減去質押可能的收益，Microstrategy 持有的比特幣目前與理論以太幣回報率持平

Microstrategy 執行董事長 Michael Saylor 透露，該公司目前持有 226,500 枚比特幣，價值 134 億美元。

Blockchain technology company Microstrategy has announced that it now holds 226,500 BTC, valued at $13.4 billion. This marks a 61% gain in the value of the company's bitcoin holdings.

區塊鏈技術公司 Microstrategy 宣布目前持有 226,500 BTC，價值 134 億美元。這標誌著該公司持有的比特幣價值增加了 61%。

Earlier this year, blockchaincenter.net's 'There Is No Second Best' index suggested that investing in ether might have been a more profitable choice for Microstrategy, with a potential gain of 71%. However, the gap between the two has narrowed significantly, with an investment in ether now being only 63% higher in value compared to their bitcoin holdings.

今年早些時候，blockchaincenter.net 的「沒有第二好」指數表明，投資以太坊可能是 Microstrategy 更有利可圖的選擇，潛在收益為 71%。然而，兩者之間的差距已顯著縮小，目前對以太幣的投資價值僅比其持有的比特幣高出 63%。

At the beginning of December, Microstrategy's bitcoin investment had climbed 30%. At the time, the 'There Is No Second Best' index showed that if the company had opted for ether instead, their gains would have been 71%. But now, ether has seen a large drop in value compared to BTC.

12月初，Microstrategy的比特幣投資已攀升30%。當時，「沒有第二好」指數顯示，如果該公司選擇以太幣，其收益將達到 71%。但現在，與 BTC 相比，以太幣的價值已大幅下跌。

Back in March, Microstrategy (MS) had 174,530 BTC. Now, the company has increased its stash to 226,500 BTC, which is currently valued at $13.4 billion. MS paid $8.353 billion for this stash, which averages out to $36,907 per coin. According to the 'There Is No Second Best' index, if MS had dollar-cost averaged into ether instead of bitcoin, it would have acquired 5,210,397 ETH, which would currently be worth two percentage points more than its BTC investment.

早在 3 月份，Microstrategy (MS) 就擁有 174,530 BTC。現在，該公司已將其儲備增加至 226,500 BTC，目前價值 134 億美元。 MS 為這些藏品支付了 83.53 億美元，平均每枚代幣價值 36,907 美元。根據「沒有第二好」指數，如果 MS 將平均美元成本換成以太幣而不是比特幣，它將獲得 5,210,397 ETH，目前的價值比其 BTC 投資高出兩個百分點。

Had MS opted for ETH, the company's stash would be up by about $206 million more than its BTC investment. Moreover, if MS had chosen ETH and staked the asset right away, MS would have 535,672 more ETH, adding an extra $1.39 billion on top of the $206 million profit from simply holding ETH. Instead of holding 226,500 BTC valued at $13.4 billion, MS could be sitting on 5.74 million ETH, which would be worth $14.9 billion today.

如果 MS 選擇 ETH，該公司的儲備將比 BTC 投資多出約 2.06 億美元。此外，如果 MS 選擇 ETH 並立即質押該資產，MS 將額外擁有 535,672 枚 ETH，在僅持有 ETH 帶來的 2.06 億美元利潤之外，還額外增加了 13.9 億美元。 MS 可能持有 574 萬枚 ETH（今天價值 149 億美元），而不是持有價值 134 億美元的 226,500 個 BTC。