比特幣國庫股與購買比特幣：哪種正確的投資策略？

最近，我一直在研究公司在國庫中增加比特幣的趨勢。這種轉變打開了兩個主要投資選擇

Recently, I've been following the interesting development of companies adding Bitcoin to their treasuries. As this trend continues, it presents two main investment avenues for us: buying Bitcoin directly or investing in companies that hold large amounts of Bitcoin, also known as Bitcoin treasury stocks.

最近，我一直在關注公司在國庫中增加比特幣的有趣發展。隨著這一趨勢的繼續，它為我們提供了兩個主要的投資途徑：直接購買比特幣或投資於擁有大量比特幣（也稱為比特幣國庫股票）的公司。

While direct investment in Bitcoin is known for its simplicity and straightforward nature, investing in companies like Strategy (formerly MicroStrategy) offers the potential for higher returns, although it also comes with significantly greater risk.

儘管對比特幣的直接投資以其簡單性和直截了當的性質而聞名，但對諸如戰略（以前是微型策略）之類的公司進行投資提供了更高回報的潛力，儘管它的風險也大大增加。

Let's break down the key differences and considerations.

讓我們分解關鍵差異和考慮因素。

Bitcoin Investment vs. Bitcoin Treasury Stocks

比特幣投資與比特幣財政部股票

We'll start with the basics. Buying Bitcoin directly means you own the asset. You control it, benefit directly from price movements, and aren't affected by any external company decisions. It's a straightforward investment to manage.

我們將從基礎知識開始。直接購買比特幣意味著您擁有資產。您可以控制它，直接從價格變動中受益，並且不受任何外部公司決策的影響。這是一項直接管理的投資。

Now, let's say you invest in shares of companies that hold Bitcoin as part of their corporate strategy. A well-known example is Strategy, which has been actively investing in Bitcoin since 2020.

現在，假設您投資了持有比特幣作為公司戰略的一部分的公司的股票。一個眾所周知的例子是策略，自2020年以來一直積極投資比特幣。

Investing in these companies gives you exposure to Bitcoin, but with added leverage. That leverage can boost returns in bull markets but also increases your exposure to risks, such as the company's performance, leadership decisions, and broader market volatility.

投資這些公司可讓您接觸比特幣，但具有額外的槓桿作用。這種槓桿作用可以提高牛市的回報，但也可以增加您對風險的影響，例如公司的績效，領導決定和更廣泛的市場波動。

Why Are Companies Stockpiling Bitcoin?

公司為什麼要儲存比特幣？

This led me to ask: Why are so many companies doing this?

這使我問：為什麼這麼多公司這樣做？

The reasons vary. Some companies, like Invictus (INVI.L), view Bitcoin as a hedge against inflation, which has become a pressing concern for investors. Others, like Huton (HUT.TO), see it as a strategic way to diversify their treasury. For some firms, especially those with crypto-focused operations like Marathon Digital (NASDAQ:MARA) or CleanSpark (NASDAQ:CLSK), holding Bitcoin is a core part of their business. And some companies do it primarily to attract crypto-investors or boost shareholder value.

原因有所不同。一些公司，例如Invictus（Invi.L），將比特幣視為反對通貨膨脹的對沖，這已成為投資者的緊迫關注。其他人，例如Huton（Hut.to），將其視為使財政部多樣化的戰略方式。對於某些公司，尤其是那些以加密貨幣為中心的運營的公司，例如馬拉松數字（NASDAQ：MARA）或CleanSpark（NASDAQ：CLSK），Holding Bitcoin是其業務的核心部分。一些公司主要是為了吸引加密貨幣或提高股東價值。

MicroStrategy is a unique case. The company went all-in, buying large amounts of Bitcoin using funds raised specifically for that purpose. It became the first public company to acquire over $250 million in Bitcoin, which has since become central to the company's identity.

MicroStrategy是一個獨特的情況。該公司全力以赴，使用專門為此目的籌集的資金購買大量比特幣。它成為第一家收購比特幣超過2.5億美元的上市公司，此後已成為該公司身份的核心。

Real-World Performance: Bitcoin vs. Treasury Stocks

現實世界的性能：比特幣與財政部股票

Now here’s where the numbers really stood out.

現在，這是數字真正引人注目的地方。

As of May 17, 2025, Bitcoin is trading around $103,482—a yearly increase of about 57.65%.

