法國資產經理Tobam：三個原因策略優於比特幣

總部位於巴黎的資產經理Tobam確切地研究了Michael Saylor的戰略（MSTR）繼續超越比特幣（BTC）

French investment firm Tobam has published a research paper explaining why research-heavy quantitatively focused French asset manager has published a paper explaining exactly why Michael Saylor’s Strategy (MSTR) has continued to outperform bitcoin (BTC).

法國投資公司TOBAM發表了一篇研究論文，解釋了為什麼研究重點的法國資產經理已經發表了一篇論文，確切地解釋了邁克爾·塞勒（Michael Saylor）的戰略（MSTR）繼續勝過比特幣（BTC）。

The dominant cryptocurrency is generally considered the best performing asset of all time. Bitcoin cumulative gains topped 20,000,000 percent between 2011 and 2021, but in August 2020, Strategy (formerly Microstrategy) initiated a radical pivot, transitioning from being a software business to a bitcoin treasury company.

主要的加密貨幣通常被認為是有史以來最佳性能的資產。在2011年至2021年期間，比特幣累積收益超過了20,000,000％，但在2020年8月，戰略（以前為MicroStrategy）啟動了一個激進的樞紐，從成為軟件業務轉變為比特幣財政部公司。

Investors who wanted bitcoin exposure without actually holding the cryptocurrency began purchasing Strategy stock at a premium, and according to Tobam, Strategy’s stock price shot up by a factor of 7.5 while BTC only grew by a factor of 3.2, less than half of MSTR’s growth.

想要比特幣曝光而沒有真正持有加密貨幣的投資者開始以溢價購買策略股票，據Tobam稱，策略的股票價格上漲了7.5倍，而BTC僅增長了3.2倍，不到MSTR增長的一半。

And now, after crunching the numbers, Tobam has distilled the meteoric success of Strategy’s bitcoin treasury approach down to three key reasons.

而現在，在處理數字之後，Tobam將策略比特幣財政部的象徵成功提煉出來，這是三個關鍵原因。

“We provide an exact decomposition of these rewards into three sources,” Tobam writes. “First, the monetization of a significant part of the pre-existing premium into book value. Second, taking advantage of the performance of bitcoin to which it has a growing exposure, and finally being subject to the variations in its bitcoin price premium.”

托巴姆寫道：“我們將這些獎勵的確切分解為三個來源。” “首先，預先存在的溢價中有很大一部分的貨幣化為賬面價值。其次，利用比特幣的性能越來越多，並最終受到比特幣價格溢價的變化。”

First, Strategy sells its shares and uses the proceeds to buy additional bitcoin, aiming to increase the company’s bitcoin yield, or the percentage change of the number of bitcoins held for each fully diluted share.

首先，策略出售其股票，並利用收益購買額外的比特幣，旨在提高公司的比特幣收益率，或者每次完全稀釋的股份持有的比特幣數量的百分比變化。

Secondly, as the firm increases its bitcoin yield, its shares increasingly magnify the cryptocurrency’s price appreciation, what Tobam calls “bitcoin performance.”

其次，隨著公司提高其比特幣產量，其份額越來越大幅放大加密貨幣的價格欣賞，即托巴姆稱為“比特幣績效”。

Finally, MSTR’s bitcoin price premium, or the extra dollar value per bitcoin held, has fluctuated in a way that contributes to the stock’s outperformance relative to bitcoin itself.

最後，MSTR的比特幣價格溢價或每個比特幣持有的額外美元價值的波動以相對於比特幣本身的股票表現出色的方式而波動。

In short, Tobam concluded that Strategy has become a leveraged bet on bitcoin, but its ability to outperform the digital asset is a combination of these three factors and not simply due to passively holding bitcoin.

簡而言之，Tobam得出結論認為，策略已成為對比特幣的槓桿押注，但是它勝過數字資產的能力是這三個因素的結合，而不僅僅是由於被動持有比特幣。

“The performance of MSTR cannot be summarized solely by the variations in its bitcoin holdings and ratio premium,” the paper concludes.

該論文總結說：“ MSTR的性能不能僅通過其比特幣持有量和比率溢價的變化來總結。”

"This decomposition unveils the deep-seated rationality underpinning MSTR's stock price movements, offering valuable insights for informed investment decisions in the context of leveraged bets on cryptocurrencies."

“這種分解揭示了基於MSTR的股票價格變動的深處的理性，在槓桿化的加密貨幣賭注的背景下為知情投資決策提供了寶貴的見解。”