策略（NASDAQ：MSTR）首席執行官Phong LE將比特幣作為現代公司財政策略的核心組成部分。

在MIT比特幣博覽會（MIT Bitcoin Expo）的最新主題演講中，戰略首席執行官Phong LE（NASDAQ：MSTR）為比特幣作為現代公司財政策略的核心組成部分大膽案例。

At the MIT Bitcoin Expo, Phong Le, CEO of Strategy (NASDAQ:MSTR), made a compelling case for Bitcoin as a core component of modern corporate treasury strategy.

在MIT比特幣博覽會上，戰略首席執行官Phong LE（NASDAQ：MSTR）為比特幣作為現代公司財政策略的核心組成部分提出了令人信服的案例。

With over 528,000 BTC held in its reserves, Strategy has become the most visible—and arguably the most successful—public company to adopt Bitcoin as a primary reserve asset.

在其儲備中擁有超過528,000個BTC，戰略已成為最明顯的，也可以說是最成功的公共公司，是採用比特幣作為主要儲備資產。

“We outperformed the entire Nasdaq, the entire S&P 500, the entire Mag Seven… and we outperformed Bitcoin,” Le said, highlighting Strategy’s performance in a challenging market.

勒說：“我們的表現優於整個納斯達克，整個標準普爾500號，整個雜誌七人……我們的表現都優於比特幣。”

While Strategy Chairman Michael Saylor laid the philosophical foundation for Bitcoin’s corporate use case starting in 2020, Le’s keynote drove home the executional and financial results. Part challenge and part case study, the talk urged corporate leaders to question everything from their education to their financial assumptions—and to reimagine their balance sheet in the Bitcoin era.

雖然戰略主席邁克爾·賽勒（Michael Saylor）從2020年開始為比特幣公司用例奠定了哲學基礎，但Le的主題演講帶回了執行和財務業績。該討論敦促零件挑戰和部分案例研究，敦促企業領導人質疑從他們的教育到財務假設的一切，並在比特幣時代重新構想其資產負債表。

Corporations Aren’t Performing—And Bitcoin Offers a Way Out

公司沒有表現 - 比特幣提供了出路

On Day 1 of the MIT Bitcoin Expo, Le opened with a stark assessment of corporate America’s performance problem. Of the 35 million companies in the U.S., only the top tier—primarily S&P 500 firms—are consistently meeting market expectations. The rest are lagging behind.

在麻省理工學院比特幣博覽會的第1天，LE開放了對美國公司績效問題的鮮明評估。在美國的3500萬公司中，只有最高級別的公司（主要標準普爾500家公司）始終達到市場期望。其餘的落後。

“Almost every other company is not performing,” Le said bluntly.

“幾乎所有其他公司都沒有表現，” Le直言不諱地說。

He traced this inefficiency to deeply entrenched financial orthodoxy. Elite MBA programs, top-tier consultancies, and Wall Street firms continue to teach the same playbook: optimize the income statement, reinvest in traditional assets, and stick to quarterly thinking. The result is a system that’s designed for incremental gains—and often delivers minimal returns.

他將這種低效率追溯到深深的金融正統觀念。精英MBA計劃，頂級諮詢公司和華爾街公司繼續教授同一部劇本：優化損益表，重新投資傳統資產，並堅持季度思考。結果是一個專為增量增益而設計的系統，並且通常會帶來最少的回報。

As Le pointed out, even private equity, venture capital, and hedge funds rarely beat the S&P 500 benchmark.

正如勒指出的那樣，即使是私募股權，風險投資和對沖基金也很少擊敗標準普爾500標準標準標準。

But according to Le, it’s not a lack of talent that’s holding companies back—it’s a lack of imagination.

但是根據勒的說法，這並不是缺乏才能阻止公司退縮，而是缺乏想像力。

Strategy’s Bitcoin Playbook: From Cash Drag to Digital Capital

策略的比特幣劇本：從現金阻力到數字資本

What set Strategy apart, Le argued, was its decision to treat the balance sheet not as a passive liability but as a strategic asset.

勒認為，將戰略與眾不同的是，其決定將資產負債表視為被動責任，而是將其視為戰略資產。

While most companies typically park cash in low-yielding government bonds or commodities like gold, Strategy chose Bitcoin.

雖然大多數公司通常以低收益的政府債券或黃金等商品的方式將現金停放，但戰略選擇了比特幣。

“If you’re a company, why wouldn’t you do the same thing? Make money off of your balance sheet. It stands to reason.”

