5月1日，MSTR的收入將於5月1日發布。我上週四（這里和這裡）的早間媒體停止了預覽。

我們不談論股票，所以我計劃縮小並擊中主題。在準備時，我不得不抑制MSTR觸發的眼睛反射。

Earning a place in the annals of market history, MSTR – the ticker symbol for MicroStrategy (or Strategy, as the company is now known) – announced first-quarter earnings on May 1.

MSTR（MicroStrategy的股票符號）（或該公司現在已知的戰略）在“市場歷史紀錄”中佔有一席之地 - 於5月1日宣布了第一季度的收益。

My morning media stops last Thursday (here and here) asked for a preview of the company’s earnings.

上週四（這里和這裡）我的早晨媒體停止了該公司收入的預覽。

Now, we don’t talk about stocks, so I planned to zoom out and hit themes. While preparing, I had to suppress the eye-roll reflexes that MSTR triggers.

現在，我們不談論股票，所以我計劃放大並擊中主題。在準備時，我不得不抑制MSTR觸發的眼睛反射。

Here are three questions:

這是三個問題：

1. Earnings? MSTR “earnings” and “price targets” are … well, they don’t really mean the same thing, especially once the effect of ASC 2023-08 is backed out. It’s just the price of bitcoin and financing, plain and simple. Wall Street analysts and pundits should get that right.

1。收入？ MSTR“收益”和“價格目標”是……嗯，它們並不是同樣的意思，尤其是一旦ASC 2023-08的效果備份。這只是比特幣和融資的價格，簡單而簡單。華爾街分析師和專家應該做對了。

2. Strategy? You can’t just say, “Strategy.” You have to say, “Strategy; you know, it used to be Microstrategy.” Like Prince, Puff Daddy, Kanye West and Twitter. (NB: People say “strategy” (small “s”) a lot already.)

2.策略？您不能只是說“策略”。您必須說：“策略；您知道，它曾經是微紋理。”像Prince，Puff Daddy，Kanye West和Twitter一樣。 （NB：人們已經說“策略”（小“ S”）已經很多了。）

3. Don’t be a hater?MSTR supports a market cap of $107b with bitcoin holdings of $53b and laser-eyed goodwill. No lifeboat, no parachute, no apparent Plan B. If it fails, the bitcoin market could take the blame.

3。不要仇恨MSTR支持107B $ 107B的市值，比特幣持有量為53B美元和激光眼睛的商譽。沒有救生艇，沒有降落傘，沒有明顯的計劃。如果失敗，比特幣市場可能會受到責任。

Those eye-rollers (and some obsequious media coverage) notwithstanding, we can agree that:

儘管如此，我們可以同意的那些眼卷（以及一些卑鄙的媒體報導），但我們可以同意：

* The capital raises are truly awesome. The Force is strong in this one.

*資本加薪真的很棒。力量在這一力量中很強。

* MSTR is up 36% on the year, compared to less than 5% for bitcoin. Who am I to throw stones?

* MSTR在這一年中增長了36％，而比特幣則不到5％。我是誰扔石頭？

* MSTR cleverly uses stock price volatility as a feature, not a bug, for (1) issuing mouth-watering converts, (2) attracting listed options volume, and (3) corporate “yield” strategies. (Just please stop calling option-selling a “yield strategy.” And I said “strategy” again. Small “s”.)

* MSTR巧妙地將股票價格波動作為功能，而不是錯誤，因為（1）發行令人垂涎的轉換符，（2）吸引列出的期權量，以及（3）公司“產量”策略。 （請停止將選項銷售為“收益策略”。我再次說“策略”。小“ S”。）

* The preferreds (STRK and STRF) hit the mark with some folks who like preferreds. Some of my preferreds friends are smitten.

*首選（Strk和Strf）與一些喜歡偏愛的人達到了印記。我喜歡的一些朋友被迷住了。

MSTR created a movement

MSTR創建了一個運動

Strategy (large “S”) has not only created a movement, but a category. Levered MSTR ETFs (including this new one which pays “income”) serve the market for whom MSTR’s 70 vol is dull. Grayscale announced an ETF that tracks 30 companies that hold at least 100 bitcoin.

策略（大“ S”）不僅創造了一個運動，而且創造了一個類別。槓桿MSTRETF（包括支付“收入”的新的）為MSTR的70 Vol乏味的市場提供服務。 Grayscale宣布了一個ETF，該ETF追踪了30家擁有至少100個比特幣的公司。

Last, but not least, Cantor Equity Partners, a SPAC, is merging to form Twenty One Capital, which will hold $3 billion of bitcoin. Mention this trend in a room full of pundits and they’ll yell “Gamestop!” in unison. It’s fun.

最後但並非最不重要的一點是，一個SPAC Cantor Equity Partners合併成21個資本，該資本將持有30億美元的比特幣。在一個充滿專家的房間裡提及這種趨勢，他們會大喊“ GameStop！”異口同聲。很有趣。

Now, all of this is interesting. Adding bitcoin to the treasury of non-crypto companies* is an interesting trend. (And that doesn’t include crypto-native companies, like CoinDesk’s parent company, Bullish.)

現在，所有這些都很有趣。將比特幣添加到非克雷普托公司的財政部*是一個有趣的趨勢。 （這不包括Coindesk的母公司Bullish等加密本地公司。）

But it’s only bitcoin at the moment.

但這只是比特幣。

Despite the loosening of U.S. regulatory zip-ties on digital assets and the recent flurry of ETF filings, bitcoin still dominates the conversation (it still accounts for about two-thirds of the total cryptocurrency market).

儘管美國對數字資產的監管郵政編碼放鬆了，而最近的ETF文件仍在統治，但比特幣仍然占主導地位（它仍然佔總加密貨幣市場的三分之二）。

Again, that’s fine if we are talking about a store-of-value asset contributing to a corporate treasury otherwise allocated to cash and treasuries. However, the growing number of flavors of bitcoin exposure – leverege, yield, optionality, protection – are taking the place of education about what other blockchain assets hope to deliver, and why it is important to spend more time thinking about the asset class.

同樣，如果我們談論的是為公司財政部造成的價值存儲資產，否則就可以分配給現金和財政部。但是，越來越多的比特幣風味（槓桿，產量，選擇性，保護）吸引了教育地位，以了解其他區塊鏈希望提供的東西，以及為什麼要花更多的時間花更多的時間思考資產類別。

Until recently, that was fruitless for many investors and advisors, since brokerage- or futures- account implementation was not available. (Of course, it has been for ETH, but you need more than ETH to think about the “digital asset class.” Lack of enthusiasm for ETH investment vehicles, we believe, has struggled in part for this reason.)

直到最近，對於許多投資者和顧問來說，這都是徒勞的，因為尚無經紀或期貨帳戶實施。 （當然，這是針對ETH的，但是考慮到“數字資產類別”，您還需要更多的ETH。我們認為，缺乏對ETH投資工具的熱情，因此由於這個原因而在某種程度上掙扎。）

If 2024 was bitcoin’s “coming out” year, we hope that 2025 gives investors and traders opportunities to think deeper and more broadly, and to implement accordingly. If not, the U.S. crypto investing narrative will start to sound like a “bitcoin maxi,” and that feels like leaving money on the table.

如果2024年是比特幣的“出來”一年，我們希望2025年能為投資者和貿易商提供更深入思考和更廣泛思考並相應實施的機會。如果沒有，美國加密貨幣投資敘述聽起來就像是“比特幣的最大”，這感覺就像把錢放在桌子上。