#微策略募资支持比特币战略

As the "first stock of Bitcoin", MicroStrategy recently announced plans to raise **$42 billion** (with $21 billion each from equity and bonds) through various financing methods such as issuing new shares and bonds over the next three years, continuing to increase its Bitcoin purchases! Currently, its total Bitcoin holdings have exceeded **444,000 coins** (with a total cost of about $27.7 billion), accounting for over 2% of the total Bitcoin supply, firmly ranking first among publicly listed companies in terms of Bitcoin holdings.

**Why has this strategy sparked market enthusiasm?**

1️⃣ **Leveraged Capital Operations**: By issuing convertible bonds (with interest rates as low as 0.625%) and increasing the number of shares (from 330 million to 10.33 billion authorized shares), it uses low-cost funds to purchase Bitcoin, creating a “stock-coin-debt” synergistic effect. The stock price skyrockets with the rise of Bitcoin, increasing more than 20 times since 2020, with a market value nearing $100 billion.

2️⃣ **Institutional Endorsement and Increased Liquidity**: Inclusion in the Nasdaq 100 index in December 2024 attracted over $2.1 billion in passive ETF inflows, further boosting market value and creating a “capital flywheel effect”.

3️⃣ **Long-Term Return Goals**: Michael Saylor claims an annualized return target for Bitcoin of 6%-10% and emphasizes Bitcoin's anti-inflation properties as “digital gold”, calling on giants like Microsoft and Berkshire to follow suit.

**Controversies and Risks Coexist**

▫️ **Premium and Volatility Risks**: Current stock prices show a significant premium compared to Bitcoin's net asset value (NAV); a sharp decline in Bitcoin prices could trigger selling pressure.

▫️ **Regulatory and Compliance Challenges**: Chinese companies face restrictions on the use of foreign debt, making it difficult to replicate this strategy, highlighting the uniqueness and policy dependency of the MicroStrategy model.

**Future Outlook**

Bernstein analysts predict that its stock price could soar to **$2,890** (current price about $1,469) and believe its convertible bond strategy can flexibly respond to market fluctuations. If Bitcoin breaks $100,000, MicroStrategy could become the biggest winner!