“如果您是一家公司，為什麼不做同樣的事情？從資產負債表中賺錢。這是有道理的。”

Le highlighted the fact that Bitcoin offers not just return potential but also structural advantages: it trades 24/7, it isn’t subject to central bank policy, and it provides corporations with instant global liquidity.

Le強調了比特幣不僅提供回報潛力，而且還具有結構性優勢的事實：它交易24/7，不受央行政策的約束，並且為公司提供了即時的全球流動性。

In contrast, traditional capital markets operate “252 days a year, 6.5 hours a day—19% of the time.”

相比之下，傳統的資本市場每年252天，每天6.5個小時，佔19％的時間”。

Strategy has embraced this fully, updating its Bitcoin reserves in real time.

策略已經完全接受了這一點，實時更新了其比特幣儲備。

“We show our results daily. In fact, we update them every fifteen seconds on our website,” Le said, signaling that Strategy is playing by a different—and faster—set of rules.

“我們每天顯示我們的結果。實際上，我們在我們的網站上每15秒更新它們，” Le說，表明策略正在使用規則的不同，更快地播放。

This also closes the gap on a major challenge for corporations adopting Bitcoin: the mismatch between traditional accounting rules and a 24/7 asset class.

對於採用比特幣：傳統會計規則與24/7資產類別之間的不匹配的公司的主要挑戰的差距也縮小了差距。

Current standards are built for quarterly earnings and slow-moving financial instruments—not real-time, globally traded digital assets. As Phong Le put it: “Accounting policies update every five years, quinquennially. Accounting policies don’t work for Bitcoin.”

目前的標準是為季度收益和緩慢移動的金融工具而不是實時交易的數字資產而建立的。正如Phong Le所說：“會計政策每五年更新一次，Quinquennaly。會計政策對比特幣不起作用。”

Under GAAP, Bitcoin is treated as an intangible asset—marked down when prices fall but not adjusted upward when they rise—creating a distorted view of financial health.

在GAAP下，比特幣被視為一種無形資產，當價格下跌但在上升時沒有調整時標記下來 - 創造了對財務健康的扭曲觀點。

To close that gap, Strategy has adopted a more transparent approach.

為了縮小這一差距，戰略採用了一種更透明的方法。

“We show our results daily. In fact, we update them every fifteen seconds on our website,” Le said. This real-time reporting reflects the always-on nature of Bitcoin and signals to the market that Strategy is playing by a different—and faster—set of rules.

勒說：“我們每天顯示結果。實際上，我們在網站上每15秒更新它們。”這項實時報告反映了比特幣的始終性質和向市場的信號，該策略正在以不同的（更快）的速度進行規則。

Rather than wait for institutions to catch up, Strategy is setting the standard for how the performance of Bitcoin treasury companies should be measured.

策略不是等待機構趕上來趕上機構，而是為如何衡量比特幣國庫公司的績效制定標準。

Why MSTR Stock Became the Most Watched in the U.S. Market

為什麼MST的股票成為美國市場上最受關注的股票

Since adopting its Bitcoin treasury strategy, MSTR stock has become “the most performant, the most volatile, the highest volume, and most interesting stock in the United States,” according to Le.

根據LE的說法，自從採用比特幣國庫策略以來，MSTR股票已成為美國表現最大，最動盪，最多的數量和最有趣的股票。 ”

Its performance has consistently outpaced traditional benchmarks—not just because Bitcoin appreciated but because Strategy leaned into its identity as a Bitcoin-native public company.

它的性能一直超過傳統的基準，這不僅僅是因為比特幣讚賞，而是因為戰略傾向於其作為比特幣本地上市公司的身份。

And it’s not alone. Le highlighted the growing list of companies replicating the model: Metaplanet, Semler Scientific, and KULR Technology Group, all of which outperformed the S&P 500 and Bitcoin after adopting similar treasury strategies.

這並不孤單。 LE強調了越來越多的公司清單複制模型：Metaplanet，Semler Scientific和Kulr Technology Group，所有這些集團在採用了類似的國庫策略後，所有這些都超過了標準普爾500和比特幣。

“This is a replicable strategy,” Le said. “Everyone else should be doing this.”

勒說：“這是一種可複制的策略。” “其他所有人都應該這樣做。”

Breaking the Mold: A Corporate Call to Courage

打破模具：勇氣的公司呼籲

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