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传说中呢
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武当有一种武功叫梯云纵
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据说可以通过左脚踩右脚上天的
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那这种武功到底能不能上天
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咱不知道
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但是如今呢
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在美股的市场上
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有公司啥也不做
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就靠左脚发债融资
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右脚囤币投资
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一步一步是真的上天了
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今天呢 咱就来讲讲
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上市公司囤币派的武功秘籍
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发债加囤币的赚钱逻辑
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要说这囤币派的创派啊
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还要从微策略说起
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微策略这家上市公司呢
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在2020年的时候研发出来了这套武功
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练了短短5年的时间
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股价到现在差不多涨了10倍
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江湖地位呢
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也是从一家互联网领域里面
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名不见经传的低市值软件上市公司
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摇身一变
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变成了加密赛道上的上市公司龙头
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如今更是总统身边的红人
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整个公司目前
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持有58万枚比特币
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这个数量呢
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已经是中本聪钱包的一半
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几乎是美国联邦储备的三倍了
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真的是上市公司比上市公司
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气死上市公司啊
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哈哈哈 那我们稍微讲一下他的故事
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这微策略呢
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是早在1989年就成立了
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这创始人一直没变啊
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就是现在的老板Michael Sailor
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公司当时的核心产品呢
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叫microstrategy analysis platform
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是给一些企业
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用来做数据分析的一个工具
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当时在互联网行业里面
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他们所在的赛道呢叫BI business intelligence
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在BI赛道里面呢
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他属于老牌玩家之一了
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89年成立
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但是近年来逐渐被power BI
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Looker等这些后起之秀
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挤压掉了市场份额
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增长速度也是越来越慢
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眼看就要被淘汰
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怎么办呢
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着急着着
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急着机会就来了
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2020年的时候
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疫情来了
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疫情对很多企业都是危机
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但是对于微策略来说 哎
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简直是机遇
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受疫情影响
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当时全球经济极度宽松
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拜登大手一挥
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放水了4万亿美金美元
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开始大量印钞
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这个时候Michael Saylor就认为
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第一 美元贬值风险是很严重的
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第二呢
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咱们公司现在账上还趴了一堆现金
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我这些现金随着美元的贬值呢
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会越来越不值钱
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那怎么办呢
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我觉得应该把咱账上的5亿现金
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变成长期用于抗通胀的资产
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于是
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人家提出来了一个非常激进的想法
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叫instead of Holding cash
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let's holding Bitcoin
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于是2020年8月份
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这豪赌开始了
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microstrategy宣布拿出公司账上一半的钱
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2.5亿
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直接购买21,454枚比特币
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正式开启了
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他以比特币作为公司储备资产的战略
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要知道
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当时比特币的币价只有1万多出头啊
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转眼一年之后
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比特币就涨到了6万美金一枚
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一年啥也不干
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公司资产翻了6倍
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这哪家上市公司能有这增幅啊
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这好事啊
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那咱们得继续买啊
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但是买归买
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咱账上的钱有限啊
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接下来没钱买了该怎么办
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要不借钱买
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说到借钱
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美股上市公司
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最趁手的借钱工具是什么
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回答我 可转债对吧
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咱们这里
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稍微简单介绍一下这个可转债小知识
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简单来说呢
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就是公司发债找咱借钱
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比如说10万块借10年
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常规的方式呢
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就是这十年期间呢
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每年给咱点利息
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十年到期之后还咱10万本金
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但是有一种情况呢
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就是这个债不用还给咱
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那就是上市公司在发债的时候
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会给我们一个选项
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这个选项就是十年之后我给你股票
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不管十年之后我的股价是多少
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我就按咱们约定的价格
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给你一定数量的股票
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举个例子
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他今天的股价呢
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是10块钱一股
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十年之后呢
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他要么给咱10万块的现金
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要么给咱按20块钱一股
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给咱5,000股
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如果十年之后
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这个公司的股价涨到50块钱一股
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那咱拿走5,000股的股票
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这价值相当于25万块钱了
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10年净赚15万还是不错的
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对吧 那如果10年之后
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这个公司的股价没涨那么多
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不到20块钱怎么办
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那咱就可以让公司
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还咱10万块钱的现金
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本金 那这种情况呢
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咱也不赔钱
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毕竟这十年间咱还吃了点利息呢
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是吧 那在这种情况下
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上市公司发给我们的这个债呢
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就叫可转债
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好 那我们来拉一下汇总表
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微策略呢
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用这种方式一共发行了6次可转债
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而且越发越厉害
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大家都愿意把钱借给他
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后面的两次每次都超募了
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你说这微策略的融资能力咋就这么强
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这么多人抢着把钱借给他
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主要的原因是因为把钱借给他赚钱呀
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我们来看一个细节
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在2020年12月的时候
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微策略发行了第一笔可转债啊
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这个债务规模呢是6.5亿美金
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利息呢是0.75%
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期限呢是五年
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也就是今年12月份呢
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这笔债就要到期了
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我们来稍微算一下
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这波债主到底能赚多少钱
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细节里面我们可以看到啊
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这个到期的转换价格呢是398美元一股
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打开微策略的盘面 哎
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发现现在的股
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价差不多也是这个数
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那这波债主到期拿到股票之后
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岂不是不赚钱吗
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哎不
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哈哈 中间呢
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我们稍微深扒了一下
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发现啊 微策略公司在24年8月份
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有过一次拆股行为
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一股拆成了10股
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所以说5年前的这波债主呢
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现在差不多有10倍的收益啊
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五年10倍
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在传统金融领域可以是封神了吧
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对比币圈
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如果你直接买比特币
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五年的收益差不多也是10倍左右
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但是你要知道
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微策略在5年期间
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是给这波债主是有利息的
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而且呢 还多送你一个保本权益
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如果比特币下跌
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我公司股价下跌
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我还给你还本金呢
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亏了的话
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微策略是帮你还钱的
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所以收益差不多的情况下
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比直接买比特币还要稳妥
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你说这种情况
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大家不都抢着去买他发的债吗
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听到这是不是感觉哇
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这套武功秘籍绝了好吗
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还有更绝的呢
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它不仅给用户带来好处
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还给企业带来不少好处
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最大的好处呢
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就是能让企业的估值越做越大
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囤币公司的估值逻辑呢
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非常好计算啊
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我们还是以微策略为例
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现在这家公司的资产呢
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主要就是这58万枚比特币
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58万美金
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现在比特币的价格呢
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大概一共615亿美金
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那这家公司还有负债100亿左右
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所以说净资产规模呢
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是500亿
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但是现在微策略市场给他的市值呢
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是1,000亿股票
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投资人呢
