MicroStrategy（NASDAQ：MSTR）的股票的表现优于比特币（Crypto：BTC）。

在过去的五年中的四年中，比特币（Crypto：BTC）一直是世界上表现最佳的资产，甚至还没有很近。

In four of the past five years, Bitcoin (CRYPTO: BTC) has been the top-performing asset in the world, and it hasn't even been close. In 2020, 2023, and 2024, Bitcoin delivered triple-digit returns to investors. Over the past five years, Bitcoin is now up a head-spinning 956%.

在过去的五年中的四年中，比特币（Crypto：BTC）一直是世界上表现最佳的资产，甚至还没有很近。在2020年，2023年和2024年，比特币将三位数的回报归还给投资者。在过去的五年中，比特币现在占956％的股份。

It might seem unfathomable, then, that any stock could possibly surpass Bitcoin's performance over that time interval. So you might be surprised that Strategy (NASDAQ:MSTR) -- the company formerly known as MicroStrategy -- has done exactly that. In 2025, Strategy is up 20% at a time when Bitcoin is struggling. So is it a better buy?Performance comparison

那么，在此时间间隔内，任何股票都可能超过比特币的性能，这似乎是不可思议的。因此，您可能会感到惊讶的是，该策略（NASDAQ：MSTR）（以前称为MicroStrategy的公司）确实做到了这一点。在2025年，在比特币挣扎的时候，策略上升了20％。那是更好的购买吗？性能比较

It really doesn't matter what time period you look at -- year to date, 12 months, or five years -- Strategy has outperformed the performance of Bitcoin. As you can see in the chart below, the performances of Strategy and Bitcoin were highly correlated until early 2024, when there was a notable divergence.

您看的时间段真的没关系 - 迄今为止，12个月或五年 - 策略表现优于比特币的性能。正如您在下图中看到的那样，策略和比特币的性能高度相关，直到2024年初出现显着的分歧。

Bitcoin/U.S. dollar chart by TradingView.

TradingView的比特币/美元图表。

Over the past five years, Strategy is now up 2,758%, compared to Bitcoin's 956%. Based on that figure alone, you might be persuaded that Strategy is a superior investment.

在过去的五年中，战略现在增长了2,758％，而比特币的956％相比。仅基于这个数字，您可能会说服策略是一项卓越的投资。

Strategy as a Bitcoin proxy stock

策略作为比特币代理股票

The five-year time period is important. That's because August 2020 was the official kick-off of Strategy's Bitcoin acquisition spree. Since then, the company has been steadily buying Bitcoin, and now holds 538,200 BTC on its balance sheet. At today's prices, that Bitcoin is worth an impressive $50 billion.

五年时间很重要。那是因为2020年8月是战略比特币收购狂潮的正式开球。从那以后，该公司一直在稳步购买比特币，现在在其资产负债表上持有538,200 BTC。以今天的价格，该比特币的价值令人印象深刻的500亿美元。

In fact, Strategy holds so much Bitcoin that it's now the largest corporate holder of Bitcoin in the world. It even holds more Bitcoin than the U.S. government. And it has gone all-in on Bitcoin, going so far as to rebrand itself earlier this year as a Bitcoin Treasury Company (BTC). Its primary mission these days is to find ever more creative ways to buy and hold Bitcoin.

实际上，战略拥有如此多的比特币，以至于它是世界上比特币的最大公司持有人。它甚至比美国政府更容易拥有比特币。它已经全力以赴比特币，甚至在今年早些时候作为比特币财政公司（BTC）重塑品牌。如今，它的主要任务是找到更多创新的购买和持有比特币的方式。

Thus, investing in Strategy is one way to get exposure to Bitcoin without buying Bitcoin directly in the spot cryptocurrency market. As such, Strategy has become popular as a Bitcoin proxy stock. If you don't want to buy Bitcoin directly, you can buy Strategy stock instead.

