Coinbase和MicroStrategy：加密货币空间中的先驱

MicroStrategy和Coinbase是加密货币生态系统中的两个杰出公司

Coinbase and MicroStrategy are two well-known companies in the cryptocurrency space, each playing distinct roles - Coinbase as a leading cryptocurrency exchange platform and MicroStrategy as a business intelligence firm that pivoted to become a major bitcoin investor.

Coinbase和MicroStrategy是加密货币领域中的两家知名公司，每个公司都扮演着不同的角色 - 作为领先的加密货币交换平台，而MicroStrategy作为一家商业智能公司，该公司被枢纽成为主要的比特币投资者。

Their stock performances are closely tied to the volatile nature of the cryptocurrency market, particularly bitcoin.

他们的股票表现与加密货币市场（尤其是比特币）的动荡性紧密相关。

Coinbase's position as a cryptocurrency exchange leader

Coinbase作为加密货币交易所负责人的地位

Coinbase is a leading cryptocurrency exchange platform, founded in 2012, and provides a service for trading cryptocurrency in a regulated manner.

Coinbase是一个领先的加密货币交换平台，成立于2012年，并以受管制的方式为交易加密货币提供服务。

The company's integration into the public markets in 2021 via a direct listing was a watershed moment for the cryptocurrency industry.

该公司在2021年通过直接上市融入公共市场是加密货币行业的分水岭。

Investors have noted that the company's revenue is largely dependent on trading volumes, which are susceptible to market volatility.

投资者指出，该公司的收入在很大程度上取决于交易量，这些交易容易受到市场波动的影响。

After the 2024 US presidential election, Coinbase shares jumped 36% as bitcoin surged 40% to break $100,000, highlighting the stock's sensitivity to cryptocurrency market movements.

在2024年美国总统大选之后，Coinbase的股价跃升了36％，比特币飙升40％，达到100,000美元，强调了该股票对加密货币市场变动的敏感性。

This surge was attributed to the anticipation of a more cryptocurrency-friendly administration under President Trump, in contrast to the previous administration which investors viewed as less favorable.

这一激增归因于特朗普总统在特朗普总统领导下对更加加密货币友好的政府的预期，与投资者认为不太有利的政府相反。

However, Coinbase's stock has also experienced significant volatility. For example, in February 2025, Bitcoin's price declined by 20% from an all-time high just below $110,000 to about $87,000.

但是，Coinbase的股票也经历了明显的波动性。例如，在2025年2月，比特币的价格从历史最高高点下降了20％，略低于110,000美元，至约87,000美元。

This was attributed to a combination of macroeconomic factors, including concerns over inflation and interest rate hikes, which led to a broad-based sell-off in financial markets, including cryptocurrencies.

这归因于宏观经济因素的结合，包括对通货膨胀和利率上涨的担忧，这导致了包括加密货币在内的金融市场中的广泛抛售。

Following this price movement, Coinbase shares dropped by about 20%, showcasing the company's exposure to Bitcoin's price movements and the inherent risks associated with the cryptocurrency market.

在这种价格变动之后，Coinbase的股票下跌了约20％，展示了该公司对比特币价格变动的影响以及与加密货币市场相关的固有风险。

At the beginning of 2024, Coinbase shares were valued at about $20 billion, while its revenue for 2023 was $1.6 billion. This valuation was deemed high for a company of this revenue size, especially considering that it was generating minimal profit.

在2024年初，Coinbase股票的价值约为200亿美元，而其2023年收入为16亿美元。这一估值被认为是一家收入规模的公司，尤其是考虑到它的利润最少。

However, investors were willing to pay a premium for Coinbase's position as a leading cryptocurrency exchange in a rapidly growing industry.

但是，投资者愿意为Coinbase在快速增长的行业中作为领先的加密货币交易所的地位支付溢价。

Despite some volatility, Coinbase's stock price has performed well in recent months, and it will be interesting to see how the company's stock price continues to perform in 2025 and beyond.

