New names just joined the RWA Index 📊$MSTR, $COIN, $HOOD, $DFDV — now live.More details 👇https://t.co/f57otugy7P https://t.co/wM3kM75Let ...

（原标题：从"比特币飞轮策略"到华尔街背书 "持币大户"Strategy(MSTR.US)即将重拾狂野涨势?） 智通财经APP获悉，华尔街知名投资机构Canaccord Genuity近日发布研报称，重申对于迈克尔·塞勒 (Michael Saylor)所执掌的Strategy公司(MSTR.US)的"买入"评级，对于该公司的未来12个月内目标价仍然 定为 464美元。 截至上周五美股收盘，Strategy股价收于334.410美元，意味着在Canaccord Genuity看来这家有着"比特币 持仓大户"以及"比特币影子股"称号的公司股价有望重拾牛市轨迹——基于464美元目标价意味有着近 40%的潜在上行空间。 来自Canaccord Genuity的股票分析师团队在研报中表示，Strategy是当前最值得买入的强劲成长型股票 之一，并且重申高达464美元的目标价。该机构的分析师们认为，Strategy的优先股销售是推动股东价值 的显著驱动因素，称其今年通过这些发行筹集了超过60亿美元现金，使其"跻身美国资本市场历史上最 成功的筹资案例之一"。 该机构的分析师们补充称，尽管比特币价格的剧烈波动性是一个相当大 ...

作者：卜淑情，华尔街见闻 作为"比特币财库公司"模式的开创者，Strategy（原MicroStrategy，MSTR）正在经历一次前所未有的市 场考验。 8月份，Strategy股价累计下跌16.8%，抹去了公司长期相较于其比特币持仓所享有的大部分溢价。 市场的担忧主要来自Strategy融资策略的突然转变。公司原计划通过优先股募资购买比特币，但近期仅 筹集了4700万美元，远低于预期。为弥补不足，Strategy重启了普通股发行计划，违背了此前限制稀释 的承诺。 这一战略反转不仅打击了投资者信心，也对整个比特币财库模式构成威胁。目前，仿效Strategy模式的 企业财库总计持有超过1080亿美元比特币，占总供应量的4.7%。若Strategy的溢价优势崩塌，这一模式 的可持续性将受到全面质疑。 "财库模式"的破局 这一模式在2020年开启后，迅速点燃了企业财务配置数字资产的潮流。截至目前，全球已有逾百家公司 效仿，合计持有约1080亿美元的比特币，占流通总量的4.7%。 而如今，这套模式正在遭遇逆风。 7月底，Strategy承诺，除特殊情况外，不会在比特币持仓倍数（mNAV）倍数低于2.5的情况下发行股 ...

mstr s&p inclusion forces $15b passive buying and saylor converts it to btc removing 103k coins forever ...

Market Trend - Michael Saylor's strategy could join the S&P 500 as early as this week [1] - Billions in passive inflows are expected [1]

Strategy（原MSTR）原计划通过优先股募资购买比特币，但近期仅筹集了4700万美元，远低于预期。为弥补不足，公司重启了普通股发行计划，违背 了此前限制稀释的承诺。这一战略反转不仅打击了投资者信心，也对整个比特币财库模式构成威胁。分析人士指出，当Strategy选择在mNAV低位继续 增发股份时，可能触发"负向飞轮"：股价下跌削弱购币能力，进一步侵蚀市场信心，导致溢价加速压缩。 Strategy的商业逻辑一度被视为华尔街的创新案例：通过发行债券和股票融资购入比特币，再依赖市场给予的溢价不断滚动扩张。 这一模式在2020年开启后，迅速点燃了企业财务配置数字资产的潮流。截至目前，全球已有逾百家公司效仿，合计持有约1080亿美元的比特币，占流 通总量的4.7%。 而如今，这套模式正在遭遇逆风。 作为"比特币财库公司"模式的开创者，Strategy（原MicroStrategy，MSTR）正在经历一次前所未有的市场考验。 8月份， Strategy股价累计下跌16.8%， 抹去了公司长期相较于其比特币持仓所享有的大部分溢价。 市场的担忧主要来自Strategy融资策略的突然转变。公司原计划通过优先股募资购买比特 ...

