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.
納斯達克：microstrategy公司的槓桿etf放大了該公司作爲事實上比特幣代理的角色。
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.
根據摩根大通分析師Nikolaos Panigirtzoglou的說法，這些etf——Defiance Daily Target 2x Long MSTR ETF（納斯達克:MSTX）和t-Rex 2X Long MSTR Daily Target ETF（BATS:MSTU）——推動了創紀錄的資金流入，顯著影響了microstrategy的股票波動性和估值。
Leveraged ETFs tied to MicroStrategy stock accounted for $3.4 billion of November's $11 billion inflows into crypto markets, Panigirtzoglou notes.
與microstrategy股票掛鉤的槓桿etf在11月的110億美元流入加密市場中佔了34億美元，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.
這些旨在通過microstrategy股票提供放大比特幣曝光的etf在零售投資者中越來越受歡迎，這些投資者無法直接獲得比特幣etf。這一激增凸顯了它們在通過股票市場促進比特幣曝光方面的日益重要性。
Read Also: Leveraged MicroStrategy ETFs Are Playing With Fire, Experts Warn
閱讀更多：槓桿microstrategy etf在玩火，專家警告
Rebalancing Flows Amplify Stock Volatility
再平衡資金流放大股價波動
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.
這些etf的每日再平衡放大了microstrategy的股價波動。正如Panigirtzoglou所描述的「不計成本」的資金流的性質，尤其在交易日結束時，加劇了市場波動。
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，有五次再平衡流超過20億美元，這導致該股在該月飆升近60%。
A Premium On Bitcoin Exposure
比特幣曝光溢價
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的股票交易溢價，反映了諸如被納入MSCI世界指數等因素，能夠實現被動流入，以及其槓桿比特幣收購策略。
MicroStrategy "offers a way for those investors restricted from investing in spot bitcoin ETFs to gain bitcoin exposure," Panigirtzoglou said.
Panigirtzoglou表示，microstrategy「爲那些受限於投資現貨比特幣etf的投資者提供了獲得比特幣曝光的途徑。」
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.
他補充說，該公司還作爲一個「相當於一個槓桿比特幣基金的替代品（由於發行股票和債務來獲取比特幣）。」
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年花費了170億美元用於比特幣，僅本季度就有130億美元，microstrategy的槓桿etf已經成爲其比特幣收購策略的關鍵，重塑了其市場地位，並重新定義了零售投資者如何接觸加密貨幣。
- MicroStrategy-Linked ETFs Skyrocket 400% This Year: Is This 'The Michael Saylor Effect'?
- 與microstrategy相關的etf今年飆升400%：這是『邁克爾·塞勒效應』嗎？
Image: Shutterstock
圖片：shutterstock
譯文內容由第三人軟體翻譯。
