比特币国库股与购买比特币：哪种正确的投资策略？

最近，我一直在研究公司在国库中增加比特币的趋势。这种转变打开了两个主要投资选择

Recently, I've been following the interesting development of companies adding Bitcoin to their treasuries. As this trend continues, it presents two main investment avenues for us: buying Bitcoin directly or investing in companies that hold large amounts of Bitcoin, also known as Bitcoin treasury stocks.

最近，我一直在关注公司在国库中增加比特币的有趣发展。随着这一趋势的继续，它为我们提供了两个主要的投资途径：直接购买比特币或投资于拥有大量比特币（也称为比特币国库股票）的公司。

While direct investment in Bitcoin is known for its simplicity and straightforward nature, investing in companies like Strategy (formerly MicroStrategy) offers the potential for higher returns, although it also comes with significantly greater risk.

尽管对比特币的直接投资以其简单性和直截了当的性质而闻名，但对诸如战略（以前是微型策略）之类的公司进行投资提供了更高回报的潜力，尽管它的风险也大大增加。

Let's break down the key differences and considerations.

让我们分解关键差异和考虑因素。

Bitcoin Investment vs. Bitcoin Treasury Stocks

比特币投资与比特币财政部股票

We'll start with the basics. Buying Bitcoin directly means you own the asset. You control it, benefit directly from price movements, and aren't affected by any external company decisions. It's a straightforward investment to manage.

我们将从基础知识开始。直接购买比特币意味着您拥有资产。您可以控制它，直接从价格变动中受益，并且不受任何外部公司决策的影响。这是一项直接管理的投资。

Now, let's say you invest in shares of companies that hold Bitcoin as part of their corporate strategy. A well-known example is Strategy, which has been actively investing in Bitcoin since 2020.

现在，假设您投资了持有比特币作为公司战略的一部分的公司的股票。一个众所周知的例子是策略，自2020年以来一直积极投资比特币。

Investing in these companies gives you exposure to Bitcoin, but with added leverage. That leverage can boost returns in bull markets but also increases your exposure to risks, such as the company's performance, leadership decisions, and broader market volatility.

投资这些公司可让您接触比特币，但具有额外的杠杆作用。这种杠杆作用可以提高牛市的回报，但也可以增加您对风险的影响，例如公司的绩效，领导决定和更广泛的市场波动。

Why Are Companies Stockpiling Bitcoin?

公司为什么要储存比特币？

This led me to ask: Why are so many companies doing this?

这使我问：为什么这么多公司这样做？

The reasons vary. Some companies, like Invictus (INVI.L), view Bitcoin as a hedge against inflation, which has become a pressing concern for investors. Others, like Huton (HUT.TO), see it as a strategic way to diversify their treasury. For some firms, especially those with crypto-focused operations like Marathon Digital (NASDAQ:MARA) or CleanSpark (NASDAQ:CLSK), holding Bitcoin is a core part of their business. And some companies do it primarily to attract crypto-investors or boost shareholder value.

原因有所不同。一些公司，例如Invictus（Invi.L），将比特币视为反对通货膨胀的对冲，这已成为投资者的紧迫关注。其他人，例如Huton（Hut.to），将其视为使财政部多样化的战略方式。对于某些公司，尤其是那些以加密货币为中心的运营的公司，例如马拉松数字（NASDAQ：MARA）或CleanSpark（NASDAQ：CLSK），Holding Bitcoin是其业务的核心部分。一些公司主要是为了吸引加密货币或提高股东价值。

MicroStrategy is a unique case. The company went all-in, buying large amounts of Bitcoin using funds raised specifically for that purpose. It became the first public company to acquire over $250 million in Bitcoin, which has since become central to the company's identity.

MicroStrategy是一个独特的情况。该公司全力以赴，使用专门为此目的筹集的资金购买大量比特币。它成为第一家收购比特币超过2.5亿美元的上市公司，此后已成为该公司身份的核心。

Real-World Performance: Bitcoin vs. Treasury Stocks

现实世界的性能：比特币与财政部股票

Now here’s where the numbers really stood out.

现在，这是数字真正引人注目的地方。

As of May 17, 2025, Bitcoin is trading around $103,482—a yearly increase of about 57.65%.

