MicroStrategy Trading At 'Insane' 256% Premium To Bitcoin Holdings, Research Shows
MicroStrategy Trading At 'Insane' 256% Premium To Bitcoin Holdings, Research Shows
MicroStrategy Incorporated (NASDAQ:MSTR) is trading at an astonishing 256% premium to the net asset value (NAV) of its Bitcoin (CRYPTO: BTC) holdings, according to research conducted by BitMEX.
根據BitMEX的研究，MicroStrategy公司（納斯達克：MSTR）的交易價格比其比特幣（CRYPTO：BTC）持有的淨資產值（NAV）高出驚人的256%。
The analysis highlights the extreme valuation disparity between MicroStrategy's current market capitalization, driven by its aggressive Bitcoin acquisition strategy, and the actual value of the Bitcoin it holds.
分析強調了MicroStrategy當前市場市值與其積極的比特幣收購策略之間的極端估值差異，以及它實際持有的比特幣的價值。
"MicroStrategy's premium is insane, perhaps in part driven by some financial regulators banning people from buying Bitcoin ETFs. These people are so desperate for Bitcoin exposure, they buy MSTR instead, despite the premium," BitMEX Research stated.
"MicroStrategy的溢價太瘋狂了，這可能部分是由於一些金融監管機構禁止人們購買比特幣etf。那些人對比特幣的渴望如此強烈，以至於他們買入MSTR，儘管存在溢價，" BitMEX研究表示。
Also Read: Strategic Bitcoin Reserve Wouldn't Require New Taxpayer Dollars, Says Sen. Cynthia Lummis
另請閱讀：戰略性比特幣儲備不需要新的納稅人資金，參議員辛西婭·拉米斯表示。
Breaking Down the Numbers
數字分析
MicroStrategy currently holds 331,200 bitcoin, valued at approximately $32.3 billion, assuming a Bitcoin price of $97,600.
MicroStrategy目前持有331,200個比特幣，按比特幣價格爲$97,600計算，價值約$323億。
However, with a fully diluted market cap of $115 billion and a share price of $474, the company's valuation significantly exceeds its Bitcoin holdings.
然而，公司的完全稀釋市值爲$1150億，而股價爲$474，公司的估值顯著超過其比特幣持有。
This disparity reflects an implicit bet by investors on the company's ability to leverage its premium for further Bitcoin acquisitions.
這種差異反映了投資者對公司利用其溢價進一步收購比特幣的能力的隱含押注。
BitMEX Research explored scenarios where MicroStrategy could theoretically align its Bitcoin per share value with its current trading price of $474, assuming the Bitcoin price remains constant at $97,600 and the premium persists.
BitMEX研究探討了MicroStrategy在假設比特幣價格保持在$97,600且溢價持續的情況下，如何理論上將其每股比特幣價值與當前交易價格$474對齊的場景。
Under these conditions, MicroStrategy would need to:
在這些條件下，MicroStrategy需要：
- Issue 157 million additional shares, raising $157 billion.
- Accumulate 1.9 million Bitcoin in total holdings.
- Reach a market capitalization of $674 billion, with a share price climbing to $1,685.
- 發行15700萬額外的股份，籌集$1570億。
- 累計持有190萬比特幣。
- 達到市值$6740億，股價上漲至$1,685。
This iterative calculation assumes the company continues issuing new equity at a premium to acquire more Bitcoin, a strategy MicroStrategy has employed since 2020.
這個迭代計算假設公司繼續以溢價發行新股來獲得更多比特幣，這是MicroStrategy自2020年以來採用的策略。
"If the premium persists, the company can keep issuing new shares until the value of the Bitcoin per share equals the current share price," BitMEX Research added.
"如果溢價持續，公司可以繼續發行新股，直到每股比特幣的價值等於當前的股價，" BitMEX研究補充道。
Premium Justified By Strategy?
策略是否合理化溢價？
While some argue that the premium reflects investor enthusiasm for indirect Bitcoin exposure, others view it as a speculative bubble.
一些人認爲這個溢價反映了投資者對間接比特幣投資的熱情，而另一些人則將其視爲泡沫。
BitMEX Research emphasized that the premium may only remain sustainable if investors continue to believe in MicroStrategy's yield strategy.
BitMEX研究強調，只有當投資者繼續相信microstrategy的收益策略時，溢價才可能持續。
"At that point, with a $1,685 share price, people may need to think the premium will still remain for another round of this," the analysis stated.
分析指出，"在那時，股價爲$1,685，人們可能需要考慮溢價是否仍將保持，進行另一輪的投資。"
The company's holdings position it as a major Bitcoin proxy, the 256% premium suggests that investors are paying a significant markup for exposure, far exceeding the actual value of its Bitcoin.
公司的持倉使其成爲主要的比特幣代理，而256%的溢價表明投資者爲此支付了顯著的加價，遠超其比特幣的實際價值。
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Image: Shutterstock
圖片：shutterstock
譯文內容由第三人軟體翻譯。
