該公司現在被稱為“戰略”（MSTR）的股票（以前是MicroStrategy）幾乎花了2024年飛漲。

原因：這是玩比特幣的一種方式。該公司購買了比特幣，購買了更多，發行了股票和債務以購買更多，並於2025年發行了首選股票以購買更多。

(Note: This article was published in March 2024, and some figures and statements may have changed since.)

（注意：本文發表於2024年3月，此後可能發生了一些數字和聲明。）

The stock of the company now known as Strategy (MSTR) — formerly MicroStrategy— (NASDAQ:MSTR) spent virtually all of 2024 soaring. It went from around $150 in early January to more than $400 by mid-December, a return of about 167 percent. For reference, the S&P 500 Index (GPMVN) rose around 14 percent over the same period.

該公司的股票現在被稱為“戰略”（MSTR） - 以前是MicroStrategy - （NASDAQ：MSTR），幾乎花了2024年的全部飆升。它從1月初的150美元左右增加到12月中旬的400多美元，回報率約為167％。作為參考，同一時期的標準普爾500指數（GPMVN）上升了約14％。

The company is best known for its massive purchases of Bitcoin (BTC). In 2020, as the coronavirus pandemic began, the company had a net asset value of $36.66 billion, but its market capitalization was $76.4 billion — a premium of $39.7 billion for investors to hold the company’s stock rather than invest in assets that would generate a return.

該公司以大量購買比特幣（BTC）而聞名。 2020年，隨著冠狀病毒大流行的開始，該公司的淨資產價值為366.6億美元，但其市值為764億美元，這是投資者持有公司股票而不是投資於產生回報的資產的397億美元保費。

By the fourth quarter of 2024, however, the company’s market cap had nearly doubled to $71.2 billion, while its net asset value had risen to $43.72 billion after adjusting for the fair market value of the company’s Bitcoin holdings. That’s an overvaluation of about 63 percent. In other words, investors are paying about 63 percent more to own Bitcoin through Strategy stock than they would be to buy the cryptocurrency or an exchange-traded fund of it directly.

然而，到2024年第四季度，該公司的市值幾乎翻了一番，達到712億美元，而在調整了公司比特幣持有的公平市場價值後，其淨資產價值上漲至437.2億美元。這是大約63％的高估。換句話說，與直接購買加密貨幣或直接購買該基金的基金相比，投資者通過戰略股票支付了比特幣的支付費用約為63％。

The move makes little sense. If investors want to own Bitcoin, they should buy Bitcoin, not a company that is issuing stock and convertible debt to buy more of the cryptocurrency. But if investors want to own a company with a strong business model and a history of generating returns, then they should buy a company that is focused on its core operations, not one that is spending the vast majority of its time and resources on a single asset class.

此舉幾乎沒有意義。如果投資者想擁有比特幣，他們應該購買比特幣，而不是發行股票和可轉換債務的公司來購買更多的加密貨幣。但是，如果投資者想擁有一家具有強大商業模式和產生回報歷史的公司，那麼他們應該購買一家專注於其核心運營的公司，而不是將大部分時間和資源花在單個資產類別上的公司。

Here are three of the biggest risks of buying this Bitcoin proxy.

這是購買此比特幣代理的三個最大風險。

1. Strategy’s market cap dwarfs its net asset value

1。策略的市值矮淨資產價值

Perhaps the most obvious and significant risk to investors is that the total value of the company’s stock, its market cap, is worth vastly more than the net asset value of the company.

投資者最明顯，最明顯的風險也許是公司股票的總價值（其市值）的價值遠遠超過公司的淨資產價值。

The net asset value of Strategy was $43.72 billion as of year-end 2024, after adjusting for the fair market value of the company’s Bitcoin holdings. That compares to a total market capitalization of $71.2 billion at the close of the year — an overvaluation of around 63 percent. To put it another way, investors are paying about 63 percent more to own Bitcoin through Strategy stock than buying the cryptocurrency or a Bitcoin ETF directly. The move makes little sense.

在調整了公司比特幣持有的公平市場價值後，截至2024年年底，戰略的淨資產價值為437.2億美元。相比之下，一年四屆的總市值為712億美元，高估了63％。換句話說，與直接購買加密貨幣或直接購買比特幣ETF相比，投資者為擁有比特幣多支付了63％。此舉幾乎沒有意義。

Strategy management are well aware of the disconnect and are taking advantage in a way that benefits shareholders. The company actually has an authorization to sell the stock and is using it to buy more bitcoins. The company issued $15.1 billion in stock in the fourth quarter and a further $2.4 billion through Feb. 2, 2025. It can raise a further $4.3 billion through stock sales.

戰略管理非常了解斷開連接，並以使股東受益的方式利用了優勢。該公司實際上有授權出售該股票，並正在使用它來購買更多的比特幣。該公司在第四季度發行了151億美元的股票，並在2025年2月2日發行了24億美元。它可以通過股票銷售再籌集43億美元。

These proceeds are then plowed back into purchases of Bitcoin. In the fourth quarter alone, the company bought $20.5 billion in bitcoins and purchased more in the first quarter of 2025.

然後將這些收益付諸實踐，以購買比特幣的購買。僅在第四季度，該公司就購買了200億美元的比特幣，並在2025年第一季度購買了更多。

In effect, Strategy is selling its overpriced stock and buying relatively underpriced bitcoins. It makes sense to take advantage of shareholders who are willing to overvalue the stock and then to purchase more of what they’re overvaluing, the bitcoins. And the practice should continue, since the company is increasing the total number of shares it can issue.

實際上，戰略正在出售其價格過高的股票，併購買相對較低的比特幣。利用願意高估股票，然後購買更多其高估的股東，比特幣，這是有意義的。而且，這種做法應該繼續，因為該公司正在增加它可以發行的股份總數。

But if Strategy can’t continue to sell overpriced stock to continue its Bitcoin buying binge, what happens to the stock then? If something can’t continue, it eventually won’t.

但是，如果策略無法繼續出售價格過高的股票以繼續其比特幣購買狂歡，那股票會怎樣？如果事情無法繼續，最終不會。

2. Strategy is strapped with debt and its businesses lose money

2.策略被債務及其企業損失

Strategy has issued convertible debt to bootstrap its way to a high stock price. With convertible bonds, a company typically receives a lower-than-average interest rate and promises the bond buyer to convert the bonds to stock later, often at a more favorable price. So “converts” can be favorable for companies that don’t have strong cash flow and that can pay with stock instead.

策略已發行可轉換債務，以達到高股價。有了可轉換債券，一家公司通常會獲得低於平均水平的利率，並承諾債券買家以後將債券轉換為股票，通常價格更高。因此，“ convert依者”對於沒有強勁現金流並且可以用股票付款的公司有利。

Strategy has six series of convertible debt outstanding at interest rates ranging from 0 percent to 2.25 percent. It also recently issued convertible preferred stock, which acts much like a bond, but it had to do so at a significant discount, even though the preferreds pay a high 8 percent coupon. The bonds and the preferreds mean that the company has to pay interest regularly.

策略的利率有六個系列可轉換債務，範圍從0％到2.25％。它最近還發行了可轉換優先股，該股票的行為與債券一樣，但必須以很大的折扣來折扣，即使首選人支付了高8％的息票。債券和首選意味著公司必須定期支付利息。

But Strategy’s underlying business is weak. In 2024, for example, it generated an operating loss of more than $6

但是策略的基本業務很薄弱。例如，在2024年，它產生了超過6美元以上的運營損失