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给出了他一个两倍的溢价
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那这些多出来的部分价值呢
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主要是市场认可微策略的江湖地位
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加上偿还能力
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也就是说他的实际业务还是有造
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血能力的
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所以说在这里呢
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咱们就可以提炼出来一个分析框架
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他在囤币公司的估值等于囤币量
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加上他的融资能力
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融资能力拆分出来
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就是行业地位和造血能力
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提炼出来这个框架之后
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咱就意识到了
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这套武功不是谁都可以练得好的
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因为这里面的核心能力可不在囤币啊
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而是在融资能力
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咱们就来借助这个公式
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来分析一下这个宗门里的其他选手
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比如说大统领川普媒体公司集团TMTG
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他也是一个融资囤币的选手
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这家公司呢
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它是有行业地位的
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毕竟川普媒体集团嘛
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但是多少缺了点造血能力
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这家公司呢
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一共是募集了25亿美金
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15亿呢是通过增发股票的方式募的
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有10亿呢
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也是发的可转债
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他的可转债发的是0利息
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加35%的转换溢价
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这个转债的条件呢
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和现在微策略发的债呢
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也差不多了
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但是这个消息发布之后
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川普媒体集团的股价呢
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还是有那么一点点小下滑的
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主要的原因呢
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就是因为这个
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川普媒体集团呢
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在之前更类似于一个秘密
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主营业务的造血能力
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基本上是可以忽略不计的
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股价呢 主要看川普的热度推动
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市场给他的溢价呢
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是159% 溢价部分呢
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只有微策略的一半
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这个细账呢
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是这么算的
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大家可以看一下
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好 那除了这家公司之外
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还有一些以前搞比特币挖矿的公司呢
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现在也逐渐加上了囤币业务
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那这些公司
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他们都是有造血能力的
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毕竟比特币挖矿啊
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是赚Alpha收益
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的业务模式了
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但是这些公司的问题呢
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就是缺了点行业地位
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比如说矿场的龙头企业Marrison啊
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现在呢一共持有49,000枚比特币
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将近5万枚
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大部分呢是靠挖矿挖出来的
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小部分呢是囤币买来的
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这些比特币的市值呢
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大概就值50亿美金了
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但是现在市场给到Marrison的估值呢
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也就只有50亿美金
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难道说这市场没有给Marrison溢价吗
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好歹人家还是有矿场矿机的
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这些资产都不值钱吗
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我们深扒发现
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这个Marrison他自己的负债太多了
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刨去负债
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他的净资产呢只有37亿
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哈哈 所以算下来溢价呢有143%
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比川普媒体集团的溢价呢
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还稍微差一点
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主要原因呢就是这家伙有造血能力
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但是没有什么行业地位
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他囤币多少还是有点水平在里面的
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去年8月份的时候
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人家做了第一笔公开募资啊
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募集了3亿美金
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其中2.5亿呢
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在当月就直接购买了4,000多枚比特币
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平均购买价格是6万美金都不到
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你现在再回过来看去年8月份
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绝对最好的抄底时机啊
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所以咱不得不夸一下
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人家还是比较精准的
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囤币这块一把好手
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另外一个矿场龙头RIOT也是一样啊
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现在呢是持有2万枚左右的比特币
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这些比特币价值20亿美金左右
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市场给他的估值呢是34.7亿美金
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他呢是24年12月份呢
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才开始修炼这套秘籍
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募完资开始买币的时候
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币价呢都已经在10万美金左右了
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也没囤到什么便宜货
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加上行业影响力也有限
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所以说市场给他的溢价呢 比
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Mara还要低一些
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这些公司拉到一起对比
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表格一放
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再配合咱这个分析公式
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基本上哪家武功练得好
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哪家武功练得差
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一清二楚了
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好 那以上这些呢
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都是修正版武功秘籍的
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后面呢 还有几位是搞邪修的
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例如说号称以太坊版本的微策略哎
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这个叫SBET
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声势浩大
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拉了以太坊的联合创始人Lubin啊站台
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作为董事会主席
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说是要募资4.25亿美金去囤以太坊
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消息一出呢
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这SBET的股票价格大涨
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到5月29号的时候
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股价都接近80块一股了
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但是随着募资情况的进一步披露啊
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这股价算是来了个脚踝展
11:29
现在呢 连10美金都不到了
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为啥暴跌这么惨呢
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第一个原因呢
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就是募资结束之后
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散户们才发现
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他们给他们自己的员工
11:39
居然安排了一个内部价
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远远低于市场价
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明目张胆的收割投资人呢
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第二个呢
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就是发现这公司募资方式
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根本就不是发债债转股来募资
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而是直接发行股票去募资
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这80块的股价也没什么流通性
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一下子就被稀释的一文不值了
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所以基于以上两个原因呢
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也算是起了个大早
12:02
赶了个晚集
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效果远不及预期
12:05
那同样也是邪修囤山寨币的呢
12:07
还有孙哥最近搞的这个SRM
12:10
孙宇晨呢
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通过将2.5亿美金的TRX代币
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注入SRM这个美股上市公司里面
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这样呢 这个SRM呢
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也会成为他们波场代币的囤币公司
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但是这个SRM和前面说的这个SBET呢
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都属于庄家拿钱出
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来囤币 容易出现炒作一波之后
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热度消散
12:31
股价还要跌回去的现象
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所以说 目前还没有出现
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练的特别好的龙头弟子
12:37
那比较完以上两套武功秘籍
12:39
不管是正修还是邪修
12:41
咱们几乎明白了
12:43
这些囤币公司的股价想要上涨
12:45
这公式里面的两条呢
12:47
是缺一不可
12:48
融资能力非常重要
12:50
囤币能力呢
12:51
也是更重要的
12:52
你囤的币可不能跌呀
12:54
为啥这么说呢
12:55
其实呢 细心的小伙伴也发现了
12:57
这些囤山寨币的囤币公司
12:59
他们的融资方式
13:00
大都不是去发行一些可转债
13:03
主要是增发股票进行融资
13:05
这原因呢
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正是因为山寨币币价下跌的风险
13:09
是非常大的
13:09
币价一旦下跌
13:11
你这边手里买的币呢
13:13
在亏钱 另外呢
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还要给你的股民还本金
13:16
哎 这生意呢
13:17
实在是太不划算
13:18
整不好把自己都给搞破产了
13:20
而且呢 你即便你发了这债转股
13:23
每股投资者也不一定买你的账
13:25
因为他们也知道
13:26
一旦你这囤的币币价下跌
13:28
净资产跌没了
13:30
这债呢 是有可能还不上的哦
13:32
我们来看一下正修那边的还债能力
13:35
微策略呢
13:35
现在是600亿的资产
13:37
发行了100亿的可转债
13:39
川普公司呢
13:40
是35亿的资产
13:41
借了10亿的债
13:43
Mara呢 是30亿的资产
13:44
借了3亿的债
13:46
RIOT呢 是30亿
13:47
借了6亿
13:48
这里面债务杠杆率最大的呢
13:50
是川普媒体公司啊
13:52
也是只有1/3而已
13:54
也就是意味着
13:55
比特币如果币价腰斩
13:56
跌去5万美金
13:58
这些公司都扛得住
13:59
但是山寨币的囤币公司
14:01
你能扛得住吗
14:04
比特币腰斩
14:05
山寨币绝对脚踝
14:07
斩 所以啊
14:08
这些山寨币的囤币公司一般呢
14:10
也只能是邪修
14:12
那发股囤币呢
14:13
又对投资者来说本质上意义不太大
14:16
跟他直接买币面临的风险和收益呢
14:19
都差不多
14:20
所以说
14:20
以后我们看到邪修派搞什么新闻
14:23
做什么热点
14:24
不用过分在意
14:25
这些选手的短期炒作价值
14:28
是大于长期价值的
14:30
但是啊 这不影响咱炒短线投机
14:33
赚点小钱钱是吧
14:34
那目测
14:34
后面这些门派还是会继续发扬光大的
14:37
会有一波又一波的上市公司开始转型
14:40
啊 我也要做囤币公司了
14:42
甚至呢
14:42
还有一大波山寨币可能会学波场一样
14:45
要去成立自己的上市公司
14:47
在这波浪潮的推动下
14:49
加密行业将会进一步入侵美股
14:52
好 视频的最后呢
14:53
感谢本条视频的赞助商
14:55
专注于北美比特币挖矿的DataRun
14:58
目前DataRun比特币S21系列的矿机呢
15:01
仍然在活动中
15:03
依照活动电价和机器价格进行测算
15:05
现在挖矿获取一枚比特币的价格呢
15:08
在47,000美金左右
15:10
仍然是低价获取比特币的最好方式
15:13
那DataRun赞助咱们频道
15:14
已经半年的时间了
15:15
期间呢一直100%兑付
15:17
算力丝滑提币
15:19
用实际行动换取客户的信任
15:21
活动机器数量有限
15:23
手慢就没了
15:24
联系视频下方的客服链接
0:00
Legend has it that
0:00
Wudang has a martial art called Tianyun Zong
0:03
which is said to be able to fly by stepping on the right foot.
0:13
Whether this martial art can really fly,
0:15
we don't know.
0:16
But now,
0:16
in the US stock market,
0:18
there are companies that do nothing
0:20
it relies on issuing bonds with its left foot
0:22
Right Foot Hoarding Investment
0:24
It's really going to the sky step by step.
0:27
Today, let's talk about
0:28
The martial arts secrets of the coin hoarding faction of listed companies
0:32
The money-making logic of issuing bonds and hoarding coins
0:39
To say that the founder of this coin hoarding pie?
0:41
we should start with MicroStrategy.
0:43
This listed company, MicroStrategy,
0:45
developed this set of martial arts in twenty twenty.
0:49
After just five years of practice,
0:50
its stock price has increased by almost ten times.
0:53
Its status in the industry
0:54
from an obscure low-market-cap software
0:56
unknown low-market-cap software listed company
0:59
into
1:00
into a leading public company in the cryptocurrency space.
1:04
Now it is a celebrity around the president.
1:06
The entire company is currently
1:07
holds five hundred and eighty thousand bitcoins.
1:10
This number
1:11
is already half of Satoshi Nakamoto's wallet,
1:13
almost three times that of the US Federal Reserve.
1:16
It's really a public company outperforming other public companies.
1:19
which makes other listed companies jealous.
1:20
Ha ha ha, let's talk about its story a little bit.
1:26
This MicroStrategy
1:27
was founded as early as nineteen eighty-nine.
1:30
The founder has never changed.
1:31
which is now the boss, Michael Sailor.
1:34
The company's core product at that time
1:35
called MicroStrategy Analysis Platform.
1:38
It was a tool
1:39
for data analysis.
1:42
In the Internet industry at that time,
1:44
was called BI, business intelligence.
1:48
In the BI track,
1:49
it was one of the established players.
1:52
It was founded in nineteen eighty-nine,
1:53
but in recent years, it has gradually been squeezed out
1:55
LUCER and other latecomers
1:57
have squeezed out its market share.
