由于用于融资和支付股息的股份稀释，MSTR 的下行风险相对 Bitcoin 更为加剧，因此对其持负面看法。
逐段跳播
Micro Strategy 他们买了比特币，但资金从哪来？还有华尔街，华尔街在做什么？
Micro Strategy they bought Bitcoin but how do they fund it and also Wall Street what is Wall Street doing?
我们来稍微聊聊 Micro Strategy。Micro Strategy，我原本以为是一首 Bob Dylan 的歌。我猜我还年轻。抱歉，我不懂你们 1920 年代的梗。是 50 年代的，我知道。
好，我们来看看 Strategy。Strategy。这是他们为 8K 表格提交的 13 号 F 文件。所以这里是 8K。你看到第 13 节，但我们继续往下滚。那么 8K 表格，他们的 8K 表格里是什么？
嗯，只是拆解了他们做了什么。他们卖了股票。他们在这里卖出了超过一百万股。他们拿到了 2.46 亿美元。那么用简单的话说这意味着什么？他们稀释了股份来筹集现金。他们拿这些现金做了什么？
这是个大问题。嗯，他们买了 1600 枚比特币。所以，他们最终花了 1.42 亿美元，平均价格 85,000 美元。现在记住，他们拿到了 2.4 亿美元。他们只在比特币上花了 1.4 亿美元。
剩下的钱他们做了什么？嗯，他们回购了一些他们的 STRC，但他们花的钱超过了一亿。所以，他们实际上动用了自己的现金储备。STRC 的交易价格不是 100 美元。而且他们实际上额外花了 4800 万美元来回购一些 STRC 股票。
这可不妙。他们不得不从现金储备中拿出 2200 万美元来支付其优先股的股息。所以他们有 Micro Strategy 股票。然后他们还有另一只股票，应该在 100 美元左右，应该支付大约 10%。
10% 的收益率，非常接近每月 1%。所以每个月他们都得拿出钱来支付 STRC 的股东。所以，你知道，我只是不太喜欢他们稀释股票。我不是 Micro Strategy 的最大粉丝。
当比特币上涨时，当然，它涨得更高。但当比特币下跌时，它也跌得更狠。所以，我宁愿直接买那个橙色硬币。我宁愿直接买比特币。
Let's talk about Micro Strategy for a little bit, folks. Uh, Micro Strategy, I was originally a Bob Dylan song. I I guess I am a youngster. I'm sorry I don't know your 1920s reference.
It's 50s, I know. All right, let's look at Strategy. Strategy. This is their 13 uh F filing for their form 8K. So it's 8K here. Uh you see section 13, but let's uh keep scrolling here.
So form 8K, what's what's their 8K form here? Well, it's just breaking down what they did. So they sold stock. They sold over a million shares here. They got $246 million. So what does this mean in simple terms?
They diluted their shares to raise their cash. What did they do with that cash? That's the big question. Well, they bought 1600 Bitcoin. So, they ended up spending 142 million, average price of $85,000.
Now, remember, they got 240 million. They only spent 140 million on Bitcoin. What did they do with the rest? Well, they bought back some of their STRC, but they spent more than the hundred million.
So, they actually dipped into their cash pile. STRC isn't trading at $100. And they actually spent an additional 48 million to buy some back of uh the STRC stock. And this is not great, folks.
They had to spend 22 million out of their cash reserves to fund the dividends on its preferred stock. So they have the Micro Strategy stock. Then they have another stock that's supposed to be around $100 that's supposed to pay around 10%. 10% yield, very close to 1% a month.
And so every month they have to come up with money to pay their shareholders of that STRC. So, uh, you know, I I'm just not a big fan of them diluting their stock. I'm not the biggest fan of Micro Strategy.
When Bitcoin goes up, sure, it goes up higher. But when Bitcoin falls, it also falls harder. So, me, I'd rather just buy the orange coin. I'd rather just buy Bitcoin.
这个频道对 $MSTR 的历次判断
Verified Investing 在这只股票上共 5 条判断，这里只列相邻的几条。