveraged, offering reduced Bitcoin exposure compared to direct investments.
科利基奇進一步闡述，MicroStrategy並沒有槓桿，而是去槓桿化，與直接投資相比，提供了較少的比特幣曝光。
He highlighted alternatives like BITX, which provide 2x leverage without a NAV premium.
他強調了像BITX這樣的替代方案，它們提供2倍的槓桿，而不需要NAV的溢價。
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，儘管傳統的資產看漲期權通常由於其長期波動性曝光而提供槓桿上行，MSTR的可轉債則有效地開空波動性，稀釋了股東在比特幣價格上漲時的回報。
Also Read: MicroStrategy Expands Bitcoin Holdings By 15,350 BTC Worth $1.5 Billion After Joining Nasdaq 100
另請閱讀：MicroStrategy 在加入 Nasdaq 100 後，擴展比特幣持有量 15,350 BTC，價值 15億
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：加密交易員 TheFlowHorse 在 12 月 17 日於 X 發佈的帖子中強調了 Saylor 積極購買比特幣的影響，指出這些收購大大提高了 MicroStrategy 的美元成本平均價至 $61,000。
This figure is approximately 40% higher than Bitcoin's current price, introducing potential risks if prices fail to recover significantly.
這個數字比比特幣當前價格高出大約 40%，如果價格未能大幅回升，將帶來潛在風險。
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 最近的比特幣購買。這些購買量如此之大，以至於他將美元成本平均價格提高了近 50%，達到了 6.1萬。
— HORSE (@TheFlowHorse) 2024年12月16日
該水平大約相距 40%。
我們已經多年沒有出現如此大幅度的回調，但總有一天你得考慮如果...... 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.
分析師警告稱，儘管比特幣的回調在歷史上一直很罕見，但 Saylor 的策略可能使 MSTR 面臨潛在的下行風險，尤其是由於其 C-Corp 結構會遭受雙重徵稅，而不像更有效的 ETF。
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- 特朗普對比特幣儲備非常認真，MicroStrategy 的邁克爾·塞勒表示：'現在買入，擁有未來'。
Image: Shutterstock
圖片：shutterstock
