策略（以前是微觀的）用“ BTC增益”等短語重命名股東稀釋

策略（以前是MicroStrategy）本週報導，創始人Michael Saylor專注於一個小時的網絡研討會上的財務抽象。

Business intelligence firm MicroStrategy (NASDAQ:MSTR) reported earnings this week with founder Michael Saylor focusing on financial abstraction throughout an hour-long webinar.

商業情報公司MicroStrategy（NASDAQ：MSTR）本週報告了收益，創始人Michael Saylor專注於整個一個小時的網絡研討會。

While he provided some basic metrics about the company’s Q4 performance, he focused mostly on renaming shareholder dilution with terms like “BTC Gain.”

儘管他提供了有關該公司第四季度業績的一些基本指標，但他主要專注於將股東稀釋以“ BTC收益”為例。

In a daisy chain of financial complexity, MicroStrategy has managed to dilute shareholders by having them focus on abstract financial models that highlight the quantity of bitcoin (BTC) per share rather than the reason for that quantity.

在雛菊的財務複雜性鏈中，MicroStrategy通過專注於抽象財務模型來突出每股比特幣（BTC）的數量，而不是該數量的原因。

The more time investors spend making calculations and forecasts, the less time they have left to ponder the source of the data itself.

投資者花費的時間越多，進行計算和預測的時間就越多，他們留下的時間就越少，以思考數據本身的來源。

Despite operating a declining enterprise software business that (was worth less than $3 billion prior to the company’s August 2020 pivot to BTC) MicroStrategy’s $85 billion market cap today almost entirely derives from its $46 billion worth of the world’s leading cryptocurrency.

儘管經營一家企業軟件業務下降的企業（在該公司2020年8月在BTC上的價值不到30億美元），MicroStrategy的850億美元市值今天幾乎完全源於其價值460億美元的全球領先加密貨幣。

That 84% premium of the company’s market cap above its BTC is real, and investors colloquially refer to it as an “asset premium” or “multiple-to-net asset value” (mNAV). At press time, MicroStrategy’s mNAV is 1.84X.

該公司的市值高於其BTC的84％溢價是真實的，並且投資者通俗地將其稱為“資產保費”或“多到網絡資產價值”（MNAV）。發稿時，MicroStrategy的MNAV為1.84倍。

For a variety of reasons, including the ability of the highly volatile company to sell attractively priced corporate bonds with liquid hedges for short sales, MicroStrategy has traded at a premium to its BTC

出於多種原因，包括高度動蕩的公司與液體套期保護銷售價格可觀的公司債券的能力，以短銷售，MicroStrategy以其BTC的溢價交易