MicroStrategy（以前稱為MicroStrategy）繼續徹底改變公司查看財務策略的方式

比特幣繼續徹底改變公司觀看財務戰略的方式，很少有人以與戰略相同的活力接受它

MicroStrategy (NASDAQ:) has been at the forefront of corporations integrating Bitcoin into their financial plans, and few firms have embraced the cryptocurrency with the same zeal as Strategy.

MicroStrategy（NASDAQ :)一直處於將比特幣整合到其財務計劃中的公司的最前沿，很少有公司以與策略相同的熱情接受加密貨幣。

The company, which began as a software firm, has made a significant shift towards Bitcoin, becoming the largest corporate holder of the cryptocurrency. In its pursuit of integrating Bitcoin into its core financial operations, Strategy has purchased vast amounts of BTC.

該公司最初是一家軟件公司，已向比特幣做出了重大轉變，成為加密貨幣的最大公司持有人。為了追求將比特幣整合到核心金融業務中，戰略已經購買了大量的BTC。

As Bitcoin’s role in corporate finance grows, Strategy’s aggressive accumulation plan stands out, especially as a bold forecast from Bernstein suggests that the company could hold 1 million BTC by 2033.

隨著比特幣在公司財務中的作用，戰略的積極積累計劃脫穎而出，尤其是伯恩斯坦的大膽預測表明，到2033年，該公司可以持有100萬BTC。

At present, Strategy holds 506,137 BTC, making it the largest corporate Bitcoin investor. Bernstein’s projection suggests that by 2033, this number could more than double, assuming Bitcoin’s price follows a rapid upward trajectory, with estimates placing Bitcoin at $200,000 by 2025, $500,000 by 2029, and a remarkable $1 million per coin by 2033.

目前，戰略持有506,137 BTC，使其成為最大的公司比特幣投資者。伯恩斯坦（Bernstein）的預測表明，到2033年，假設比特幣的價格遵循快速的向上軌跡，這個數字可能會增加一倍以上，估計比特幣在2025年達到200,000美元，到2029年為500,000美元，到2033年，每枚硬幣為100萬美元。

This growth would not only increase the value of Strategy’s Bitcoin holdings but would also solidify its position as the undisputed leader among corporate Bitcoin investors. The forecasted price increase could drive massive returns for the company, further cementing its decision to prioritize Bitcoin in its financial plans.

這種增長不僅會增加戰略比特幣持有的價值，而且還將鞏固其作為公司比特幣投資者無可爭議的領導者的地位。預測的價格上漲可能會帶來公司的巨額回報，進一步鞏固其在其財務計劃中優先考慮比特幣的決定。

To support this ambitious acquisition strategy, Strategy will likely need to raise significant capital. Analysts expect the company’s debt could rise dramatically, varying based on interest rates and the broader macroeconomic landscape.

為了支持這種雄心勃勃的收購策略，戰略可能需要籌集大量資本。分析師預計，該公司的債務可能會大幅上漲，根據利率和更廣泛的宏觀經濟格局而有所不同。

Currently, Strategy’s debt stands at $11 billion, but by 2033, it could escalate to $100 billion if interest rates remain low throughout the period, allowing for efficient capital raising.

目前，策略的債務為110億美元，但到2033年，如果整個期間利率仍然較低，則可能會升級到1000億美元，從而有效地籌集了資金。

Apart from raising debt, Strategy may also turn to the equity markets to raise around $84 billion to fund its Bitcoin purchases. However, this strategy’s success will be heavily dependent on factors like low interest rates and strong demand from investors, which could help minimize the costs of financing its expansive Bitcoin acquisition.

除了提高債務外，戰略還可能轉向股票市場籌集約840億美元以資助其比特幣購買。但是，該戰略的成功將在很大程度上取決於低利率和投資者強勁需求等因素，這可以幫助最大程度地減少為其廣泛的比特幣收購籌集資金的成本。

Despite the long-term bullish outlook for Bitcoin, short-term market volatility is a key factor to consider. Bitcoin’s price is notoriously volatile, and analysts from BloFin observe that the cryptocurrency tends to experience significant fluctuations, particularly around certain price levels.

