邁克爾·塞勒（Michael Saylor）將一家低調軟件公司的策略重新命名為企業收購比特幣的全球領導者

《金融時報》的新電影《邁克爾·塞勒（Michael Saylor）的400億美元比特幣》（Bitcoin Bet）講述了一個人對加密貨幣的信念如何改變整個企業的故事。

The Financial Times has released a new film highlighting the story of how one man's belief in cryptocurrency transformed an entire enterprise.

《金融時報》發行了一部新電影，重點介紹了一個人對加密貨幣的信念如何改變整個企業的故事。

In August 2020, Michael Saylor, the chairman and CEO of Strategy, began his Bitcoin journey with an initial investment of $250 million from the company's treasury reserves.

2020年8月，戰略董事長兼首席執行官邁克爾·塞勒（Michael Saylor）開始了他的比特幣之旅，最初從公司的財政儲備中進行了2.5億美元的投資。

"I personally like to think of it as an investment in the future of the world, but it's certainly a large and material deployment of capital," said Saylor in the movie.

塞勒在電影中說：“我個人喜歡將其視為對世界未來的投資，但這肯定是大量資本的大量部署。”

That first step quickly evolved into a broader strategy of long-term accumulation. Over the next few years, Strategy went on to spend billions of dollars buying Bitcoin, making a big bet on the future of the digital asset.

第一步迅速發展為長期積累的更廣泛的策略。在接下來的幾年中，策略繼續花費數十億美元購買比特幣，這對數字資產的未來做出了重大賭注。

The company's valuation soared to over $100 billion in 2025 following Bitcoin's surge past $100,000.

在比特幣的增長超過100,000美元之後，該公司的估值飆升至2025年超過1000億美元。

How Strategy Buys Bitcoin at a Discount

策略如何打折購買比特幣

What makes Strategy's model distinctive is the fact that it can mop up capital several times greater than the actual value of its Bitcoin holdings. The company's stock is constantly traded at premiums, sometimes reaching twice the net asset value of its crypto reserves.

使策略模型與眾不同的原因是，它可以比其比特幣持有的實際價值更大幾倍。該公司的股票不斷以保費，有時達到其加密儲備金的淨資產價值的兩倍。

This gap enables Strategy to issue new shares or bonds, raising billions of dollars to buy more bitcoin at a discount price.

該差距使策略能夠發行新的股票或債券，從而籌集了數十億美元以折扣價購買更多比特幣。

In the period of November 2024-January 2025, Strategy managed to collect $12 billion in Equity and debt issuance and acquired more than 200,000 Bitcoins.

在2024年11月至2025年1月1日，戰略設法收取了120億美元的股權和債務發行，並收購了超過200,000個比特幣。

Such a cyclical process of capital raising and accumulation of Bitcoins has been dubbed by certain investors as the "infinite money glitch". It is a model that relies on market optimism, and for the time being, it's working.

某些投資者稱其為“無限的貨幣小故障”，因此將比特幣的資本籌集和積累的周期性過程稱為。這是一個依賴市場樂觀的模型，並且暫時正在起作用。

Strategy's Wild Ride with Crypto Faith

策略與加密信仰的狂野騎行

The stock of Strategy has risen by almost 400% during the last year, outperforming industry behemoths such as Apple and Nvidia. Its transformation has resulted in a loyal investor base that views the company more like a proxy for Bitcoin than a tech company.

在去年，戰略的股票上漲了近400％，超過了蘋果和Nvidia等行業。它的轉型導致了一個忠實的投資者基礎，該投資者認為該公司更像是比特幣的代理，而不是科技公司。

Saylor is aggressively pushing for Bitcoin on the internet and believes that its price will be at $1 million in a decade and $13 million after 2045.

塞勒（Saylor）積極推動互聯網上的比特幣，並認為其價格將在十年內為100萬美元，在2045年之後的價格為1300萬美元。

In early 2025, Bitcoin hit a low of $75,000 amid a wave of economic uncertainty, which resulted in Strategy reporting an unrealized loss of $6 billion. The company also introduced financial products such as preferred stocks, some of which have to be paid in fixed monetary dividends, straining its liquidity.

在2025年初，由於經濟不確定性浪潮，比特幣在75,000美元中達到了75,000美元，這導致戰略報告了60億美元的未實現損失。該公司還推出了諸如優先股之類的金融產品，其中一些必須以固定的貨幣股息支付，以勞累其流動性。

As the movie implies, Strategy's success depends entirely on the future rise of Bitcoin. If that increase stalls, the audacious financial experiment conducted by the company would come crumbling down.

正如電影所暗示的那樣，策略的成功完全取決於比特幣的未來興起。如果增加攤位，公司進行的大膽財務實驗將崩潰。