戰略是否會悄悄地重塑上市公司與資本市場互動的方式 - 其210億美元的計劃是否可以為比特幣一致的資產負債表的效果設定先例嗎？

策略（以前的微觀）在美國資本市場中的作用正在以幾年前很少會預測的方式發生變化。

Strategy is quietly reshaping how public companies interact with capital markets – and its $21 billion plan could set a precedent for Bitcoin-aligned balance sheet plays, according to Bloomberg Intelligence.

據彭博社情報公司稱，策略正在悄悄地重塑上市公司與資本市場互動的方式 - 據彭博情報公司稱，其210億美元的計劃可能為比特幣一致的資產負債表的效果樹立了先例。

Table of Contents

目錄

Small fish, big splash

小魚，大飛濺

Strategy’s (previously MicroStrategy) role in U.S. capital markets is changing in ways that few would have predicted.

策略（以前的縮影）在美國資本市場中的作用正在以很少預測的方式發生變化。

Known primarily as an enterprise software firm, the company became one of the biggest Bitcoin (BTC) proxies and most active participants in equity financing in 2024 – despite accounting for just a small share of total market value.

該公司主要被稱為企業軟件公司，在2024年成為最大的比特幣（BTC）代理人之一和最活躍的股票融資參與者之一 - 儘管僅佔總市場價值的一小部分。

As of Mar. 25, Strategy has a market capitalization of $87.64 billion, ranking it 109th among U.S. companies and 211th globally. On paper, that places it well below the largest public firms. Yet in terms of equity raised or announced in 2024, it stands out sharply.

截至3月25日，戰略的市值為876.4億美元，在美國公司中排名第109，全球排名第211位。從表面上看，這將其遠低於最大的上市公司。然而，就2024年籌集或宣布的股權而言，它突出了。

According to Bloomberg Intelligence data shared by Matthew Sigel, Head of Digital Assets Research at VanEck, Strategy represents only 0.07% of the U.S. equity market by value, but accounts for 16% of all equity raised or announced in 2024.

根據Vaneck數字資產研究負責人Matthew Sigel共享的彭博情報數據，戰略僅占美國股票市場市場的0.07％，但佔2024年所有股權的16％。

Tiny market cap. Huge footprint.$MSTR = 0.07% of U.S. equities by value.But 16% of all equity raised or announced in 2024Bitcoin isn’t just a store of value. It’s a magnet for capital.

微小的市值。巨大的佔地面積。 $ MSTR = 0.07％的美國股票的價值。但是，在2024bitcoin籌集或宣布的所有股票中，有16％不僅是價值的商店。這是資本的磁鐵。

A large portion of this came from two offerings. One was a $2 billion convertible note issuance completed in November 2024. The second, announced in October 2024, is a broader funding plan that aims to raise $21 billion over three years.

其中很大一部分來自兩種產品。其中一個是2024年11月完成的20億美元可轉換票據發行。第二張宣佈於2024年10月，是一項更廣泛的資金計劃，旨在在三年內籌集210億美元。

As of the end of Dec., $561 million had already been secured, much of it directed toward Bitcoin purchases – a strategy the company has increasingly aligned itself with over the past few years.

截至12月底，已經獲得了5.61億美元的保險，其中大部分針對比特幣購買 - 該公司在過去幾年中越來越與之保持一致。

Within the software sector, these two transactions made up more than 70% of the $39.5 billion in fresh equity raised in 2024. That figure puts software ahead of every other sector in 2024 in terms of additional offerings, followed by biotechnology at $30.1 billion, oil & gas at $26.46 billion,REITs at $22.44 billion, and aerospace and defense at $21.13 billion.

在軟件領域內，這兩項交易在2024年籌集的395億美元新鮮股權中的70％以上。這一數字將軟件在2024年的其他產品方面使軟件領先於其他部門，隨後是301億美元的生物技術，油氣上為264.6億美元的油氣，為264.6億美元，以22.4444444.444444444444444.444444444444444.44444444444444.44 and Optospace，and Opterospace和21億美元。

Notably, only biotechnology andREITs have consistently ranked among the top five sectors in recent years. Strategy’s outsized presence in software makes its contribution unusually concentrated.

