從Dot-Com初創公司到比特幣巨頭

邁克爾·塞勒（Michael Saylor）於1989年與MicroStrategy共同創立。在1990年代，該公司與麥當勞（McDonald's）和其他人達成了數據挖掘交易，並於1998年公開

Freshly-rebranded Strategy—formerly known as MicroStrategy (MSTR)—has shifted from being an enterprise software firm that sells business-intelligence (BI) tools to the world’s largest corporate owner of bitcoin. It holds about 581,000 bitcoins, worth around $63 billion, which is significantly higher than its annual software revenue of about $463 million. (All data here and below are as of early June 2025.)

新鮮品牌的戰略（正式稱為MicroStrategy（MST））已從成為一家企業軟件公司，該公司將業務智能（BI）工具出售給了世界上最大的比特幣公司所有者。它擁有約581,000個比特幣，價值約630億美元，其年度軟件收入約為4.63億美元。 （截至2025年6月上旬，此處和下面的所有數據均為）

Founder and CEO Michael Saylor calls the company a “Bitcoin Treasury Company,” a moniker the early 2025 name change makes explicit. To fund this hoard, Strategy has issued waves of zero-coupon convertible notes and new equity, turning itself into a leveraged bet on "digital gold."

創始人兼首席執行官邁克爾·賽勒（Michael Saylor）稱該公司為“比特幣國庫公司”，這是2025年初的名字更改的綽號。為了資助此ho積，戰略發出了零企業可轉換票據和新股權的浪潮，將自己變成了對“數字黃金”的槓桿押注。

Key Takeaways

關鍵要點

From DotCom Startup to Bitcoin Giant

從Dotcom初創公司到比特幣巨頭

Michael Saylor co-founded MicroStrategy in 1989. Through the 1990s the firm landed data-mining deals with McDonald’s and others, and went public in 1998, briefly making Saylor a paper billionaire during the dot-com boom. After nearly going bankrupt because of a 2000 accounting scandal that resulted in a U.S. Securities and Exchange Commission settlement, the company steadily pivoted toward cloud analytics.

邁克爾·塞勒（Michael Saylor）於1989年共同創立了MicroStrategy。在1990年代，該公司與麥當勞（McDonald's）和其他公司（McDonald's）和其他人達成了數據挖掘交易，並於1998年公開，在Dot-Com Boom期間簡短地使Saylor成為紙質億萬富翁。由於2000年的會計醜聞幾乎破產了，導致了美國證券交易委員會和解，該公司穩步旋轉了雲分析。

Fast-forward to August 2020, when Saylor first deployed some $250 million of idle cash into bitcoin, citing cash-debasement fears.

快進到2020年8月，當塞勒首次以現金佔用的恐懼為主題，當時塞勒首次將約2.5億美元的閒置現金部署到比特幣中。

Multiple follow-on buys—financed first with cash, then with debt—turned the firm into “Wall Street’s bitcoin proxy.” The company's metamorphosis was completed with Strategy's name change, complete with an orange palette inspired by bitcoin.

多次後續購買（首先是現金，然後是債務）將公司歸於“華爾街的比特幣代理”。該公司的變形效果完成了策略的名稱更改，並帶有受比特幣啟發的橙色調色板。

Saylor champions his “infinite money glitch,” arguing that borrowing cheaply against stock to buy scarcer bitcoin offers shareholders leveraged digital gold exposure. Other high-profile companies are looking to follow Strategy's Bitcoin treasury playbook, with both Trump Media & Technology Group (DJT) and GameStop Corp. (GME) announcing massive fundraising in 2025 to do so.

塞勒（Saylor）擁護他的“無限貨幣故障”，認為廉價地借股票購買稀缺的比特幣會提供股東利用數字黃金敞口。其他備受矚目的公司正在尋求遵循Strategy的比特幣財政部劇本，其中包括特朗普媒體與技術集團（DJT）和GameStop Corp.（GME）（GME）在2025年宣布大規模籌款活動。

Related Stories

相關故事

How Strategy Finances Its Massive Bitcoin Treasury

戰略如何為其大量比特幣國庫提供資金

Strategy rarely pays cash for coins anymore. Instead, MSTR prefers to issue zero-coupon convertible notes with generous conversion premiums, effectively providing free money unless the stock tanks. It had already raised billions of dollars this way, part of a pattern that Bloomberg says has made convertible-arbitrage “Wall Street’s hottest trade.”

