最大化每股比特幣：新的公司策略

MicroStrategy、Cathedra Bitcoin 和 Metaplanet 在最大化比特幣持有量方面處於領先地位。

Public companies are increasingly turning to bitcoin (BTC) as a valuable treasury asset, a trend that began when MicroStrategy (MSTR) announced its decision to allocate a portion of its treasury to bitcoin in August 2020. This move has led to an impressive 800% increase in the company's stock value.

上市公司越來越多地將比特幣(BTC) 作為有價值的財務資產，這一趨勢始於MicroStrategy (MSTR) 於2020 年8 月宣布決定將其部分財務資產分配給比特幣。舉措導致了令人印象深刻的800%公司股票價值增加。

According to data from BitcoinTreasuries.net, public companies now hold approximately 354,316 BTC, which constitutes around 1.69% of the total bitcoin supply of 21 million. This large-scale entry into the bitcoin market is sure to have a significant impact on the cryptocurrency's price discovery.

根據BitcoinTreasuries.net的數據，上市公司目前持有約354,316枚比特幣，約佔比特幣總供應量2,100萬枚的1.69%。這種大規模進入比特幣市場肯定會對加密貨幣的價格發現產生重大影響。

Inspired by MicroStrategy's example, several other companies have followed suit, adopting bitcoin as a treasury asset to diversify their portfolios and protect themselves from inflation. Among the most notable are Metaplanet (3350), Semler Scientific (SMLR) and, most recently, Cathedra Bitcoin (CBIT).

受到 MicroStrategy 例子的啟發，其他幾家公司也紛紛效仿，採用比特幣作為庫存資產，以實現投資組合多元化並保護自己免受通膨影響。其中最著名的是 Metaplanet (3350)、Semler Scientific (SMLR) 以及最近的 Cathedra Bitcoin (CBIT)。

Cathedra Bitcoin, a publicly traded company on the TSX Venture Exchange in Canada, has shifted its focus away from bitcoin mining and toward the development and operation of data centers. This strategic pivot comes in response to the increasing challenges faced by the mining industry due to the bitcoin halving.

Cathedra Bitcoin 是一家在加拿大多倫多證券交易所創業板上市的公司，該公司已將其重點從比特幣挖礦轉向資料中心的開發和營運。這個戰略支點是為了因應比特幣減半導致採礦業面臨的日益嚴峻的挑戰。

The Hashrate index, which tracks bitcoin mining revenue, currently stands at a relatively low 43 (petahash/second) PH/s, with an all-time low of 36 PH/s. This sustained downturn has caused many public miners to struggle in 2024.

追蹤比特幣挖礦收入的算力指數目前處於相對較低的 43（petahash/秒）PH/秒，歷史最低水準為 36 PH/秒。這種持續的低迷導致許多公共礦工在 2024 年陷入困境。

In light of these challenges, Cathedra has decided to move away from mining to focus on maximizing bitcoin holdings per share and generating a more sustainable cash flow. This shift will allow the company to continuously acquire more bitcoin, prioritizing long-term growth in its bitcoin holdings over costly operational ventures.

鑑於這些挑戰，Cathedra 決定放棄採礦業，轉而專注於最大化每股比特幣持有量並產生更永續的現金流。這項轉變將使該公司能夠持續收購更多比特幣，優先考慮其比特幣持有量的長期成長，而不是成本高昂的營運企業。

"Going forward, we will make all capital allocation decisions with the intention of maximizing our shareholders’ per-share bitcoin holdings," the company said in a statement.

該公司在一份聲明中表示：“展望未來，我們將做出所有資本配置決策，以最大化股東的每股比特幣持有量。”

Another company that is actively engaged in the bitcoin treasury space is Metaplanet, under the leadership of CEO Simon Gerovich. Similar to Cathedra, Metaplanet is also prioritizing growth in its bitcoin holdings.

另一家積極涉足比特幣金庫領域的公司是 Metaplanet，由執行長 Simon Gerovich 領導。與 Cathedra 類似，Metaplanet 也優先考慮其比特幣持有量的成長。

Gerovich has repeatedly emphasized the company's goal of boosting its bitcoin holdings each month, a strategy that has led to significant gains. Year-to-date, Metaplanet's stock value has increased by 587%, reflecting the market's positive response to its strategic approach.

格羅維奇一再強調該公司的目標是每月增加比特幣持有量，這項策略已帶來顯著收益。今年迄今，Metaplanet 的股價已上漲 587%，反映出市場對其策略方針的積極回應。

Meanwhile, MicroStrategy continues to be a pioneer and the most significant participant in the bitcoin treasury space. Under Michael Saylor's leadership, the company is constantly innovating and expanding bitcoin adoption.

同時，MicroStrategy 仍然是比特幣金庫領域的先驅和最重要的參與者。在 Michael Saylor 的領導下，該公司不斷創新並擴大比特幣的採用。

On Sept. 18, MicroStrategy announced the pricing of a $875 million convertible senior notes offering, which was upsized from an initial $700 million.

9 月 18 日，MicroStrategy 宣布發行 8.75 億美元可轉換優先票據，發行規模較最初的 7 億美元增加。

The notes carry a 0.625% interest rate and will mature in 2028. The proceeds from this offering will be used to redeem $500 million in high-interest 6.125% senior secured notes at a redemption price of 103.063% of the principal amount, reducing the company's interest payments.

這些票據的利率為0.625%，將於2028 年到期。的資產利息支付。

The remaining funds will be used to buy more bitcoin. The offering also includes an option for initial purchasers to buy up to an additional $135 million in notes.

剩餘資金將用於購買更多比特幣。此次發行還包括初始購買者可以額外購買最多 1.35 億美元票據的選項。

In a recent 8-K filing, MicroStrategy introduced an innovative concept called "bitcoin yield," which measures the percentage change in the company's bitcoin holdings relative to its assumed diluted shares outstanding, including both Class A and Class B shares.

在最近的8-K 文件中，MicroStrategy 引入了一個名為「比特幣收益率」的創新概念，該概念衡量公司持有的比特幣相對於其假設的稀釋後流通股（包括A 類和B 類股票）的百分比變化。

From January 1 to Sept.12 the company's bitcoin yield was 17%, with a quarter-to-date yield of 4.4%.

從1月1日到9月12日，該公司的比特幣收益率為17%，本季迄今收益率為4.4%。

According to the MSTR-tracker, the bitcoin per share ratio is currently about 0.0012. This metric suggests that long-term shareholders are experiencing accretive value in their bitcoin holdings.

根據 MSTR-tracker 的數據，目前比特幣每股比率約為 0.0012。這項指標表明，長期股東所持有的比特幣正在經歷增值。