MicroStrategy 的比特币押注推动了这家商业软件公司股价的疯狂上涨，并促使更多公司效仿这一策略

MicroStrategy 的加密策略今年使其股价上涨了 501%。尽管其核心业务是软件，但积累大量比特币已成为其指路明灯。

Bitcoin has become a hot topic in the business world, thanks to MicroStrategy's massive bet on the cryptocurrency. Now, other companies are following suit, piling up bitcoin in their treasuries and driving its price to new highs.

由于 MicroStrategy 对加密货币的大量押注，比特币已成为商业界的热门话题。现在，其他公司也纷纷效仿，将比特币存入其金库，并将其价格推至新高。

MicroStrategy's crypto playbook has seen its stock soar 501% this year. While the company's core business is software, amassing a huge trove of bitcoin has become its guiding star. Now, other firms are stocking up.

MicroStrategy 的加密货币策略今年其股价飙升 501%。虽然该公司的核心业务是软件，但积累大量比特币已成为其指路明灯。现在，其他公司正在备货。

Both crypto firms Marathon Holdings and Core Scientific, as well as Japan's Metaplanet, are mimicking MicroStrategy's approach by issuing debt to buy bitcoin. At the same time, more company boards are agreeing to straightforward bitcoin purchases.

加密货币公司 Marathon Holdings 和 Core Scientific 以及日本的 Metaplanet 都在模仿 MicroStrategy 的做法，通过发行债券购买比特币。与此同时，越来越多的公司董事会同意直接购买比特币。

Although bitcoin holdings aren't unique to MicroStrategy, it remains rare for firms outside the crypto industry to invest. And yet, a recent $1 million purchase by biopharma company Acurx Pharmaceuticals signals a shifting tide.

尽管持有比特币并不是 MicroStrategy 独有的，但加密货币行业以外的公司进行投资的情况仍然很少。然而，生物制药公司 Acurx Pharmaceuticals 最近斥资 100 万美元的收购标志着潮流的转变。

"Speculative transactions, previously inherent in the crypto market, are becoming a thing of the past, and the ever-growing interest of institutions in creating reserves based on bitcoin confirms this," Gracy Chen, CEO of the cryptocurrency exchange Bitget, told Business Insider.

加密货币交易所 Bitget 首席执行官 Gracy Chen 告诉《商业内幕》：“加密货币市场以前固有的投机交易正在成为过去，机构对基于比特币创建储备的兴趣不断增长证实了这一点。” 。

Diversification or quick profit?

多元化还是快速盈利？

In a December note, Bernstein analysts suggested that bitcoin will replace gold as the world's premier "store of value" asset and become a standard holding in corporate treasuries.

伯恩斯坦分析师在 12 月的一份报告中表示，比特币将取代黄金成为全球首要的“价值储存”资产，并成为企业金库的标准持有资产。

Chen noted that bitcoin has gained a reputation as a hedge against inflation and economic crises, which could be attractive to companies as the world grows more volatile. The argument is emerging more and more — recently, a think tank pushed for Microsoft to consider buying bitcoin for this reason, with a similar proposal being floated to Amazon shareholders.

陈指出，比特币作为对冲通胀和经济危机的工具而享有盛誉，随着世界变得更加不稳定，这可能对企业有吸引力。这种争论越来越多——最近，一家智囊团敦促微软考虑出于这个原因购买比特币，并向亚马逊股东提出了类似的建议。

Of course, bitcoin's triple-digit rally this year also spurs dreams of hefty profit, with MicroStrategy's wild stock rally exhibit A. The firm has raked in tokens by selling interest-free convertible debt, which rewards the buyer if bitcoin keeps rising. The success of these has turbocharged its stock price.

当然，比特币今年三位数的上涨也激发了巨额利润的梦想，MicroStrategy 的疯狂股票上涨表现出 A。该公司通过出售无息可转换债券赚得了代币，如果比特币持续上涨，就会奖励买家。这些成功推动了其股价的上涨。

"At a bitcoin price of $97,400, the value of the bitcoins that the company has created this year is ~$7.7bn, and we believe it is important to note that it created that value without the capital outlays and operational costs associated with bitcoin mining," Benchmark Company managing director Mark Palmer wrote in November.

“以 97,400 美元的比特币价格计算，该公司今年创造的比特币价值约为 77 亿美元，我们认为值得注意的是，它在没有与比特币挖矿相关的资本支出和运营成本的情况下创造了这一价值， “Benchmark 公司董事总经理马克·帕尔默 (Mark Palmer) 在 11 月份写道。

But for firms trying to replicate this, caution is necessary here, Chen said. New entrants face a much steeper bitcoin price than when MicroStrategy started buying.

但陈说，对于试图复制这一点的公司来说，必须谨慎。新进入者面临的比特币价格比 MicroStrategy 开始购买时要高得多。

Companies that buy bitcoin using leverage also expose themselves to heightened risks if bitcoin suddenly drops: while the crypto's price may erode, debt obligations do not.

如果比特币突然下跌，使用杠杆购买比特币的公司也会面临更大的风险：虽然加密货币的价格可能会下跌，但债务却不会。

Though this same concern has crept up for MicroStrategy, Palmer told BI that the firm has survived previous sell-offs, and has diversified means of buying bitcoin.

尽管 MicroStrategy 也出现了同样的担忧，但 Palmer 告诉 BI，该公司在之前的抛售中幸存下来，并且拥有多元化的比特币购买方式。

"If we were to see the price of bitcoin drop such that MicroStrategy was trading at a discount to its [net asset value], then it would be in a position to create shareholder value through share buybacks, and I think that's a big part of the flexibility the company has created," he said.

“如果我们看到比特币价格下跌，以致 MicroStrategy 的交易价格低于其[净资产价值]，那么它将能够通过股票回购创造股东价值，我认为这是公司创造的灵活性，”他说。

Not for everyone

不适合所有人

Not all shareholders want to see companies jump on the crypto bandwagon.

并非所有股东都希望看到公司加入加密货币行列。

On Wednesday, Microsoft investors voted down the think tank proposal that pushed for the tech titan to buy bitcoin. Ahead of the decision, the board similarly recommended that shareholders reject the idea.

周三，微软投资者投票否决了推动这家科技巨头购买比特币的智库提案。在做出决定之前，董事会同样建议股东拒绝这一想法。

This was expected, Chen said, as most Microsoft shareholders likely value the software giant's asset stability.

陈表示，这是预料之中的，因为大多数微软股东可能看重这家软件巨头的资产稳定性。

"The company's investment in Bitcoin may mean additional risk in investing in MSFT, while many invested in MSFT as a predictable good business," she told BI, later adding: "For shareholders who build their own diversified portfolios, mixing assets like cryptocurrencies into corporate balance sheets can complicate the valuation of a company and distract from the core business objectives for which investors are buying its shares."

她对 BI 表示：“该公司对比特币的投资可能意味着投资 MSFT 的额外风险，而许多人将 MSFT 视为一项可预见的好业务来投资。”她后来补充道：“对于建立自己多元化投资组合的股东来说，将加密货币等资产混合到公司中资产负债表可能会使公司的估值变得复杂，并分散投资者购买其股票的核心业务目标的注意力。”