从Dot-Com初创公司到比特币巨头

迈克尔·塞勒（Michael Saylor）于1989年与MicroStrategy共同创立。在1990年代，该公司与麦当劳（McDonald's）和其他人达成了数据挖掘交易，并于1998年公开

Freshly-rebranded Strategy—formerly known as MicroStrategy (MSTR)—has shifted from being an enterprise software firm that sells business-intelligence (BI) tools to the world’s largest corporate owner of bitcoin. It holds about 581,000 bitcoins, worth around $63 billion, which is significantly higher than its annual software revenue of about $463 million. (All data here and below are as of early June 2025.)

新鲜品牌的战略（正式称为MicroStrategy（MST））已从成为一家企业软件公司，该公司将业务智能（BI）工具出售给了世界上最大的比特币公司所有者。它拥有约581,000个比特币，价值约630亿美元，其年度软件收入约为4.63亿美元。 （截至2025年6月上旬，此处和下面的所有数据均为）

Founder and CEO Michael Saylor calls the company a “Bitcoin Treasury Company,” a moniker the early 2025 name change makes explicit. To fund this hoard, Strategy has issued waves of zero-coupon convertible notes and new equity, turning itself into a leveraged bet on "digital gold."

创始人兼首席执行官迈克尔·赛勒（Michael Saylor）称该公司为“比特币国库公司”，这是2025年初的名字更改的绰号。为了资助此ho积，战略发出了零企业可转换票据和新股权的浪潮，将自己变成了对“数字黄金”的杠杆押注。

Key Takeaways

关键要点

From DotCom Startup to Bitcoin Giant

从Dotcom初创公司到比特币巨头

Michael Saylor co-founded MicroStrategy in 1989. Through the 1990s the firm landed data-mining deals with McDonald’s and others, and went public in 1998, briefly making Saylor a paper billionaire during the dot-com boom. After nearly going bankrupt because of a 2000 accounting scandal that resulted in a U.S. Securities and Exchange Commission settlement, the company steadily pivoted toward cloud analytics.

迈克尔·塞勒（Michael Saylor）于1989年共同创立了MicroStrategy。在1990年代，该公司与麦当劳（McDonald's）和其他公司（McDonald's）和其他人达成了数据挖掘交易，并于1998年公开，在Dot-Com Boom期间简短地使Saylor成为纸质亿万富翁。由于2000年的会计丑闻几乎破产了，导致了美国证券交易委员会和解，该公司稳步旋转了云分析。

Fast-forward to August 2020, when Saylor first deployed some $250 million of idle cash into bitcoin, citing cash-debasement fears.

快进到2020年8月，当塞勒首次以现金占用的恐惧为主题，当时塞勒首次将约2.5亿美元的闲置现金部署到比特币中。

Multiple follow-on buys—financed first with cash, then with debt—turned the firm into “Wall Street’s bitcoin proxy.” The company's metamorphosis was completed with Strategy's name change, complete with an orange palette inspired by bitcoin.

多次后续购买（首先是现金，然后是债务）将公司归于“华尔街的比特币代理”。该公司的变形效果完成了策略的名称更改，并带有受比特币启发的橙色调色板。

Saylor champions his “infinite money glitch,” arguing that borrowing cheaply against stock to buy scarcer bitcoin offers shareholders leveraged digital gold exposure. Other high-profile companies are looking to follow Strategy's Bitcoin treasury playbook, with both Trump Media & Technology Group (DJT) and GameStop Corp. (GME) announcing massive fundraising in 2025 to do so.

塞勒（Saylor）拥护他的“无限货币故障”，认为廉价地借股票购买稀缺的比特币会提供股东利用数字黄金敞口。其他备受瞩目的公司正在寻求遵循Strategy的比特币财政部剧本，其中包括特朗普媒体与技术集团（DJT）和GameStop Corp.（GME）（GME）在2025年宣布大规模筹款活动。

Related Stories

相关故事

How Strategy Finances Its Massive Bitcoin Treasury

战略如何为其大量比特币国库提供资金

Strategy rarely pays cash for coins anymore. Instead, MSTR prefers to issue zero-coupon convertible notes with generous conversion premiums, effectively providing free money unless the stock tanks. It had already raised billions of dollars this way, part of a pattern that Bloomberg says has made convertible-arbitrage “Wall Street’s hottest trade.”