1:59
Its growth rate is also getting slower and slower.
2:01
It was about to be eliminated.
2:02
What should they do?
2:03
In a hurry,
2:04
and an opportunity came.
2:06
In twenty twenty,
2:07
the pandemic came.
2:08
The epidemic was a crisis for many enterprises.
2:11
but for MicroStrategy, it was
2:13
it was an opportunity.
2:14
Due to the pandemic,
2:15
the global economy was extremely loose.
2:17
Biden waved his hand,
2:19
he printed four trillion US dollars.
2:21
and started printing money.
2:22
At this point, Michael Saylor thought
2:24
First, the risk of dollar depreciation was serious.
2:27
Second,
2:27
our company still has a lot of cash on the books.
2:31
As the dollar depreciates,
2:33
will become less and less valuable.
2:35
What should we do?
2:36
I think we should turn our five hundred million cash
2:38
into long-term inflation-proof assets.
2:42
So,
2:42
he proposed a very radical idea.
2:45
called instead of holding cash
2:47
let's hold Bitcoin.
2:49
So in August twenty twenty,
2:51
the gamble began.
2:52
MicroStrategy announced that it would spend half of its money
2:56
250 million
2:57
to buy twenty-one million four hundred fifty-four bitcoins.
3:01
officially began
3:01
It officially started its strategy of using Bitcoin as reserve assets.
3:05
You know,
3:05
Bitcoin's price was only over ten thousand at that time.
3:08
A year later,
3:10
Bitcoin rose to sixty thousand dollars per coin.
3:12
Without doing anything,
3:13
the company's assets increased by six times.
3:16
Which listed company can have such an increase?
3:18
This is a good thing.
3:19
we should continue to buy.
3:21
But buying is one thing,
3:22
our money is limited.
3:23
What should we do if we don't have money to buy?
3:26
Or borrow money to buy.
3:28
Speaking of borrowing money,
3:29
For US-listed companies,
3:31
what is the most handy borrowing tool?
3:34
The answer is convertible bonds, right?
3:37
Here,
3:38
let me briefly introduce the knowledge of convertible bonds.
3:41
Simply put,
3:42
it means the company issues bonds to borrow money.
3:44
For example, ten thousand yuan for ten years.
3:46
The conventional way is
3:47
During these ten years,
3:48
they will pay us interest every year.
3:50
and pay back the principal of one hundred thousand yuan.
3:53
But there is a case
3:55
the debt doesn't need to be repaid.
3:57
that is when a listed company issues bonds,
3:59
they will give us an option.
4:00
This option is that I will give you stocks in ten years.
4:03
regardless of how much its stock price is in ten years.
4:06
I will pay you at the agreed price
4:08
to give you a certain number of stocks.
4:09
For example,
4:10
Today, its stock price is
4:11
is ten yuan per share.
4:13
and in ten years,
4:14
it will either give us one hundred thousand yuan in cash,
4:16
or give us five thousand shares at twenty yuan per share.
4:18
and give us five thousand shares.
4:19
If ten years later,
4:20
the stock price of this company rises to fifty yuan per share,
4:24
we can take five thousand shares of stocks.
4:26
which is worth two hundred and fifty thousand yuan.
4:29
Earning one hundred fifty thousand in ten years is good.
4:31
Right? But what if in ten years,
4:33
the stock price of the company doesn't rise that much,
4:35
what if it doesn't rise that much, less than twenty yuan?
4:37
Then we can ask the company
4:38
to return us one hundred thousand yuan in cash.
4:40
In this case,
4:42
we won't lose money.
4:43
After all, we have earned some interest during these ten years.
4:45
Right? In this case,
4:47
the debt issued by the listed company to us
4:49
is called convertible bonds.
4:50
Let's pull up the summary table.
4:52
For MicroStrategy,
4:53
has issued convertible bonds six times in this way.
4:56
and it became more and more serious.
4:57
Everyone is willing to lend it money.
4:59
The last two issues both oversubscribed.
5:02
Why is MicroStrategy's financing ability so strong?
5:04
so many people are willing to lend it money.
5:07
The main reason is that lending money to it makes money.
5:11
Let's take a look at a detail.
5:12
In December twenty twenty,
5:14
MicroStrategy issued its first convertible bond.
5:16
The debt was six hundred and fifty million dollars.
5:19
with an interest rate of zero point seven five percent.
5:21
and the term is five years.
5:22
That is, in December this year,
5:24
this debt will mature.
5:26
Let's do a quick calculation
5:27
how much money the creditors can earn.
5:30
In the details, we can see that
5:31
the conversion price at maturity is three hundred ninety-eight dollars.
5:36
Open the MicroStrategy's stock market,
5:37
we find that the current stock
5:38
is almost the same.
5:40
After the creditors get the stocks,
5:42
won't they make a profit?
5:44
No.
5:44
Ha ha, in the middle,
5:46
we dug a little deeper
5:47
we found that in August twenty twenty-four,
5:50
had a stock split.
5:52
one share was divided into ten shares.
5:54
So the creditors five years ago
5:56
now have a tenfold return.
5:59
Ten times in five years.
6:00
It can be regarded as a god in the traditional financial field.
6:03
Compared to the cryptocurrency circle,
6:04
if you directly buy Bitcoin,
6:05
the return in five years is about ten times.
6:08
But you should know that
6:10
During the five years, MicroStrategy
6:11
paid interest to these creditors.
6:14
and also gave them a guaranteed equity.
6:16
If Bitcoin falls,
6:18
and the stock price of my company falls,
6:19
I will return your principal.
6:21
If you lose money,
6:22
MicroStrategy will help you pay back the money.
6:24
So under the same situation of income,
6:26
it's safer than buying Bitcoin directly.
6:29
In this case,
6:30
wouldn't everyone rush to buy the bonds it issues?
6:32
Hearing this, don't you feel like wow,
6:34
this set of cheat sheet is amazing, right?
6:37
There's more.
6:38
It not only brings benefits to users,
6:40
but also brings many benefits to enterprises.
6:42
The biggest benefit is
6:43
It is to make the valuation of the company bigger and bigger
6:46
The valuation logic of a Bitcoin company
6:48
is very easy to calculate.
6:49
Let's take MicroStrategy as an example.
6:50
the assets of this company
6:52
mainly consists of fifty-eight thousand bitcoins,
6:55
fifty-eight thousand US dollars.
6:56
Now the price of Bitcoin is
6:57
is about sixty-one point five billion US dollars.
7:00
The company also has about ten billion in liabilities.
7:02
So the net asset value is
7:04
is five hundred billion.
7:05
But now the market value of MicroStrategy is
7:08
100 billion shares.
7:09
Investors
7:10
has given it a twofold premium.
7:12
The value of this extra part
7:13
mainly because the market recognizes MicroStrategy's status
7:16
and solvency.
7:18
That is to say, its actual business still has the ability to generate blood.
7:21
and ability to repay.
7:21
Therefore, here,
7:22
we can extract an analysis framework.
7:25
The valuation of a company that hoards coins equals
7:28
plus its financing ability.
7:29
The financing ability is divided into
7:31
which is industry status and hematopoietic ability.
7:34
After extracting this framework,
7:35
we realize that
7:36
this set of martial arts is not easy for everyone to practice.
7:39
because the core competency is not in hoarding coins,
7:42
but in financing ability.
7:44
Let's use this formula
7:45
to analyze other players in this sect.
7:49
such as the media company group TMTG of the President Trump.
7:53
is also a player in financing and hoarding coins.
7:55
This company
7:56
it has an industry position.
7:57
After all, it's Trump Media Group.
8:00
but it lacks a bit of self-generation ability.
8:02
This company
8:03
has raised two point five billion dollars.
8:05
Fifteen hundred million was raised through stock issuance.
8:07
and one billion
8:08
and the other five hundred million was issued in bonds.
8:10
The interest rate of its convertible bonds is zero,
8:12
plus thirty-five percent conversion premium.
8:14
The terms of this convertible bond
8:15
is similar to the bonds issued by MicroStrategy now.
8:17
are similar.
8:18
But after the news was released,
8:19
the stock price of Trump Media Group
8:21
still had a slight decline.
8:24
The main reason
8:25
is because
8:26
Trump Media Group
8:28
was more like a secret before,
8:30
its main business's ability to generate profits
8:32
was basically negligible.
8:34
The stock price mainly depends on Trump's popularity.
8:37
The market's premium for it
8:38
is one hundred and fifty-nine percent.
8:41
only half of MicroStrategy's.
8:42
The details are as follows.
8:43
is calculated like this.
8:44
You can take a look.
8:47
Okay, in addition to this company,
8:49
there are also some companies that used to do Bitcoin mining
8:52
have gradually added the business of hoarding coins.
