8月重挫17%，“比特币持仓溢价”抹去大半，“数字币财库龙头”MSTR面临考验

Core Viewpoint - Strategy (formerly MicroStrategy) is facing unprecedented market challenges due to a sudden shift in its financing strategy, which has raised concerns about the sustainability of the Bitcoin treasury model [3][6]. Group 1: Financing Strategy and Market Impact - Strategy initially planned to raise funds through preferred stock to purchase Bitcoin but only raised $47 million, significantly below expectations [6][8]. - To compensate for the shortfall, the company restarted its common stock issuance plan, contradicting previous commitments to limit dilution, which has negatively impacted investor confidence [6][9]. - The stock price of Strategy has dropped 16.8% in August, erasing much of the premium it previously enjoyed relative to its Bitcoin holdings [4][6]. Group 2: Treasury Model Challenges - The Bitcoin treasury model, once seen as an innovative case on Wall Street, is now under scrutiny as Strategy's premium advantage collapses, raising questions about the sustainability of this model [7][10]. - Over 100 companies have emulated Strategy's model, collectively holding approximately $108 billion in Bitcoin, which represents 4.7% of the total supply [7][10]. - The market's confidence in the treasury model is wavering, as evidenced by the decline in the multiple of Bitcoin holdings (mNAV) to 1.57, despite Bitcoin's strong market performance [9][10]. Group 3: Broader Industry Implications - Nearly one-third of publicly traded companies that have incorporated Bitcoin into their balance sheets now trade below the value of their reserves, indicating widespread pressure on Bitcoin treasury firms [10][11]. - The rise of spot Bitcoin ETFs poses a challenge to treasury companies, as these funds provide exposure to Bitcoin without the risks associated with corporate governance, leverage, or dilution [10][11]. - Attention is shifting towards other digital assets like Ethereum and Solana, with over $19 billion invested in Ethereum-focused treasuries, suggesting a diversification trend in the digital asset space [11][12].