MicroStrategy 股票的表現優於比特幣。這就是為什麼

在聯合創始人兼執行主席 Michael Saylor 為這家軟體公司帶來了財富之後，MicroStrategy 一直在利用比特幣，無論好壞

MicroStrategy has been riding Bitcoin, for better or worse, after cofounder and Executive Chairman Michael Saylor hitched the software company’s fortunes to the cryptocurrency in 2020.

自 2020 年聯合創始人兼執行主席 Michael Saylor 將這家軟體公司的財富與加密貨幣掛鉤後，無論好壞，MicroStrategy 一直在利用比特幣。

Lately, his bet has proved extravagantly lucrative. For the year to date, MicroStrategy stock is up 513%—and that’s even after shares have come off a post-election high that briefly put them up nearly 700%.

最近，事實證明他的賭注非常有利可圖。今年迄今為止，MicroStrategy 的股價上漲了 513%，甚至在股價回落至選舉後高點（短暫上漲近 700%）之後也是如此。

Either way, that’s well above Bitcoin’s 2024 gain of about 117%. In fact, MicroStrategy’s market cap of $87 billion is more than double the value of its holdings of 386,700 Bitcoins, which are worth $37.6 billion at current prices (and largely purchased at a fraction of the going rate).

不管怎樣，這都遠高於比特幣 2024 年約 117% 的漲幅。事實上，MicroStrategy 的市值為870 億美元，是其持有的386,700 枚比特幣價值的兩倍多，以當前價格計算，這些比特幣的價值為376 億美元（大部分是以當前價格的一小部分購買的）。

In a recent interview with the Wall Street Journal, Saylor explained why there is such a big gap between MicroStrategy stock and Bitcoin.

在最近接受《華爾街日報》採訪時，Saylor 解釋了為什麼 MicroStrategy 股票與比特幣之間存在如此大的差距。

“MicroStrategy found a way to outperform Bitcoin,” he said. “The way that we outperform Bitcoin, in essence, is we just lever up Bitcoin.”

「MicroStrategy 找到了超越比特幣的方法，」他說。 “從本質上講，我們超越比特幣的方式就是我們槓桿化比特幣。”

The company has been an aggressive buyer of Bitcoin and hasn’t been shy about raising fresh funds via stock or debt to buy even more. Last month, it upsized a convertible notes offering to add to its buying firepower.

該公司一直是比特幣的積極買家，並且並不羞於透過股票或債務籌集新資金來購買更多比特幣。上個月，該公司擴大了可轉換票據發行規模，以增強其購買力。

That’s part of a bold plan to raise $42 billion from stock and bond offerings over three years to keep buying Bitcoins, according to the Journal.

根據《華爾街日報》報道，這是一項大膽計畫的一部分，該計畫將在三年內透過發行股票和債券籌集 420 億美元，以繼續購買比特幣。

There are skeptics to be sure. Last month, Citron Research said it was bullish on Bitcoin but was shorting MicroStrategy even as it complimented Saylor on his “visionary” strategy.

肯定有人持懷疑態度。上個月，Citron Research 表示看好比特幣，但做空 MicroStrategy，儘管該公司稱讚 Saylor 的「富有遠見」的策略。

“Much respect to @saylor, but even he must know $MSTR is overheated,” Citron posted on X.

Citron 在 X 上發文說：“非常尊重 @saylor，但即使是他也一定知道 $MSTR 過熱了。”

But wherever MicroStrategy stock or Bitcoin go from here, Saylor embraces volatility and isn’t afraid to stick his neck out. Even before the Bitcoin boom, he once lost $6 billion in a single day during the dot-com bust.

但無論 MicroStrategy 股票或比特幣走向何方，Saylor 都會擁抱波動性，並且不怕冒險。甚至在比特幣繁榮之前，他就曾在網路泡沫破滅期間一天損失了 60 億美元。

And while recalling how he came up with his Bitcoin strategy in 2020, Saylor told the Journal that “It was either a fast death or a slow death, or take a risk, do something out of the box.”

在回憶他如何在 2020 年提出比特幣策略時，塞勒告訴《華爾街日報》，“要么快死，要么慢死，要么冒險，做一些打破常規的事情。”