暴跌14%！一份空头报告，把“比特币影子股”MSTR打崩了

华尔街见闻03-29

全球持有比特币最多的上市公司MicroStrategy（MSTR）遭到大空头狙击，其股价在周四美股一度重挫14%。著名做空机构Kerrisdale Capital在最新报告中称，他们正做空MicroStrategy，理由是后者股票估值过高。随着比特币不断刷新历史纪录，MicroStrategy 股价一路飙升，今年以来累计涨幅达到200% 以上。 Kerrisdale Capital指出，这种...

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A short report collapsed the \"Bitcoin Shadow Stock\" MSTR","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BTCO":1,"IBIT":1,"HODL":1,"GBTC":1,"FBTC":1,"EZBC":1,"EBON":1,"DEFI":1,"CAN":1,"BTCW":1,"BITB":1,"BRRR":1,"BITO":1},"content_text":"全球持有比特币最多的上市公司MicroStrategy（MSTR）遭到大空头狙击，其股价在周四美股一度重挫14%。\n\n著名做空机构Kerrisdale Capital在最新报告中称，他们正做空MicroStrategy，理由是后者股票估值过高。\n随着比特币不断刷新历史纪录，MicroStrategy 股价一路飙升，今年以来累计涨幅达到200% 以上。\nKerrisdale Capital指出，这种过度膨胀并不合理，作为比特币的代表，MicroStrategy股价涨幅已经远远超过其他数字资产。\n\nMicroStrategy相对有吸引力的常见原因都不足以证明，为同一枚硬币支付两倍以上的价格是合理的。\nMicroStrategy的交易历史和基本常识表明，当前的溢价将会减少，就像之前的情况一样，为调整交易提供了一个令人信服的机会。\n\n报告还强调，随着投资比特币的途径变得更加多样和便捷（如1月推出的比特币现货ETF），MicroStrategy股票所提供的“独特访问加密货币市场”的价值已大打折扣。\nMicroStrategy目前持有约214246枚比特币，其在加密资产上的重大投资，确实使公司成为市场上瞩目的焦点。\n然而，Kerrisdale Capital认为，市场对MicroStrategy的高估值缺乏足够的依据，尤其是在现有多种低费用的比特币金融产品（如ETF和ETP）面前。\n市场对于MicroStrategy以及整个加密货币行业持越来越谨慎。根据S3 Partners的数据显示，当前做空加密货币相关股份的规模已达到107亿美元，其中MicroStrategy和Coinbase成为做空投资的最大目标，合计占比约84%。风险提示及免责条款\n\n            市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2423043436"}