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cover of episode Welcome to the ‘Hotel Crypto’

Welcome to the ‘Hotel Crypto’

2025/6/10
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K
Katie Martin
一名在《金融时报》工作的金融记者和评论员，专注于全球经济政策和市场趋势分析。
R
Robert Armstrong
以深入分析和解释当前金融市场趋势而闻名的《金融时报》记者和播客主持人。
主
主持人
专注于电动车和能源领域的播客主持人和内容创作者。
Topics
Robert Armstrong: 我认为Metaplanet和MicroStrategy这类公司模仿了一种特殊的商业模式，即通过发行股票或债券融资来购买比特币，并利用市场对比特币的乐观情绪，使其股票交易价格高于其持有的比特币的实际价值。这种模式的关键在于维持市场对比特币的信心，并不断吸引新的投资者。然而，这种模式的可持续性存疑，一旦市场情绪转变或比特币价格下跌，这些公司的股票可能会面临大幅调整。 Katie Martin: 我赞同Robert的观点，这种商业模式依赖于市场对比特币的持续热情。如果比特币的价格不再上涨，或者投资者开始质疑这些公司股票的高溢价，那么这种模式将难以为继。此外，这种模式也面临着监管风险，如果监管机构加强对加密货币市场的监管，这些公司的运营可能会受到限制。我认为投资者应该谨慎对待这类股票，并充分了解其中的风险。

Deep Dive

Chapters
The podcast discusses the rise of companies like MicroStrategy (now Strategy) and Metaplanet, a Japanese hotel developer, that are accumulating Bitcoin. These companies' stocks have seen massive gains, trading at a premium to their net asset value, a phenomenon the hosts find puzzling.
  • MicroStrategy's stock is up 2500% in the last year.
  • Metaplanet borrowed $4.5 billion to buy Bitcoin.
  • These companies trade at a premium to their net asset value (NAV).
  • Michael Saylor's theory: Volatility makes the stock more valuable due to call option selling.

Shownotes Transcript

Strategy (formerly MicroStrategy) continues its meteoric rise as new investors purchase a company whose basic business is to own bitcoin. Naturally, the firm has inspired copycats, such as the Japanese hotel developer that just started buying crypto and now trades for more than the value of all its assets. Today on the show, Rob Armstrong and Katie Martin try to figure out if there’s any way it doesn’t all end in tears. Also, they go short tariffs on solar panels and short fecal transplants.

For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer).

You can email Robert Armstrong and Katie Martin at [email protected]).

Read a transcript of this episode on FT.com) Hosted on Acast. See acast.com/privacy) for more information.