儘管加密貨幣波動，MicroStrategy 股價仍飆漲 461.7%

儘管比特幣波動較大，MicroStrategy 的股價在過去一年仍飆升了 461.7%。該公司的策略性比特幣投資和創新的債務管理對其成功發揮了至關重要的作用。 MicroStrategy 董事長 Michael Saylor 帶領公司應對市場挑戰，展現了他的財務智慧和對比特幣作為價值儲存手段的承諾。

MicroStrategy's Astounding 461.7% Stock Surge Amidst Cryptocurrency Volatility

加密貨幣波動期間 MicroStrategy 股價飆漲 461.7%

Despite the tumultuous fluctuations of the cryptocurrency market, MicroStrategy (MSTR) has emerged as a formidable force in the investment landscape, with its stock price soaring by an astonishing 461.7% over the past year. This remarkable performance is attributed to the company's strategic embrace of Bitcoin as an asset class and its innovative debt management strategies.

儘管加密貨幣市場劇烈波動，MicroStrategy（MSTR）仍成為投資領域的一股強大力量，其股價在過去一年飆升了驚人的461.7%。這一出色的業績歸功於該公司對比特幣作為一種資產類別的戰略擁抱及其創新的債務管理策略。

Navigating the Dot-Com Crash and Bitcoin's Volatility

應對網路泡沫和比特幣的波動

MicroStrategy's founder and Chairman, Michael Saylor, has witnessed the extremes of market cycles throughout his illustrious career. The company's stock value plunged by 99% during the dot-com bubble collapse of 2000. Similarly, Bitcoin, a cornerstone of MicroStrategy's balance sheet, experienced a precipitous decline in 2022, losing over 70% of its value from its all-time high.

MicroStrategy 的創始人兼董事長 Michael Saylor 在其輝煌的職業生涯中見證了市場週期的極端情況。在 2000 年網路泡沫破裂期間，該公司的股價暴跌了 99%。

Undeterred by these market challenges, MicroStrategy has maintained its position as an industry trailblazer and a magnet for investors. The company's stock price has skyrocketed, demonstrating its resilience amidst market volatility and its ability to capitalize on emerging opportunities.

MicroStrategy 沒有被這些市場挑戰嚇倒，仍然保持著產業開拓者和投資者吸引力的地位。該公司股價飆升，顯示出其在市場波動中的韌性以及利用新興機會的能力。

Core Business and Revenue Generation

核心業務與創收

MicroStrategy Inc. is a leading provider of enterprise analytics and mobility software. Its flagship products, the MicroStrategy Analytics platform and MicroStrategy Server, cater to the needs of organizations seeking to leverage data for decision-making. The company generates revenue through license agreements, cloud-based subscriptions, and platform-related services.

MicroStrategy Inc. 是企業分析和行動軟體的領先供應商。其旗艦產品 MicroStrategy Analytics 平台和 MicroStrategy Server 可滿足尋求利用資料進行決策的組織的需求。該公司透過許可協議、基於雲端的訂閱和平台相關服務產生收入。

Michael Saylor is MicroStrategy's largest shareholder, holding Class B interests valued at over $2 billion and commanding a 68% voting share. Capital Research and Management Company and The Vanguard Group, Inc. round out the top three shareholders.

Michael Saylor 是 MicroStrategy 的最大股東，持有價值超過 20 億美元的 B 類權益，並擁有 68% 的投票權。 Capital Research and Management Company 和 The Vanguard Group, Inc. 是前三名股東。

Innovative Debt Strategy Amplifies Bitcoin Investments

創新債務策略擴大比特幣投資

Saylor's leadership at MicroStrategy has been instrumental in crafting an innovative debt strategy that amplifies the company's Bitcoin investments. By securing large sums of low-cost debt at approximately 1% annual interest rates, MicroStrategy has gained access to affordable financing, enhancing the impact of its Bitcoin purchases.

Saylor 在 MicroStrategy 的領導力在製定創新債務策略方面發揮了重要作用，該策略擴大了公司的比特幣投資。透過以約 1% 年利率獲得大量低成本債務，MicroStrategy 獲得了負擔得起的融資，增強了其比特幣購買的影響力。

Moreover, MicroStrategy employs a unique approach to debt repayment. Instead of using cash, the company issues its stock (MSTR) to lenders at a premium above the issuance price. This strategy benefits MicroStrategy by preserving its cash reserves while aligning its interests with those of its lenders.

