MicroStrategy 的比特币战略：重塑业务的大胆举措

MicroStrategy 执行主席 Michael Saylor 最近在 CNBC 的“Squawk Box”采访中分享了有关该公司大胆的比特币的详细信息

MicroStrategy has become a pioneer in the digital asset space thanks to its bold investment in Bitcoin, spearheaded by Saylor. The company’s diverse and lucrative financial products and services have made it a trailblazer in integrating Bitcoin into corporate investment portfolios.

由于在 Saylor 的带领下对比特币的大胆投资，MicroStrategy 已成为数字资产领域的先驱。该公司多样化且利润丰厚的金融产品和服务使其成为将比特币整合到企业投资组合中的开拓者。

In a recent interview on CNBC’s “Squawk Box,” Michael Saylor, the executive chairman of MicroStrategy, shared details about the company’s bold Bitcoin investment strategy and how it has reshaped their business.

MicroStrategy 执行主席 Michael Saylor 最近在 CNBC 的“Squawk Box”采访中分享了有关该公司大胆的比特币投资策略以及如何重塑其业务的详细信息。

Since the company’s first purchase in August 2020, MicroStrategy has bought approximately $8.3 billion of Bitcoin, leading to its growth. Despite the cryptocurrency market being highly volatile, Saylor is convinced that Bitcoin is the best long-term investment, vastly outperforming any traditional asset.

自 2020 年 8 月首次购买以来，MicroStrategy 已购买了约 83 亿美元的比特币，推动了其增长。尽管加密货币市场波动很大，但塞勒坚信比特币是最好的长期投资，其表现远远优于任何传统资产。

MicroStrategy’s focus on Bitcoin has resulted in an average annual return of 44%, compared to the S&P 500’s 12% per annum during the same period. Saylor highlighted that the company’s investment has performed significantly better than other companies, including giants like Nvidia, which saw its investment soar by 821%.

MicroStrategy 对比特币的关注带来了 44% 的平均年回报率，而同期标准普尔 500 指数的年回报率为 12%。 Saylor 强调，该公司的投资表现明显好于其他公司，包括英伟达等巨头，其投资飙升了 821%。

“Since we levered it, we’re up 825%,” Saylor remarked, pointing to the effectiveness of their Bitcoin strategy.

“自从我们利用杠杆以来，我们已经上涨了 825%，”塞勒说道，并指出了他们的比特币策略的有效性。

MicroStrategy has also expanded its business by launching Bitcoin-backed convertible bonds as part of its financial products. These products allow investors to invest in Bitcoin and potentially benefit from it while not being fully exposed to the risks associated with its volatility.

MicroStrategy 还通过推出比特币支持的可转换债券作为其金融产品的一部分来扩大其业务。这些产品允许投资者投资比特币并可能从中受益，同时又不会完全面临与其波动性相关的风险。

Saylor explained that the bonds are categorized based on the risk-reward profile that investors are interested in pursuing, ranging from high-risk, high-return products to low-risk, low-return products.

塞勒解释说，这些债券是根据投资者有兴趣追求的风险回报状况进行分类的，从高风险、高回报产品到低风险、低回报产品。

MicroStrategy’s decision to launch Bitcoin-tied financial products has marked a major shift in the investment industry. The company has essentially created the BTC-backed bond market, enabling the firm to both obtain capital and offer investors a valuable instrument. These bonds offer high yields with the added benefit of shielding the investor from the volatility of the crypto market.

MicroStrategy 决定推出与比特币挂钩的金融产品，标志着投资行业的重大转变。该公司实质上创建了比特币支持的债券市场，使公司能够获得资本并为投资者提供有价值的工具。这些债券提供高收益，并具有保护投资者免受加密货币市场波动影响的额外好处。

Saylor also commented on the impact of the newly launched U.S.-listed spot Bitcoin ETFs in the market. While these ETFs have increased demand for Bitcoin, he also noted that they could lead to additional volatility.

Saylor还评论了新推出的美国上市现货比特币ETF对市场的影响。虽然这些 ETF 增加了对比特币的需求，但他也指出，它们可能会导致额外的波动。

Compared to MicroStrategy’s Bitcoin-backed bonds, which generate additional yield through the strategic backend performance, ETFs provide direct exposure to Bitcoin with low costs but do not offer the premium returns that MicroStrategy obtains through its products.

与 MicroStrategy 的比特币支持债券（通过战略后端性能产生额外收益）相比，ETF 以低成本提供直接投资比特币的机会，但不提供 MicroStrategy 通过其产品获得的溢价回报。

According to Saylor, Bitcoin’s high liquidity makes it more appealing than other assets, such as real estate. “Bitcoin is smart, fast, strong money,” he said, explaining that it can be easily moved or exchanged during volatile periods in the market. He contrasted Bitcoin with real estate, which cannot be easily liquidated or leveraged during times of crisis, making Bitcoin a more versatile asset during times of uncertainty.

塞勒表示，比特币的高流动性使其比房地产等其他资产更具吸引力。 “比特币是一种智能、快速、强大的货币，”他说，并解释说，在市场波动时期，比特币可以轻松移动或交换。他将比特币与房地产进行了对比，房地产在危机时期不易清算或杠杆化，这使得比特币在不确定时期成为一种更通用的资产。

Throughout the interview, Saylor reiterated that Bitcoin should be viewed as “digital gold,” highlighting its long-term store of value. However, he acknowledged that Bitcoin’s liquidity and fungibility make it more suitable for short-term price fluctuations than many conventional assets.

在整个采访中，塞勒重申比特币应被视为“数字黄金”，强调其长期价值储存。不过，他承认，比特币的流动性和可替代性使其比许多传统资产更适合短期价格波动。

The company’s future strategy will be defined by its Bitcoin strategy, according to Saylor. Despite being a software company at its core, the company’s current focus is on building and growing its bitcoin assets and financial services.

塞勒表示，该公司的未来战略将由其比特币战略来定义。尽管其核心是一家软件公司，但该公司目前的重点是建立和发展其比特币资产和金融服务。