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MicroStrategy 執行長 Michael Saylor 重申,該公司的比特幣(BTC)投資策略是資本市場的數位轉型,而不是短期「故障」。
MicroStrategy CEO Michael Saylor has highlighted the company's Bitcoin (BTC) investment strategy as a digital transformation in capital markets, rather than a short-term “glitch.” Known for its enterprise software, MicroStrategy holds the largest corporate Bitcoin position globally.
MicroStrategy 執行長 Michael Saylor 強調該公司的比特幣 (BTC) 投資策略是資本市場的數位轉型,而不是短期「故障」。 MicroStrategy 以其企業軟體而聞名,擁有全球最大的企業比特幣部位。
Since its initial $250 million Bitcoin purchase in August 2020, the company's BTC holdings have soared to over $15 billion. Saylor emphasizes that the strategy represents a shift toward digital assets, not a temporary phenomenon.
自 2020 年 8 月首次購買 2.5 億美元比特幣以來,該公司的 BTC 持有量已飆升至超過 150 億美元。塞勒強調,該策略代表著向數位資產的轉變,而不是暫時的現象。
Bitcoin Strategy Fuels New Capital Models
比特幣策略推動新的資本模式
MicroStrategy has used its Bitcoin reserves to develop new funding models. In addition to its software business, the firm operates a Bitcoin securitization venture, raising over $3 billion through convertible bonds and equity offerings to acquire more Bitcoin. According to Saylor, MicroStrategy's shares offer a 1.5x return on Bitcoin with lower volatility than traditional investment assets.
MicroStrategy 已利用其比特幣儲備來開發新的融資模式。除了軟體業務外,該公司還經營一家比特幣證券化企業,透過可轉換債券和股票發行籌集了超過 30 億美元資金來收購更多比特幣。 Saylor 表示,MicroStrategy 的股票提供比特幣 1.5 倍的回報,且波動性低於傳統投資資產。
This aggressive investment strategy has helped MicroStrategy outpace traditional investments, including real estate. Saylor mentioned that the company generates consistent cash flow, which it uses to invest in Bitcoin, creating a “City Bitcoin,” a term used to describe digital wealth accumulation.
這種積極的投資策略幫助 MicroStrategy 超越了包括房地產在內的傳統投資。塞勒提到,該公司產生穩定的現金流,用於投資比特幣,創造了“城市比特幣”,這個術語用於描述數位財富累積。
MicroStrategy's “City Bitcoin” Concept
MicroStrategy 的「城市比特幣」概念
Saylor likened MicroStrategy's approach to Bitcoin to building a digital financial ecosystem. By issuing securities to acquire Bitcoin, the firm creates scarcity in the market, which drives up the Bitcoin price and MicroStrategy's market value. This has led to significant volatility in the options market, with open interest jumping from $3 million to $40 billion.
Saylor 將 MicroStrategy 的比特幣方法比喻為建構數位金融生態系統。透過發行證券來獲取比特幣,該公司造成了市場稀缺性,從而推高了比特幣價格和 MicroStrategy 的市值。這導致選擇權市場大幅波動,未平倉合約從 300 萬美元躍升至 400 億美元。
Saylor compared MicroStrategy's Bitcoin-backed bonds to a petrochemical refinery. He explained that the company transforms “crude capital” into safer financial instruments, such as fixed income securities and public equity linked to Bitcoin. These instruments allow investors to gain exposure to Bitcoin with downside protection and upside potential.
Saylor 將 MicroStrategy 的比特幣支援債券比喻為石化煉油廠。他解釋說,該公司將「原始資本」轉化為更安全的金融工具,例如與比特幣掛鉤的固定收益證券和公共股權。這些工具使投資者能夠獲得具有下行保護和上行潛力的比特幣曝險。
Saylor on Market Inefficiencies, MicroStrategy's Performance
Saylor 談市場效率低落和 MicroStrategy 的表現
Saylor expressed his belief that Bitcoin can address inefficiencies in traditional capital markets, which hold an estimated $900 trillion in global assets. He asserted that Bitcoin, an “invisible, indestructible digital asset,” provides better capital flow and security than 20th-century physical assets. Moreover, he stated that the firm's strategy embodies a digital evolution rather than a market anomaly.