截至2025年5月17日，比特幣的交易約為103,482美元，每年增加約57.65％。

Strategy (formerly MSTR), on the other hand, is trading at $399.80 and has surged by 152% in the same period. Since adopting the Bitcoin Standard on August 10, 2020, Strategy has seen a return of over 3,358%, compared to Bitcoin’s 1,028% over the same period.

另一方面，策略（以前為MSTR）的交易價格為399.80美元，同期飆升了152％。自2020年8月10日採用比特幣標準以來，戰略的回報率超過3,358％，而同一時期比特幣的1,028％。

Clearly, treasury stocks like Strategy can outperform Bitcoin during bull markets—but this comes with much higher volatility.

顯然，諸如策略之類的財政部股票在牛市期間可以勝過比特幣，但這具有更高的波動性。

But What’s the Catch?

但是什麼是收穫？

This brings us to the risks—because they’re not small.

這給我們帶來了風險，因為它們並不小。

Leverage is a double-edged sword. When Bitcoin drops, these stocks can fall even harder. You also don’t have control. A company can decide to sell its Bitcoin holdings or shift strategies at any time, and that directly impacts your investment.

槓桿是一把雙刃劍。當比特幣下降時，這些股票可能會更難下降。您也沒有控制。公司可以隨時決定出售其比特幣控股或轉變策略，這直接影響您的投資。

Many of these companies rely heavily on Bitcoin’s success to stay afloat. For example, Strategy’s core software business has declined by 12% over the last decade. If Bitcoin crashes, these companies could face major financial stress, even bankruptcy in extreme cases.

這些公司中的許多公司都嚴重依賴比特幣的成功來維持生計。例如，在過去的十年中，戰略的核心軟件業務下降了12％。如果比特幣崩潰，這些公司可能會面臨重大財務壓力，甚至在極端情況下破產。

There’s also the issue of earnings volatility. Public companies must report their crypto holdings each quarter, and that can result in large fluctuations in reported earnings. Add in security risks—like the $1.5 billion Bybit hack in 2025—and it’s clear this isn’t a risk-free option.

收益波動也存在問題。上市公司必須在每個季度報告其加密貨幣持有量，這可能會導致報告的收益波動。加上安全風險（例如2025年耗資15億美元的Bybit Hack），很明顯，這不是無風險的選擇。

Bitcoin vs. Bitcoin Treasury Stocks: A Quick Comparison

比特幣與比特幣財政部股票：快速比較

Here's a brief overview of the key differences:

這是關鍵差異的簡要概述：

| Factor | Bitcoin Investment | Bitcoin Treasury Stocks |

|因子|比特幣投資|比特幣財政部股票|

|---|---|---|

| --- | --- | --- |

| Investment Type | Direct asset ownership (e.g., through an exchange or ETF). | Shares in companies with significant Bitcoin treasury holdings. Examples include Strategy (MSTR), Marathon Digital (MARA), and Micro bitcoin (MBTCF). |

|投資類型|直接資產所有權（例如，通過交易所或ETF）。 |擁有大量比特幣財政部持有的公司的股份。示例包括策略（MSTR），馬拉松數字（MARA）和微比特幣（MBTCF）。 |

| Risk Level | Lower. Primarily driven by Bitcoin's price volatility. | Higher. Encompasses treasury stocks' price volatility, leadership changes, company performance, and Bitcoin price volatility. |

|風險水平|降低。主要是由比特幣的價格波動驅動的。 |更高。包括財政部股票的價格波動，領導力變化，公司績效和比特幣價格波動。 |

| Return Potential | Slower, more consistent gains over time, reflecting Bitcoin's price movements. | Potential for faster, larger gains due to leverage and the combined effect of treasury stock price appreciation and Bitcoin value increase. However, also carries the risk of steeper losses. |

|返回電勢|隨著時間的流逝，較慢，更加一致的收益反映了比特幣的價格變動。 |由於槓桿作用而產生的更快，更大的收益以及國庫價格升值和比特幣價值增加的綜合效果的潛力。但是，還帶來巨大損失的風險。 |

| Control Level / Fees Higher. Investors pay trading commissions and exchange fees.

|控制水平 /費用更高。投資者支付交易委員會和交換費。

Final Thoughts

最後的想法

If you

如果你