KULR Technology (KULR) 与 MicroStrategy (MSTR)：哪种比特币支持的股票更值得购买？

MicroStrategy (MSTR 3.59%) 和 KULR Technology (KULR -14.37%) 最近都因其对比特币 (BTC 0.10%) 的巨额投资而引起了广泛关注。

Both MicroStrategy (NASDAQ:MSTR) and KULR Technology (NASDAQ:KULR) recently made headlines with their big investments in Bitcoin (CRYPTO:BTC).

MicroStrategy（纳斯达克股票代码：MSTR）和 KULR Technology（纳斯达克股票代码：KULR）最近因其对比特币（CRYPTO：BTC）的巨额投资而成为头条新闻。

As of Nov. 10, MicroStrategy, which started buying Bitcoin in 2020, had 279,420 Bitcoins. Those holdings are currently valued at $26.2 billion and account for 35% of its enterprise value of $75.3 billion, largely overshadowing its core software business.

截至 11 月 10 日，2020 年开始购买比特币的 MicroStrategy 拥有 279,420 个比特币。这些资产目前价值 262 亿美元，占其 753 亿美元企业价值的 35%，很大程度上盖过了其核心软件业务。

Meanwhile, KULR, a developer of thermal management solutions for lithium-ion batteries, plans to spend 90% of its surplus cash on Bitcoin. It made its first purchase on Dec. 6, buying 217.18 Bitcoins. Those holdings are currently valued at $20.4 million and equate to 2% of its enterprise value of $851 million.

与此同时，锂离子电池热管理解决方案开发商 KULR 计划将 90% 的剩余现金用于购买比特币。它于 12 月 6 日进行了首次购买，购买了 217.18 个比特币。这些资产目前价值 2040 万美元，相当于其企业价值 8.51 亿美元的 2%。

But which of these Bitcoin-driven stocks is the better investment? Let's take a closer look at their core businesses, recent performance, and future prospects to find out.

但这些比特币驱动的股票中哪一个是更好的投资呢？让我们仔细看看他们的核心业务、近期业绩和未来前景来找出答案。

MicroStrategy is an all-in bet on Bitcoin

MicroStrategy 全力押注比特币

MicroStrategy went public in 1998 and was largely considered a slow-growth developer of analytics software for the better part of two decades. It initially locked in big customers like McDonald's (NYSE:MCD) but eventually saturated its market and faced intense competition from cloud-based rivals like Salesforce (NYSE:CRM), Amazon (NASDAQ:AMZN), and Microsoft (NASDAQ:MSFT).

MicroStrategy 于 1998 年上市，在过去二十年的大部分时间里，人们普遍认为 MicroStrategy 是一家增长缓慢的分析软件开发商。它最初锁定了麦当劳 (NYSE:MCD) 等大客户，但最终使其市场饱和，并面临来自 Salesforce (NYSE:CRM)、亚马逊 (NASDAQ:AMZN) 和微软 (NASDAQ:MSFT) 等基于云的竞争对手的激烈竞争。

That's why the company's abrupt pivot into Bitcoin four years ago was such a head-scratching move. But so far, at least, that strategy has paid off -- it spent just $11.9 billion, or an average of $42,692 per Bitcoin, on its current holdings, which are now trading at about $94,000.

这就是为什么该公司四年前突然转向比特币是一个令人头疼的举动。但至少到目前为止，这一策略已经得到了回报——它在目前持有的比特币上仅花费了 119 亿美元，即平均每个比特币 42,692 美元，目前交易价格约为 94,000 美元。

However, MicroStrategy's core software business is still struggling to grow. Its revenue declined 1% in 2023 and is expected to drop another 5% in 2024 as it faces macro headwinds. In 2205, analysts anticipate a 2% increase in revenue as the macro environment improves, it expands its cloud-based subscriptions, and rolls out more generative AI services.

