MSTR、比特幣和收益率：2025 年加密貨幣十字路口的導航

Strategy Inc. 的過山車年、比特幣的狂野之旅以及代幣化收益率的誘惑——了解塑造加密貨幣格局的主要趨勢。

MSTR, Bitcoin, and Yields: Navigating the Crypto Crossroads in 2025

MSTR、比特幣和收益率：2025 年加密貨幣十字路口的導航

The world of crypto never sleeps, and as we approach the end of 2025, the dynamics surrounding Strategy Inc. (formerly MicroStrategy), Bitcoin, and the emerging world of tokenized yields are more captivating than ever. Let's dive into the trends shaping this space.

加密世界永不停息，隨著 2025 年底的臨近，圍繞 Strategy Inc.（前身為 MicroStrategy）、比特幣和新興代幣化收益世界的動態比以往任何時候都更加迷人。讓我們深入探討塑造這個領域的趨勢。

Strategy Inc.: A Bitcoin Treasury Under Pressure?

Strategy Inc.：比特幣金庫面臨壓力？

Strategy Inc. (MSTR), the self-proclaimed 'Bitcoin Treasury Company,' finds itself at a pivotal juncture. While its Bitcoin holdings have ballooned to a staggering 640,000-650,000 BTC, the stock price has taken a beating, down roughly 40% year-to-date. This divergence raises critical questions about how the market values a company so heavily leveraged to Bitcoin.

自稱為“比特幣財務公司”的 Strategy Inc. (MSTR) 發現自己正處於一個關鍵時刻。儘管其比特幣持有量已激增至驚人的 640,000-650,000 BTC，但股價卻遭受重創，今年迄今已下跌約 40%。這種分歧引發了一個關鍵問題：市場如何評估一家如此大量利用比特幣的公司。

The mNAV Discount: A Red Flag?

mNAV 折扣：危險信號？

Perhaps the most striking development is Strategy's market-to-Bitcoin net-asset-value multiple (mNAV) dipping below 1.0. Investors are essentially paying less than a dollar for each dollar of Bitcoin held by the company. This discount signals a potential loss of faith in MSTR as a leveraged Bitcoin play, possibly driven by concerns such as potential removal from MSCI equity indices and the use of MSTR as a hedge against crypto longs.

也許最引人注目的發展是 Strategy 的市場對比特幣淨資產倍數 (mNAV) 降至 1.0 以下。投資者基本上為該公司持有的每一美元比特幣支付了不到一美元的價格。這一折扣表明人們可能對 MSTR 作為槓桿比特幣交易失去信心，這可能是由於擔心可能被從 MSCI 股票指數中剔除以及使用 MSTR 作為對沖加密貨幣多頭的擔憂。

CEO's Optimism vs. Market Reality

首席執行官的樂觀與市場現實

Despite the stock's struggles, Strategy's CEO, Phong Le, remains bullish, asserting the company has 'more flexibility than ever' to accumulate Bitcoin. He points to deferred debt maturities and continued cash flow from the software business. However, the market appears less convinced, factoring in risks like rising preferred stock yields and a shareholder lawsuit alleging inadequate Bitcoin strategy disclosures.

儘管該股表現不佳，Strategy 首席執行官 Phong Le 仍然看漲，聲稱該公司在積累比特幣方面“比以往任何時候都更加靈活”。他指出，債務到期延期以及軟件業務持續產生現金流。然而，考慮到優先股收益率上升和股東訴訟指控比特幣策略披露不充分等風險，市場似乎不太相信。

Bitcoin's Enduring Influence

比特幣的持久影響

Bitcoin remains the central force driving Strategy's fortunes (and misfortunes). The company's earnings are now inextricably linked to Bitcoin's price movements, making it a high-beta play on the cryptocurrency. While Bitcoin has experienced volatility, its overall trajectory remains upward, albeit with corrections along the way. The potential for Bitcoin to reach ambitious price targets, such as $150,000, looms large in Strategy's internal projections.

比特幣仍然是推動 Strategy 財富（和不幸）的核心力量。該公司的收益現在與比特幣的價格走勢密不可分，使其成為加密貨幣的高貝塔值遊戲。儘管比特幣經歷了波動，但其總體軌跡仍然向上，儘管一路上出現了修正。 Strategy 的內部預測顯示，比特幣有可能達到雄心勃勃的價格目標，例如 15 萬美元。

The Rise of Tokenized Yields

代幣化收益的崛起

Beyond Bitcoin's direct impact, the emergence of tokenized real-world assets (RWAs) is adding another layer of complexity to the crypto landscape. Ondo Finance, for instance, is making waves by integrating traditional finance with blockchain. Their strategic investment in Figure with yield-bearing stablecoin YLDS to diversify and boost reserves supporting the tokenised U.S. Treasury product of Ondo (OUSG) signals a growing interest in bringing real-world assets onto the blockchain. Alliances like those of Ondo Finance could make it a leader in the RWA business.

除了比特幣的直接影響之外，代幣化現實世界資產（RWA）的出現也為加密領域增添了另一層複雜性。例如，Ondo Finance 正在通過將傳統金融與區塊鏈相結合而掀起波瀾。他們通過具有收益的穩定幣 YLDS 對Figure進行戰略投資，以實現多元化並增加支持代幣化美國國債產品 Ondo (OUSG) 的儲備，這表明他們對將現實世界資產引入區塊鏈的興趣日益濃厚。像 Ondo Finance 這樣的聯盟可以使其成為 RWA 業務的領導者。

Final Thoughts

最後的想法

MSTR's journey in 2025 serves as a microcosm of the broader crypto market: high risk, high reward, and subject to rapid shifts in sentiment. The interplay between Bitcoin's price action, Strategy's corporate strategy, and the rise of tokenized yields creates a dynamic environment for investors. So buckle up, folks. It's gonna be a wild ride!

MSTR 2025 年的歷程是更廣泛的加密貨幣市場的縮影：高風險、高回報，並且容易受到情緒快速變化的影響。比特幣的價格走勢、Strategy 的公司戰略以及代幣化收益率的上升之間的相互作用為投資者創造了一個動態的環境。所以，扣好安全帶，伙計們。這將是一次瘋狂的旅程！