股价已不及币价！“最大比特币财库”MSTR成焦点，CEO坚决否认抛售，称“继续囤币”

Core Viewpoint - MicroStrategy is facing significant challenges as its market capitalization has fallen below the total value of its Bitcoin holdings, marking a historic first for the company [1]. Group 1: Market Performance - As of Friday, MicroStrategy's market capitalization dropped to $59 billion, while its Bitcoin holdings are valued at $62.3 billion, resulting in a relative net asset value multiple (mNAV) of approximately 0.95 [1]. - The company's stock price has plummeted 32% over the past month, coinciding with Bitcoin's price falling below $95,000, reaching a six-month low [1]. Group 2: Company Strategy and Actions - Michael Saylor, co-founder and executive chairman, stated that the company is continuing to purchase Bitcoin and plans to announce new purchases on Monday, expressing confidence that the market will be surprised [1][5]. - MicroStrategy's strategy has consistently been to buy Bitcoin, with pauses in announcing new purchases at the end of each fiscal quarter [3]. Group 3: Financing Mechanism - The current market situation has raised concerns about MicroStrategy's financing mechanism, which relies on issuing stock and convertible bonds at a premium to purchase Bitcoin [4]. - The company's mNAV of 0.95 indicates that this financing mechanism has become ineffective [4]. - MicroStrategy has raised $8.2 billion through convertible bonds and $7.6 billion in preferred stock, with a recent announcement of a €715 million preferred stock issuance in Luxembourg [5]. Group 4: Debt and Financial Stability - Despite the market's skepticism, Saylor expressed confidence in the company's financial stability, asserting that even if Bitcoin prices were to drop by 80%, MicroStrategy would still have sufficient collateral to meet its debt obligations [6]. - The company's convertible bonds are not due until 2028, making it unlikely that MicroStrategy will need to sell Bitcoin to repay debts in the near term [3].