MicroStrategy（NASDAQ：MSTR）的股票的表現優於比特幣（Crypto：BTC）。

在過去的五年中的四年中，比特幣（Crypto：BTC）一直是世界上表現最佳的資產，甚至還沒有很近。

In four of the past five years, Bitcoin (CRYPTO: BTC) has been the top-performing asset in the world, and it hasn't even been close. In 2020, 2023, and 2024, Bitcoin delivered triple-digit returns to investors. Over the past five years, Bitcoin is now up a head-spinning 956%.

在過去的五年中的四年中，比特幣（Crypto：BTC）一直是世界上表現最佳的資產，甚至還沒有很近。在2020年，2023年和2024年，比特幣將三位數的回報歸還給投資者。在過去的五年中，比特幣現在佔956％的股份。

It might seem unfathomable, then, that any stock could possibly surpass Bitcoin's performance over that time interval. So you might be surprised that Strategy (NASDAQ:MSTR) -- the company formerly known as MicroStrategy -- has done exactly that. In 2025, Strategy is up 20% at a time when Bitcoin is struggling. So is it a better buy?Performance comparison

那麼，在此時間間隔內，任何股票都可能超過比特幣的性能，這似乎是不可思議的。因此，您可能會感到驚訝的是，該策略（NASDAQ：MSTR）（以前稱為MicroStrategy的公司）確實做到了這一點。在2025年，在比特幣掙扎的時候，策略上升了20％。那是更好的購買嗎？性能比較

It really doesn't matter what time period you look at -- year to date, 12 months, or five years -- Strategy has outperformed the performance of Bitcoin. As you can see in the chart below, the performances of Strategy and Bitcoin were highly correlated until early 2024, when there was a notable divergence.

您看的時間段真的沒關係 - 迄今為止，12個月或五年 - 策略表現優於比特幣的性能。正如您在下圖中看到的那樣，策略和比特幣的性能高度相關，直到2024年初出現顯著的分歧。

Bitcoin/U.S. dollar chart by TradingView.

TradingView的比特幣/美元圖表。

Over the past five years, Strategy is now up 2,758%, compared to Bitcoin's 956%. Based on that figure alone, you might be persuaded that Strategy is a superior investment.

在過去的五年中，戰略現在增長了2,758％，而比特幣的956％相比。僅基於這個數字，您可能會說服策略是一項卓越的投資。

Strategy as a Bitcoin proxy stock

策略作為比特幣代理股票

The five-year time period is important. That's because August 2020 was the official kick-off of Strategy's Bitcoin acquisition spree. Since then, the company has been steadily buying Bitcoin, and now holds 538,200 BTC on its balance sheet. At today's prices, that Bitcoin is worth an impressive $50 billion.

五年時間很重要。那是因為2020年8月是戰略比特幣收購狂潮的正式開球。從那以後，該公司一直在穩步購買比特幣，現在在其資產負債表上持有538,200 BTC。以今天的價格，該比特幣的價值令人印象深刻的500億美元。

In fact, Strategy holds so much Bitcoin that it's now the largest corporate holder of Bitcoin in the world. It even holds more Bitcoin than the U.S. government. And it has gone all-in on Bitcoin, going so far as to rebrand itself earlier this year as a Bitcoin Treasury Company (BTC). Its primary mission these days is to find ever more creative ways to buy and hold Bitcoin.

實際上，戰略擁有如此多的比特幣，以至於它是世界上比特幣的最大公司持有人。它甚至比美國政府更容易擁有比特幣。它已經全力以赴比特幣，甚至在今年早些時候作為比特幣財政公司（BTC）重塑品牌。如今，它的主要任務是找到更多創新的購買和持有比特幣的方式。

Thus, investing in Strategy is one way to get exposure to Bitcoin without buying Bitcoin directly in the spot cryptocurrency market. As such, Strategy has become popular as a Bitcoin proxy stock. If you don't want to buy Bitcoin directly, you can buy Strategy stock instead.