8:55
These companies
8:55
they all have the ability to generate profits.
8:57
After all, Bitcoin mining
8:59
is a business model that earns Alpha.
9:00
business model.
9:01
But the problem with these companies is
9:02
is that they lack industry status.
9:04
For example, Marrison, the leading enterprise of mines,
9:07
now holds forty-nine thousand bitcoins,
9:10
nearly fifty thousand.
9:11
Most of them are mined,
9:14
and a small part was bought by hoarding.
9:16
The market value of these bitcoins
9:17
is worth about five billion dollars.
9:19
But now the market values Marrison
9:22
is only five billion US dollars.
9:24
Isn't this market giving Marrison a premium?
9:27
After all, it has mining farms and mining machines.
9:30
Aren't these assets valuable?
9:32
We found that
9:33
Merrill Lynch has too much debt.
9:35
After deducting the debt,
9:36
its net assets are only three point seven billion.
9:39
So the premium is one hundred forty-three percent.
9:43
which is slightly less than that of Trump Media Group.
9:45
is slightly lower.
9:46
The main reason is that it has the ability to generate wealth,
9:49
but it has no industry status.
9:51
He has some level in hoarding coins.
9:54
last August,
9:55
he made his first public fundraising,
9:58
raised three hundred million dollars.
9:59
and two hundred fifty million
10:01
and directly bought more than four thousand bitcoins that month.
10:04
The average purchase price is less than $60,000
10:07
Now look back at August last year,
10:09
the absolute best time to buy the bottom.
10:11
So we have to praise him.
10:12
he is quite accurate.
10:14
and is good at hoarding coins.
10:16
The same is true for another mine leader, RIOT.
10:19
Now, it holds about twenty thousand bitcoins.
10:21
These bitcoins are worth about two billion dollars.
10:24
and the market valued it at three point four seven billion dollars.
10:27
He started in December twenty twenty-four
10:29
began to practice this set of secrets.
10:31
When you raise funds and start buying coins
10:33
the price of Bitcoin was already around one hundred thousand dollars.
10:35
and he didn't get any cheap coins.
10:37
And his influence in the industry is limited.
10:39
So the premium given by the market to him
10:41
lower than that of Mara.
10:46
Comparing these companies together,
10:48
by putting the table,
10:49
and with our analysis formula,
10:51
it's basically clear which company is better
10:53
and which one is worse.
10:54
it's clear.
10:55
Okay, so these above
10:56
are all revised versions of the cheats.
10:59
In the back, there are a few more who are engaged in evil cultivation
11:01
such as the so-called Ethereum version of MicroStrategy.
11:04
It's called SBET.
11:06
It was a big deal,
11:07
Pulled Ethereum co-founder Lubin ah platform
11:11
as the board chairperson,
11:12
saying it would raise four hundred and twenty-five million dollars
11:16
When the news came out,
11:17
the stock price of SBE T rose sharply.
11:20
By May twenty-ninth,
11:21
the stock price was close to eighty yuan per share.
11:24
But with the further disclosure of the fundraising situation,
11:27
the stock price has plummeted.
11:29
Now it's even less than ten dollars.
11:31
Why did the stock price plummet so badly?
11:33
The first reason is that
11:34
after the fundraising was over,
11:36
retail investors only found out that
11:37
they arranged an internal price
11:39
they arranged an internal price
11:41
which was much lower than the market price.
11:43
which is a blatant exploitation of investors.
11:45
The second reason
11:46
they found that the company's fundraising method
11:48
was not to issue bonds and convert them into shares,
11:51
but directly issued stocks to raise funds.
11:54
The stock price of eighty yuan has no liquidity,
11:56
and it was diluted to nothing in an instant.
11:59
So based on the above two reasons,
12:01
it can be said that it started early
12:02
and missed the bus.
12:03
the effect is far less than expected.
12:05
It is also evil to hoard counterfeit products
12:07
And the SRM that Sun Ge recently launched
12:10
What about Justin Sun?
12:11
by injecting twenty-five million dollars of TRX tokens
12:14
into the US-listed company SRM.
12:17
In this way, SRM
12:19
will also become a holding company for their Tron tokens.
12:22
But both SRM and the previously mentioned SBET
12:26
are both controlled by the market makers.
12:28
to hoard coins, there is a phenomenon that
12:30
the heat fades away,
12:31
and the stock price will fall back.
12:33
Therefore, there has not yet appeared
12:35
a particularly good leader disciple.
12:37
After comparing these two sets of martial arts cheats,
12:39
whether it is the right or the evil cultivation,
12:41
we have almost understood that
12:43
the stock prices of these coin hoarding companies
12:45
the two factors in this formula
12:47
are indispensable.
12:48
Financing ability is very important.
12:50
The ability to hoard coins
12:51
is also more important.
12:52
The coins you hoard can't fall.
12:54
Why do I say that?
12:55
In fact, careful friends have also noticed that
12:57
these companies that hoard altcoins
12:59
their financing methods
13:00
mostly do not issue convertible bonds.
13:03
but mainly by issuing additional shares for financing.
13:05
The reason is
13:06
It's because the risk of the price of altcoin falling
13:09
is very high.
13:09
Once the price falls,
13:11
the coins you bought
13:13
will lose money, and in addition,
13:14
you have to pay back the principal to your shareholders.
13:16
This business
13:17
is really not cost-effective.
13:18
Otherwise, you might go bankrupt.
13:20
And even if you issue debt-to-equity swap,
13:23
investors may not necessarily buy your account.
13:25
Because they also know that
13:26
once the price of the coins you hoarded falls,
13:28
net assets will be gone.
13:30
the debt may not be repaid.
13:32
Let's take a look at Zhengxiu's ability to repay debts.
13:35
MicroStrategy
13:35
now has six billion assets,
13:37
and issued one billion convertible bonds.
13:39
Trump Company
13:40
has thirty-five billion assets,
13:41
and borrowed one billion dollars.
13:43
Mara has three billion assets
13:44
and borrowed three hundred million.
13:46
Right has three billion assets
13:47
and six hundred million debts.
13:48
The company with the highest debt leverage ratio
13:50
is Trump Media,
13:52
is only one-third.
13:54
which means that
13:55
If the price of Bitcoin halves,
13:56
and falls by fifty thousand dollars,
13:58
these companies can handle it.
13:59
But for the companies that hoard altcoins,
14:01
can you afford it?
14:04
If Bitcoin halves,
14:05
altcoins will definitely be cut in half.
14:07
So,
14:08
the companies that hoard altcoins generally
14:10
It can only be evil cultivation
14:12
What about issuing stocks to hoard coins?
14:13
is not meaningful for investors.
14:16
The risks and benefits of buying coins directly
14:19
are similar.
14:20
So,
14:20
when we see the news of the shoe repair faction,
14:23
or hot topics,
14:24
we don't need to pay too much attention.
14:25
the short-term speculative value of these players
14:28
is greater than their long-term value.
14:30
But this doesn't affect our short-term speculation.
14:33
to make some small money, right?
14:34
I guess
14:34
these sects will continue to thrive.
14:37
there will be waves of listed companies starting to transform.
14:40
I'm going to be a company that hoards coins.
14:42
Even
14:42
there will be a large number of altcoins that may follow Tron
14:45
to establish their own listed companies.
14:47
Driven by this wave,
14:49
the cryptocurrency industry will further invade US stocks.
14:52
At the end of this video,
14:53
thanks to the sponsors of this video.