此外，MicroStrategy 採用獨特的債務償還方法。該公司不使用現金，而是以高於發行價的溢價向貸方發行股票（MSTR）。這項策略使 MicroStrategy 受益，因為它保留了現金儲備，同時使其利益與貸方的利益保持一致。

Strategic Deployment of Surplus Capital in Bitcoin

剩餘資金對比特幣的策略部署

In 2020, Saylor made a strategic move to hedge against currency depreciation by allocating MicroStrategy's surplus capital into Bitcoin. The company raised $3.4 billion through various financial instruments to acquire Bitcoin, totaling $4 billion in acquisitions at escalating prices.

2020 年，Saylor 採取了一項策略性舉措，將 MicroStrategy 的剩餘資本配置為比特幣，以對沖貨幣貶值。該公司透過各種金融工具籌集了 34 億美元來收購比特幣，以不斷上漲的價格收購了總計 40 億美元的資金。

MicroStrategy's long-term plan is to repay its fiat debt by selling a portion of its Bitcoin holdings, while recognizing Bitcoin's potential as a store of value with long-term capital appreciation. In an October 2020 tweet, Saylor revealed his personal holdings of 17,732 BTC, valued at $250 million. It is reasonable to assume that these holdings have grown significantly since then.

MicroStrategy 的長期計劃是透過出售部分比特幣資產來償還法定債務，同時認識到比特幣作為具有長期資本增值的價值儲存手段的潛力。在 2020 年 10 月的一條推文中，塞勒透露了他個人持有的 17,732 比特幣，價值 2.5 億美元。可以合理地假設，自那時以來，這些資產已大幅成長。

Substantial Bitcoin Holdings and Industry Leadership

大量比特幣持有量和行業領導地位

Over the past four years, MicroStrategy has amassed a staggering 214,246 BTC, accounting for approximately 1.02% of the total circulating supply. The company's recent buying spree began in late December 2023, just before the latest bull run. According to SEC filings, between February 15 and 25, the corporation purchased 3,000 BTC for $155.4 million. An additional 9,000 tokens were acquired through $623 million convertible notes between March 11 and March 18.

在過去的四年裡，MicroStrategy 累積了驚人的 214,246 BTC，約佔總流通量的 1.02%。該公司最近的收購熱潮始於 2023 年 12 月下旬，即最近一次多頭市場之前。根據 SEC 文件，2 月 15 日至 25 日期間，該公司以 1.554 億美元購買了 3,000 BTC。 3 月 11 日至 3 月 18 日期間，透過 6.23 億美元的可轉換票據購買了另外 9,000 個代幣。

Data from Bloomberg indicates that MicroStrategy made approximately one-fourth of its total Bitcoin purchases in 2024, with an average cost per bitcoin more than double that of the previous year.

彭博社的數據顯示，2024 年 MicroStrategy 購買的比特幣約佔其總購買量的四分之一，每枚比特幣的平均成本是前一年的兩倍多。

Today, MicroStrategy holds 214,246 BTC, valued at over $14 billion, representing approximately 1% of the entire circulating supply. MicroStrategy has long been the largest corporate Bitcoin holder, but BlackRock has recently surpassed its holdings with its iShares Bitcoin ETF (IBIT).

如今，MicroStrategy 持有 214,246 BTC，價值超過 140 億美元，約佔整個流通供應量的 1%。 MicroStrategy 長期以來一直是最大的企業比特幣持有者，但貝萊德最近透過其 iShares 比特幣 ETF (IBIT) 超越了其持股。

Conclusion

結論

MicroStrategy's remarkable 461.7% stock surge over the past year is a testament to its strategic leadership, innovative debt management practices, and unwavering commitment to Bitcoin as an asset class. Despite the volatility inherent in the cryptocurrency market, MicroStrategy has emerged as a beacon of resilience and a source of substantial returns for its investors, solidifying its position as a formidable force in the global investment landscape.

MicroStrategy 的股價在過去一年中飆升了 461.7%，證明了其策略領導力、創新的債務管理實踐以及對比特幣作為資產類別的堅定承諾。儘管加密貨幣市場存在固有的波動性，但 MicroStrategy 已成為投資者的韌性燈塔和豐厚回報的來源，鞏固了其在全球投資領域的強大地位。