公司股价与比特币持仓表现 - Strategy公司股价在周四跌至近两年低点[1] - 公司持续积累近六年的比特币持仓已出现亏损[1] - 比特币的急剧抛售导致公司加密货币持仓价值陷入亏损[1] 关键估值指标变化 - 公司股价与比特币的双重下跌导致关键估值指标mNAV（市值与净资产价值比率）跌破1[1] - 首席执行官Phong Le曾于去年年底表示希望mNAV不会跌破1[1] - mNAV跌破1可能导致公司被迫出售部分比特币持仓[1] 公司持仓价值与市场估值 - Strategy公司持有的比特币价值现已低于其公司市值[1] - 这一情况对公司“永不卖出比特币”的政策构成考验[1]

Strategy (MSTR), the world’s largest publicly traded corporate holder of bitcoin (BTC), is seeing a quick rise in losses on its vast holdings. The company currently owns 713,502 BTC at an average acquisition price of $76,052. With spot bitcoin trading near $67,000, this represents an unrealized loss of almost $6.5 billion, or roughly 12% relative to that average cost basis. Read more: Michael Saylor’s bitcoin stack is officially underwater, but here’s why he likely won't reach for the panic button MSTR ...

The MSTR stock is often described as a leveraged Bitcoin proxy due to its recursive strategy of issuing common stock, preferred stock and convertible bonds to acquire more BTC as its price rises. As of this writing, it carries a total debt of $8.24 billion.Notably, Strategy acquired 855 BTC at an average price of $87,974 last week, funded entirely through selling Class A shares. Cramer questioned whether Saylor had enough capital left to defend the sell-off.The “Mad Money” host has been in overdrive amid a ...

比特币价格与MicroStrategy持仓状况 - 比特币价格在周四大幅下跌，进一步低于MicroStrategy为其持有的加密货币支付的平均成本价76,052美元[1] - 此次下跌使MicroStrategy持有的比特币价值降至近500亿美元，低于其支付的543亿美元成本[1] - 公司目前拥有额外的22.5亿美元现金[1] MicroStrategy的比特币投资策略与市场环境 - 比特币价格下跌导致MicroStrategy的投资策略面临压力，处于“背水一战”的境地[1] - 尽管公司资源雄厚，但比特币价格的下行动能对其构成挑战[1] - 有消息称比特币被MSCI规则负面调整，导致其价格下跌且MicroStrategy策略动摇[1] - 在之前的市场反弹中，比特币未受青睐，而MicroStrategy则准备迎接风暴[1] - 比特币价格虽有反弹，但MicroStrategy的购买力因燃料（可能指资金）不足而处于低位[1] - MicroStrategy保持了纳斯达克100指数的成分股地位，这对比特币具有意义[1] 其他市场动态 - 黄金可能仍会达到6000美元，而比特币正在测试“特朗普2.0”时期的低点[1] - 黄金此前的一日暴跌曾预示着熊市，但当前情况看起来不同[1] - 美元与比特币一同下滑，而黄金则因“卖出美国”交易而上涨[1] - 有传闻称比特币因“委内瑞拉行动”和“影子储备”的传言而上涨[1]

Key Takeaways Strategy’s leveraged Bitcoin strategy has inflicted major paper losses on U.S. public pension funds as crypto volatility intensified. Eleven state pension funds hold roughly 1.8 million MSTR shares, now valued at about $240 million after an estimated $337 million in unrealized losses. The largest exposures include CalPERS, New York State, and Florida, reigniting concerns about fiduciary responsibility and risk management for retiree savings. Strategy (formerly MicroStrategy) has long ...