14:55
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14:58
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15:10
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15:13
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0:00
传说中呢
0:00
武当有一种武功叫梯云纵
0:03
据说可以通过左脚踩右脚上天的
0:13
那这种武功到底能不能上天
0:15
咱不知道
0:16
但是如今呢
0:16
在美股的市场上
0:18
有公司啥也不做
0:20
就靠左脚发债融资
0:22
右脚囤币投资
0:24
一步一步是真的上天了
0:27
今天呢 咱就来讲讲
0:28
上市公司囤币派的武功秘籍
0:32
发债加囤币的赚钱逻辑
0:39
要说这囤币派的创派啊
0:41
还要从微策略说起
0:43
微策略这家上市公司呢
0:45
在2020年的时候研发出来了这套武功
0:49
练了短短5年的时间
0:50
股价到现在差不多涨了10倍
0:53
江湖地位呢
0:54
也是从一家互联网领域里面
0:56
名不见经传的低市值软件上市公司
0:59
摇身一变
1:00
变成了加密赛道上的上市公司龙头
1:04
如今更是总统身边的红人
1:06
整个公司目前
1:07
持有58万枚比特币
1:10
这个数量呢
1:11
已经是中本聪钱包的一半
1:13
几乎是美国联邦储备的三倍了
1:16
真的是上市公司比上市公司
1:19
气死上市公司啊
1:20
哈哈哈 那我们稍微讲一下他的故事
1:26
这微策略呢
1:27
是早在1989年就成立了
1:30
这创始人一直没变啊
1:31
就是现在的老板Michael Sailor
1:34
公司当时的核心产品呢
1:35
叫microstrategy analysis platform
1:38
是给一些企业
1:39
用来做数据分析的一个工具
1:42
当时在互联网行业里面
1:44
他们所在的赛道呢叫BI business intelligence
1:48
在BI赛道里面呢
1:49
他属于老牌玩家之一了
1:52
89年成立
1:53
但是近年来逐渐被power BI
1:55
Looker等这些后起之秀
1:57
挤压掉了市场份额
1:59
增长速度也是越来越慢
2:01
眼看就要被淘汰
2:02
怎么办呢
2:03
着急着着
2:04
急着机会就来了
2:06
2020年的时候
2:07
疫情来了
2:08
疫情对很多企业都是危机
2:11
但是对于微策略来说 哎
2:13
简直是机遇
2:14
受疫情影响
2:15
当时全球经济极度宽松
2:17
拜登大手一挥
2:19
放水了4万亿美金美元
2:21
开始大量印钞
2:22
这个时候Michael Saylor就认为
2:24
第一 美元贬值风险是很严重的
2:27
第二呢
2:27
咱们公司现在账上还趴了一堆现金
2:31
我这些现金随着美元的贬值呢
2:33
会越来越不值钱
2:35
那怎么办呢
2:36
我觉得应该把咱账上的5亿现金
2:38
变成长期用于抗通胀的资产
2:42
于是
2:42
人家提出来了一个非常激进的想法
2:45
叫instead of Holding cash
2:47
let's holding Bitcoin
2:49
于是2020年8月份
2:51
这豪赌开始了
2:52
microstrategy宣布拿出公司账上一半的钱
2:56
2.5亿
2:57
直接购买21,454枚比特币
3:01
正式开启了
3:01
他以比特币作为公司储备资产的战略
3:05
要知道
3:05
当时比特币的币价只有1万多出头啊
3:08
转眼一年之后
3:10
比特币就涨到了6万美金一枚
3:12
一年啥也不干
3:13
公司资产翻了6倍
3:16
这哪家上市公司能有这增幅啊
3:18
这好事啊
3:19
那咱们得继续买啊
3:21
但是买归买
3:22
咱账上的钱有限啊
3:23
接下来没钱买了该怎么办
3:26
要不借钱买
3:28
说到借钱
3:29
美股上市公司
3:31
最趁手的借钱工具是什么
3:34
回答我 可转债对吧
3:37
咱们这里
3:38
稍微简单介绍一下这个可转债小知识
3:41
简单来说呢
3:42
就是公司发债找咱借钱
3:44
比如说10万块借10年
3:46
常规的方式呢
3:47
就是这十年期间呢
3:48
每年给咱点利息
3:50
十年到期之后还咱10万本金
3:53
但是有一种情况呢
3:55
就是这个债不用还给咱
3:57
那就是上市公司在发债的时候
3:59
会给我们一个选项
4:00
这个选项就是十年之后我给你股票
4:03
不管十年之后我的股价是多少
4:06
我就按咱们约定的价格
4:08
给你一定数量的股票
4:09
举个例子
4:10
他今天的股价呢
4:11
是10块钱一股
4:13
十年之后呢
4:14
他要么给咱10万块的现金
4:16
要么给咱按20块钱一股
4:18
给咱5,000股
4:19
如果十年之后
4:20
这个公司的股价涨到50块钱一股
4:24
那咱拿走5,000股的股票
4:26
这价值相当于25万块钱了
4:29
10年净赚15万还是不错的
4:31
对吧 那如果10年之后
4:33
这个公司的股价没涨那么多
4:35
不到20块钱怎么办
4:37
那咱就可以让公司
4:38
还咱10万块钱的现金
4:40
本金 那这种情况呢
4:42
咱也不赔钱
4:43
毕竟这十年间咱还吃了点利息呢
4:45
是吧 那在这种情况下
4:47
上市公司发给我们的这个债呢
4:49
就叫可转债
4:50
好 那我们来拉一下汇总表
4:52
微策略呢
4:53
用这种方式一共发行了6次可转债
4:56
而且越发越厉害
4:57
大家都愿意把钱借给他
4:59
后面的两次每次都超募了
5:02
你说这微策略的融资能力咋就这么强
5:04
这么多人抢着把钱借给他
5:07
主要的原因是因为把钱借给他赚钱呀
5:11
我们来看一个细节
5:12
在2020年12月的时候
5:14
微策略发行了第一笔可转债啊
5:16
这个债务规模呢是6.5亿美金
5:19
利息呢是0.75%
5:21
期限呢是五年
5:22
也就是今年12月份呢
5:24
这笔债就要到期了
5:26
我们来稍微算一下
5:27
这波债主到底能赚多少钱
5:30
细节里面我们可以看到啊
5:31
这个到期的转换价格呢是398美元一股
5:36
打开微策略的盘面 哎
5:37
发现现在的股
5:38
价差不多也是这个数
5:40
那这波债主到期拿到股票之后
5:42
岂不是不赚钱吗
5:44
哎不
5:44
哈哈 中间呢
5:46
我们稍微深扒了一下
5:47
发现啊 微策略公司在24年8月份
5:50
有过一次拆股行为
5:52
一股拆成了10股
5:54
所以说5年前的这波债主呢
5:56
现在差不多有10倍的收益啊
5:59
五年10倍
6:00
在传统金融领域可以是封神了吧
6:03
对比币圈
6:04
如果你直接买比特币
6:05
五年的收益差不多也是10倍左右
6:08
但是你要知道
6:10
微策略在5年期间
6:11
是给这波债主是有利息的
6:14
而且呢 还多送你一个保本权益
6:16
如果比特币下跌
6:18
我公司股价下跌
6:19
我还给你还本金呢
6:21
亏了的话
6:22
微策略是帮你还钱的
6:24
所以收益差不多的情况下
6:26
比直接买比特币还要稳妥
6:29
你说这种情况
6:30
大家不都抢着去买他发的债吗
6:32
听到这是不是感觉哇
6:34
这套武功秘籍绝了好吗
6:37
还有更绝的呢
6:38
它不仅给用户带来好处
6:40
还给企业带来不少好处
6:42
最大的好处呢
6:43
就是能让企业的估值越做越大
6:46
囤币公司的估值逻辑呢
6:48
非常好计算啊
6:49
我们还是以微策略为例
6:50
现在这家公司的资产呢
6:52
主要就是这58万枚比特币
6:55
58万美金
6:56
现在比特币的价格呢
6:57
大概一共615亿美金
7:00
那这家公司还有负债100亿左右
7:02
所以说净资产规模呢
7:04
是500亿
7:05
但是现在微策略市场给他的市值呢
7:08
是1,000亿股票
7:09
投资人呢
7:10
给出了他一个两倍的溢价
7:12
那这些多出来的部分价值呢
7:13
主要是市场认可微策略的江湖地位
7:16
加上偿还能力
7:18
也就是说他的实际业务还是有造
7:21
血能力的
7:21
所以说在这里呢
7:22
咱们就可以提炼出来一个分析框架
7:25
他在囤币公司的估值等于囤币量
7:28
加上他的融资能力
7:29
融资能力拆分出来
7:31
就是行业地位和造血能力
7:34
提炼出来这个框架之后
7:35
咱就意识到了
7:36
这套武功不是谁都可以练得好的
7:39
因为这里面的核心能力可不在囤币啊
7:42
而是在融资能力
7:44
咱们就来借助这个公式
7:45
来分析一下这个宗门里的其他选手
7:49
比如说大统领川普媒体公司集团TMTG
7:53
他也是一个融资囤币的选手
7:55
这家公司呢
7:56
它是有行业地位的
7:57
毕竟川普媒体集团嘛
8:00
但是多少缺了点造血能力
8:02
这家公司呢
8:03
一共是募集了25亿美金
8:05
15亿呢是通过增发股票的方式募的
8:07
有10亿呢
8:08
也是发的可转债
8:10
他的可转债发的是0利息
8:12
加35%的转换溢价
8:14
这个转债的条件呢
8:15
和现在微策略发的债呢
8:17
也差不多了
8:18
但是这个消息发布之后
8:19
川普媒体集团的股价呢
8:21
还是有那么一点点小下滑的
8:24
主要的原因呢
8:25
