比特幣（BTC 0.67％）本質上是局外人對傳統金融體系的挑戰

和策略（MSTR 1.75％），以前稱為MicroStrategy，是全面的。它稱自己為“世界上第一個也是最大的比特幣財政部”

Given that it's a currency outside the command of any government or central bank, Bitcoin (BTC 0.67%) is inherently an outsider’s challenge to the traditional financial system. And Strategy (MSTR 1.75%), formerly known as MicroStrategy, is all-in. It calls itself “the world’s first and largest Bitcoin Treasury Company” and says it has “adopted Bitcoin as our primary treasury reserve asset. ... we strategically accumulate Bitcoin and advocate for its role as digital capital.”

鑑於這是任何政府或中央銀行指揮以外的貨幣，比特幣（BTC 0.67％）本質上是局外人對傳統金融體系的挑戰。和策略（MSTR 1.75％），以前稱為MicroStrategy，是全面的。它自稱為“世界上第一個也是最大的比特幣國庫公司”，並表示“採用比特幣作為我們的主要財政儲備資產。...我們從戰略上積累了比特幣並倡導其作為數字資本的作用。”

Strategy's extremely ambitious investment approach, which calls for using equity and debt financing as well as cash to buy a lot of Bitcoin, leaves investors with an interesting question: Is it better to simply buy Bitcoin directly, or might the returns from buying the stock be even higher?

策略極為雄心勃勃的投資方法，該方法要求使用股票和債務融資以及現金購買許多比特幣，這給投資者帶來了一個有趣的問題：最好直接購買比特幣，還是購買股票的回報會更高？

Here's what you need to know to chart a course.This tactic looks ingenious, as long as it keeps working

這是您需要知道的圖表課程。只要它繼續工作

Strategy's strategy is essentially to issue convertible debt and equity to finance the purchase of billions of dollars of Bitcoin. It currently holds around $44 billion worth of the coin.

戰略的策略本質上是發行可轉換債務和權益，以資助購買數十億美元的比特幣。目前，它擁有價值約440億美元的硬幣。

The idea is that, as the price of Bitcoin rises, the value of the business and its stock price will also rise. Then, with a higher stock price, it can issue more debt and equity without irritating its shareholders with dilution of their value. Afterward, it can buy more Bitcoin, potentially repeating the process over and over. The more investors that buy the stock, the higher its price gets bid up, enabling even more purchases in a self-sustaining cycle.

這個想法是，隨著比特幣的價格上漲，業務價值及其股票價格也將上漲。然後，以較高的股票價格，它可以發行更多的債務和股權，而不會因其價值稀釋而激怒其股東。之後，它可以購買更多比特幣，有可能一遍又一遍地重複該過程。購買股票的投資者越多，其價格越高，可以在自我維持的周期中獲得更多購買。

Between March 10 and March 16, Strategy bought 130 Bitcoins for roughly $10.7 million in total, bringing its holdings to about half a million of the coins. On March 10, the company had announced that it would be issuing as much as $21 billion of preferred stock to finance future Bitcoin purchases as well provide working capital. That could be 's a lot of buying pressure, even for an asset with a market cap in excess of $1.7 trillion like Bitcoin. On the week ending on March 23, Strategy bought another 6,911 BTC for $584.1 million in total.

在3月10日至3月16日之間，策略總共以大約1070萬美元的價格購買了130個比特幣，將其持股量達到了大約一百萬硬幣。 3月10日，該公司宣布將發行多達210億美元的優先股，以資助未來的比特幣購買以及提供營運資金。即使是像比特幣這樣的市值超過1.7萬億美元的資產，這也可能是很大的購買壓力。在截至3月23日的一周中，策略以5.841億美元的價格購買了另外6,911 BTC。

And it probably won't be the last time Strategy buys Bitcoin. The advantage here is that the company's share price has tended to rise faster than Bitcoin's price because it uses leverage to make its purchases. So investors who buy it have a good shot at outperforming a move of just buying and holding Bitcoin,; over the last 12 months, Strategy's stock is up by 115% compared to Bitcoin's gain of 33%.

這可能不會是最後一次策略購買比特幣。這裡的好處是，該公司的股價趨於上漲速度比比特幣的價格更快，因為它使用槓桿來進行購買。因此，購買它的投資者的表現勝過僅購買和持有比特幣的舉動；在過去的12個月中，戰略的股票增長了115％，而比特幣的增長率為33％。

But there's a major risk here.

但是這裡有主要風險。

Because the company finances some of its purchases with debt, there is a price of Bitcoin beneath which the company's assets would be insufficient collateral from the perspective of those who loaned money to it. At that point, investors would be heavily incentivized to sell their shares, as they would not have any hope of getting their dollars back in the event of a bankruptcy filing. Well before that point, Strategy would be forced to liquidate its coins to cover its debt and its financing costs -- another incentive for investors to sell, as the core assets of the company would be diminishing.

由於該公司通過債務為某些購買的購買資金，因此從下面有比特幣的價格，從借給它的人的角度來看，該公司的資產不足。到那時，投資者將大力激勵出售其股票，因為在破產申請的情況下，他們沒有任何希望將其收回的希望。在此之前，將策略被迫清算其硬幣以支付其債務和融資成本，這是投資者出售的另一個動機，因為公司的核心資產將減少。

Strategy offloading its coins in forced sales would likely hammer the price of Bitcoin, potentially creating a cascade that would further reduce its share price in the reverse of the virtuous cycle it took advantage of at the start. In this scenario, shareholders would be hit commensurately harder than those who merely bought and held Bitcoin, likely erasing their higher returns and, in all probability, causing them to suffer deep losses.

在強制銷售中卸載硬幣的策略很可能會錘擊比特幣的價格，這可能會產生級聯，這將進一步降低其股價，以逆轉其一開始利用的良性週期。在這種情況下，股東會比僅購買和持有比特幣的人要遭受更大的打擊，這可能會消除更高的回報，並且很可能會導致他們遭受巨大的損失。

There's no need to complicate this

無需複雜

Will this risk end up sinking Strategy?

這種風險最終會降低策略嗎？

Probably not. The price of Bitcoin would need to fall extremely far from its present level to threaten Strategy to the extent that would force it to liquidate its coins. In other words, a flash crash of Bitcoin, should that occur, would probably not cause the aforementioned problems even if the asset lost more than 50% of its value.

可能不是。比特幣的價格將需要遠離目前的水平來威脅戰略，以至於迫使其清算其硬幣。換句話說，即使資產損失了超過其價值的50％以上，比特幣的閃光崩潰可能不會引起上述問題。

Still, investors have an opportunity to take advantage of the upside driven by Strategy's relentless purchasing of Bitcoin, and it's very simple. You can put in an order to buy Bitcoin and hold it to get upside from the company doing that. That won't expose you to any additional risk caused by a business's use of leverage and a clever financial trick. And over the long run, that's why it's the better decision here.

儘管如此，投資者仍有機會利用戰略對比特幣的不懈購買而驅動的優勢，而且非常簡單。您可以下令購買比特幣並將其持有，以從公司中獲得上漲。這不會使您面臨企業使用槓桿和聰明的財務技巧造成的任何額外風險。從長遠來看，這就是為什麼這裡是更好的決定。