因此，投資戰略是一種在不直接在現貨加密貨幣市場上購買比特幣的情況下接觸比特幣的一種方法。因此，策略已成為比特幣代理股票的流行。如果您不想直接購買比特幣，則可以購買策略股票。

However, in January 2024, the new spot Bitcoin ETFs rolled out. Suddenly, investors had three different ways to get exposure to Bitcoin: 1) buying Bitcoin directly; 2) buying Bitcoin indirectly via a spot Bitcoin ETF; and 3) buying a Bitcoin proxy stock such as Strategy.

但是，在2024年1月，新的比特幣ETF推出了。突然，投資者有三種不同的方法來接觸比特幣：1）直接購買比特幣； 2）通過現貨比特幣ETF間接購買比特幣； 3）購買諸如策略之類的比特幣代理股票。

That's why the sudden divergence between the performances of Bitcoin and Strategy in early 2024 is so interesting. In hindsight, it appears that many investors concluded that investing in Strategy stock was better than investing in a Bitcoin ETF, and even better than investing in Bitcoin directly.

這就是為什麼2024年初比特幣與策略表現之間的突然差異如此有趣的原因。事後看來，似乎許多投資者得出結論，對戰略股票的投資比投資比特幣ETF更好，甚至比直接投資比特幣更好。

In fact, they're now willing to pay a hefty premium for that stock. Strategy's Bitcoin holdings are worth $50 billion, but the company's market cap is roughly $100 billion. In short, add up the value of the company's Bitcoin holdings, double it, and that's what investors think Strategy is worth.

實際上，他們現在願意為該股票支付巨額保費。策略的比特幣持有量為500億美元，但該公司的市值約為1000億美元。簡而言之，將公司比特幣持有的價值增加了​​一倍，這就是投資者認為策略的價值。

Is Strategy stock really worth a premium?

戰略股票真的值得溢價嗎？

There are a few possible explanations for this premium. The obvious explanation, of course, is that Strategy still has a software business, even if it is a money-loser. So there's some value there. The company is still more than just a pure Bitcoin Treasury Company, and it's not fair to assign zero value to the software business.

對於此保費有一些可能的解釋。當然，顯而易見的解釋是，即使這是一個賺錢的人，策略仍然具有軟件業務。所以那裡有一些價值。該公司不僅是一家純比特幣財政公司，而且為軟件業務分配零價值是不公平的。

Image source: Getty Images.

圖像來源：蓋蒂圖像。

Another possible explanation is that investors are pricing in massive gains for the company's Bitcoin holdings. In fact, investors appear to be expecting the price of Bitcoin to double within the next 12 months. Thus, even though Strategy is carrying $50 billion of Bitcoin on its balance sheet, investors think that it will soon be worth $100 billion. Given that Bitcoin has delivered triple-digit gains in three of the past five years, that's not out of the question.

另一個可能的解釋是，投資者正在為公司的比特幣持有量以巨大的收益定價。實際上，投資者似乎期望比特幣的價格會在未來12個月內翻一番。因此，即使戰略在其資產負債表上載有500億美元的比特幣，投資者認為它將很快價值1000億美元。鑑於比特幣在過去五年中的三年中取得了三位數的收益，但這並非不可能。

The final explanation is that investors are willing to pay a premium for the management skills of Michael Saylor, the founder and executive chairman of the company. After all, Saylor is a top Bitcoin evangelist who continually finds new and creative ways to pay for all that Bitcoin.

最後的解釋是，投資者願意為公司創始人兼執行董事長邁克爾·塞勒（Michael Saylor）的管理技能支付溢價。畢竟，塞勒是一位頂級比特幣傳教士，他不斷找到新的創意方式來為所有比特幣支付。

That's where things get interesting -- or scary, depending on your perspective. At some point, this endless Bitcoin acquisition strategy may no longer be sustainable. If the software business is no longer profitable, then the company is completely dependent on the price of Bitcoin continually rising.

這是事物變得有趣的地方 - 或恐怖，具體取決於您的觀點。在某個時候，這種無盡的比特幣採集策略可能不再可持續。如果軟件業務不再盈利，那麼該公司完全取決於比特幣的價格不斷上漲。

It's not just that the price of Bitcoin

不僅是比特幣的價格