#加密概念美股 MicroStrategy (MSTR): The Capital Art of a Bitcoin Holding Company

This business intelligence company has transformed into a "Bitcoin Leveraged ETF," holding 223,000 BTC (worth approximately $16 billion). Its innovative "convertible bonds + equity financing" strategy has kept its average holding cost at $35,000. The enterprise-level Bitcoin mortgage business launched in 2024 has exceeded $800 million in scale, with an annual interest rate of 11%. The stock price has a 35% premium relative to the net value of BTC, reflecting the market's pricing of its "active management capabilities." The risk lies in the potential forced liquidation if Bitcoin falls below $40,000.