如何在MSTR等股票中測量真正的比特幣暴露

Bitwise Asset Management的Alpha策略負責人Jeff Park分享了一個深入的Twitter線程，該線程提供了一個新的框架，以了解比特幣的暴露

Investors seeking to capitalize on Bitcoin's price gains might consider investing in stocks like MSTR (NYSE:MSTR) that have significant exposure to the cryptocurrency. However, standard metrics for evaluating Bitcoin exposure in stocks can be misleading.

尋求利用比特幣價格上漲的投資者可能會考慮投資於MSTR（NYSE：MSTR）等股票，這些股票具有很大的接觸加密貨幣。但是，評估股票比特幣暴露的標準指標可能會產生誤導。

Jeff Park, Head of Alpha Strategies at Bitwise Asset Management, shared a new framework on Twitter for understanding Bitcoin exposure in equities and investment products.

Bitwise Asset Management的Alpha策略負責人Jeff Park在Twitter上分享了一個新框架，以了解股票和投資產品中的比特幣暴露。

According to Park, investors may be misled by traditional metrics like “BTC per Share” (BPS) and “BTC Yield.” Instead, he introduced a more refined approach.

據公園稱，投資者可能被傳統指標（例如“ BTC每股”（BPS）和“ BTC收益率”）誤導。相反，他引入了一種更精緻的方法。

The Problem With ‘BTC Per Share’

“每股BTC”的問題

BPS, calculated as total BTC held divided by total outstanding shares, is often misapplied when analyzing companies like MicroStrategy (NASDAQ:MSTR) or Square (NYSE:SQ) to assess their BTC exposure.

在分析像MicroStrategy（NASDAQ：MSTR）或Square（NYSE：SQ）這樣的公司以評估其BTC暴露的公司時，BPS被計算為總BTC持有的總股票總額股份，通常會被誤用。

Unlike Bitcoin ETFs, which are simple wrappers around BTC holdings, corporations can use operating leverage—such as issuing debt—to increase BTC on their balance sheet without necessarily diluting shareholders.

與比特幣ETF（是BTC持有的簡單包裝紙）不同，公司可以使用運營槓桿（例如發行債務）來增加資產負債表上的BTC，而無需稀釋股東。

For instance, if MSTR raises $500 million in debt to buy more BTC, the BTC numerator in the BPS ratio increases, while the denominator (shares outstanding) remains unchanged. This makes the company appear more BTC-rich per share than it truly is, creating what Park calls “financial alchemy.”

例如，如果MSTR籌集了5億美元的債務來購買更多BTC，則BPS比率的BTC分子增加，而分母（未償還的股票）保持不變。這使得公司的每股BTC富含BTC的外觀比實際上更富含BTC，從而創造了Park所謂的“金融煉金術”。

While the BPS goes up, so does the company’s financial risk, which is not visible in the metric alone.

當BPS上升時，公司的財務風險也是如此，僅在度量標準中就不可見。

Why ‘BTC Yield’ Is Misleading

為什麼“ BTC產​​量”誤導了

Park also criticizes the concept of “BTC Yield,” used to describe the increase in BTC per share over time. He compares it to GDP growth rate: just as a 5% GDP growth doesn't tell you the GDP per capita, BTC Yield doesn’t show you how much BTC per share was truly added.

帕克還批評了“ BTC產​​量”的概念，用於描述隨著時間的推移BTC的增加。他將其與GDP增長率進行了比較：就像GDP增長5％並不能告訴您人均GDP一樣，BTC收益率並沒有向您顯示真正增加了每股BTC的數量。

Moreover, it’s often not annualized and doesn’t reflect real, cash-generating returns. Instead, Park argues investors should care about how much BTC was actually added per share, not just the rate of change.

此外，它通常不是年度化的，也不會反映出真實的現金產生回報。取而代之的是，帕克認為投資者應該關心每股實際增加多少BTC，而不僅僅是變化率。

Introducing ‘True Yield’

引入“真正的產量”

To give investors a more accurate perspective, Park proposes a simple metric:

為了使投資者更加準確，帕克提出了一個簡單的指標：

True Yield = % Change in BTC ÷ % Change in Shares Outstanding

true收益= BTC÷％變化的％變化的股票變化

This formula corrects for financial engineering tricks by capturing real BTC accumulation relative to shareholder dilution. It helps investors better assess BTC-exposed companies like MSTR and SMLR (Semler Scientific) especially during periods of aggressive capital maneuvers.

該公式通過捕獲相對於股東稀釋的實際BTC積累來糾正金融工程技巧。它可以幫助投資者更好地評估像MSTR和SMLR（Semler Scientific）這樣的BTC暴露公司，尤其是在積極進取的資本操作期間。

This approach allows for a deeper understanding of BTC exposure in a company's stock and enables a more informed investment decision.

這種方法可以更深入地了解公司股票中的BTC風險，並實現更明智的投資決定。

The post How to Measure True Bitcoin Exposure in Stocks Like MSTR appeared first on CC Web.

帖子如何測量MSTR等股票中的真實比特幣暴露，首先出現在CC Web上。

The post How to Measure True Bitcoin Exposure in Stocks Like MSTR appeared first on CC Web.

帖子如何測量MSTR等股票中的真實比特幣暴露，首先出現在CC Web上。