最大化每股比特币：新的公司战略

MicroStrategy、Cathedra Bitcoin 和 Metaplanet 在最大化比特币持有量方面处于领先地位。

Public companies are increasingly turning to bitcoin (BTC) as a valuable treasury asset, a trend that began when MicroStrategy (MSTR) announced its decision to allocate a portion of its treasury to bitcoin in August 2020. This move has led to an impressive 800% increase in the company's stock value.

上市公司越来越多地将比特币 (BTC) 作为一种有价值的财务资产，这一趋势始于 MicroStrategy (MSTR) 于 2020 年 8 月宣布决定将其部分财务资产分配给比特币。这一举措导致了令人印象深刻的 800%公司股票价值增加。

According to data from BitcoinTreasuries.net, public companies now hold approximately 354,316 BTC, which constitutes around 1.69% of the total bitcoin supply of 21 million. This large-scale entry into the bitcoin market is sure to have a significant impact on the cryptocurrency's price discovery.

根据BitcoinTreasuries.net的数据，上市公司目前持有约354,316枚比特币，约占比特币总供应量2100万枚的1.69%。这种大规模进入比特币市场肯定会对加密货币的价格发现产生重大影响。

Inspired by MicroStrategy's example, several other companies have followed suit, adopting bitcoin as a treasury asset to diversify their portfolios and protect themselves from inflation. Among the most notable are Metaplanet (3350), Semler Scientific (SMLR) and, most recently, Cathedra Bitcoin (CBIT).

受到 MicroStrategy 例子的启发，其他几家公司也纷纷效仿，采用比特币作为库存资产，以实现投资组合多元化并保护自己免受通胀影响。其中最著名的是 Metaplanet (3350)、Semler Scientific (SMLR) 以及最近的 Cathedra Bitcoin (CBIT)。

Cathedra Bitcoin, a publicly traded company on the TSX Venture Exchange in Canada, has shifted its focus away from bitcoin mining and toward the development and operation of data centers. This strategic pivot comes in response to the increasing challenges faced by the mining industry due to the bitcoin halving.

Cathedra Bitcoin 是一家在加拿大多伦多证券交易所创业板上市的公司，该公司已将其重点从比特币挖矿转向数据中心的开发和运营。这一战略支点是为了应对比特币减半导致采矿业面临的日益严峻的挑战。

The Hashrate index, which tracks bitcoin mining revenue, currently stands at a relatively low 43 (petahash/second) PH/s, with an all-time low of 36 PH/s. This sustained downturn has caused many public miners to struggle in 2024.

追踪比特币挖矿收入的算力指数目前处于相对较低的 43（petahash/秒）PH/秒，历史最低水平为 36 PH/秒。这种持续的低迷导致许多公共矿工在 2024 年陷入困境。

In light of these challenges, Cathedra has decided to move away from mining to focus on maximizing bitcoin holdings per share and generating a more sustainable cash flow. This shift will allow the company to continuously acquire more bitcoin, prioritizing long-term growth in its bitcoin holdings over costly operational ventures.

鉴于这些挑战，Cathedra 决定放弃采矿业，转而专注于最大化每股比特币持有量并产生更可持续的现金流。这一转变将使该公司能够不断收购更多比特币，优先考虑其比特币持有量的长期增长，而不是成本高昂的运营企业。

"Going forward, we will make all capital allocation decisions with the intention of maximizing our shareholders’ per-share bitcoin holdings," the company said in a statement.

该公司在一份声明中表示：“展望未来，我们将做出所有资本配置决策，以最大化股东的每股比特币持有量。”

Another company that is actively engaged in the bitcoin treasury space is Metaplanet, under the leadership of CEO Simon Gerovich. Similar to Cathedra, Metaplanet is also prioritizing growth in its bitcoin holdings.

另一家积极涉足比特币金库领域的公司是 Metaplanet，由首席执行官 Simon Gerovich 领导。与 Cathedra 类似，Metaplanet 也优先考虑其比特币持有量的增长。

Gerovich has repeatedly emphasized the company's goal of boosting its bitcoin holdings each month, a strategy that has led to significant gains. Year-to-date, Metaplanet's stock value has increased by 587%, reflecting the market's positive response to its strategic approach.

格罗维奇一再强调该公司的目标是每月增加比特币持有量，这一策略已带来显着收益。今年迄今，Metaplanet 的股价已上涨 587%，反映出市场对其战略方针的积极响应。

Meanwhile, MicroStrategy continues to be a pioneer and the most significant participant in the bitcoin treasury space. Under Michael Saylor's leadership, the company is constantly innovating and expanding bitcoin adoption.

与此同时，MicroStrategy 仍然是比特币金库领域的先驱和最重要的参与者。在 Michael Saylor 的领导下，该公司不断创新并扩大比特币的采用。

On Sept. 18, MicroStrategy announced the pricing of a $875 million convertible senior notes offering, which was upsized from an initial $700 million.

9 月 18 日，MicroStrategy 宣布发行 8.75 亿美元可转换优先票据，发行规模较最初的 7 亿美元有所增加。

The notes carry a 0.625% interest rate and will mature in 2028. The proceeds from this offering will be used to redeem $500 million in high-interest 6.125% senior secured notes at a redemption price of 103.063% of the principal amount, reducing the company's interest payments.

这些票据的利率为 0.625%，将于 2028 年到期。本次发行所得款项将用于赎回 5 亿美元的高息 6.125% 高级担保票据，赎回价为本金的 103.063%，从而减少公司的资产利息支付。

The remaining funds will be used to buy more bitcoin. The offering also includes an option for initial purchasers to buy up to an additional $135 million in notes.

剩余资金将用于购买更多比特币。此次发行还包括初始购买者可以额外购买最多 1.35 亿美元票据的选项。

In a recent 8-K filing, MicroStrategy introduced an innovative concept called "bitcoin yield," which measures the percentage change in the company's bitcoin holdings relative to its assumed diluted shares outstanding, including both Class A and Class B shares.

在最近的 8-K 文件中，MicroStrategy 引入了一个名为“比特币收益率”的创新概念，该概念衡量公司持有的比特币相对于其假设的稀释后流通股（包括 A 类和 B 类股票）的百分比变化。

From January 1 to Sept.12 the company's bitcoin yield was 17%, with a quarter-to-date yield of 4.4%.

从1月1日到9月12日，该公司的比特币收益率为17%，本季度迄今收益率为4.4%。

According to the MSTR-tracker, the bitcoin per share ratio is currently about 0.0012. This metric suggests that long-term shareholders are experiencing accretive value in their bitcoin holdings.

根据 MSTR-tracker 的数据，目前比特币每股比率约为 0.0012。这一指标表明，长期股东所持有的比特币正在经历增值。