就是因为这个
8:26
川普媒体集团呢
8:28
在之前更类似于一个秘密
8:30
主营业务的造血能力
8:32
基本上是可以忽略不计的
8:34
股价呢 主要看川普的热度推动
8:37
市场给他的溢价呢
8:38
是159% 溢价部分呢
8:41
只有微策略的一半
8:42
这个细账呢
8:43
是这么算的
8:44
大家可以看一下
8:47
好 那除了这家公司之外
8:49
还有一些以前搞比特币挖矿的公司呢
8:52
现在也逐渐加上了囤币业务
8:55
那这些公司
8:55
他们都是有造血能力的
8:57
毕竟比特币挖矿啊
8:59
是赚Alpha收益
9:00
的业务模式了
9:01
但是这些公司的问题呢
9:02
就是缺了点行业地位
9:04
比如说矿场的龙头企业Marrison啊
9:07
现在呢一共持有49,000枚比特币
9:10
将近5万枚
9:11
大部分呢是靠挖矿挖出来的
9:14
小部分呢是囤币买来的
9:16
这些比特币的市值呢
9:17
大概就值50亿美金了
9:19
但是现在市场给到Marrison的估值呢
9:22
也就只有50亿美金
9:24
难道说这市场没有给Marrison溢价吗
9:27
好歹人家还是有矿场矿机的
9:30
这些资产都不值钱吗
9:32
我们深扒发现
9:33
这个Marrison他自己的负债太多了
9:35
刨去负债
9:36
他的净资产呢只有37亿
9:39
哈哈 所以算下来溢价呢有143%
9:43
比川普媒体集团的溢价呢
9:45
还稍微差一点
9:46
主要原因呢就是这家伙有造血能力
9:49
但是没有什么行业地位
9:51
他囤币多少还是有点水平在里面的
9:54
去年8月份的时候
9:55
人家做了第一笔公开募资啊
9:58
募集了3亿美金
9:59
其中2.5亿呢
10:01
在当月就直接购买了4,000多枚比特币
10:04
平均购买价格是6万美金都不到
10:07
你现在再回过来看去年8月份
10:09
绝对最好的抄底时机啊
10:11
所以咱不得不夸一下
10:12
人家还是比较精准的
10:14
囤币这块一把好手
10:16
另外一个矿场龙头RIOT也是一样啊
10:19
现在呢是持有2万枚左右的比特币
10:21
这些比特币价值20亿美金左右
10:24
市场给他的估值呢是34.7亿美金
10:27
他呢是24年12月份呢
10:29
才开始修炼这套秘籍
10:31
募完资开始买币的时候
10:33
币价呢都已经在10万美金左右了
10:35
也没囤到什么便宜货
10:37
加上行业影响力也有限
10:39
所以说市场给他的溢价呢 比
10:41
Mara还要低一些
10:46
这些公司拉到一起对比
10:48
表格一放
10:49
再配合咱这个分析公式
10:51
基本上哪家武功练得好
10:53
哪家武功练得差
10:54
一清二楚了
10:55
好 那以上这些呢
10:56
都是修正版武功秘籍的
10:59
后面呢 还有几位是搞邪修的
11:01
例如说号称以太坊版本的微策略哎
11:04
这个叫SBET
11:06
声势浩大
11:07
拉了以太坊的联合创始人Lubin啊站台
11:11
作为董事会主席
11:12
说是要募资4.25亿美金去囤以太坊
11:16
消息一出呢
11:17
这SBET的股票价格大涨
11:20
到5月29号的时候
11:21
股价都接近80块一股了
11:24
但是随着募资情况的进一步披露啊
11:27
这股价算是来了个脚踝展
11:29
现在呢 连10美金都不到了
11:31
为啥暴跌这么惨呢
11:33
第一个原因呢
11:34
就是募资结束之后
11:36
散户们才发现
11:37
他们给他们自己的员工
11:39
居然安排了一个内部价
11:41
远远低于市场价
11:43
明目张胆的收割投资人呢
11:45
第二个呢
11:46
就是发现这公司募资方式
11:48
根本就不是发债债转股来募资
11:51
而是直接发行股票去募资
11:54
这80块的股价也没什么流通性
11:56
一下子就被稀释的一文不值了
11:59
所以基于以上两个原因呢
12:01
也算是起了个大早
12:02
赶了个晚集
12:03
效果远不及预期
12:05
那同样也是邪修囤山寨币的呢
12:07
还有孙哥最近搞的这个SRM
12:10
孙宇晨呢
12:11
通过将2.5亿美金的TRX代币
12:14
注入SRM这个美股上市公司里面
12:17
这样呢 这个SRM呢
12:19
也会成为他们波场代币的囤币公司
12:22
但是这个SRM和前面说的这个SBET呢
12:26
都属于庄家拿钱出
12:28
来囤币 容易出现炒作一波之后
12:30
热度消散
12:31
股价还要跌回去的现象
12:33
所以说 目前还没有出现
12:35
练的特别好的龙头弟子
12:37
那比较完以上两套武功秘籍
12:39
不管是正修还是邪修
12:41
咱们几乎明白了
12:43
这些囤币公司的股价想要上涨
12:45
这公式里面的两条呢
12:47
是缺一不可
12:48
融资能力非常重要
12:50
囤币能力呢
12:51
也是更重要的
12:52
你囤的币可不能跌呀
12:54
为啥这么说呢
12:55
其实呢 细心的小伙伴也发现了
12:57
这些囤山寨币的囤币公司
12:59
他们的融资方式
13:00
大都不是去发行一些可转债
13:03
主要是增发股票进行融资
13:05
这原因呢
13:06
正是因为山寨币币价下跌的风险
13:09
是非常大的
13:09
币价一旦下跌
13:11
你这边手里买的币呢
13:13
在亏钱 另外呢
13:14
还要给你的股民还本金
13:16
哎 这生意呢
13:17
实在是太不划算
13:18
整不好把自己都给搞破产了
13:20
而且呢 你即便你发了这债转股
13:23
每股投资者也不一定买你的账
13:25
因为他们也知道
13:26
一旦你这囤的币币价下跌
13:28
净资产跌没了
13:30
这债呢 是有可能还不上的哦
13:32
我们来看一下正修那边的还债能力
13:35
微策略呢
13:35
现在是600亿的资产
13:37
发行了100亿的可转债
13:39
川普公司呢
13:40
是35亿的资产
13:41
借了10亿的债
13:43
Mara呢 是30亿的资产
13:44
借了3亿的债
13:46
RIOT呢 是30亿
13:47
借了6亿
13:48
这里面债务杠杆率最大的呢
13:50
是川普媒体公司啊
13:52
也是只有1/3而已
13:54
也就是意味着
13:55
比特币如果币价腰斩
13:56
跌去5万美金
13:58
这些公司都扛得住
13:59
但是山寨币的囤币公司
14:01
你能扛得住吗
14:04
比特币腰斩
14:05
山寨币绝对脚踝
14:07
斩 所以啊
14:08
这些山寨币的囤币公司一般呢
14:10
也只能是邪修
14:12
那发股囤币呢
14:13
又对投资者来说本质上意义不太大
14:16
跟他直接买币面临的风险和收益呢
14:19
都差不多
14:20
所以说
14:20
以后我们看到邪修派搞什么新闻
14:23
做什么热点
14:24
不用过分在意
14:25
这些选手的短期炒作价值
14:28
是大于长期价值的
14:30
但是啊 这不影响咱炒短线投机
14:33
赚点小钱钱是吧
14:34
那目测
14:34
后面这些门派还是会继续发扬光大的
14:37
会有一波又一波的上市公司开始转型
14:40
啊 我也要做囤币公司了
14:42
甚至呢
14:42
还有一大波山寨币可能会学波场一样
14:45
要去成立自己的上市公司
14:47
在这波浪潮的推动下
14:49
加密行业将会进一步入侵美股
14:52
好 视频的最后呢
14:53
感谢本条视频的赞助商
14:55
专注于北美比特币挖矿的DataRun
14:58
目前DataRun比特币S21系列的矿机呢
15:01
仍然在活动中
15:03
依照活动电价和机器价格进行测算
15:05
现在挖矿获取一枚比特币的价格呢
15:08
在47,000美金左右
15:10
仍然是低价获取比特币的最好方式
15:13
那DataRun赞助咱们频道
15:14
已经半年的时间了
15:15
期间呢一直100%兑付
15:17
算力丝滑提币
15:19
用实际行动换取客户的信任
15:21
活动机器数量有限
15:23
手慢就没了
15:24
联系视频下方的客服链接
0:00
Legend has it that
0:00
Wudang has a martial art called Tianyun Zong
0:03
which is said to be able to fly by stepping on the right foot.
0:13
Whether this martial art can really fly,
0:15
we don't know.
0:16
But now,
0:16
in the US stock market,
0:18
there are companies that do nothing
0:20
it relies on issuing bonds with its left foot
0:22
Right Foot Hoarding Investment
0:24
It's really going to the sky step by step.
0:27
Today, let's talk about
0:28
The martial arts secrets of the coin hoarding faction of listed companies
0:32
The money-making logic of issuing bonds and hoarding coins
0:39
To say that the founder of this coin hoarding pie?
