中文翻译
我认为情况比这稍显微妙。做空 $MSTR 的人同时也做多比特币，他们是在对 mnav（市值与净资产价值）溢价进行套利，使其从 1.8-2 倍的水平回归至 1 倍。他们并非方向性做空，且亏损通常有限，因为很难看到 MicroStrategy 的 mnav 涨至 2 倍或 4 倍。
· 个股论点
解析做空MSTR实为套利mnav溢价回归，非方向性做空且风险有限。
涉及标的： $MSTR
英文原文
I think it's slightly more nuanced than this. People who are short $MSTR are also long Bitcoin and are arbitrating the mnav premium from 1.8-2 levels back to 1. They're not directionally short and losses are usually caped since hard to see mnav increasing to 2 or 4 for microstrategy.