“比特币影子股”MSTR有多火？基金经理高呼是“与众不同的怪兽”，ETF被限制交易

华尔街见闻04:08

特朗普当选后比特币高涨，因为大量持有比特币而成为“比特币大户”的上市公司MicroStrategy（MSTR）成为最牛“比特币影子股”。投资者有多追捧MSTR？用杠杆投资这只个股的ETF都被限制交易了。被限制交易的ETF包括代码为MSTU的MSTR两倍做多ETF T-Rex 2X Long MSTR Daily Target ETF。彭博社报道称，上个月，Tuttle Capital ...

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ETFs restricted from trading as fund managers chant'monsters unlike any other '","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"83042":0.6,"03042":1,"MSTU":1,"MSTR":1,"FDN":1,"09439":1,"09042":1,"09008":1,"03439":1,"03008":1},"content_text":"特朗普当选后比特币高涨，因为大量持有比特币而成为“比特币大户”的上市公司MicroStrategy（MSTR）成为最牛“比特币影子股”。投资者有多追捧MSTR？用杠杆投资这只个股的ETF都被限制交易了。\n被限制交易的ETF包括代码为MSTU的MSTR两倍做多ETF T-Rex 2X Long MSTR Daily Target ETF。彭博社报道称，上个月，Tuttle Capital Management的CEO Matt Tuttle 收到一个坏消息，该公司推出的MSTU达到了主经纪商所愿意提供的掉期敞口上限。\n换句话说，距离MSTU上市才大概一个月，银行内部与客户进行证券融资等活动的主经纪商就得限制这只ETF的掉期交易了。\n一些指标显示，MSTU是华尔街有史以来波动最大的ETF。它的回报率是MSTR这只个股的两倍。本周五MSTU盘中涨超20%，最近一个月累计涨幅超过220%。因为ETF大涨，一个月来也吸引了数亿美元资金流入。到本周四收盘，MSTU资产约为40亿美元，自9月问世以来累计增长超过600%。\n\n报道称，为了实现期望的高回报，管理MSTU的Tuttle一直通过经纪商买入掉期合约，但考虑到MSTR的波动，只有三家公司愿意与他合作，现在三家都开始达到掉期交易的敞口限制。有一次，Tuttle需要价值1亿美元的敞口，而这三家公司总共只能提供2000万美元。为了履行ETF职责，Tuttle不得不转向购买看涨期权。\n对此Tuttle评价称：“如果这是宝洁的基金，我可以获得尽可能多的掉期敞口。但 MicroStrategy 是与众不同的怪兽。” 对Tuttle来说，现在1亿美元的敞口都不是什么大金额了，最近他有时需要5亿美元。\nMSTU的对手、另一家两倍做多MSTR的ETF Defiance Daily Target 2X Long MSTR ETF (MSTX) 的情况也类似。该ETF发行公司Defiance ETFs的CEO Sylvia Jablonski称，MSTX 8月上市后不久就开始用期权来帮助满足需要的杠杆率。该ETF最初提供1.75倍杠杆，在Tuttle 推出MSTU后，杠杆率提高到2倍。\nMSTU和MSTX的掉期交易受限正是MSTR个股大涨和受热捧的体现，最近MicroStrategy还在加仓比特币，展示了对比特币在特朗普任内表现的看好。\n华尔街见闻本周稍早提到，11月19日周二MSTR股价飙升11%，市值超越全球前两大金矿公司纽蒙特黄金和巴里克黄金的市值总和。\n在MSTR大涨前一天，MicroStrategy周一宣布斥资约46亿美元买入5.178万枚比特币，合计持有比特币达到33.12万枚。四季度以来，公司持有比特币的收益达20.4%，年初以来达41.8%。\n本周三，MicroStrategy还宣布，计划进行17.5亿美元的可转换高级票据私募发行。这也暗示着该公司可能进行更多的比特币收购。\n著名金融评论员和黄金倡导者Peter Schiff认为，MSTR股价和比特币投资之间存在正向循环，股价越高，公司可以卖出的股票就越多，卖出的股票越多，可以购买的比特币就越多，买的比特币越多，比特币价格就越上涨。\n风险提示及免责条款\n\n            市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485168452"}