尽管有一些波动性，但Coinbase的股价最近几个月表现良好，很有趣的是，看看公司的股价在2025年及以后的表现如何。

It is clear that Coinbase is a company that is closely tied to the cryptocurrency market, and investors who are considering investing in Coinbase should be aware of this fact.

显然，Coinbase是一家与加密货币市场密切相关的公司，考虑在Coinbase进行投资的投资者应该意识到这一事实。

Those who are bullish on the long-term future of cryptocurrencies may also want to consider investing in Coinbase, as the company is well-positioned to benefit from the growth of this industry.

那些对加密货币长期未来的看涨的人也可能想考虑在Coinbase上进行投资，因为该公司的位置良好，可以从该行业的增长中受益。

However, investors who are averse to volatility or who prefer companies with a more traditional business model may want to avoid Coinbase stock.

但是，那些不愿意波动或更喜欢具有更传统商业模式的公司的投资者可能希望避免使用共同库存。

MicroStrategy's transformation

微观的转变

Founded in 1989, MicroStrategy's transformation from a business intelligence and analytics software firm to a major bitcoin investor in 2020 represents one of the most dramatic corporate pivots.

Microstrategy成立于1989年，从商业智能和分析软件公司转变为2020年的主要比特币投资者，这是最引人注目的公司枢纽之一。

This transformation unfolded under the leadership of CEO Michael Saylor, who steered the company to adopt bitcoin as its primary treasury reserve asset.

这种转变是在首席执行官迈克尔·塞勒（Michael Saylor）的领导下进行的，后者引导该公司采用比特币作为其主要国库券资产。

The company's journey began with an initial investment of $250 million in bitcoin in March 2020, at a time when the cryptocurrency was trading at around $6,000.

该公司的旅程始于2020年3月的最初投资2.5亿美元的比特币，当时加密货币的交易价格约为6,000美元。

This investment was part of a broader strategy by MicroStrategy to deploy its cash reserves into alternative assets due to low interest rates and the macroeconomic uncertainty arising from the COVID-19 pandemic.

这项投资是MicroStrategy更广泛的战略的一部分，该策略将其现金储量部署到替代资产中，这是由于低利率和COVID-19-19S大流行带来的宏观经济不确定性。

Over the subsequent 18 months, MicroStrategy rapidly increased its bitcoin holdings through a series of debt and equity financings.

在接下来的18个月中，微观流通迅速通过一系列债务和股权融资迅速增加了其比特币持有量。

By December 2024, the company had amassed approximately 446,400 bitcoins acquired for $27.9 billion, which amounts to about 2% of all bitcoin that can ever exist.

到2024年12月，该公司以279亿美元的价格收购了约446,400个比特币，约占所有可能存在的比特币的2％。

This aggressive bitcoin investment strategy has had a significant impact on MicroStrategy's stock price.

这种积极的比特币投资策略对Microstrategy的股票价格产生了重大影响。

Trading platform users will have witnessed extraordinary volatility in MicroStrategy's shares in 2024, as they surged over 400%

交易平台用户将在2024年见证Microstrategy股票的非凡波动，因为他们飙升了400％以上

as the company's market capitalisation soared to new highs.

随着公司的市值飙升至新高。

After reaching an all-time high closing price of $473.83 on 20 November 2024, MicroStrategy's stock experienced a sharp decline, dropping over 50% from its November highs as the premium linked to its bitcoin investment diminished.

在2024年11月20日达到473.83美元的历史最高收盘价后，Microstrategy的股票急剧下降，由于与其比特币投资相关的保费减少，其溢价从11月的高点下降了50％。

This stellar rally was fueled by bitcoin's price surge, which hit a new all-time high of $106,000 on 6 November, 2024, marking an increase of over 60% from the beginning of 2024.

比特币的价格飙升为这一出色的集会所推动，该价格上涨在2024年11月6日的新历史最高点上达到了106,000美元，比2024年初的增加了60％以上。

However, this approach has

但是，这种方法有