隨著 MicroStrategy 繼續瘋狂購買，比特幣 (BTC) 週一再次攀升

投資者一直在湧入加密貨幣和成長型股票等高風險資產，以便在 2025 年開始交易，這種情況一直持續到今天。

Bitcoin (BTC 3.98%) continued its climb on Monday as investors piled back into cryptocurrencies and higher-risk assets to start trading in 2025. But one company is making headlines again with another massive purchase of Bitcoin.

隨著投資者重新湧入加密貨幣和高風險資產，準備在 2025 年開始交易，比特幣（BTC 3.98%）週一繼續攀升。

Here's what happened and why it matters.

這就是發生的事情以及為什麼它很重要。

Bitcoin's big buyer

比特幣的大買家

MicronTechnology (NASDAQ:MU) stock rose on Monday after the company announced another 1,070 Bitcoin acquired over the past week and said it will be raising another $2 billion to buy even more.

MicronTechnology (NASDAQ:MU) 股價週一上漲，該公司宣布過去一周又收購了 1,070 枚比特幣，並表示將再融資 20 億美元購買更多比特幣。

Investors have been pouring back into higher-risk assets like cryptocurrencies and growth stocks to start trading in 2025 and that continued today. As of 4 p.m. ET, over the past 24 hours, Bitcoin is up 4%, Ethereum (ETH 1.48%) has climbed a more modest 1.1%, and Dogecoin (DOGE 1.43%) is up 1.4%.

投資者一直在湧入加密貨幣和成長型股票等高風險資產，以便在 2025 年開始交易，這種情況一直持續到今天。截至美國東部時間下午 4 點，在過去 24 小時內，比特幣上漲了 4%，以太坊（ETH 1.48%）上漲了 1.1%，而狗狗幣（DOGE 1.43%）則上漲了 1.4%。

Bitcoin's big buyer

比特幣的大買家

MicroStrategy has been implementing what it refers to as a Bitcoin yield strategy, which involves issuing stock and debt to buy Bitcoin. If the value of MicroStrategy's stock is in excess of the value of Bitcoin held on the balance sheet the company can issue stock to buy Bitcoin, increasing the amount of Bitcoin held per share. This is what it calls "yield."

MicroStrategy 一直在實施所謂的比特幣收益策略，其中涉及發行股票和債務來購買比特幣。如果 MicroStrategy 股票的價值超過資產負債表上持有的比特幣價值，該公司可以發行股票來購買比特幣，從而增加每股持有的比特幣數量。這就是所謂的「產量」。

That's why MicroStrategy has been such a big buyer of Bitcoin in recent weeks. The stock's price is over double the value of Bitcoin per share, which means the company can increase the "yield" rapidly. In 2024, the company had a 74.3% Bitcoin yield, according to management.

這就是 MicroStrategy 最近幾週成為比特幣大買家的原因。該股票的價格是每股比特幣價值的兩倍以上，這意味著該公司可以迅速提高「收益率」。據管理層稱，2024 年，該公司的比特幣收益率為 74.3%。

What's not clear is how long MicroStrategy's stock will maintain a premium to its underlying Bitcoin assets or what the downside risk is if MicroStrategy stops buying. With such a big buyer in the market, investors know there's always a buyer in MicroStrategy, but that momentum may reverse if the stock falls.

目前尚不清楚的是，MicroStrategy 的股票相對於其基礎比特幣資產的溢價將維持多久，或者如果 MicroStrategy 停止購買，下行風險有多大。市場上有如此大的買家，投資者知道 MicroStrategy 總是會有買家，但如果股價下跌，這種勢頭可能會逆轉。