迈克尔·塞勒（Michael Saylor）的策略（以前为Microstrategy）是迄今为止比特币的最大持有人

本文探讨了迈克尔·塞勒（Michael Saylor）积累比特币的策略如何影响市场。

Publicly traded company Strategy (formerly MicroStrategy) is by far the largest holder of Bitcoin among publicly traded companies globally.

公开交易的公司战略（以前是MicroStrategy）是迄今为止全球公开交易公司中比特币的最大持有人。

According to latest reports, Strategy holds 506,137 BTC as of late March. The company accumulated this stash primarily through debt offerings and equity sales starting back in 2020.

根据最新报告，截至3月下旬，战略持有506,137 BTC。该公司主要是通过债务出售和股票销售从2020年开始积累的。

This early Bitcoin accumulation by Strategy brought with it an influx of other corporate entities into the crypto ecosystem. Among them are Bitcoin miners, with Marathon Digital Holdings being a key example.

通过战略积累的这种早期比特币将其大量的其他公司实体涌入加密生态系统。其中包括比特币矿工，马拉松数字持有量是一个关键例子。

Marathon’s Bitcoin holdings of approximately 26,842 BTC, accumulated largely through its mining operations, make it the second-largest known public company holder of Bitcoin currently.

Marathon的比特币持有约26,842 BTC，主要是通过其采矿业务累积的，使其成为当前已知的Bitcoin的第二大上市公司持有人。

Galaxy Digital ranks third among public companies, holding 15,449 BTC as part of its broader, diversified crypto investment strategy. Tesla, Coinbase Global, Hut 8 Mining, Riot Platforms, Block Inc, CleanSpark, and newcomer MetaPlanet comprise most of the other currently identified top 10 public company Bitcoin holders.

Galaxy Digital在上市公司中排名第三，作为其更广泛，多元化的加密投资策略的一部分，拥有15,449 BTC。 Tesla，Coinbase Global，Hut 8 Mining，Riot Platforms，Block Inc，CleanSpark和Newcomer Metaplanet组成了其他大多数当前确定的前10名上市公司比特币持有人。

See More: Strategy (Formerly MicroStrategy) Launches $2.1 Billion Share Sale to Fund Further Bitcoin Acquisitions

请参阅更多：策略（以前是MicroStrategy）推出21亿美元的股票销售，以资助更多的比特币收购

Most of these firms first ventured into Bitcoin investment following the significant 2021 bull run. Their buying activity at the time contributed to the market surge that pushed Bitcoin’s price above $69,000, marking a new all-time high then.

这些公司大多数在2021年公牛运行之后首先冒险进行比特币投资。当时他们的购买活动促成了市场激增，这将比特币的价格推高了69,000美元，这标志着新的历史最高水平。

How Does History Contextualize Current Holdings?

历史如何将当前持有量与当前持有量相关？

Bitcoin’s price crashed significantly during the 2022 bear market. This followed the collapse of several major crypto industry firms like Voyager, Celsius, and FTX. BTC tumbled over 77% from its 2021 peak, falling below the $16,000 level during that period.

在2022年的熊市中，比特币的价格大幅下降。这是在Voyager，Celsius和FTX等几家主要加密行业公司的崩溃之后。 BTC从2021年的峰值起到了77％以上，在此期间下降到16,000美元以下。

However, a more recent resurgence, triggered partly by growing institutional involvement (such as the US spot Bitcoin ETF launches), saw Bitcoin’s price climb above $109,000 in January 2025. It has since pulled back from that peak to trade near $84,623 at the time of writing.

但是，最近的一次复苏部分是由于机构的参与度不断增长（例如美国现货比特币ETF推出），它在2025年1月1月在109,000美元以上的价格上涨了109,000美元。此后，它从该峰值撤回到贸易，在写作时从84,623美元中撤退。

How Has Institutional Interest Changed Bitcoin Analysis?

机构兴趣如何改变比特币分析？

Considering Bitcoin’s price behavior over the last four years, and with a slew of new macroeconomic and socio-political issues impacting the market, the role of institutional involvement now appears to be a key factor in influencing market cycles and price development.

考虑到比特币在过去四年中的价格行为，并且由于影响市场的一系列新的宏观经济和社会政治问题，机构参与的作用现在似乎是影响市场周期和价格发展的关键因素。

For instance, notable large purchases by Strategy and other institutional-focused firms helped fuel the 2021 bull run. More recently, the US spot Bitcoin ETF launch in early 2024 and ongoing discussions about a potential US government Bitcoin stockpile formed part of the positive backdrop behind the latest price surge toward new all-time highs.

例如，策略和其他以机构为中心的公司进行了显着的大量购买，这为2021年的公牛运行提供了推动。最近，美国现货比特币ETF于2024年初推出，并且正在进行的关于美国政府比特币库存的讨论是最新价格上涨的积极背景的一部分。

These institutional and policy-related developments now heavily influence how many analysts approach the Bitcoin market. Despite the continued significance of technical chart analysis, many traders also now focus intensely on macroeconomic events and institutional buying or selling activities when forming market predictions and price forecasts.

这些与制度和政策相关的发展现在严重影响了多少分析师接近比特币市场。尽管技术图表分析具有持续的重要性，但许多贸易商现在也将重点放在宏观经济事件和机构购买或销售活动时，在形成市场预测和价格预测时。

This emphasis has somewhat redefined common crypto market trading philosophies compared to previous cycles.

与以前的周期相比，这种重点已经重新定义了常见的加密市场交易理念。