Odaily星球日报讯 Microstrategy（MSTR）今年迄今股价已上涨近 250%，延续 2023 年上涨 353%的势头。 虽然 BTC 在 2024 年迄今已实现强劲增长，但涨幅远不及 MSTR。在撰写本文时，BTC 的年初至今回报率为 60%，而 MSTR 的回报率几乎高出 4 倍。 这凸显了 MicroStrategy 的股票在多大程度上充当了对比特币价格走势的杠杆押注。MicroStrategy 的股票充当了比特币的杠杆版本。该公司使用债务为其比特币购买提供资金意味着其股价往往比比特币本身波动更大。当比特币上涨时，MicroStrategy 受益于放大的收益，这从该股全年的出色表现可以看出。 MicroStrategy 是比特币的最大企业持有者，拥有 252,220 BTC，价值超过 170 亿美元，总成本约为 99 亿美元。（The Block）

Odaily星球日报讯 Microstrategy（MSTR）今年迄今股价已上涨近 250%，延续 2023 年上涨 353%的势头。虽然 BTC 在 2024 年迄今已实现强劲增长，但涨幅远不及 MSTR。在撰写本文时，BTC 的年初至今回报率为 60%，而 MSTR 的回报率几乎高出 4 倍。这凸显了 MicroStrategy 的股票在多大程度上充当了对比特币价格走势的杠杆押注。MicroStrategy 的股票充当了比特币的杠杆版本。该公司使用债务为其比特币购买提供资金意味着其股价往往比比特币本身波动更大。当比特币上涨时，MicroStrategy 受益于放大的收益，这从该股全年的出色表现可以看出。MicroStrategy 是比特币的最大企业持有者，拥有 252,220 BTC，价值超过 170 亿美元，总成本约为 99 亿美元。（The Block）

MicroStrategy杠杆比特币策略使其股价年内涨幅超BTC四倍

Odaily Planet Daily Report: MicroStrategy (MSTR) stock price has risen nearly 250% so far this year, continuing the 253% rise in 2023. Although <BTC> has seen strong growth so far in 2024, the gains are far less than MSTR. At the time of writing, the year-to-date return for <BTC> is 60%, while the return for MSTR is almost 4 times higher. This highlights the extent to which MicroStrategy's stock serves as a leveraged bet on the price movement of Bitcoin. MicroStrategy's stock acts as a leveraged version of Bitcoin. The company's use of debt to fund its Bitcoin purchases means its stock price often fluctuates more than Bitcoin itself. When Bitcoin rises, MicroStrategy benefits from amplified gains, as evidenced by the stock's outstanding performance this year. MicroStrategy is the largest corporate holder of <BTC>, with 252,220 <BTC>, worth over $17 billion, at a total cost of around $9 billion. (<The Block>)

Odaily Planet Daily Report: MicroStrategy (MSTR) stock price has risen nearly 250% so far this year, continuing the 353% increase in 2023. Although <BTC> has seen strong growth so far in 2024, the increase is far less than MSTR. At the time of writing, the year-to-date return of <BTC> is 60%, while the return of MSTR is almost 4 times higher. This highlights the extent to which MicroStrategy's stock serves as a leveraged bet on the price movement of Bitcoin. MicroStrategy's stock acts as a leveraged version of Bitcoin. The company's use of debt to fund its Bitcoin purchases means its stock price often fluctuates more than Bitcoin itself. When Bitcoin rises, MicroStrategy benefits from amplified gains, as evidenced by the stock's excellent performance throughout the year. MicroStrategy is the largest corporate holder of <BTC>, with 252,220 <BTC>, worth over $17 billion, at a total cost of around $9 billion. (<The Block>)

MicroStrategy's leveraged Bitcoin strategy has caused its stock price to rise more than four times BTC this year

Odaily Planet Daily Report Steno Research stated in a report on Friday that the premium of MicroStrategy (MSTR) over its <BTC> holdings is unlikely to persist. "This belief is further supported by the weakening effect of MicroStrategy's recent stock split, " analyst Mads Eberhardt wrote, adding that the upcoming launch of a spot <BTC> exchange-traded fund (ETF) in the US will also reduce the incentive for investors to hold the stock rather than these ETFs. The software company founded by Michael Saylor underwent a 10-to-1 stock split in August, which Steno believes has contributed to the recent rally. Steno pointed out that MicroStrategy's premium over its <BTC> reserves has recently soared to nearly 300%. The report said this indicates the company's valuation is "significantly deviating from a simple calculation of its assets and business fundamentals." As regulators become more friendly towards <BTC> and the overall cryptocurrency, investors may choose to hold <BTC> directly rather than MicroStrategy's stock. Steno said this regulatory trend is expected to continue if Donald Trump is re-elected. <BTC> is expected to perform strongly this quarter and in 2025, which means "higher buying demand is needed to sustain MicroStrategy's current premium." The report added that MicroStrategy's current premium is unsustainable, especially considering that during the 2021 cryptocurrency bull market, its premium was mostly below 200%.

Steno Research: MicroStrategy's Bitcoin holdings at a nearly 300% premium are unsustainable

Odaily Planet Daily Report: Deribit Asia-Pacific business manager Lin Chen posted on X that the market has been sluggish for more than two months from 8.3-10.14, until the release of BlackRock's financial report ignited an overall mood of recovery, with the current greed index at 72. As <MicroStrategy ($MSTR)>'s financial report is about to be released, if the performance is good, the market sentiment is expected to further rise. This week is expected to still revolve around the election game, and a small number of institutional investors have already started to partially sell or hedge through options to avoid the uncertainty risks brought by the election.

Analysis: MicroStrategy's earnings report is about to be released, and if it performs well, it will further boost market sentiment

Odaily Planet Daily Report: Bitcoin supporter and Stanford University mathematics PhD Fred Krueger posted on X that BlackRock holds a 7% stake in Microsoft (MSFT), second only to Vanguard, and also holds an 8% stake in MicroStrategy (MSTR). These shareholders will vote on Monday to decide whether they should research buying BTC. As a major shareholder of Microsoft, BlackRock usually votes on its shares at the shareholders' meeting. As one of the largest asset management companies, BlackRock actively participates in the governance of its invested companies. They exercise voting rights on various issues, such as electing board members, executive compensation, mergers and acquisitions, and other corporate policies.

Previously, it was reported that Microsoft listed in a filing with the US SEC the issues to be discussed at the next shareholders' meeting. One of the proposals suggested that the company research Bitcoin to hedge against inflation and other macroeconomic impacts. The document shows that the Microsoft board of directors recommends that shareholders vote against the proposal, stating that Microsoft has "carefully considered this issue." The statement said: "Past assessments have already included Bitcoin and other cryptocurrencies as options for consideration, and Microsoft will continue to monitor trends and developments related to cryptocurrencies to inform future decisions. As the proposal itself points out, volatility is a consideration factor in evaluating cryptocurrency investments, which require stable and predictable investments for corporate financial applications to ensure liquidity and working capital. Microsoft has established robust and appropriate processes to manage and diversify its corporate finances to benefit shareholders in the long term, and this demand for public evaluation is unreasonable."

Afterwards, MicroStrategy founder Michael Saylor posted on the X platform, calling out Microsoft CEO Satya Nadella, saying: "If you want to earn the next trillion dollars for your shareholders, give me a call."