比特币最大持有者MicroStrategy遭做空，被指严重溢价_老虎社区_美港股上老虎

比特币最大持有者MicroStrategy遭做空，被指严重溢价

新浪美股03-28

周四，MicroStrategy盘中走低，截至发稿跌幅近4%。卖空投资公司Kerrisdale Capital今日发布报告称，该公司做多比特币，但做空 MicroStrategy，后者是比特币目前最大的企业持有者。Kerrisdale Capital称，与推动其价值增长的比特币相比，MicroStrategy当前的交易价格存在不合理的溢价。最近，随着比特币价格的上涨，MicroStrategy的...

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橡北007
·03-29
Kerrisdale，你这是刀口舔血呀
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hssssssl
·03-29
他不知道国内的人买不了ETF 只能买它
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随着比特币价格的上涨，MicroStrategy的股价也随之飙升。但正如数字加密货币领域经常出现的情况一样，事情已经变得失控。当前，MicroStrategy股票隐含的比特币价格已超过17.7万美元，即比特币现货价格的2.5倍。之前，MicroStrategy股票是获得比特币的一种罕见且独特的方式，但这种日子已经一去不复返了。通过经纪公司、数字加密货币交易所，以及最近的低费用ETP和ETF，比特币现在很容易获得。在通常提及的MicroStrategy具有吸引力的理由中，没有一个能证明：为同一枚货币支付远高于两倍的价格是合理的。MicroStrategy的交易历史和基本常识表明，当前被夸大的溢价将会缩水。MicroStrategy将自己标榜为一家比特币开发公司。其稳定但萎靡不振的软件分析业务，仅占该公司总企业价值的3%。MicroStrategy的价值是由其持有的比特币推动的，这些比特币主要是通过债务融资、与股权挂钩的可转换票据和ATM股权发行获得的。看涨人士认为，MicroStrategy管理层“明智地”使用杠杆，以及从股票销售收益中增加比特币购买量，就是其股价应该大幅溢价的理由。但事实上，这种逻辑是有缺陷的。杠杆的利用是双向的，虽然MicroStrategy成功地增加了比特币的持有量，但大规模稀释的影响，也使得每股代表的比特币数量几乎保持不变，股东价值创造在很大程度上是由简单的比特币价格升值推动的。而其他被引述导致大幅溢价的原因，如将软件业务的现金流再投资于比特币的能力、没有管理费、流动性和交易便利性等，也都没有太大的说服力。例如，IBIT、FBTC和其他一系列工具提供的流动性和交易便利性，只会在全球范围内不断增加。这些事态发展对比特币来说是个好兆头，但对MicroStrategy的价值和臃肿的资产净值来说是一个长期威胁。当前，MicroStrategy的股票溢价为2.6倍，非常高。自2021年初以来，有94%的交易日溢价在2.0倍或以下，历史平均值为1.3倍。","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":[{"id":289500766253280,"gmtCreate":1711685535833,"gmtModify":1711685537593,"author":{"id":"3443990987691953","authorId":"3443990987691953","name":"橡北007","avatar":"https://static.tigerbbs.com/f18dce689b9e0938f05b00d980e98186","vip":1,"hat":"https://static.tigerbbs.com/3b7820dfed76481d8dc4de6ac5a7a136","crmLevel":9,"crmLevelSwitch":1},"htmlText":"Kerrisdale，你这是刀口舔血呀","listText":"Kerrisdale，你这是刀口舔血呀","text":"Kerrisdale，你这是刀口舔血呀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/289500766253280","repostId":1151920639,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":289400910262520,"gmtCreate":1711677559011,"gmtModify":1711677560926,"author":{"id":"3566808741894846","authorId":"3566808741894846","name":"hssssssl","avatar":"https://static.tigerbbs.com/292e62bc391ddf29d9637dac9cd1ada8","vip":1,"crmLevel":6,"crmLevelSwitch":1},"htmlText":"他不知道国内的人买不了ETF &nbsp;只能买它","listText":"他不知道国内的人买不了ETF &nbsp;只能买它","text":"他不知道国内的人买不了ETF 只能买它","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/289400910262520","repostId":1151920639,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":8,"commentSize":2,"repostSize":4,"favoriteSize":5,"likeStatus":false,"favoriteStatus":false}}