Coinbase和MicroStrategy：加密貨幣空間中的先驅

MicroStrategy和Coinbase是加密貨幣生態系統中的兩個傑出公司

Coinbase and MicroStrategy are two well-known companies in the cryptocurrency space, each playing distinct roles - Coinbase as a leading cryptocurrency exchange platform and MicroStrategy as a business intelligence firm that pivoted to become a major bitcoin investor.

Coinbase和MicroStrategy是加密貨幣領域中的兩家知名公司，每個公司都扮演著不同的角色 - 作為領先的加密貨幣交換平台，而MicroStrategy作為一家商業智能公司，該公司被樞紐成為主要的比特幣投資者。

Their stock performances are closely tied to the volatile nature of the cryptocurrency market, particularly bitcoin.

他們的股票表現與加密貨幣市場（尤其是比特幣）的動盪性緊密相關。

Coinbase's position as a cryptocurrency exchange leader

Coinbase作為加密貨幣交易所負責人的地位

Coinbase is a leading cryptocurrency exchange platform, founded in 2012, and provides a service for trading cryptocurrency in a regulated manner.

Coinbase是一個領先的加密貨幣交換平台，成立於2012年，並以受管制的方式為交易加密貨幣提供服務。

The company's integration into the public markets in 2021 via a direct listing was a watershed moment for the cryptocurrency industry.

該公司在2021年通過直接上市融入公共市場是加密貨幣行業的分水嶺。

Investors have noted that the company's revenue is largely dependent on trading volumes, which are susceptible to market volatility.

投資者指出，該公司的收入在很大程度上取決於交易量，這些交易容易受到市場波動的影響。

After the 2024 US presidential election, Coinbase shares jumped 36% as bitcoin surged 40% to break $100,000, highlighting the stock's sensitivity to cryptocurrency market movements.

在2024年美國總統大選之後，Coinbase的股價躍升了36％，比特幣飆升40％，達到100,000美元，強調了該股票對加密貨幣市場變動的敏感性。

This surge was attributed to the anticipation of a more cryptocurrency-friendly administration under President Trump, in contrast to the previous administration which investors viewed as less favorable.

這一激增歸因於特朗普總統在特朗普總統領導下對更加加密貨幣友好的政府的預期，與投資者認為不太有利的政府相反。

However, Coinbase's stock has also experienced significant volatility. For example, in February 2025, Bitcoin's price declined by 20% from an all-time high just below $110,000 to about $87,000.

但是，Coinbase的股票也經歷了明顯的波動性。例如，在2025年2月，比特幣的價格從歷史最高高點下降了20％，略低於110,000美元，至約87,000美元。

This was attributed to a combination of macroeconomic factors, including concerns over inflation and interest rate hikes, which led to a broad-based sell-off in financial markets, including cryptocurrencies.

這歸因於宏觀經濟因素的結合，包括對通貨膨脹和利率上漲的擔憂，這導致了包括加密貨幣在內的金融市場中的廣泛拋售。

Following this price movement, Coinbase shares dropped by about 20%, showcasing the company's exposure to Bitcoin's price movements and the inherent risks associated with the cryptocurrency market.

在這種價格變動之後，Coinbase的股票下跌了約20％，展示了該公司對比特幣價格變動的影響以及與加密貨幣市場相關的固有風險。

At the beginning of 2024, Coinbase shares were valued at about $20 billion, while its revenue for 2023 was $1.6 billion. This valuation was deemed high for a company of this revenue size, especially considering that it was generating minimal profit.

在2024年初，Coinbase股票的價值約為200億美元，而其2023年收入為16億美元。這一估值被認為是一家收入規模的公司，尤其是考慮到它的利潤最少。

However, investors were willing to pay a premium for Coinbase's position as a leading cryptocurrency exchange in a rapidly growing industry.

但是，投資者願意為Coinbase在快速增長的行業中作為領先的加密貨幣交易所的地位支付溢價。

Despite some volatility, Coinbase's stock price has performed well in recent months, and it will be interesting to see how the company's stock price continues to perform in 2025 and beyond.

