比特币（BTC 0.67％）本质上是局外人对传统金融体系的挑战

和策略（MSTR 1.75％），以前称为MicroStrategy，是全面的。它自称为“世界上第一个也是最大的比特币财政公司”

Given that it's a currency outside the command of any government or central bank, Bitcoin (BTC 0.67%) is inherently an outsider’s challenge to the traditional financial system. And Strategy (MSTR 1.75%), formerly known as MicroStrategy, is all-in. It calls itself “the world’s first and largest Bitcoin Treasury Company” and says it has “adopted Bitcoin as our primary treasury reserve asset. ... we strategically accumulate Bitcoin and advocate for its role as digital capital.”

鉴于这是任何政府或中央银行指挥以外的货币，比特币（BTC 0.67％）本质上是局外人对传统金融体系的挑战。和策略（MSTR 1.75％），以前称为MicroStrategy，是全面的。它自称为“世界上第一个也是最大的比特币国库公司”，并表示“采用比特币作为我们的主要财政储备资产。...我们从战略上积累了比特币并倡导其作为数字资本的作用。”

Strategy's extremely ambitious investment approach, which calls for using equity and debt financing as well as cash to buy a lot of Bitcoin, leaves investors with an interesting question: Is it better to simply buy Bitcoin directly, or might the returns from buying the stock be even higher?

策略极为雄心勃勃的投资方法，该方法要求使用股票和债务融资以及现金购买许多比特币，这给投资者带来了一个有趣的问题：最好直接购买比特币，还是购买股票的回报会更高？

Here's what you need to know to chart a course.This tactic looks ingenious, as long as it keeps working

这是您需要知道的图表课程。只要它继续工作

Strategy's strategy is essentially to issue convertible debt and equity to finance the purchase of billions of dollars of Bitcoin. It currently holds around $44 billion worth of the coin.

战略的策略本质上是发行可转换债务和权益，以资助购买数十亿美元的比特币。目前，它拥有价值约440亿美元的硬币。

The idea is that, as the price of Bitcoin rises, the value of the business and its stock price will also rise. Then, with a higher stock price, it can issue more debt and equity without irritating its shareholders with dilution of their value. Afterward, it can buy more Bitcoin, potentially repeating the process over and over. The more investors that buy the stock, the higher its price gets bid up, enabling even more purchases in a self-sustaining cycle.

这个想法是，随着比特币的价格上涨，业务价值及其股票价格也将上涨。然后，以较高的股票价格，它可以发行更多的债务和股权，而不会因其价值稀释而激怒其股东。之后，它可以购买更多比特币，有可能一遍又一遍地重复该过程。购买股票的投资者越多，其价格越高，可以在自我维持的周期中获得更多购买。

Between March 10 and March 16, Strategy bought 130 Bitcoins for roughly $10.7 million in total, bringing its holdings to about half a million of the coins. On March 10, the company had announced that it would be issuing as much as $21 billion of preferred stock to finance future Bitcoin purchases as well provide working capital. That could be 's a lot of buying pressure, even for an asset with a market cap in excess of $1.7 trillion like Bitcoin. On the week ending on March 23, Strategy bought another 6,911 BTC for $584.1 million in total.

在3月10日至3月16日之间，策略总共以大约1070万美元的价格购买了130个比特币，将其持股量达到了大约一百万硬币。 3月10日，该公司宣布将发行多达210亿美元的优先股，以资助未来的比特币购买以及提供营运资金。即使是像比特币这样的市值超过1.7万亿美元的资产，这也可能是很大的购买压力。在截至3月23日的一周中，策略以5.841亿美元的价格购买了另外6,911 BTC。

And it probably won't be the last time Strategy buys Bitcoin. The advantage here is that the company's share price has tended to rise faster than Bitcoin's price because it uses leverage to make its purchases. So investors who buy it have a good shot at outperforming a move of just buying and holding Bitcoin,; over the last 12 months, Strategy's stock is up by 115% compared to Bitcoin's gain of 33%.

这可能不会是最后一次策略购买比特币。这里的好处是，该公司的股价趋于上涨速度比比特币的价格更快，因为它使用杠杆来进行购买。因此，购买它的投资者的表现胜过仅购买和持有比特币的举动；在过去的12个月中，战略的股票增长了115％，而比特币的增长率为33％。

But there's a major risk here.

但是这里有主要风险。

Because the company finances some of its purchases with debt, there is a price of Bitcoin beneath which the company's assets would be insufficient collateral from the perspective of those who loaned money to it. At that point, investors would be heavily incentivized to sell their shares, as they would not have any hope of getting their dollars back in the event of a bankruptcy filing. Well before that point, Strategy would be forced to liquidate its coins to cover its debt and its financing costs -- another incentive for investors to sell, as the core assets of the company would be diminishing.

由于该公司通过债务为某些购买的购买资金，因此从下面有比特币的价格，从借给它的人的角度来看，该公司的资产不足。到那时，投资者将大力激励出售其股票，因为在破产申请的情况下，他们没有任何希望将其收回的希望。在此之前，将策略被迫清算其硬币以支付其债务和融资成本，这是投资者出售的另一个动机，因为公司的核心资产将减少。

Strategy offloading its coins in forced sales would likely hammer the price of Bitcoin, potentially creating a cascade that would further reduce its share price in the reverse of the virtuous cycle it took advantage of at the start. In this scenario, shareholders would be hit commensurately harder than those who merely bought and held Bitcoin, likely erasing their higher returns and, in all probability, causing them to suffer deep losses.

在强制销售中卸载硬币的策略很可能会锤击比特币的价格，这可能会产生级联，这将进一步降低其股价，以逆转其一开始利用的良性周期。在这种情况下，股东会比仅购买和持有比特币的人要遭受更大的打击，这可能会消除更高的回报，并且很可能会导致他们遭受巨大的损失。

There's no need to complicate this

无需复杂

Will this risk end up sinking Strategy?

这种风险最终会降低策略吗？

Probably not. The price of Bitcoin would need to fall extremely far from its present level to threaten Strategy to the extent that would force it to liquidate its coins. In other words, a flash crash of Bitcoin, should that occur, would probably not cause the aforementioned problems even if the asset lost more than 50% of its value.

可能不是。比特币的价格将需要远离目前的水平来威胁战略，以至于迫使其清算其硬币。换句话说，即使资产损失了超过其价值的50％以上，比特币的闪光崩溃可能不会引起上述问题。

Still, investors have an opportunity to take advantage of the upside driven by Strategy's relentless purchasing of Bitcoin, and it's very simple. You can put in an order to buy Bitcoin and hold it to get upside from the company doing that. That won't expose you to any additional risk caused by a business's use of leverage and a clever financial trick. And over the long run, that's why it's the better decision here.

尽管如此，投资者仍有机会利用战略对比特币的不懈购买而驱动的优势，而且非常简单。您可以下令购买比特币并将其持有，以从公司中获得上涨。这不会使您面临企业使用杠杆和聪明的财务技巧造成的任何额外风险。从长远来看，这就是为什么这里是更好的决定。