KULR Technology (KULR) 與 MicroStrategy (MSTR)：哪種比特幣支援的股票比較值得買？

MicroStrategy (MSTR 3.59%) 和 KULR Technology (KULR -14.37%) 最近都因其對比特幣 (BTC 0.10%) 的巨額投資而引起了廣泛關注。

Both MicroStrategy (NASDAQ:MSTR) and KULR Technology (NASDAQ:KULR) recently made headlines with their big investments in Bitcoin (CRYPTO:BTC).

MicroStrategy（納斯達克股票代碼：MSTR）和 KULR Technology（納斯達克股票代碼：KULR）最近因其對比特幣（CRYPTO：BTC）的巨額投資而成為頭條新聞。

As of Nov. 10, MicroStrategy, which started buying Bitcoin in 2020, had 279,420 Bitcoins. Those holdings are currently valued at $26.2 billion and account for 35% of its enterprise value of $75.3 billion, largely overshadowing its core software business.

截至 11 月 10 日，2020 年開始購買比特幣的 MicroStrategy 擁有 279,420 個比特幣。這些資產目前價值 262 億美元，佔其 753 億美元企業價值的 35%，很大程度上蓋過了其核心軟體業務。

Meanwhile, KULR, a developer of thermal management solutions for lithium-ion batteries, plans to spend 90% of its surplus cash on Bitcoin. It made its first purchase on Dec. 6, buying 217.18 Bitcoins. Those holdings are currently valued at $20.4 million and equate to 2% of its enterprise value of $851 million.

同時，鋰離子電池熱管理解決方案開發人員 KULR 計劃將 90% 的剩餘現金用於購買比特幣。它於 12 月 6 日進行了首次購買，購買了 217.18 個比特幣。這些資產目前價值 2,040 萬美元，相當於其企業價值 8.51 億美元的 2%。

But which of these Bitcoin-driven stocks is the better investment? Let's take a closer look at their core businesses, recent performance, and future prospects to find out.

但這些比特幣驅動的股票中哪一個是更好的投資呢？讓我們仔細看看他們的核心業務、近期業績和未來前景來找出答案。

MicroStrategy is an all-in bet on Bitcoin

MicroStrategy 全力押注比特幣

MicroStrategy went public in 1998 and was largely considered a slow-growth developer of analytics software for the better part of two decades. It initially locked in big customers like McDonald's (NYSE:MCD) but eventually saturated its market and faced intense competition from cloud-based rivals like Salesforce (NYSE:CRM), Amazon (NASDAQ:AMZN), and Microsoft (NASDAQ:MSFT).

MicroStrategy 於 1998 年上市，在過去二十年的大部分時間裡，人們普遍認為 MicroStrategy 是一家成長緩慢的分析軟體開發人員。它最初鎖定了麥當勞(NYSE:MCD) 等大客戶，但最終使其市場飽和，並面臨來自Salesforce (NYSE:CRM)、亞馬遜(NASDAQ:AMZN) 和微軟(NASDAQ:MSFT) 等基於雲端的競爭對手的激烈競爭。

That's why the company's abrupt pivot into Bitcoin four years ago was such a head-scratching move. But so far, at least, that strategy has paid off -- it spent just $11.9 billion, or an average of $42,692 per Bitcoin, on its current holdings, which are now trading at about $94,000.

這就是為什麼該公司四年前突然轉向比特幣是一個令人頭痛的舉動。但至少到目前為止，這項策略已經得到了回報——它在目前持有的比特幣上只花費了 119 億美元，即平均每個比特幣 42,692 美元，目前交易價格約為 94,000 美元。

However, MicroStrategy's core software business is still struggling to grow. Its revenue declined 1% in 2023 and is expected to drop another 5% in 2024 as it faces macro headwinds. In 2205, analysts anticipate a 2% increase in revenue as the macro environment improves, it expands its cloud-based subscriptions, and rolls out more generative AI services.

