减去质押可能的收益，Microstrategy 持有的比特币目前与理论以太币回报率持平

Microstrategy 执行董事长 Michael Saylor 透露，该公司目前持有 226,500 枚比特币，价值 134 亿美元。

Blockchain technology company Microstrategy has announced that it now holds 226,500 BTC, valued at $13.4 billion. This marks a 61% gain in the value of the company's bitcoin holdings.

区块链技术公司 Microstrategy 宣布目前持有 226,500 BTC，价值 134 亿美元。这标志着该公司持有的比特币价值增长了 61%。

Earlier this year, blockchaincenter.net's 'There Is No Second Best' index suggested that investing in ether might have been a more profitable choice for Microstrategy, with a potential gain of 71%. However, the gap between the two has narrowed significantly, with an investment in ether now being only 63% higher in value compared to their bitcoin holdings.

今年早些时候，blockchaincenter.net 的“没有第二好”指数表明，投资以太坊可能是 Microstrategy 更有利可图的选择，潜在收益为 71%。然而，两者之间的差距已显着缩小，目前对以太币的投资价值仅比其持有的比特币高出 63%。

At the beginning of December, Microstrategy's bitcoin investment had climbed 30%. At the time, the 'There Is No Second Best' index showed that if the company had opted for ether instead, their gains would have been 71%. But now, ether has seen a large drop in value compared to BTC.

12月初，Microstrategy的比特币投资已攀升30%。当时，“没有第二好”指数显示，如果该公司选择以太币，其收益将达到 71%。但现在，与 BTC 相比，以太币的价值已大幅下跌。

Back in March, Microstrategy (MS) had 174,530 BTC. Now, the company has increased its stash to 226,500 BTC, which is currently valued at $13.4 billion. MS paid $8.353 billion for this stash, which averages out to $36,907 per coin. According to the 'There Is No Second Best' index, if MS had dollar-cost averaged into ether instead of bitcoin, it would have acquired 5,210,397 ETH, which would currently be worth two percentage points more than its BTC investment.

早在 3 月份，Microstrategy (MS) 就拥有 174,530 BTC。现在，该公司已将其储备增加至 226,500 BTC，目前价值 134 亿美元。 MS 为这些藏品支付了 83.53 亿美元，平均每枚代币价值 36,907 美元。根据“没有第二好”指数，如果 MS 将平均美元成本换成以太币而不是比特币，它将获得 5,210,397 ETH，目前的价值比其 BTC 投资高出两个百分点。

Had MS opted for ETH, the company's stash would be up by about $206 million more than its BTC investment. Moreover, if MS had chosen ETH and staked the asset right away, MS would have 535,672 more ETH, adding an extra $1.39 billion on top of the $206 million profit from simply holding ETH. Instead of holding 226,500 BTC valued at $13.4 billion, MS could be sitting on 5.74 million ETH, which would be worth $14.9 billion today.

如果 MS 选择 ETH，该公司的储备将比 BTC 投资多出约 2.06 亿美元。此外，如果 MS 选择 ETH 并立即质押该资产，MS 将额外拥有 535,672 枚 ETH，在仅持有 ETH 带来的 2.06 亿美元利润之外，还额外增加了 13.9 亿美元。 MS 可能持有 574 万枚 ETH（今天价值 149 亿美元），而不是持有价值 134 亿美元的 226,500 个 BTC。