策略很少再付钱了。取而代之的是，MSTR更喜欢通过宽敞的转换保费发布零企业可转换票据，除非库存坦克，否则有效地提供免费的钱。它已经以这种方式筹集了数十亿美元，这是彭博社称，这种模式使“华尔街最热门的交易”成为了敞篷票据。

Issuing equity is another lever: during the first quarter of 2025 alone, Strategy sold $7.7 billion in new shares and then bought another 22,048 BTC at an average price of about $87,000.

发行权益是另一个杠杆：仅在2025年的第一季度，策略就出售了77亿美元的新股，然后以平均价值约为87,000美元的价格购买了22,048 BTC。

To back this financial engineering, Strategy's slide deck often highlights the following metrics:

为了支持这项财务工程，战略的幻灯片甲板通常会突出以下指标：

However, the math only works if Bitcoin continues to rise. A 30% slide in March briefly saddled the company with an unrealized $5.9 billion loss, rattling MSTR’s share price. Analysts warn that prolonged crypto winters would squeeze cash flow and could force asset sales or refinancings that dilute shareholder value. Its zero-coupon structure, furthermore, can let bondholders demand cash back if volatility spikes, creating a reflexive risk loop for shareholders.

但是，数学仅在比特币继续上升时起作用。 3月份的30％滑梯短暂地使该公司亏损了59亿美元，使MSTR的股价震撼了。分析师警告说，延长的加密冬季将挤压现金流，并可能迫使资产销售或稀释股东价值的再融资。此外，它的零情绪结构可以让债券持有人在波动率上涨时要求现金返还，从而为股东创造反思性风险循环。

Still, MSTR's recent inclusion in the Nasdaq-100 has meant that passive index funds tracking it have bought its shares, which will help cushion any potential drawdowns.

尽管如此，MSTR最近将其纳入纳斯达克-100（NASDAQ-100）还是意味着被动指数基金跟踪其购买了其股票，这将有助于缓解任何潜在的吸管。

Warning

警告

Investors looking to Strategy as a BTC play might be getting played themselves: At a market cap of $105.28 billion and bitcoin holdings at about $62.6 billion, that's almost a 70% premium over its BTC holdings. Compare that to most closed-end funds (where a 10% premium is pricey) or the Grayscale Bitcoin Mini Trust ETF (BTC), where our calculations show a 3.2% discount of its share price to net asset value per share. For every $1.00 you invest, MSTR provides $0.59 worth of BTC exposure, whereas for the BTC ETF, you get $1.03.

希望将战略作为BTC游戏的投资者可能会发挥自己的作用：市值为1002.8亿美元，比特币持有量约为626亿美元，比其BTC持有量差不多70％。与大多数封闭式基金（10％的保费价格昂贵）或灰比特币Mini Trust ETF（BTC）相比，我们的计算显示其股价折扣为每股净资产净值3.2％。 MSTR每投资1.00美元，MSTR提供价值0.59美元的BTC风险，而对于BTC ETF，您将获得$ 1.03。

What Else Does Strategy Do?

策略还有什么？

Strategy continues to sell its Strategy One analytics suite—an AI-infused business intelligence and data platform, which has sustained growth in subscriptions. The company also runs Strategy World, an annual technology conference that, in 2025, spotlighted new generative AI features rolling into its platform.

战略继续出售其战略One Analytics Suite，即AI注入的商业智能和数据平台，该套件在订阅方面持续增长。该公司还经营着战略世界，这是一个年度技术会议，该会议于2025年焦点介绍了新的生成AI功能。

Bottom Line

底线

Strategy has morphed from a middling BI vendor into a leveraged macro bet on Bitcoin, wrapped around its still-functioning software business. If the crypto bull run persists, shareholders will reap the gains from embedded leverage in both equity and convertibles. If the tide turns, however, the same leverage will magnify

策略从中间的BI供应商变成了对比特币的杠杆宏赌注，并围绕其仍在运转的软件业务。如果加密公牛的运行持续存在，股东将从股票和敞篷车中从嵌入式杠杆中获得收益。但是，如果潮汐转弯，相同的杠杆将放大