儘管有一些波動性，但Coinbase的股價最近幾個月表現良好，很有趣的是，看看公司的股價在2025年及以後的表現如何。

It is clear that Coinbase is a company that is closely tied to the cryptocurrency market, and investors who are considering investing in Coinbase should be aware of this fact.

顯然，Coinbase是一家與加密貨幣市場密切相關的公司，考慮在Coinbase進行投資的投資者應該意識到這一事實。

Those who are bullish on the long-term future of cryptocurrencies may also want to consider investing in Coinbase, as the company is well-positioned to benefit from the growth of this industry.

那些對加密貨幣長期未來的看漲的人也可能想考慮在Coinbase上進行投資，因為該公司的位置良好，可以從該行業的增長中受益。

However, investors who are averse to volatility or who prefer companies with a more traditional business model may want to avoid Coinbase stock.

但是，那些不願意波動或更喜歡具有更傳統商業模式的公司的投資者可能希望避免使用共同庫存。

MicroStrategy's transformation

微觀的轉變

Founded in 1989, MicroStrategy's transformation from a business intelligence and analytics software firm to a major bitcoin investor in 2020 represents one of the most dramatic corporate pivots.

Microstrategy成立於1989年，從商業智能和分析軟件公司轉變為2020年的主要比特幣投資者，這是最引人注目的公司樞紐之一。

This transformation unfolded under the leadership of CEO Michael Saylor, who steered the company to adopt bitcoin as its primary treasury reserve asset.

這種轉變是在首席執行官邁克爾·塞勒（Michael Saylor）的領導下進行的，後者引導該公司採用比特幣作為其主要國庫券資產。

The company's journey began with an initial investment of $250 million in bitcoin in March 2020, at a time when the cryptocurrency was trading at around $6,000.

該公司的旅程始於2020年3月的最初投資2.5億美元的比特幣，當時加密貨幣的交易價格約為6,000美元。

This investment was part of a broader strategy by MicroStrategy to deploy its cash reserves into alternative assets due to low interest rates and the macroeconomic uncertainty arising from the COVID-19 pandemic.

這項投資是MicroStrategy更廣泛的戰略的一部分，該策略將其現金儲量部署到替代資產中，這是由於低利率和COVID-19-19S大流行帶來的宏觀經濟不確定性。

Over the subsequent 18 months, MicroStrategy rapidly increased its bitcoin holdings through a series of debt and equity financings.

在接下來的18個月中，微觀流通迅速通過一系列債務和股權融資迅速增加了其比特幣持有量。

By December 2024, the company had amassed approximately 446,400 bitcoins acquired for $27.9 billion, which amounts to about 2% of all bitcoin that can ever exist.

到2024年12月，該公司以279億美元的價格收購了約446,400個比特幣，約佔所有可能存在的比特幣的2％。

This aggressive bitcoin investment strategy has had a significant impact on MicroStrategy's stock price.

這種積極的比特幣投資策略對Microstrategy的股票價格產生了重大影響。

Trading platform users will have witnessed extraordinary volatility in MicroStrategy's shares in 2024, as they surged over 400%

交易平台用戶將在2024年見證Microstrategy股票的非凡波動，因為他們飆升了400％以上

as the company's market capitalisation soared to new highs.

隨著公司的市值飆升至新高。

After reaching an all-time high closing price of $473.83 on 20 November 2024, MicroStrategy's stock experienced a sharp decline, dropping over 50% from its November highs as the premium linked to its bitcoin investment diminished.

在2024年11月20日達到473.83美元的歷史最高收盤價後，Microstrategy的股票急劇下降，由於與其比特幣投資相關的保費減少，其溢價從11月的高點下降了50％。

This stellar rally was fueled by bitcoin's price surge, which hit a new all-time high of $106,000 on 6 November, 2024, marking an increase of over 60% from the beginning of 2024.

比特幣的價格飆升為這一出色的集會所推動，該價格上漲在2024年11月6日的新歷史最高點上達到了106,000美元，比2024年初的增加了60％以上。

However, this approach has

但是，這種方法有