MicroStrategy 股票的表现优于比特币。这就是为什么

在联合创始人兼执行主席 Michael Saylor 为这家软件公司带来了财富之后，MicroStrategy 一直在利用比特币，无论好坏

MicroStrategy has been riding Bitcoin, for better or worse, after cofounder and Executive Chairman Michael Saylor hitched the software company’s fortunes to the cryptocurrency in 2020.

自 2020 年联合创始人兼执行主席 Michael Saylor 将这家软件公司的财富与加密货币挂钩后，无论好坏，MicroStrategy 一直在利用比特币。

Lately, his bet has proved extravagantly lucrative. For the year to date, MicroStrategy stock is up 513%—and that’s even after shares have come off a post-election high that briefly put them up nearly 700%.

最近，事实证明他的赌注非常有利可图。今年迄今为止，MicroStrategy 的股价上涨了 513%，甚至在股价回落至选举后高点（短暂上涨近 700%）之后也是如此。

Either way, that’s well above Bitcoin’s 2024 gain of about 117%. In fact, MicroStrategy’s market cap of $87 billion is more than double the value of its holdings of 386,700 Bitcoins, which are worth $37.6 billion at current prices (and largely purchased at a fraction of the going rate).

不管怎样，这都远远高于比特币 2024 年约 117% 的涨幅。事实上，MicroStrategy 的市值为 870 亿美元，是其持有的 386,700 枚比特币价值的两倍多，按当前价格计算，这些比特币的价值为 376 亿美元（大部分是以当前价格的一小部分购买的）。

In a recent interview with the Wall Street Journal, Saylor explained why there is such a big gap between MicroStrategy stock and Bitcoin.

在最近接受《华尔街日报》采访时，Saylor 解释了为什么 MicroStrategy 股票与比特币之间存在如此大的差距。

“MicroStrategy found a way to outperform Bitcoin,” he said. “The way that we outperform Bitcoin, in essence, is we just lever up Bitcoin.”

“MicroStrategy 找到了超越比特币的方法，”他说。 “从本质上讲，我们超越比特币的方式就是我们杠杆化比特币。”

The company has been an aggressive buyer of Bitcoin and hasn’t been shy about raising fresh funds via stock or debt to buy even more. Last month, it upsized a convertible notes offering to add to its buying firepower.

该公司一直是比特币的积极买家，并且并不羞于通过股票或债务筹集新资金来购买更多比特币。上个月，该公司扩大了可转换票据发行规模，以增强其购买火力。

That’s part of a bold plan to raise $42 billion from stock and bond offerings over three years to keep buying Bitcoins, according to the Journal.

据《华尔街日报》报道，这是一项大胆计划的一部分，该计划将在三年内通过发行股票和债券筹集 420 亿美元，以继续购买比特币。

There are skeptics to be sure. Last month, Citron Research said it was bullish on Bitcoin but was shorting MicroStrategy even as it complimented Saylor on his “visionary” strategy.

肯定有人持怀疑态度。上个月，Citron Research 表示看好比特币，但做空 MicroStrategy，尽管该公司称赞 Saylor 的“富有远见”的策略。

“Much respect to @saylor, but even he must know $MSTR is overheated,” Citron posted on X.

Citron 在 X 上发帖称：“非常尊重 @saylor，但即使是他也一定知道 $MSTR 过热了。”

But wherever MicroStrategy stock or Bitcoin go from here, Saylor embraces volatility and isn’t afraid to stick his neck out. Even before the Bitcoin boom, he once lost $6 billion in a single day during the dot-com bust.

但无论 MicroStrategy 股票或比特币走向何方，Saylor 都会拥抱波动性，并且不怕冒风险。甚至在比特币繁荣之前，他就曾在互联网泡沫破灭期间一天损失了 60 亿美元。

And while recalling how he came up with his Bitcoin strategy in 2020, Saylor told the Journal that “It was either a fast death or a slow death, or take a risk, do something out of the box.”

在回忆他如何在 2020 年提出比特币策略时，塞勒告诉《华尔街日报》，“要么快死，要么慢死，要么冒险，做一些打破常规的事情。”