截至2025年5月17日，比特币的交易约为103,482美元，每年增加约57.65％。

Strategy (formerly MSTR), on the other hand, is trading at $399.80 and has surged by 152% in the same period. Since adopting the Bitcoin Standard on August 10, 2020, Strategy has seen a return of over 3,358%, compared to Bitcoin’s 1,028% over the same period.

另一方面，策略（以前为MSTR）的交易价格为399.80美元，同期飙升了152％。自2020年8月10日采用比特币标准以来，战略的回报率超过3,358％，而同一时期比特币的1,028％。

Clearly, treasury stocks like Strategy can outperform Bitcoin during bull markets—but this comes with much higher volatility.

显然，诸如策略之类的财政部股票在牛市期间可以胜过比特币，但这具有更高的波动性。

But What’s the Catch?

但是什么是收获？

This brings us to the risks—because they’re not small.

这给我们带来了风险，因为它们并不小。

Leverage is a double-edged sword. When Bitcoin drops, these stocks can fall even harder. You also don’t have control. A company can decide to sell its Bitcoin holdings or shift strategies at any time, and that directly impacts your investment.

杠杆是一把双刃剑。当比特币下降时，这些股票可能会更难下降。您也没有控制。公司可以随时决定出售其比特币控股或转变策略，这直接影响您的投资。

Many of these companies rely heavily on Bitcoin’s success to stay afloat. For example, Strategy’s core software business has declined by 12% over the last decade. If Bitcoin crashes, these companies could face major financial stress, even bankruptcy in extreme cases.

这些公司中的许多公司都严重依赖比特币的成功来维持生计。例如，在过去的十年中，战略的核心软件业务下降了12％。如果比特币崩溃，这些公司可能会面临重大财务压力，甚至在极端情况下破产。

There’s also the issue of earnings volatility. Public companies must report their crypto holdings each quarter, and that can result in large fluctuations in reported earnings. Add in security risks—like the $1.5 billion Bybit hack in 2025—and it’s clear this isn’t a risk-free option.

收益波动也存在问题。上市公司必须在每个季度报告其加密货币持有量，这可能会导致报告的收益波动。加上安全风险（例如2025年耗资15亿美元的Bybit Hack），很明显，这不是无风险的选择。

Bitcoin vs. Bitcoin Treasury Stocks: A Quick Comparison

比特币与比特币财政部股票：快速比较

Here's a brief overview of the key differences:

这是关键差异的简要概述：

| Factor | Bitcoin Investment | Bitcoin Treasury Stocks |

|因子|比特币投资|比特币财政部股票|

|---|---|---|

| --- | --- | --- |

| Investment Type | Direct asset ownership (e.g., through an exchange or ETF). | Shares in companies with significant Bitcoin treasury holdings. Examples include Strategy (MSTR), Marathon Digital (MARA), and Micro bitcoin (MBTCF). |

|投资类型|直接资产所有权（例如，通过交易所或ETF）。 |拥有大量比特币财政部持有的公司的股份。示例包括策略（MSTR），马拉松数字（MARA）和微比特币（MBTCF）。 |

| Risk Level | Lower. Primarily driven by Bitcoin's price volatility. | Higher. Encompasses treasury stocks' price volatility, leadership changes, company performance, and Bitcoin price volatility. |

|风险水平|降低。主要是由比特币的价格波动驱动的。 |更高。包括财政部股票的价格波动，领导力变化，公司绩效和比特币价格波动。 |

| Return Potential | Slower, more consistent gains over time, reflecting Bitcoin's price movements. | Potential for faster, larger gains due to leverage and the combined effect of treasury stock price appreciation and Bitcoin value increase. However, also carries the risk of steeper losses. |

|返回电势|随着时间的流逝，较慢，更加一致的收益反映了比特币的价格变动。 |由于杠杆作用而产生的更快，更大的收益以及国库价格升值和比特币价值增加的综合效果的潜力。但是，还带来巨大损失的风险。 |

| Control Level / Fees Higher. Investors pay trading commissions and exchange fees.

|控制水平 /费用更高。投资者支付交易委员会和交换费。

Final Thoughts

最后的想法

If you

如果你