MicroStrategy (MSTR) 股票今年的表現優於標準普爾 500 指數中的所有股票 - 而且還差得遠

MicroStrategy 執行主席 Michael Saylor 多年來一直直言不諱地支持去中心化貨幣

MicroStrategy Inc (NASDAQ: MSTR) might not be a part of the S&P 500 — but it has outpaced every stock in the index — and it’s not even close.

MicroStrategy Inc（NASDAQ：MSTR）可能不是標準普爾 500 指數的一部分，但它的表現已經超過了該指數中的每隻股票，而且還差得遠。

MSTR stock was trading at $388.88 at press time — having rallied by 78.25% over the course of the last 30 days to bring year-to-date (YTD) returns up to 469.90%.

截至發稿時，MSTR 股票交易價格為 388.88 美元，在過去 30 天裡上漲了 78.25%，年初至今 (YTD) 回報率高達 469.90%。

The company, which is the largest corporate holder of Bitcoin (BTC), has lofty ambitions of becoming the first Bitcoin bank, and it has managed to provide unsurpassed returns and exposure to the largest cryptocurrency in the world.

該公司是比特幣（BTC）最大的企業持有者，有著成為第一家比特幣銀行的遠大抱負，並且已經成功地提供了無與倫比的回報和對世界上最大的加密貨幣的敞口。

MicroStrategy executive chairman Michael Saylor has been outspoken in his support for the decentralized currency for years on end — and while the BTC bear market made his decision to put all of his eggs in one basket seem foolish, now it seems like that was a hasty conclusion.

MicroStrategy 執行主席 Michael Saylor 多年來一直直言不諱地支持這種去中心化貨幣，雖然 BTC 熊市讓他將所有雞蛋放在一個籃子裡的決定看起來很愚蠢，但現在看來這是一個倉促的結論。

From November 11 to November 18, MSTR acquired a total of 78,980 BTC, as revealed by press releases and form 8-K filings made with the Securities and Exchange Commission (SEC).

根據新聞稿和向美國證券交易委員會 (SEC) 提交的 8-K 文件顯示，從 11 月 11 日到 11 月 18 日，MSTR 總共收購了 78,980 BTC。

Let’s take a closer look at how exactly it is that MicroStrategy has become the best Bitcoin miner — without doing any actual mining.

讓我們仔細看看 MicroStrategy 到底是如何成為最好的比特幣礦工的——無需進行任何實際挖礦。

How MicroStrategy’s Bitcoin strategy works

MicroStrategy 的比特幣策略如何運作

Unlike traditional miners, who have to make significant investments in infrastructure to acquire mining capacity, then wait as the actual process of mining chugs along, paying exorbitant energy bills and being at the mercy of price fluctuations all the while, Saylor’s approach is much simpler.

與傳統礦工不同的是，傳統礦工必須在基礎設施上進行大量投資才能獲得採礦能力，然後等待實際採礦過程的進展，支付高昂的能源費用並一直受到價格波動的影響，塞勒的方法要簡單得多。

The business uses a metric it calls Bitcoin yield as a simple measure of whether or not its acquisitions benefit shareholders. The metric compares MicroStrategy’s BTC holdings against assumed diluted shares outstanding — in essence, all of the MSTR shares currently being traded plus those that would result from converting notes and exercising stock option awards.

該公司使用一種稱為比特幣收益率的指標來簡單衡量其收購是否有利於股東。該指標將 MicroStrategy 的 BTC 持有量與假設的稀釋後流通股進行比較——本質上是當前正在交易的所有 MSTR 股票加上轉換票據和行使股票選擇權獎勵所產生的股票。

MicroStrategy funds its purchase of BTC by issuing additional shares at the money (ATM) and taking on debt. By tracking the percentage change of Bitcoin yield over time, the company can tell whether or not the acquisitions are accretive to shareholders.

MicroStrategy 透過以現金 (ATM) 方式發行額外股票並承擔債務來為其購買 BTC 提供資金。透過追蹤比特幣收益率隨時間變化的百分比，該公司可以判斷收購是否能為股東帶來增值。

Throughout 2024, the business has managed to secure a BTC yield of 41.8%, per its latest Form 8-K filing — put another way, this equates to a net benefit of 79,130 BTC for shareholders, or roughly 246 BTC per day — all without the high costs associated with mining.

根據其最新的8-K 表格文件，整個2024 年，該公司的BTC 收益率已達到41.8%，換句話說，這相當於為股東帶來79,130​​ BTC 的淨收益，或每天約246 BTC -所有這些都沒有與採礦相關的高成本。

To give readers a perspective, it would take all of the miners on the planet approximately 176 days to achieve that feat.

為了給讀者一個視角，地球上所有礦工大約需要 176 天才能實現這一壯舉。

Is MicroStrategy’s approach to BTC sustainable?

MicroStrategy 的 BTC 策略是否可持續？

Although Saylor’s approach to accruing BTC has been successful thus far, it is far from risk-free. In a bull market, the rising price of BTC can shield MSTR from share dilution — a stagnating or bearish crypto market could potentially spell disaster for the venture.

儘管 Saylor 累積 BTC 的方法迄今為止很成功，但它遠非沒有風險。在多頭市場中，比特幣價格上漲可以保護 MSTR 免受股票稀釋的影響，而停滯或看跌的加密貨幣市場可能會為該企業帶來災難。

However, with the institutional adoption of cryptocurrencies, particularly in light of President-elect Donald Trump’s support for the industry, the risk of that happening appears to be decreasing.

然而，隨著加密貨幣在機構中的採用，特別是考慮到當選總統唐納德·川普對該行業的支持，這種情況發生的風險似乎正在下降。

MicroStrategy’s broader vision of becoming the first Bitcoin bank offers a potential pathway to long-term sustainability. By leveraging its vast BTC holdings, the company could provide financial services such as Bitcoin-backed loans, custody solutions, or even facilitate digital asset transactions.

MicroStrategy 成為第一家比特幣銀行的更廣泛願景為長期永續發展提供了潛在途徑。透過利用其持有的大量比特幣，該公司可以提供比特幣支援的貸款、託管解決方案等金融服務，甚至促進數位資產交易。