然而，MicroStrategy的核心軟體業務仍在艱難成長。由於面臨宏觀阻力，其收入在 2023 年下降 1%，預計 2024 年將再下降 5%。分析師預計，隨著宏觀環境改善、擴大基於雲端的訂閱以及推出更多生成式人工智慧服務，分析師預計 2205 年營收將成長 2%。

On the bottom line, the company is expected to continue posting losses for the foreseeable future as its Bitcoin costs eat into revenue. It has also increased its number of shares outstanding by over 120% in the past five years to fund its Bitcoin purchases. While the bulls hope the growth of its Bitcoin holdings will eventually render its software business irrelevant, it's still an all-in bet on Bitcoin that could face serious problems if the cryptocurrency pulls back.

總而言之，由於比特幣成本侵蝕了收入，該公司預計在可預見的未來將繼續虧損。在過去五年裡，該公司的流通股數量增加了 120% 以上，為其購買比特幣提供資金。儘管看多者希望其比特幣持有量的增長最終將使其軟體業務變得無關緊要，但它仍然是對比特幣的全力押注，如果加密貨幣回落，比特幣可能會面臨嚴重問題。

KULR's core business still has a bright future

KULR核心業務仍有光明前景

KULR's recent bet on Bitcoin hasn't generated any unrealized gains yet. It paidは約2100万ドル、平均価格96,557ドルで現在のBitcoin保有高を取得した。

KULR 最近對比特幣的押注尚未產生任何未實現的收益，它花費了約 2,100 萬美元以平均價格 96,557 美元收購了其當前持有的比特幣。

However, KULR's core business arguably has a lot more growth potential than MicroStrategy's aging software unit. Its fiber-based products use thermal interface materials, lightweight heat exchangers, and other methods to dissipate heat from lithium-ion batteries and prevent damaging overheating.

然而，KULR 的核心業務可以說比 MicroStrategy 老化的軟體部門具有更大的成長潛力。其基於纖維的產品使用熱界面材料、輕型熱交換器和其他方法來散發鋰離子電池的熱量並防止損壞性過熱。

KULR initially developed these technologies for NASA before expanding across the aerospace and defense sectors. Its partners and customers now include SpaceX (NASDAQ:SPCE), Tesla (NASDAQ:TSLA), Meta Platforms (NASDAQ:META), Boeing (NYSE:BA), and General Motors (NYSE:GM). Its products can be customized for a wide range of configurations to fit into tiny spaces with strict size and weight limitations. It went public as an OTC stock in 22018 but eventually grew and was listed on the New York Stock Exchange in 2021.

KULR 最初為 NASA 開發這些技術，然後擴展到航空航天和國防部門。其合作夥伴和客戶目前包括SpaceX（納斯達克股票代碼：SPCE）、特斯拉（納斯達克股票代碼：TSLA）、Meta Platforms（納斯達克股票代碼：META）、波音公司（紐約證券交易所代號：BA）和通用汽車公司（NYSE：GM）。其產品可針對各種配置進行定制，以適應具有嚴格尺寸和重量限制的狹小空間。它於 2018 年作為場外交易股票上市，但最終發展壯大並於 2021 年在紐約證券交易所上市。

KULR's revenue soared 146% to $9.8 million in 2023, but it is expected to slow and grow just 4% to $10.2 million in 2024. In 2025, its revenue is expected to jump 77% to $18.1 million as its net loss narrows from $15.5 million to $12.9 million. This growth should be primarily driven by its new government contracts. While KULR isn't an all-in bet on Bitcoin like MicroStrategy, it has also increased its share count by more than 160% in the past five years to fund its expansion.

KULR 的營收在2023 年飆升146% 至980 萬美元，但預計到2024 年將放緩，僅增長4% 至1020 萬美元。成長77% 至1810 萬美元。這一增長應主要由新的政府合約推動。雖然 KULR 不像 MicroStrategy 那樣全押比特幣，但在過去五年裡，它的股票數量也增加了 160% 以上，為其擴張提供資金。

The better buy: KULR

更好的選擇：KULR

Neither of these stocks is particularly cheap right now. With an enterprise value of $75.3 billion, MicroStrategy trades at 120 times sales. Meanwhile, K

目前這些股票都不是特別便宜。 MicroStrategy 的企業價值為 753 億美元，其市價是銷售額的 120 倍。同時，K.