儘管對比特幣的看法長期前景，但短期市場波動是要考慮的關鍵因素。眾所周知，比特幣的價格是波動的，布洛芬的分析師觀察到加密貨幣往往會經歷重大波動，尤其是在某些價格水平上。

One such critical level is $90,000, where many market makers have “short gamma” positions. This dynamic means that market makers will be forced to sell Bitcoin when its price falls and buy when it rises, further contributing to the volatility in the short term.

這樣的關鍵水平之一是$ 90,000，許多做市商都有“伽瑪”職位。這種動態意味著，當做市商的價格下跌並在上漲時購買時將被迫出售比特幣，這進一步導致了短期波動。

However, some analysts, including those at BloFin, predict that Bitcoin could see a bullish move in the near future, especially with options settlements on the horizon.

但是，一些分析師，包括Blofin的分析師，預測比特幣在不久的將來可能會看到看漲的舉動，尤其是隨著期權定居點即將到來。

Nevertheless, not all analysts are confident that Bitcoin will continue its upward trajectory without any setbacks. In the event that Bitcoin’s price peaks in 2025 and begins a prolonged period of decline, Strategy might slow down its Bitcoin purchases.

儘管如此，並非所有分析師都相信比特幣將在沒有任何挫折的情況下繼續其向上的軌跡。如果比特幣的價格在2025年達到高峰並開始長時間下降時期，策略可能會減慢其比特幣的購買速度。

In such a scenario, its Bitcoin holdings could only rise to 514,800 BTC, or around 2.6% of the total supply.

在這種情況下，其比特幣持有量只能上升到514,800 BTC，佔總供應量的2.6％。

Moreover, if Strategy encounters financial pressure, it might be forced to liquidate some of its Bitcoin holdings to manage its debt, which could still rise to around $51 billion even if Strategy manages to sell a portion of its software business to raise additional capital.

此外，如果策略遇到財務壓力，它可能被迫清算其一些比特幣持有量來管理其債務，即使戰略設法出售其軟件業務的一部分以籌集額外的資金，這仍然可能會增加到510億美元。

Despite the potential risks, Bernstein remains optimistic about Strategy’s long-term position. The firm has maintained an “outperform” rating on Strategy’s stock and set a $600 price target, which represents a 75% increase from its current value of around $340.

儘管存在潛在的風險，但伯恩斯坦仍然對戰略的長期立場保持樂觀。該公司對策略的股票保持了“跑贏大盤”的評級，並設定了600美元的價格目標，其目前價值約為340美元。

Bernstein’s valuation model considers a 2x enterprise value-to-sales multiple for Strategy’s software segment, along with a 55% premium on its Bitcoin holdings, reflecting the company’s increasing reliance on Bitcoin since it pivoted to this strategy in 2020.

伯恩斯坦（Bernstein）的估值模型考慮了策略軟件細分市場的2倍企業價值對銷售量，以及其比特幣持有量的溢價55％，這反映了該公司對比特幣的日益依賴，因為它在2020年與該策略樞紐相關。

In the meantime, Strategy continues to add to its Bitcoin holdings, with a recent purchase of 6,911 BTC for $584.1 million over a seven-day period.

同時，戰略繼續增加其比特幣持有量，最近在7天的時間內以5.841億美元的價格購買了6,911 BTC。

As Bitcoin continues to shape corporate financial strategies, Strategy’s bold bet on the cryptocurrency will undoubtedly be a major factor in its future success, or potential failure.

隨著比特幣繼續塑造公司財務戰略，戰略對加密貨幣的大膽賭注無疑將是其未來成功或潛在失敗的主要因素。

Whether Bitcoin’s price continues to rise or experiences a downturn, Strategy’s commitment to expanding its Bitcoin holdings marks one of the most daring financial gambles of the decade.

無論是比特幣的價格繼續上漲還是經歷了衰退，戰略致力於擴大比特幣持有量的承諾標誌著十年中最大膽的金融賭博之一。