核心观点 - 加密市场近期暴跌不仅是宏观流动性冲击的结果，更深层次是比特币面临资产属性认同危机，其定价逻辑正在被市场重新审视和重构[1] 宏观冲击与流动性 - 特朗普提名鹰派人物Kevin Warsh出任美联储主席，其高利率、快缩表、通胀零容忍的政策倾向，对高度依赖美元流动性的加密市场构成重大冲击，导致流动性溢价消失并引发抛售[3] - 真正的战场在于机构成本线，而非新闻本身[3] 关键价格防线与市场信心 - 市场关注的核心价格防线是76,038美元，这是全球最大企业级持有者MicroStrategy的持仓平均成本线[4] - 该价格线不仅是技术位，更是市场信心位，其得失将决定大玩家是进行防御性增持还是向抛压投降[4] - 若价格失守，MicroStrategy将陷入浮亏，其长期向好的叙事将面临股价暴跌的现实压力[5] - MicroStrategy的融资模式将受考验，其11.25%的高息融资能否在价格倒挂时顺利展期存在不确定性[5] 资产属性认同危机与估值混乱 - 比特币陷入严重的认同障碍，被四种冲突的身份同时拉扯：抗通胀资产、科技股替代品、数字黄金、机构储备[6][8] - 作为抗通胀资产，比特币在2025年高通胀时并未跑赢实物黄金[8] - 作为科技股替代品，其与纳指相关性高达0.68，却缺乏现金流支撑[8] - 作为数字黄金，在最需要避险时，其与避险资产的相关性却转为负值[8] - 作为机构储备，大部分机构行为更像短线套利，而非长期持有[8] - 这种身份混乱导致算法模型接管市场，只要VIX指数上升，风险模型就会自动无差别抛售，即便闪电网络使用量增长了266%也未能阻止踩踏[6] 策略与市场展望 - 在机构都未明确比特币资产属性的阶段，普通投资者不应盲目猜底，而应学会工具化生存[6] - 短期可利用港股或美股反向工具对冲以保护现货仓位[8] - 长期应接受波动，放弃寻找完美入场点，比特币真正的价值区间往往出现在大众最迷茫的时刻[8] - 本轮暴跌本质上是比特币第一次被迫正面回答其资产属性根本问题，市场动荡是为了去伪存真，定价权正在重构[7]

2026 has opened on a brutal note for crypto and even longtime Bitcoin believers are feeling the chill. On Feb. 3, Bitcoin (BTC) plunged below $73,000, marking its steepest decline since early November 2024 and deepening losses from the flash crash that rattled markets on Oct. 10 last year. For Michael Saylor's MicroStrategy, now known as Strategy (NASDAQ: MSTR), the timing couldn’t be worse. Related: MicroStrategy struggles ahead of earnings after latest Bitcoin crash The company’s average Bitcoin purc ...

加密货币市场整体表现 - 周三加密货币市场整体重挫，主要加密货币价格大幅下跌 [1] - 比特币价格大跌超4%，跌破75000美元关键价位 [1] - 以太坊价格大跌超5%，报2181.25美元 [1] 加密货币概念股表现 - 加密货币概念股普遍下跌，其中加密矿企跌幅居前 [1] - 加密矿企IREN Ltd股价跌近11% [1] - 加密矿企Hut8股价跌超9% [1] - 加密矿企Cipher Mining股价跌近9% [1] - 加密矿企TeraWulf股价跌超8% [1] - 囤币股Strategy股价跌超3% [1] - 囤币股Bitmine Immersion Technologies股价跌超3% [1]

加密货币概念股市场表现 - 加密货币概念股在周三普遍重挫 其中加密矿企跌幅居前 [1] - IREN Ltd(IREN.US)股价下跌近11% Hut 8(HUT.US)下跌超过9% Cipher Mining(CIFR.US)下跌近9% TeraWulf(WULF.US)下跌超过8% [1] - 囤币股Strategy(MSTR.US)和Bitmine Immersion Technologies(BMNR.US)股价下跌超过3% [1] 主要加密货币价格动态 - 比特币价格大跌超过4% 跌破75000美元关口 [1] - 以太坊价格大跌超过5% 报价为2181.25美元 [1]

With crypto winter clearly having set in, bulls are now left looking for signs that the bearishness has become so embedded that a bottom might form. One case in point might be a note from Canaccord's Joseph Vafi on Wednesday, slashing his price target on Strategy (MSTR) by a whopping 61% to $185 from $474. Vafi, who lifted his outlook on Strategy as recently as November (to that $474 level), still maintains a buy rating on the stock, and his new $185 target suggests about 40% upside from last night's cl ...