然而，MicroStrategy的核心软件业务仍在艰难增长。由于面临宏观阻力，其收入在 2023 年下降 1%，预计 2024 年将再下降 5%。分析师预计，随着宏观环境改善、扩大基于云的订阅以及推出更多生成式人工智能服务，分析师预计 2205 年收入将增长 2%。

On the bottom line, the company is expected to continue posting losses for the foreseeable future as its Bitcoin costs eat into revenue. It has also increased its number of shares outstanding by over 120% in the past five years to fund its Bitcoin purchases. While the bulls hope the growth of its Bitcoin holdings will eventually render its software business irrelevant, it's still an all-in bet on Bitcoin that could face serious problems if the cryptocurrency pulls back.

总而言之，由于比特币成本侵蚀了收入，该公司预计在可预见的未来将继续亏损。过去五年里，该公司的流通股数量增加了 120% 以上，为其购买比特币提供资金。尽管看多者希望其比特币持有量的增长最终将使其软件业务变得无关紧要，但它仍然是对比特币的全力押注，如果加密货币回落，比特币可能会面临严重问题。

KULR's core business still has a bright future

KULR核心业务仍有光明前景

KULR's recent bet on Bitcoin hasn't generated any unrealized gains yet. It paidは約2100万ドル、平均価格96,557ドルで現在のBitcoin保有高を取得した。

KULR 最近对比特币的押注尚未产生任何未实现的收益，它花费了约 2100 万美元以平均价格 96,557 美元收购了其当前持有的比特币。

However, KULR's core business arguably has a lot more growth potential than MicroStrategy's aging software unit. Its fiber-based products use thermal interface materials, lightweight heat exchangers, and other methods to dissipate heat from lithium-ion batteries and prevent damaging overheating.

然而，KULR 的核心业务可以说比 MicroStrategy 老化的软件部门具有更大的增长潜力。其基于纤维的产品使用热界面材料、轻型热交换器和其他方法来散发锂离子电池的热量并防止损坏性过热。

KULR initially developed these technologies for NASA before expanding across the aerospace and defense sectors. Its partners and customers now include SpaceX (NASDAQ:SPCE), Tesla (NASDAQ:TSLA), Meta Platforms (NASDAQ:META), Boeing (NYSE:BA), and General Motors (NYSE:GM). Its products can be customized for a wide range of configurations to fit into tiny spaces with strict size and weight limitations. It went public as an OTC stock in 22018 but eventually grew and was listed on the New York Stock Exchange in 2021.

KULR 最初为 NASA 开发这些技术，然后扩展到航空航天和国防部门。其合作伙伴和客户目前包括 SpaceX（纳斯达克股票代码：SPCE）、特斯拉（纳斯达克股票代码：TSLA）、Meta Platforms（纳斯达克股票代码：META）、波音公司（纽约证券交易所股票代码：BA）和通用汽车公司（纽约证券交易所股票代码：GM）。其产品可以针对各种配置进行定制，以适应具有严格尺寸和重量限制的狭小空间。它于 2018 年作为场外交易股票上市，但最终发展壮大并于 2021 年在纽约证券交易所上市。

KULR's revenue soared 146% to $9.8 million in 2023, but it is expected to slow and grow just 4% to $10.2 million in 2024. In 2025, its revenue is expected to jump 77% to $18.1 million as its net loss narrows from $15.5 million to $12.9 million. This growth should be primarily driven by its new government contracts. While KULR isn't an all-in bet on Bitcoin like MicroStrategy, it has also increased its share count by more than 160% in the past five years to fund its expansion.

KULR 的收入在 2023 年飙升 146% 至 980 万美元，但预计到 2024 年将放缓，仅增长 4% 至 1020 万美元。2025 年，随着净亏损从 1550 万美元收窄，其收入预计将增长 77% 至 1810 万美元。至 1290 万美元。这一增长应主要由新的政府合同推动。虽然 KULR 不像 MicroStrategy 那样全押比特币，但在过去五年里，它的股票数量也增加了 160% 以上，为其扩张提供资金。

The better buy: KULR

更好的选择：KULR

Neither of these stocks is particularly cheap right now. With an enterprise value of $75.3 billion, MicroStrategy trades at 120 times sales. Meanwhile, K

目前这些股票都不是特别便宜。 MicroStrategy 的企业价值为 753 亿美元，其市价是销售额的 120 倍。与此同时，K.