迈克尔·塞勒（Michael Saylor）将一家低调软件公司的策略重新命名为企业收购比特币的全球领导者

《金融时报》的新电影《迈克尔·塞勒（Michael Saylor）的400亿美元比特币》（Bitcoin Bet）讲述了一个人对加密货币的信念如何改变整个企业的故事。

The Financial Times has released a new film highlighting the story of how one man's belief in cryptocurrency transformed an entire enterprise.

《金融时报》发行了一部新电影，重点介绍了一个人对加密货币的信念如何改变整个企业的故事。

In August 2020, Michael Saylor, the chairman and CEO of Strategy, began his Bitcoin journey with an initial investment of $250 million from the company's treasury reserves.

2020年8月，战略董事长兼首席执行官迈克尔·塞勒（Michael Saylor）开始了他的比特币之旅，最初从公司的财政储备中进行了2.5亿美元的投资。

"I personally like to think of it as an investment in the future of the world, but it's certainly a large and material deployment of capital," said Saylor in the movie.

塞勒在电影中说：“我个人喜欢将其视为对世界未来的投资，但这肯定是大量资本的大量部署。”

That first step quickly evolved into a broader strategy of long-term accumulation. Over the next few years, Strategy went on to spend billions of dollars buying Bitcoin, making a big bet on the future of the digital asset.

第一步迅速发展为长期积累的更广泛的策略。在接下来的几年中，策略继续花费数十亿美元购买比特币，这对数字资产的未来做出了重大赌注。

The company's valuation soared to over $100 billion in 2025 following Bitcoin's surge past $100,000.

在比特币的增长超过100,000美元之后，该公司的估值飙升至2025年超过1000亿美元。

How Strategy Buys Bitcoin at a Discount

策略如何打折购买比特币

What makes Strategy's model distinctive is the fact that it can mop up capital several times greater than the actual value of its Bitcoin holdings. The company's stock is constantly traded at premiums, sometimes reaching twice the net asset value of its crypto reserves.

使策略模型与众不同的原因是，它可以比其比特币持有的实际价值更大几倍。该公司的股票不断以保费，有时达到其加密储备金的净资产价值的两倍。

This gap enables Strategy to issue new shares or bonds, raising billions of dollars to buy more bitcoin at a discount price.

该差距使策略能够发行新的股票或债券，从而筹集了数十亿美元以折扣价购买更多比特币。

In the period of November 2024-January 2025, Strategy managed to collect $12 billion in Equity and debt issuance and acquired more than 200,000 Bitcoins.

在2024年11月至2025年1月1日，战略设法收取了120亿美元的股权和债务发行，并收购了超过200,000个比特币。

Such a cyclical process of capital raising and accumulation of Bitcoins has been dubbed by certain investors as the "infinite money glitch". It is a model that relies on market optimism, and for the time being, it's working.

某些投资者称其为“无限的货币小故障”，因此将比特币的资本筹集和积累的周期性过程称为。这是一个依赖市场乐观的模型，并且暂时正在起作用。

Strategy's Wild Ride with Crypto Faith

策略与加密信仰的狂野骑行

The stock of Strategy has risen by almost 400% during the last year, outperforming industry behemoths such as Apple and Nvidia. Its transformation has resulted in a loyal investor base that views the company more like a proxy for Bitcoin than a tech company.

在去年，战略的股票上涨了近400％，超过了苹果和Nvidia等行业。它的转型导致了一个忠实的投资者基础，该投资者认为该公司更像是比特币的代理，而不是科技公司。

Saylor is aggressively pushing for Bitcoin on the internet and believes that its price will be at $1 million in a decade and $13 million after 2045.

塞勒（Saylor）积极推动互联网上的比特币，并认为其价格将在十年内为100万美元，在2045年之后的价格为1300万美元。

In early 2025, Bitcoin hit a low of $75,000 amid a wave of economic uncertainty, which resulted in Strategy reporting an unrealized loss of $6 billion. The company also introduced financial products such as preferred stocks, some of which have to be paid in fixed monetary dividends, straining its liquidity.

在2025年初，由于经济不确定性浪潮，比特币在75,000美元中达到了75,000美元，这导致战略报告了60亿美元的未实现损失。该公司还推出了诸如优先股之类的金融产品，其中一些必须以固定的货币股息支付，以劳累其流动性。

As the movie implies, Strategy's success depends entirely on the future rise of Bitcoin. If that increase stalls, the audacious financial experiment conducted by the company would come crumbling down.

正如电影所暗示的那样，策略的成功完全取决于比特币的未来兴起。如果增加摊位，公司进行的大胆财务实验将崩溃。