因此，投资战略是一种在不直接在现货加密货币市场上购买比特币的情况下接触比特币的一种方法。因此，策略已成为比特币代理股票的流行。如果您不想直接购买比特币，则可以购买策略股票。

However, in January 2024, the new spot Bitcoin ETFs rolled out. Suddenly, investors had three different ways to get exposure to Bitcoin: 1) buying Bitcoin directly; 2) buying Bitcoin indirectly via a spot Bitcoin ETF; and 3) buying a Bitcoin proxy stock such as Strategy.

但是，在2024年1月，新的比特币ETF推出了。突然，投资者有三种不同的方法来接触比特币：1）直接购买比特币； 2）通过现货比特币ETF间接购买比特币； 3）购买诸如策略之类的比特币代理股票。

That's why the sudden divergence between the performances of Bitcoin and Strategy in early 2024 is so interesting. In hindsight, it appears that many investors concluded that investing in Strategy stock was better than investing in a Bitcoin ETF, and even better than investing in Bitcoin directly.

这就是为什么2024年初比特币与策略表现之间的突然差异如此有趣的原因。事后看来，似乎许多投资者得出结论，对战略股票的投资比投资比特币ETF更好，甚至比直接投资比特币更好。

In fact, they're now willing to pay a hefty premium for that stock. Strategy's Bitcoin holdings are worth $50 billion, but the company's market cap is roughly $100 billion. In short, add up the value of the company's Bitcoin holdings, double it, and that's what investors think Strategy is worth.

实际上，他们现在愿意为该股票支付巨额保费。策略的比特币持有量为500亿美元，但该公司的市值约为1000亿美元。简而言之，将公司比特币持有的价值增加了​​一倍，这就是投资者认为策略的价值。

Is Strategy stock really worth a premium?

战略股票真的值得溢价吗？

There are a few possible explanations for this premium. The obvious explanation, of course, is that Strategy still has a software business, even if it is a money-loser. So there's some value there. The company is still more than just a pure Bitcoin Treasury Company, and it's not fair to assign zero value to the software business.

对于此保费有一些可能的解释。当然，显而易见的解释是，即使这是一个赚钱的人，策略仍然具有软件业务。所以那里有一些价值。该公司不仅是一家纯比特币财政公司，而且为软件业务分配零价值是不公平的。

Image source: Getty Images.

图像来源：盖蒂图像。

Another possible explanation is that investors are pricing in massive gains for the company's Bitcoin holdings. In fact, investors appear to be expecting the price of Bitcoin to double within the next 12 months. Thus, even though Strategy is carrying $50 billion of Bitcoin on its balance sheet, investors think that it will soon be worth $100 billion. Given that Bitcoin has delivered triple-digit gains in three of the past five years, that's not out of the question.

另一个可能的解释是，投资者正在为公司的比特币持有量以巨大的收益定价。实际上，投资者似乎期望比特币的价格会在未来12个月内翻一番。因此，即使战略在其资产负债表上载有500亿美元的比特币，投资者认为它将很快价值1000亿美元。鉴于比特币在过去五年中的三年中取得了三位数的收益，但这并非不可能。

The final explanation is that investors are willing to pay a premium for the management skills of Michael Saylor, the founder and executive chairman of the company. After all, Saylor is a top Bitcoin evangelist who continually finds new and creative ways to pay for all that Bitcoin.

最后的解释是，投资者愿意为公司创始人兼执行董事长迈克尔·塞勒（Michael Saylor）的管理技能支付溢价。毕竟，塞勒是一位顶级比特币传教士，他不断找到新的创意方式来为所有比特币支付。

That's where things get interesting -- or scary, depending on your perspective. At some point, this endless Bitcoin acquisition strategy may no longer be sustainable. If the software business is no longer profitable, then the company is completely dependent on the price of Bitcoin continually rising.

这是事物变得有趣的地方 - 或恐怖，具体取决于您的观点。在某个时候，这种无尽的比特币采集策略可能不再可持续。如果软件业务不再盈利，那么该公司完全取决于比特币的价格不断上涨。

It's not just that the price of Bitcoin

不仅是比特币的价格