自从唐纳德·特朗普（Donald Trump）上任以来，比特币（BTC）价格下跌，它正朝着战略的公司成本基础汇聚。

自唐纳德·特朗普（Donald Trump）上任以来，比特币（BTC）的价格下跌，朝着战略的公司成本基础汇聚。

As bitcoin's (BTC) price has fallen since Donald Trump took office, it is converging toward the corporate cost basis at Strategy (NASDAQ:MSTR).

自从唐纳德·特朗普（Donald Trump）上任以来，比特币（BTC）的价格下跌，它正朝着战略（NASDAQ：MSTR）的公司成本基础汇聚。

Michael Saylor's giant BTC holding company owns 499,226 coins acquired for an average of $66,360 apiece. Today, a concerningly slim, 27% cushion separates BTC's declining price from the company's cost basis.

迈克尔·塞勒（Michael Saylor）的巨型BTC控股公司拥有499,226枚硬币，平均每人66,360美元。如今，关于纤细的，27％的垫子将BTC的价格下降与公司的成本基础分开。

For years, Strategy (formerly MicroStrategy) enjoyed a generous price cushion between BTC and its prior purchases. For example, in celebration of Trump's January 20 inauguration, BTC hit an all-time high of $108,786 - 73% above Strategy's average purchase price of $62,691 at the time.

多年来，策略（以前是微型策略）在BTC和先前购买之间享有宽敞的价格缓冲。例如，为了庆祝特朗普1月20日的就职典礼，BTC在当时的平均购买价格上涨了$ 108,786-73％的历史最高点。

There have been even better times, such as 2021 or mid-2024, when the price of BTC was more than double Strategy's cost basis.

有更好的时期，例如2021年或2024年中，当时BTC的价格超过了双重战略的成本基础。

However, crypto entered a bear market shortly after Trump entered the White House. The president continued to promote memecoins, declined proposals for buying Saylor's recommended 4 million BTC or Cynthia Lummis's recommended 1 million BTC for any US Strategic Bitcoin Reserve, and vacillated on tariff policies that decimated broad markets, including BTC.

但是，特朗普进入白宫后不久，加密货币进入熊市。总统继续促进成人，拒绝购买Saylor推荐的400万BTC或Cynthia Lummis推荐的100万BTC用于任何美国战略比特币储备，并针对包括BTC在内的广泛市场的关税政策进行了VASILLIFF政策，包括BTC。

As BTC's price has declined, it has revealed Saylor's dwindling power. Although the run-up to Trump's inauguration was an ideal environment for him to tell stories about what BTC could do during Trump 2.0, the world is learning what the currency is actually doing during Trump 2.0.

随着BTC的价格下降，它揭示了Saylor的衰落力量。尽管特朗普就职典礼的起床是他讲述BTC在特朗普2.0期间可以做什么的故事的理想环境，但世界正在学习货币在特朗普2.0期间实际在做什么。

So far, it's not doing well.

到目前为止，情况还不顺利。

BTC price cushion and Strategy share premium down 50% YTD

BTC价格缓冲和策略股票溢价下跌50％YTD

Bitcoin is currently trading around $84,500 and has wiped approximately 50% off Strategy's cost basis cushion since the day Trump took office. The premium investors are willing to pay for Strategy shares (MSTR) above its BTC holdings has similarly halved from above 3.4X on November 20 to approximately 1.8X per basic share today.

比特币目前的交易约为84,500美元，自特朗普上任的那天以来，比特币削减了策略基础垫的50％折扣。高级投资者愿意为超过BTC持有的战略股票（MSTR）支付，同样从11月20日以上的3.4倍降至今天的每股基本股份约1.8倍。

Most of Strategy's BTC purchases since November 18, 2024, are in the red. On November 18, Strategy bought 51,780 BTC at $88,627. Since then, it made several more large BTC purchases, including four purchases over $100,000.

自2024年11月18日以来，策略的BTC购买大部分是红色。 11月18日，策略以88,627美元的价格购买了51,780 BTC。从那时起，它进行了几次大型BTC购买，其中包括四次购买超过100,000美元。

Naturally, this caused Strategy's dollar cost average to spike from slightly under $40,000 at the beginning of November to its current $66,360.

自然，这导致策略的平均成本从11月初略低于40,000美元到目前的66,360美元。

Saylor recently announced his intention to buy a memetic quantity of BTC: $21 billion. Of course, he has not actually purchased that much yet. On March 10, he started the preferred share sale. To date, he hasn't even spent his first billion.

Saylor最近宣布打算购买一定数量的BTC：210亿美元。当然，他实际上还没有购买太多。 3月10日，他开始了首选的股票销售。迄今为止，他甚至还没有花费第一个十亿美元。

This morning, Strategy announced it had purchased 130 BTC - its second-smallest purchase in history besides a paltry 32 BTC buy in late March 2024.

今天早上，策略宣布已购买了130 BTC - 除了2024年3月下旬的32 BTC购买外，其历史上的第二次购买。

Read More: Why Have MicroStrategy (MSTR) Insiders Been Dumping Shares?

阅读更多：为什么MicroStrategy（MSTR）内部人员倾倒股票？

The Long Road To $21 Billion More Bitcoin

长途达到210亿美元的比特币

It's too early to tell whether this morning's relatively small BTC purchase is a sign that Saylor is dialing back his intentions.

现在说明今天早上相对较小的BTC购买是否表明Saylor正在拨打他的意图还为时过早。

The long road from today to actually spending $21 billion to acquire BTC is also an example of the difficulty of keeping a corporation's cost basis down and not converging toward BTC's price itself.

从今天到实际花费210亿美元来收购BTC的漫长道路也是使公司成本基础降低而不融入BTC价格本身的困难的一个例子。

There are claims that Strategy's purchases had a direct impact on the price of BTC in 2024, with one estimate suggesting the company was behind 28% of last year's capital inflows.

有声称，战略的购买对2024年的BTC价格有直接影响，其中一项估计表明该公司落后于去年资本流入的28％。

However, that's far from a holistic analysis of all sources of demand for BTC, with other estimates placing Strategy below 1% of BTC trading volumes - most of which is offshore, crypto-to-crypto, and not traceable to USD.

但是，这远非对BTC的所有需求来源的整体分析，而其他估计将策略放置在BTC交易量的1％以下 - 其中大多数是海上，加密至克雷普托，而不是可追溯到美元。

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Crédit photo : Donald Trump par Ben White sur Unsplash.

图片来源：本·怀特（Ben White）的唐纳德·特朗普（Donald Trump）在Unsplash上​​。