0:41
we should start with MicroStrategy.
0:43
This listed company, MicroStrategy,
0:45
developed this set of martial arts in twenty twenty.
0:49
After just five years of practice,
0:50
its stock price has increased by almost ten times.
0:53
Its status in the industry
0:54
from an obscure low-market-cap software
0:56
unknown low-market-cap software listed company
0:59
into
1:00
into a leading public company in the cryptocurrency space.
1:04
Now it is a celebrity around the president.
1:06
The entire company is currently
1:07
holds five hundred and eighty thousand bitcoins.
1:10
This number
1:11
is already half of Satoshi Nakamoto's wallet,
1:13
almost three times that of the US Federal Reserve.
1:16
It's really a public company outperforming other public companies.
1:19
which makes other listed companies jealous.
1:20
Ha ha ha, let's talk about its story a little bit.
1:26
This MicroStrategy
1:27
was founded as early as nineteen eighty-nine.
1:30
The founder has never changed.
1:31
which is now the boss, Michael Sailor.
1:34
The company's core product at that time
1:35
called MicroStrategy Analysis Platform.
1:38
It was a tool
1:39
for data analysis.
1:42
In the Internet industry at that time,
1:44
was called BI, business intelligence.
1:48
In the BI track,
1:49
it was one of the established players.
1:52
It was founded in nineteen eighty-nine,
1:53
but in recent years, it has gradually been squeezed out
1:55
LUCER and other latecomers
1:57
have squeezed out its market share.
1:59
Its growth rate is also getting slower and slower.
2:01
It was about to be eliminated.
2:02
What should they do?
2:03
In a hurry,
2:04
and an opportunity came.
2:06
In twenty twenty,
2:07
the pandemic came.
2:08
The epidemic was a crisis for many enterprises.
2:11
but for MicroStrategy, it was
2:13
it was an opportunity.
2:14
Due to the pandemic,
2:15
the global economy was extremely loose.
2:17
Biden waved his hand,
2:19
he printed four trillion US dollars.
2:21
and started printing money.
2:22
At this point, Michael Saylor thought
2:24
First, the risk of dollar depreciation was serious.
2:27
Second,
2:27
our company still has a lot of cash on the books.
2:31
As the dollar depreciates,
2:33
will become less and less valuable.
2:35
What should we do?
2:36
I think we should turn our five hundred million cash
2:38
into long-term inflation-proof assets.
2:42
So,
2:42
he proposed a very radical idea.
2:45
called instead of holding cash
2:47
let's hold Bitcoin.
2:49
So in August twenty twenty,
2:51
the gamble began.
2:52
MicroStrategy announced that it would spend half of its money
2:56
250 million
2:57
to buy twenty-one million four hundred fifty-four bitcoins.
3:01
officially began
3:01
It officially started its strategy of using Bitcoin as reserve assets.
3:05
You know,
3:05
Bitcoin's price was only over ten thousand at that time.
3:08
A year later,
3:10
Bitcoin rose to sixty thousand dollars per coin.
3:12
Without doing anything,
3:13
the company's assets increased by six times.
3:16
Which listed company can have such an increase?
3:18
This is a good thing.
3:19
we should continue to buy.
3:21
But buying is one thing,
3:22
our money is limited.
3:23
What should we do if we don't have money to buy?
3:26
Or borrow money to buy.
3:28
Speaking of borrowing money,
3:29
For US-listed companies,
3:31
what is the most handy borrowing tool?
3:34
The answer is convertible bonds, right?
3:37
Here,
3:38
let me briefly introduce the knowledge of convertible bonds.
3:41
Simply put,
3:42
it means the company issues bonds to borrow money.
3:44
For example, ten thousand yuan for ten years.
3:46
The conventional way is
3:47
During these ten years,
3:48
they will pay us interest every year.
3:50
and pay back the principal of one hundred thousand yuan.
3:53
But there is a case
3:55
the debt doesn't need to be repaid.
3:57
that is when a listed company issues bonds,
3:59
they will give us an option.
4:00
This option is that I will give you stocks in ten years.
4:03
regardless of how much its stock price is in ten years.
4:06
I will pay you at the agreed price
4:08
to give you a certain number of stocks.
4:09
For example,
4:10
Today, its stock price is
4:11
is ten yuan per share.
4:13
and in ten years,
4:14
it will either give us one hundred thousand yuan in cash,
4:16
or give us five thousand shares at twenty yuan per share.
4:18
and give us five thousand shares.
4:19
If ten years later,
4:20
the stock price of this company rises to fifty yuan per share,
4:24
we can take five thousand shares of stocks.
4:26
which is worth two hundred and fifty thousand yuan.
4:29
Earning one hundred fifty thousand in ten years is good.
4:31
Right? But what if in ten years,
4:33
the stock price of the company doesn't rise that much,
4:35
what if it doesn't rise that much, less than twenty yuan?
4:37
Then we can ask the company
4:38
to return us one hundred thousand yuan in cash.
4:40
In this case,
4:42
we won't lose money.
4:43
After all, we have earned some interest during these ten years.
4:45
Right? In this case,
4:47
the debt issued by the listed company to us
4:49
is called convertible bonds.
4:50
Let's pull up the summary table.
4:52
For MicroStrategy,
4:53
has issued convertible bonds six times in this way.
4:56
and it became more and more serious.
4:57
Everyone is willing to lend it money.
4:59
The last two issues both oversubscribed.
5:02
Why is MicroStrategy's financing ability so strong?
5:04
so many people are willing to lend it money.
5:07
The main reason is that lending money to it makes money.
5:11
Let's take a look at a detail.
5:12
In December twenty twenty,
5:14
MicroStrategy issued its first convertible bond.
5:16
The debt was six hundred and fifty million dollars.
5:19
with an interest rate of zero point seven five percent.
5:21
and the term is five years.
5:22
That is, in December this year,
5:24
this debt will mature.
5:26
Let's do a quick calculation
5:27
how much money the creditors can earn.
5:30
In the details, we can see that
5:31
the conversion price at maturity is three hundred ninety-eight dollars.
5:36
Open the MicroStrategy's stock market,
5:37
we find that the current stock
5:38
is almost the same.
5:40
After the creditors get the stocks,
5:42
won't they make a profit?
5:44
No.
5:44
Ha ha, in the middle,
5:46
we dug a little deeper
5:47
we found that in August twenty twenty-four,
5:50
had a stock split.
5:52
one share was divided into ten shares.
5:54
So the creditors five years ago
5:56
now have a tenfold return.
5:59
Ten times in five years.
6:00
It can be regarded as a god in the traditional financial field.
6:03
Compared to the cryptocurrency circle,
6:04
if you directly buy Bitcoin,
6:05
the return in five years is about ten times.
6:08
But you should know that
6:10
During the five years, MicroStrategy
6:11
paid interest to these creditors.
6:14
and also gave them a guaranteed equity.
6:16
If Bitcoin falls,
6:18
and the stock price of my company falls,
6:19
I will return your principal.
6:21
If you lose money,
6:22
MicroStrategy will help you pay back the money.
6:24
So under the same situation of income,
6:26
it's safer than buying Bitcoin directly.
6:29
In this case,
6:30
wouldn't everyone rush to buy the bonds it issues?
6:32
Hearing this, don't you feel like wow,
6:34
this set of cheat sheet is amazing, right?
6:37
There's more.
6:38
It not only brings benefits to users,
6:40
but also brings many benefits to enterprises.
6:42
The biggest benefit is
6:43
It is to make the valuation of the company bigger and bigger
6:46
The valuation logic of a Bitcoin company
6:48
is very easy to calculate.
6:49
Let's take MicroStrategy as an example.
6:50
the assets of this company
6:52
mainly consists of fifty-eight thousand bitcoins,
6:55
fifty-eight thousand US dollars.
6:56
Now the price of Bitcoin is
6:57
is about sixty-one point five billion US dollars.
7:00
The company also has about ten billion in liabilities.
7:02
So the net asset value is
7:04
is five hundred billion.
7:05
But now the market value of MicroStrategy is
7:08
100 billion shares.
7:09
Investors
7:10
has given it a twofold premium.
7:12
The value of this extra part
7:13
mainly because the market recognizes MicroStrategy's status
7:16
and solvency.
7:18
That is to say, its actual business still has the ability to generate blood.
7:21
and ability to repay.
7:21
Therefore, here,
7:22
we can extract an analysis framework.
7:25
The valuation of a company that hoards coins equals
7:28
plus its financing ability.
7:29
The financing ability is divided into
7:31
which is industry status and hematopoietic ability.
7:34
After extracting this framework,
7:35
we realize that
7:36
this set of martial arts is not easy for everyone to practice.
7:39
because the core competency is not in hoarding coins,
7:42
but in financing ability.
7:44
Let's use this formula
7:45
to analyze other players in this sect.