值得注意的是，近年來，只有生物技術Andreits一直在排名前五的領域中排名。策略在軟件中的龐大存在使其貢獻異常集中。

Few companies of Strategy’s size have moved this aggressively to tap equity markets in 2024. Fewer still have done so with such a narrow and defined purpose – accumulating Bitcoin through corporate balance sheet expansion.

策略規模的公司很少有積極地將其轉移到2024年。以如此狹窄和定義的目的，更少的事情 - 通過公司資產負債表擴展積累了比特幣。

In that sense, the company’s financial activity is less about conventional software growth and more about asset allocation at scale. Let’s decode what is happening behind the scenes

從這個意義上講，公司的財務活動與常規軟件增長有關，而更多地是關於資產分配的規模。讓我們解碼幕後發生的事情

Strategy doubles down on its BTC thesis

策略使其BTC論文翻倍

Strategy has continued its Bitcoin accumulation in early 2025, adding 6,911 BTC for approximately $584.1 million at an average price of $84,529 per coin, further solidifying its position as the largest public company by BTC holdings.

戰略在2025年初繼續累積了比特幣的積累，每枚硬幣的平均價格為84,529美元，以約5.841億美元的價格增加了6,911 BTC，進一步鞏固了BTC Holdings作為最大的上市公司的地位。

As of March 25, the company holds a total of 506,137 BTC, which was acquired for approximately $33.7 billion at an average cost basis of $66,608. At Bitcoin’s current market price of around $87,000, Strategy’s holdings are valued at over $44 billion, reflecting an unrealized gain of about $10.3 billion, or roughly $20,392 per BTC.

截至3月25日，該公司總共持有506,137 BTC，該公司的平均成本基礎為66,608美元。以比特幣目前的市場價格約為87,000美元，策略的持股量超過440億美元，反映出未實現的收益約為103億美元，即每BTC約為20,392美元。

Halfway to a million bitcoin, and beyond.

到一百萬個比特幣及以後的中途。

Year-to-date, the company has recorded a 7.7% BTC yield. This latest accumulation came shortly after Strategy reaffirmed its plans to raise capital via Class A strike preferred stock.

該公司逐年記錄了BTC收益率為7.7％。在戰略重申其通過A級罷工優先股籌集資金的計劃之後不久，這一最新積累就出現了。

While the filing specifies that funds may be used for “general corporate purposes,” prior behavior suggests a large portion will likely be allocated to crypto asset accumulation.

儘管文件指定可用於“一般公司目的”的資金，但先前的行為表明，很大一部分可能會分配給加密資產的積累。

Strategy’s approach stands in stark contrast to other corporate Bitcoin holders. For instance, Tesla holds about 11,500 BTC, while Block (formerly Square) has a little more than 8,000 BTC—both firms made their purchases years ago and have largely maintained static positions.

戰略的方法與其他公司比特幣持有人形成鮮明對比。例如，特斯拉持有約11,500 BTC，而Block（以前是Square）的BTC超過8,000 BTC，這兩家公司都在幾年前進行了購買，並且在很大程度上保持了靜態位置。

In comparison, Strategy has been conducting multiple bitcoin acquisitions nearly every quarter since 2020 and remains the only publicly traded company with a defined strategy of accumulating bitcoin as a primary treasury reserve asset.

相比之下，自2020年以來，戰略幾乎每季度都在進行多次比特幣收購，並且仍然是唯一一家以累積比特幣為主要財政儲備資產的公開交易的公司。

STRK and financial engineering

Strk和金融工程

Earlier this year, Strategy introduced a new kind of financial instrument called STRK

今年早些時候，戰略引入了一種新型的金融工具，稱為Strk