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cover of episode Lots More with Matt Levine on MicroStrategy's Infinite Money Machine

Lots More with Matt Levine on MicroStrategy's Infinite Money Machine

2025/1/31
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主持人: MicroStrategy通过发行股票购买比特币,股票价格高于比特币资产价值,形成一个持续增值的循环。 Matt Levine: MicroStrategy的策略并非经典的套利,因为股票价格和比特币资产价值的差距持续存在,公司持续增值。其策略并非高杠杆购买比特币,因为市值是比特币资产价值的两倍,这是一种反向杠杆。MicroStrategy声称拥有更好的购买比特币方式,但实际上其市值远高于比特币资产价值,这并非杠杆策略。MicroStrategy发行可转换债券,即使股票溢价很高,仍然吸引投资者,说明其策略有效。可转换债券吸引投资者,一部分原因是其为投资者提供了获得比特币上涨收益的机会,同时降低了风险。MicroStrategy股票波动性高,一部分原因是其可转换债券的套利策略。可转换债券是一种期权交易策略,投资者通过买卖股票来对冲风险,并从股票波动中获利。可转换债券的交易策略,利用股票波动性获利。MicroStrategy在财报中宣传其股票的高波动性,以此吸引可转换债券投资者。MicroStrategy利用股票高波动性吸引投资者,并通过发行可转换债券筹集资金。杠杆ETF加剧了MicroStrategy股票的波动性,这与可转换债券的策略形成互补。MicroStrategy的策略是一个持续增值的循环机制。MicroStrategy股票价格远高于比特币资产价值,其原因尚不明确。比特币价格下跌可能对股票价格造成严重影响。 许多公司尝试复制MicroStrategy的模式,但规模较小,且部分公司采用类似Dogecoin等加密货币的策略。MicroStrategy模式的成功,一部分原因在于其是真实的公司。MicroStrategy试图进入标普500指数,这将改变其比特币收益的会计处理方式。MicroStrategy的模式可能成为一种新的资产类别,但其风险也值得关注。大量投资于加密货币可转换债券存在风险,特别是当加密货币市场大幅下跌时。传统上,可转换债券主要由波动性大的公司发行,例如能源和科技公司。可转换债券吸引那些信用评级不佳但股价波动性大的公司。

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Everyone knows by now that MicroStrategy looks a lot like a giant Bitcoin ETF. Its founder, Michael Saylor, is a huge supporter of the cryptocurrency and his company has been snapping up billions of dollars worth of the coins. The strategy has so far proved successful. In fact, MicroStrategy is trading at a market cap that's worth more than the value of its entire Bitcoin portfolio. How does this happen? And how long can it keep going? In this episode, we speak with Bloomberg Opinion's Matt Levine. We talk to him about how MicroStrategy has created a sort of "perpetual motion machine" of investment and how the strategy is starting to expand to other companies, too.

Money Stuff: Crypto Perpetual Motion Machines)

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