随着 MicroStrategy 继续疯狂购买，比特币 (BTC) 周一再次攀升

投资者一直在涌入加密货币和成长型股票等高风险资产，以便在 2025 年开始交易，这种情况一直持续到今天。

Bitcoin (BTC 3.98%) continued its climb on Monday as investors piled back into cryptocurrencies and higher-risk assets to start trading in 2025. But one company is making headlines again with another massive purchase of Bitcoin.

随着投资者重新涌入加密货币和高风险资产，准备在 2025 年开始交易，比特币（BTC 3.98%）周一继续攀升。但一家公司再次大规模购买比特币，再次成为头条新闻。

Here's what happened and why it matters.

这就是发生的事情以及为什么它很重要。

Bitcoin's big buyer

比特币的大买家

MicronTechnology (NASDAQ:MU) stock rose on Monday after the company announced another 1,070 Bitcoin acquired over the past week and said it will be raising another $2 billion to buy even more.

MicronTechnology (NASDAQ:MU) 股价周一上涨，此前该公司宣布过去一周又收购了 1,070 枚比特币，并表示将再融资 20 亿美元购买更多比特币。

Investors have been pouring back into higher-risk assets like cryptocurrencies and growth stocks to start trading in 2025 and that continued today. As of 4 p.m. ET, over the past 24 hours, Bitcoin is up 4%, Ethereum (ETH 1.48%) has climbed a more modest 1.1%, and Dogecoin (DOGE 1.43%) is up 1.4%.

投资者一直在涌入加密货币和成长型股票等高风险资产，以便在 2025 年开始交易，这种情况一直持续到今天。截至美国东部时间下午 4 点，在过去 24 小时内，比特币上涨了 4%，以太坊（ETH 1.48%）上涨了 1.1%，而狗狗币（DOGE 1.43%）则上涨了 1.4%。

Bitcoin's big buyer

比特币的大买家

MicroStrategy has been implementing what it refers to as a Bitcoin yield strategy, which involves issuing stock and debt to buy Bitcoin. If the value of MicroStrategy's stock is in excess of the value of Bitcoin held on the balance sheet the company can issue stock to buy Bitcoin, increasing the amount of Bitcoin held per share. This is what it calls "yield."

MicroStrategy 一直在实施所谓的比特币收益策略，其中涉及发行股票和债务来购买比特币。如果 MicroStrategy 股票的价值超过资产负债表上持有的比特币价值，该公司可以发行股票来购买比特币，从而增加每股持有的比特币数量。这就是所谓的“产量”。

That's why MicroStrategy has been such a big buyer of Bitcoin in recent weeks. The stock's price is over double the value of Bitcoin per share, which means the company can increase the "yield" rapidly. In 2024, the company had a 74.3% Bitcoin yield, according to management.

这就是 MicroStrategy 最近几周成为比特币大买家的原因。该股票的价格是每股比特币价值的两倍以上，这意味着该公司可以迅速提高“收益率”。据管理层称，2024 年，该公司的比特币收益率为 74.3%。

What's not clear is how long MicroStrategy's stock will maintain a premium to its underlying Bitcoin assets or what the downside risk is if MicroStrategy stops buying. With such a big buyer in the market, investors know there's always a buyer in MicroStrategy, but that momentum may reverse if the stock falls.

目前尚不清楚的是，MicroStrategy 的股票相对于其基础比特币资产的溢价将维持多久，或者如果 MicroStrategy 停止购买，下行风险有多大。市场上有如此大的买家，投资者知道 MicroStrategy 总会有买家，但如果股价下跌，这种势头可能会逆转。