策略很少再付錢了。取而代之的是，MSTR更喜歡通過寬敞的轉換保費發布零企業可轉換票據，除非庫存坦克，否則有效地提供免費的錢。它已經以這種方式籌集了數十億美元，這是彭博社稱，這種模式使“華爾街最熱門的交易”成為了敞篷票據。

Issuing equity is another lever: during the first quarter of 2025 alone, Strategy sold $7.7 billion in new shares and then bought another 22,048 BTC at an average price of about $87,000.

發行權益是另一個槓桿：僅在2025年的第一季度，策略就出售了77億美元的新股，然後以平均價值約為87,000美元的價格購買了22,048 BTC。

To back this financial engineering, Strategy's slide deck often highlights the following metrics:

為了支持這項財務工程，戰略的幻燈片甲板通常會突出以下指標：

However, the math only works if Bitcoin continues to rise. A 30% slide in March briefly saddled the company with an unrealized $5.9 billion loss, rattling MSTR’s share price. Analysts warn that prolonged crypto winters would squeeze cash flow and could force asset sales or refinancings that dilute shareholder value. Its zero-coupon structure, furthermore, can let bondholders demand cash back if volatility spikes, creating a reflexive risk loop for shareholders.

但是，數學僅在比特幣繼續上升時起作用。 3月份的30％滑梯短暫地使該公司虧損了59億美元，使MSTR的股價震撼了。分析師警告說，延長的加密冬季將擠壓現金流，並可能迫使資產銷售或稀釋股東價值的再融資。此外，它的零情緒結構可以讓債券持有人在波動率上漲時要求現金返還，從而為股東創造反思性風險循環。

Still, MSTR's recent inclusion in the Nasdaq-100 has meant that passive index funds tracking it have bought its shares, which will help cushion any potential drawdowns.

儘管如此，MSTR最近將其納入納斯達克-100（NASDAQ-100）還是意味著被動指數基金跟踪其購買了其股票，這將有助於緩解任何潛在的吸管。

Warning

警告

Investors looking to Strategy as a BTC play might be getting played themselves: At a market cap of $105.28 billion and bitcoin holdings at about $62.6 billion, that's almost a 70% premium over its BTC holdings. Compare that to most closed-end funds (where a 10% premium is pricey) or the Grayscale Bitcoin Mini Trust ETF (BTC), where our calculations show a 3.2% discount of its share price to net asset value per share. For every $1.00 you invest, MSTR provides $0.59 worth of BTC exposure, whereas for the BTC ETF, you get $1.03.

希望將戰略作為BTC遊戲的投資者可能會發揮自己的作用：市值為1002.8億美元，比特幣持有量約為626億美元，比其BTC持有量差不多70％。與大多數封閉式基金（10％的保費價格昂貴）或灰比特幣Mini Trust ETF（BTC）相比，我們的計算顯示其股價折扣為每股淨資產淨值3.2％。 MSTR每投資1.00美元，MSTR提供價值0.59美元的BTC風險，而對於BTC ETF，您將獲得$ 1.03。

What Else Does Strategy Do?

策略還有什麼？

Strategy continues to sell its Strategy One analytics suite—an AI-infused business intelligence and data platform, which has sustained growth in subscriptions. The company also runs Strategy World, an annual technology conference that, in 2025, spotlighted new generative AI features rolling into its platform.

戰略繼續出售其戰略One Analytics Suite，即AI注入的商業智能和數據平台，該套件在訂閱方面持續增長。該公司還經營著戰略世界，這是一個年度技術會議，該會議於2025年焦點介紹了新的生成AI功能。

Bottom Line

底線

Strategy has morphed from a middling BI vendor into a leveraged macro bet on Bitcoin, wrapped around its still-functioning software business. If the crypto bull run persists, shareholders will reap the gains from embedded leverage in both equity and convertibles. If the tide turns, however, the same leverage will magnify

策略從中間的BI供應商變成了對比特幣的槓桿宏賭注，並圍繞其仍在運轉的軟件業務。如果加密公牛的運行持續存在，股東將從股票和敞篷車中從嵌入式槓桿中獲得收益。但是，如果潮汐轉彎，相同的槓桿將放大