如何在MSTR等股票中测量真正的比特币暴露

Bitwise Asset Management的Alpha策略负责人Jeff Park分享了一个深入的Twitter线程，该线程提供了一个新的框架，以了解比特币的暴露

Investors seeking to capitalize on Bitcoin's price gains might consider investing in stocks like MSTR (NYSE:MSTR) that have significant exposure to the cryptocurrency. However, standard metrics for evaluating Bitcoin exposure in stocks can be misleading.

寻求利用比特币价格上涨的投资者可能会考虑投资于MSTR（NYSE：MSTR）等股票，这些股票具有很大的接触加密货币。但是，评估股票比特币暴露的标准指标可能会产生误导。

Jeff Park, Head of Alpha Strategies at Bitwise Asset Management, shared a new framework on Twitter for understanding Bitcoin exposure in equities and investment products.

Bitwise Asset Management的Alpha策略负责人Jeff Park在Twitter上分享了一个新框架，以了解股票和投资产品中的比特币暴露。

According to Park, investors may be misled by traditional metrics like “BTC per Share” (BPS) and “BTC Yield.” Instead, he introduced a more refined approach.

据公园称，投资者可能被传统指标（例如“ BTC每股”（BPS）和“ BTC收益率”）误导。相反，他引入了一种更精致的方法。

The Problem With ‘BTC Per Share’

“每股BTC”的问题

BPS, calculated as total BTC held divided by total outstanding shares, is often misapplied when analyzing companies like MicroStrategy (NASDAQ:MSTR) or Square (NYSE:SQ) to assess their BTC exposure.

在分析像MicroStrategy（NASDAQ：MSTR）或Square（NYSE：SQ）这样的公司以评估其BTC暴露的公司时，BPS被计算为总BTC持有的总股票总额股份，通常会被误用。

Unlike Bitcoin ETFs, which are simple wrappers around BTC holdings, corporations can use operating leverage—such as issuing debt—to increase BTC on their balance sheet without necessarily diluting shareholders.

与比特币ETF（是BTC持有的简单包装纸）不同，公司可以使用运营杠杆（例如发行债务）来增加资产负债表上的BTC，而无需稀释股东。

For instance, if MSTR raises $500 million in debt to buy more BTC, the BTC numerator in the BPS ratio increases, while the denominator (shares outstanding) remains unchanged. This makes the company appear more BTC-rich per share than it truly is, creating what Park calls “financial alchemy.”

例如，如果MSTR筹集了5亿美元的债务来购买更多BTC，则BPS比率的BTC分子增加，而分母（未偿还的股票）保持不变。这使得公司的每股BTC富含BTC的外观比实际上更富含BTC，从而创造了Park所谓的“金融炼金术”。

While the BPS goes up, so does the company’s financial risk, which is not visible in the metric alone.

当BPS上升时，公司的财务风险也是如此，仅在度量标准中就不可见。

Why ‘BTC Yield’ Is Misleading

为什么“ BTC产​​量”误导了

Park also criticizes the concept of “BTC Yield,” used to describe the increase in BTC per share over time. He compares it to GDP growth rate: just as a 5% GDP growth doesn't tell you the GDP per capita, BTC Yield doesn’t show you how much BTC per share was truly added.

帕克还批评了“ BTC产​​量”的概念，用于描述随着时间的推移BTC的增加。他将其与GDP增长率进行了比较：就像GDP增长5％并不能告诉您人均GDP一样，BTC收益率并没有向您显示真正增加了每股BTC的数量。

Moreover, it’s often not annualized and doesn’t reflect real, cash-generating returns. Instead, Park argues investors should care about how much BTC was actually added per share, not just the rate of change.

此外，它通常不是年度化的，也不会反映出真实的现金产生回报。取而代之的是，帕克认为投资者应该关心每股实际增加多少BTC，而不仅仅是变化率。

Introducing ‘True Yield’

引入“真正的产量”

To give investors a more accurate perspective, Park proposes a simple metric:

为了使投资者更加准确，帕克提出了一个简单的指标：

True Yield = % Change in BTC ÷ % Change in Shares Outstanding

true收益= BTC÷％变化的％变化的股票变化

This formula corrects for financial engineering tricks by capturing real BTC accumulation relative to shareholder dilution. It helps investors better assess BTC-exposed companies like MSTR and SMLR (Semler Scientific) especially during periods of aggressive capital maneuvers.

该公式通过捕获相对于股东稀释的实际BTC积累来纠正金融工程技巧。它可以帮助投资者更好地评估像MSTR和SMLR（Semler Scientific）这样的BTC暴露公司，尤其是在积极进取的资本操作期间。

This approach allows for a deeper understanding of BTC exposure in a company's stock and enables a more informed investment decision.

这种方法可以更深入地了解公司股票中的BTC风险，并实现更明智的投资决定。

The post How to Measure True Bitcoin Exposure in Stocks Like MSTR appeared first on CC Web.

帖子如何测量MSTR等股票中的真实比特币暴露，首先出现在CC Web上。

The post How to Measure True Bitcoin Exposure in Stocks Like MSTR appeared first on CC Web.

帖子如何测量MSTR等股票中的真实比特币暴露，首先出现在CC Web上。