7:49
such as the media company group TMTG of the President Trump.
7:53
is also a player in financing and hoarding coins.
7:55
This company
7:56
it has an industry position.
7:57
After all, it's Trump Media Group.
8:00
but it lacks a bit of self-generation ability.
8:02
This company
8:03
has raised two point five billion dollars.
8:05
Fifteen hundred million was raised through stock issuance.
8:07
and one billion
8:08
and the other five hundred million was issued in bonds.
8:10
The interest rate of its convertible bonds is zero,
8:12
plus thirty-five percent conversion premium.
8:14
The terms of this convertible bond
8:15
is similar to the bonds issued by MicroStrategy now.
8:17
are similar.
8:18
But after the news was released,
8:19
the stock price of Trump Media Group
8:21
still had a slight decline.
8:24
The main reason
8:25
is because
8:26
Trump Media Group
8:28
was more like a secret before,
8:30
its main business's ability to generate profits
8:32
was basically negligible.
8:34
The stock price mainly depends on Trump's popularity.
8:37
The market's premium for it
8:38
is one hundred and fifty-nine percent.
8:41
only half of MicroStrategy's.
8:42
The details are as follows.
8:43
is calculated like this.
8:44
You can take a look.
8:47
Okay, in addition to this company,
8:49
there are also some companies that used to do Bitcoin mining
8:52
have gradually added the business of hoarding coins.
8:55
These companies
8:55
they all have the ability to generate profits.
8:57
After all, Bitcoin mining
8:59
is a business model that earns Alpha.
9:00
business model.
9:01
But the problem with these companies is
9:02
is that they lack industry status.
9:04
For example, Marrison, the leading enterprise of mines,
9:07
now holds forty-nine thousand bitcoins,
9:10
nearly fifty thousand.
9:11
Most of them are mined,
9:14
and a small part was bought by hoarding.
9:16
The market value of these bitcoins
9:17
is worth about five billion dollars.
9:19
But now the market values Marrison
9:22
is only five billion US dollars.
9:24
Isn't this market giving Marrison a premium?
9:27
After all, it has mining farms and mining machines.
9:30
Aren't these assets valuable?
9:32
We found that
9:33
Merrill Lynch has too much debt.
9:35
After deducting the debt,
9:36
its net assets are only three point seven billion.
9:39
So the premium is one hundred forty-three percent.
9:43
which is slightly less than that of Trump Media Group.
9:45
is slightly lower.
9:46
The main reason is that it has the ability to generate wealth,
9:49
but it has no industry status.
9:51
He has some level in hoarding coins.
9:54
last August,
9:55
he made his first public fundraising,
9:58
raised three hundred million dollars.
9:59
and two hundred fifty million
10:01
and directly bought more than four thousand bitcoins that month.
10:04
The average purchase price is less than $60,000
10:07
Now look back at August last year,
10:09
the absolute best time to buy the bottom.
10:11
So we have to praise him.
10:12
he is quite accurate.
10:14
and is good at hoarding coins.
10:16
The same is true for another mine leader, RIOT.
10:19
Now, it holds about twenty thousand bitcoins.
10:21
These bitcoins are worth about two billion dollars.
10:24
and the market valued it at three point four seven billion dollars.
10:27
He started in December twenty twenty-four
10:29
began to practice this set of secrets.
10:31
When you raise funds and start buying coins
10:33
the price of Bitcoin was already around one hundred thousand dollars.
10:35
and he didn't get any cheap coins.
10:37
And his influence in the industry is limited.
10:39
So the premium given by the market to him
10:41
lower than that of Mara.
10:46
Comparing these companies together,
10:48
by putting the table,
10:49
and with our analysis formula,
10:51
it's basically clear which company is better
10:53
and which one is worse.
10:54
it's clear.
10:55
Okay, so these above
10:56
are all revised versions of the cheats.
10:59
In the back, there are a few more who are engaged in evil cultivation
11:01
such as the so-called Ethereum version of MicroStrategy.
11:04
It's called SBET.
11:06
It was a big deal,
11:07
Pulled Ethereum co-founder Lubin ah platform
11:11
as the board chairperson,
11:12
saying it would raise four hundred and twenty-five million dollars
11:16
When the news came out,
11:17
the stock price of SBE T rose sharply.
11:20
By May twenty-ninth,
11:21
the stock price was close to eighty yuan per share.
11:24
But with the further disclosure of the fundraising situation,
11:27
the stock price has plummeted.
11:29
Now it's even less than ten dollars.
11:31
Why did the stock price plummet so badly?
11:33
The first reason is that
11:34
after the fundraising was over,
11:36
retail investors only found out that
11:37
they arranged an internal price
11:39
they arranged an internal price
11:41
which was much lower than the market price.
11:43
which is a blatant exploitation of investors.
11:45
The second reason
11:46
they found that the company's fundraising method
11:48
was not to issue bonds and convert them into shares,
11:51
but directly issued stocks to raise funds.
11:54
The stock price of eighty yuan has no liquidity,
11:56
and it was diluted to nothing in an instant.
11:59
So based on the above two reasons,
12:01
it can be said that it started early
12:02
and missed the bus.
12:03
the effect is far less than expected.
12:05
It is also evil to hoard counterfeit products
12:07
And the SRM that Sun Ge recently launched
12:10
What about Justin Sun?
12:11
by injecting twenty-five million dollars of TRX tokens
12:14
into the US-listed company SRM.
12:17
In this way, SRM
12:19
will also become a holding company for their Tron tokens.
12:22
But both SRM and the previously mentioned SBET
12:26
are both controlled by the market makers.
12:28
to hoard coins, there is a phenomenon that
12:30
the heat fades away,
12:31
and the stock price will fall back.
12:33
Therefore, there has not yet appeared
12:35
a particularly good leader disciple.
12:37
After comparing these two sets of martial arts cheats,
12:39
whether it is the right or the evil cultivation,
12:41
we have almost understood that
12:43
the stock prices of these coin hoarding companies
12:45
the two factors in this formula
12:47
are indispensable.
12:48
Financing ability is very important.
12:50
The ability to hoard coins
12:51
is also more important.
12:52
The coins you hoard can't fall.
12:54
Why do I say that?
12:55
In fact, careful friends have also noticed that
12:57
these companies that hoard altcoins
12:59
their financing methods
13:00
mostly do not issue convertible bonds.
13:03
but mainly by issuing additional shares for financing.
13:05
The reason is
13:06
It's because the risk of the price of altcoin falling
13:09
is very high.
13:09
Once the price falls,
13:11
the coins you bought
13:13
will lose money, and in addition,
13:14
you have to pay back the principal to your shareholders.
13:16
This business
13:17
is really not cost-effective.
13:18
Otherwise, you might go bankrupt.
13:20
And even if you issue debt-to-equity swap,
13:23
investors may not necessarily buy your account.
13:25
Because they also know that
13:26
once the price of the coins you hoarded falls,
13:28
net assets will be gone.
13:30
the debt may not be repaid.
13:32
Let's take a look at Zhengxiu's ability to repay debts.
13:35
MicroStrategy
13:35
now has six billion assets,
13:37
and issued one billion convertible bonds.
13:39
Trump Company
13:40
has thirty-five billion assets,
13:41
and borrowed one billion dollars.
13:43
Mara has three billion assets
13:44
and borrowed three hundred million.
13:46
Right has three billion assets
13:47
and six hundred million debts.
13:48
The company with the highest debt leverage ratio
13:50
is Trump Media,
13:52
is only one-third.
13:54
which means that
13:55
If the price of Bitcoin halves,
13:56
and falls by fifty thousand dollars,
13:58
these companies can handle it.
13:59
But for the companies that hoard altcoins,
14:01
can you afford it?
14:04
If Bitcoin halves,
14:05
altcoins will definitely be cut in half.
14:07
So,
14:08
the companies that hoard altcoins generally
14:10
It can only be evil cultivation
14:12
What about issuing stocks to hoard coins?
14:13
is not meaningful for investors.
14:16
The risks and benefits of buying coins directly
14:19
are similar.
14:20
So,
14:20
when we see the news of the shoe repair faction,
14:23
or hot topics,
14:24
we don't need to pay too much attention.
14:25
the short-term speculative value of these players
14:28
is greater than their long-term value.
14:30
But this doesn't affect our short-term speculation.
14:33
to make some small money, right?
14:34
I guess
14:34
these sects will continue to thrive.
14:37
there will be waves of listed companies starting to transform.
14:40
I'm going to be a company that hoards coins.
14:42
Even
14:42
there will be a large number of altcoins that may follow Tron
14:45
to establish their own listed companies.
14:47
Driven by this wave,
14:49
the cryptocurrency industry will further invade US stocks.
14:52
At the end of this video,
14:53
thanks to the sponsors of this video.
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