Core Viewpoint - Strategy, the pioneer of the "Bitcoin treasury company" model, is facing unprecedented market challenges, with its stock price dropping 16.8% since August, erasing much of the premium it previously enjoyed relative to its Bitcoin holdings [1][4]. Group 1: Market Concerns - The primary concern stems from Strategy's sudden shift in financing strategy, where it raised only $47 million through preferred stock, significantly below expectations, leading to a restart of its common stock issuance plan [4][5]. - This strategic reversal has not only undermined investor confidence but also poses a threat to the entire Bitcoin treasury model, with companies emulating Strategy holding over $108 billion in Bitcoin, accounting for 4.7% of the total supply [4][5]. Group 2: Breakdown of the Treasury Model - The treasury model was once viewed as an innovative case on Wall Street, where companies issued bonds and stocks to acquire Bitcoin, relying on market premiums for continuous expansion [5]. - As of now, over a hundred companies have adopted this model, collectively holding approximately $108 billion in Bitcoin, which represents 4.7% of the circulating supply [5][6]. - However, this model is now facing headwinds, as Strategy's commitment to not issue stock below a Bitcoin holdings multiple (mNAV) of 2.5 has been relaxed, leading to the issuance of nearly 900,000 new shares [5][6]. Group 3: Investor Confidence and Market Dynamics - The breach of commitment has triggered a crisis of trust among investors, further depressing the premium, with Strategy's stock price now tethered to its mNAV rather than its software business [6]. - The mNAV has dropped to 1.57, indicating a loss of confidence in the treasury model, despite Bitcoin's strong market performance [6]. - Analysts suggest that issuing shares at low mNAV levels could initiate a "negative flywheel," where declining stock prices weaken purchasing power, eroding market confidence and accelerating premium compression [6]. Group 4: Broader Industry Challenges - Not only Strategy but also other Bitcoin treasury companies are under pressure, with nearly one-third of publicly traded companies holding Bitcoin seeing their stock prices fall below the value of their reserves [7]. - Smaller companies are particularly vulnerable due to liquidity constraints and reliance on convertible bonds, which introduce interest burdens and maturity risks [7]. - The rise of spot Bitcoin ETFs presents another challenge, as these funds offer Bitcoin exposure without the governance, leverage, or dilution risks associated with treasury companies, diminishing the relative advantages of the latter [7].

Core Insights - The emergence of crypto treasury companies allows investors to gain exposure to cryptocurrencies through corporate holdings, which involves accumulating coins and using corporate finance tools to buy more over time [3][4] - The model pioneered by Strategy (formerly MicroStrategy) has become a template for other companies, enabling them to scale up their crypto holdings and attract investors [4] - The equity of these treasury companies often trades at a premium or discount to the value of their underlying coins, leading to amplified gains and losses for shareholders [5][6] Group 1 - Crypto treasury companies are public entities focused on providing investors with exposure to cryptocurrencies via corporate holdings [3] - Strategy has become the largest corporate holder of Bitcoin, with approximately 632,457 coins reported in mid-August [4] - The equity of treasury companies can experience significant fluctuations based on market sentiment, making them similar to leveraged investments in the underlying cryptocurrencies [5][6] Group 2 - The rapid spread of the crypto treasury concept has led to dedicated companies accumulating various crypto assets, including Ethereum, Solana, and XRP [8] - There is a lack of clear competitive advantages among these treasury companies, as they primarily hold the same underlying assets that any investor can purchase directly [9][10] - Holding the cryptocurrency directly is suggested as a better long-term investment strategy compared to investing in these treasury companies, which may carry additional risks [11]

来源：市场资讯 （来源：吴说） 吴说获悉，据 BitcoinTreasuries 监测，规模达 2050 亿美元的佛罗里达州退休基金于二季度增持价值 600 万美元的 Strategy（MSTR）股票，目前总计持有 240,026 股 MSTR，价值 8000 万美元。 ...

RT Strategy (@Strategy)On a rolling 1-year basis, $MSTR has outperformed the Mag 7 stocks on every single day over the past year. https://t.co/xFIbTxRQtT ...