MicroStrategy 加倍押注比特幣：高風險的賭博還是天才策略？

曾經主要是軟體公司的 MicroStrategy 採取了大膽的舉措，現已轉型為加密貨幣市場的主要參與者。

In a bold maneuver, once primarily a software company, MicroStrategy has transformed into a major player in the cryptocurrency market. Recent reports show Bitcoin (CRYPTO: BTC) surging past $90,000, marking a 1,000% increase over five years. This aligns with ex-CEO Michael Saylor’s vision, which saw him pivot MicroStrategy towards heavy Bitcoin investments in 2020.

MicroStrategy 曾經主要是一家軟體公司，透過大膽的舉措，現已轉型為加密貨幣市場的主要參與者。最近的報告顯示，比特幣（CRYPTO：BTC）飆升至 9 萬美元以上，五年內成長了 1,000%。這與前執行長 Michael Saylor 的願景相符，他在 2020 年將 MicroStrategy 轉向大量比特幣投資。

Saylor predicts Bitcoin could reach an astronomical $13 million by 2045. While many consider this overly optimistic, his early adoption of Bitcoin investments has proven prescient, prompting the company to ramp up its crypto acquisition strategy.

Saylor 預測，到2045 年，比特幣的價值可能會達到1300 萬美元的天文數字。貨幣收購策略。

MicroStrategy’s current Bitcoin stash totals 279,420 Bitcoins, valued at around $25 billion. The company’s market cap has ballooned to $67 billion, mostly attributed to its Bitcoin holdings rather than its software business, which generates modest quarterly revenues of $100 million.

MicroStrategy 目前的比特幣儲備總計 279,420 個比特幣，價值約 250 億美元。該公司的市值已飆升至 670 億美元，主要歸功於其持有的比特幣，而不是其軟體業務，該業務的季度收入僅為 1 億美元。

The ambitious “42” strategy has just been announced, reflecting plans to amass $21 billion through debt and another $21 billion via stock offerings to purchase more Bitcoin. This approach could see their holdings swell to $67 billion, securing almost 4% of all Bitcoin in existence.

雄心勃勃的「42」戰略剛剛公佈，反映出計劃透過債務籌集 210 億美元，並透過股票發行籌集 210 億美元以購買更多比特幣。透過這種方法，他們的持有量可能會增加到 670 億美元，佔現有比特幣總量的近 4%。

Despite the impressive market cap, skeptics highlight a potential overvaluation as the company’s net asset value stands at only $21 billion, emphasizing the risks posed by diluting shareholders and accruing significant debt. While MicroStrategy’s stock has surged alongside Bitcoin, experts caution investors to consider direct investment in Bitcoin for more transparent exposure.

儘管市值令人印象深刻，但懷疑論者強調，由於該公司的淨資產價值僅為 210 億美元，因此存在潛在的高估現象，並強調了股東稀釋和巨額債務累積帶來的風險。儘管 MicroStrategy 的股價與比特幣一起飆升，但專家警告投資者考慮直接投資比特幣以獲得更透明的曝險。

As the cryptocurrency market continues to captivate and confound, the question remains: Is MicroStrategy’s strategy brilliant or a ticking time bomb?

隨著加密貨幣市場繼續令人著迷和混亂，問題仍然存在：MicroStrategy 的策略是輝煌還是定時炸彈？