Saylor 表示,他相信比特幣可以解決傳統資本市場的低效率問題,傳統資本市場持有估計 900 兆美元的全球資產。他聲稱,比特幣是一種“看不見、堅不可摧的數位資產”,比 20 世紀的實體資產提供更好的資本流動和安全性。此外,他表示該公司的策略體現了數位演變,而不是市場異常。
MicroStrategy's unique investment model, according to Saylor, enables investors to capitalize on Bitcoin's growth with lower risk and greater stability. The company's stock reached a market capitalization of $43 billion at its peak, largely driven by the firm's focus on Bitcoin accumulation and securitization.
Saylor 表示,MicroStrategy 獨特的投資模式使投資者能夠以更低的風險和更高的穩定性利用比特幣的成長。該公司股票的市值在巔峰時期達到了 430 億美元,這主要是由於該公司對比特幣累積和證券化的關注。
MicroStrategy as Gateway for Institutions into Bitcoin
MicroStrategy 作為機構進入比特幣的門戶
MicroStrategy aims to serve as an institutional gateway for investors to gain exposure to Bitcoin. It offers various portfolio instruments like long, short, hedged, and arbitrage options, providing investors with a stable and transparent route. As a result, institutional investors view MicroStrategy as a stable and credible issuer of Bitcoin-backed securities.
MicroStrategy 旨在成為投資者接觸比特幣的機構門戶。它提供多頭、空頭、避險、套利等多種投資組合工具,為投資者提供穩定、透明的投資路徑。因此,機構投資者將 MicroStrategy 視為穩定且可信賴的比特幣支持證券發行人。
According to Saylor, the company's success is due to its size and agility. By consistently focusing on Bitcoin, MicroStrategy has outpaced larger firms like Apple and Microsoft in Bitcoin acquisition. Saylor emphasized that this approach is not merely an investment trend but a new paradigm in capital markets.
Saylor 表示,該公司的成功歸功於其規模和敏捷性。透過持續關注比特幣,MicroStrategy 在比特幣收購方面超過了蘋果和微軟等大公司。 Saylor強調,這種做法不僅是一種投資趨勢,也是資本市場的新典範。
Future Outlook for Bitcoin, Financial Markets
比特幣、金融市場的未來展望
Saylor believes that MicroStrategy's unique model of capitalizing on Bitcoin could prompt other companies to reconsider their investment strategies. He suggests that firms may consider Bitcoin investments over stock buybacks to achieve more efficiency in capital allocation. As the BTC price rises, Saylor indicated that more traditional companies would integrate digital assets into their balance sheets, enhancing broader adoption.
Saylor 認為,MicroStrategy 獨特的比特幣資本化模式可能會促使其他公司重新考慮其投資策略。他建議公司可以考慮投資比特幣而不是股票回購,以提高資本配置效率。 Saylor 表示,隨著 BTC 價格上漲,更多傳統公司會將數位資產整合到其資產負債表中,從而促進更廣泛的採用。
Furthermore, he stated that MicroStrategy's future plan involves continuing its Bitcoin accumulation, aiming for a target yield of 4% to 8%. He mentioned that this growth would depend on its ability to raise capital and invest it effectively in Bitcoin-related securities. By transforming volatile capital into fixed income, MicroStrategy aims to offer more stable returns to investors.
此外,他表示MicroStrategy未來的計畫包括繼續累積比特幣,目標收益率為4%至8%。他提到,這種成長將取決於其籌集資金並將其有效投資於比特幣相關證券的能力。透過將波動性資本轉化為固定收益,MicroStrategy 旨在為投資者提供更穩定的回報。
Saylor concluded that Bitcoin adoption will continue as investors shift from analog assets to digital assets. This shift, he believes, is part of an ongoing evolution in capital markets, aligning with the broader trend toward digital transformation.
Saylor 的結論是,隨著投資者從類比資產轉向數位資產,比特幣的採用將會持續下去。他認為,這種轉變是資本市場持續演變的一部分,與數位轉型的更廣泛趨勢保持一致。
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