法国资产经理Tobam：三个原因策略优于比特币

总部位于巴黎的资产经理Tobam确切地研究了Michael Saylor的战略（MSTR）继续超越比特币（BTC）

French investment firm Tobam has published a research paper explaining why research-heavy quantitatively focused French asset manager has published a paper explaining exactly why Michael Saylor’s Strategy (MSTR) has continued to outperform bitcoin (BTC).

法国投资公司TOBAM发表了一篇研究论文，解释了为什么研究重点的法国资产经理已经发表了一篇论文，确切地解释了迈克尔·塞勒（Michael Saylor）的战略（MSTR）继续胜过比特币（BTC）。

The dominant cryptocurrency is generally considered the best performing asset of all time. Bitcoin cumulative gains topped 20,000,000 percent between 2011 and 2021, but in August 2020, Strategy (formerly Microstrategy) initiated a radical pivot, transitioning from being a software business to a bitcoin treasury company.

主要的加密货币通常被认为是有史以来最佳性能的资产。在2011年至2021年期间，比特币累积收益超过了20,000,000％，但在2020年8月，战略（以前为MicroStrategy）启动了一个激进的枢纽，从成为软件业务转变为比特币财政部公司。

Investors who wanted bitcoin exposure without actually holding the cryptocurrency began purchasing Strategy stock at a premium, and according to Tobam, Strategy’s stock price shot up by a factor of 7.5 while BTC only grew by a factor of 3.2, less than half of MSTR’s growth.

想要比特币曝光而没有真正持有加密货币的投资者开始以溢价购买策略股票，据Tobam称，策略的股票价格上涨了7.5倍，而BTC仅增长了3.2倍，不到MSTR增长的一半。

And now, after crunching the numbers, Tobam has distilled the meteoric success of Strategy’s bitcoin treasury approach down to three key reasons.

而现在，在处理数字之后，Tobam将策略比特币财政部的象征成功提炼出来，这是三个关键原因。

“We provide an exact decomposition of these rewards into three sources,” Tobam writes. “First, the monetization of a significant part of the pre-existing premium into book value. Second, taking advantage of the performance of bitcoin to which it has a growing exposure, and finally being subject to the variations in its bitcoin price premium.”

托巴姆写道：“我们将这些奖励的确切分解为三个来源。” “首先，预先存在的溢价中有很大一部分的货币化为账面价值。其次，利用比特币的性能越来越多，并最终受到比特币价格溢价的变化。”

First, Strategy sells its shares and uses the proceeds to buy additional bitcoin, aiming to increase the company’s bitcoin yield, or the percentage change of the number of bitcoins held for each fully diluted share.

首先，策略出售其股票，并利用收益购买额外的比特币，旨在提高公司的比特币收益率，或者每次完全稀释的股份持有的比特币数量的百分比变化。

Secondly, as the firm increases its bitcoin yield, its shares increasingly magnify the cryptocurrency’s price appreciation, what Tobam calls “bitcoin performance.”

其次，随着公司提高其比特币产量，其份额越来越大幅放大加密货币的价格欣赏，即托巴姆称为“比特币绩效”。

Finally, MSTR’s bitcoin price premium, or the extra dollar value per bitcoin held, has fluctuated in a way that contributes to the stock’s outperformance relative to bitcoin itself.

最后，MSTR的比特币价格溢价或每个比特币持有的额外美元价值的波动以相对于比特币本身的股票表现出色的方式而波动。

In short, Tobam concluded that Strategy has become a leveraged bet on bitcoin, but its ability to outperform the digital asset is a combination of these three factors and not simply due to passively holding bitcoin.

简而言之，Tobam得出结论认为，策略已成为对比特币的杠杆押注，但是它胜过数字资产的能力是这三个因素的结合，而不仅仅是由于被动持有比特币。

“The performance of MSTR cannot be summarized solely by the variations in its bitcoin holdings and ratio premium,” the paper concludes.

该论文总结说：“ MSTR的性能不能仅通过其比特币持有量和比率溢价的变化来总结。”

"This decomposition unveils the deep-seated rationality underpinning MSTR's stock price movements, offering valuable insights for informed investment decisions in the context of leveraged bets on cryptocurrencies."

“这种分解揭示了基于MSTR的股票价格变动的深处的理性，在杠杆化的加密货币赌注的背景下为知情投资决策提供了宝贵的见解。”