MicroStrategy 加倍押注比特币：高风险的赌博还是天才策略？

曾经主要是一家软件公司的 MicroStrategy 采取了大胆的举措，现已转型为加密货币市场的主要参与者。

In a bold maneuver, once primarily a software company, MicroStrategy has transformed into a major player in the cryptocurrency market. Recent reports show Bitcoin (CRYPTO: BTC) surging past $90,000, marking a 1,000% increase over five years. This aligns with ex-CEO Michael Saylor’s vision, which saw him pivot MicroStrategy towards heavy Bitcoin investments in 2020.

MicroStrategy 曾经主要是一家软件公司，通过一次大胆的举措，现已转型为加密货币市场的主要参与者。最近的报告显示，比特币（CRYPTO：BTC）飙升至 90,000 美元以上，五年内增长了 1,000%。这与前首席执行官 Michael Saylor 的愿景相符，他在 2020 年将 MicroStrategy 转向大量比特币投资。

Saylor predicts Bitcoin could reach an astronomical $13 million by 2045. While many consider this overly optimistic, his early adoption of Bitcoin investments has proven prescient, prompting the company to ramp up its crypto acquisition strategy.

Saylor 预测，到 2045 年，比特币的价值可能会达到 1300 万美元的天文数字。虽然许多人认为这过于乐观，但他早期采用比特币投资已被证明是有先见之明的，促使该公司加强其加密货币收购战略。

MicroStrategy’s current Bitcoin stash totals 279,420 Bitcoins, valued at around $25 billion. The company’s market cap has ballooned to $67 billion, mostly attributed to its Bitcoin holdings rather than its software business, which generates modest quarterly revenues of $100 million.

MicroStrategy 目前的比特币储备总计 279,420 个比特币，价值约 250 亿美元。该公司的市值已飙升至 670 亿美元，主要归功于其持有的比特币，而不是其软件业务，该业务的季度收入仅为 1 亿美元。

The ambitious “42” strategy has just been announced, reflecting plans to amass $21 billion through debt and another $21 billion via stock offerings to purchase more Bitcoin. This approach could see their holdings swell to $67 billion, securing almost 4% of all Bitcoin in existence.

雄心勃勃的“42”战略刚刚公布，反映出计划通过债务筹集 210 亿美元，并通过股票发行筹集 210 亿美元以购买更多比特币。通过这种方法，他们的持有量可能会增加到 670 亿美元，占现有比特币总量的近 4%。

Despite the impressive market cap, skeptics highlight a potential overvaluation as the company’s net asset value stands at only $21 billion, emphasizing the risks posed by diluting shareholders and accruing significant debt. While MicroStrategy’s stock has surged alongside Bitcoin, experts caution investors to consider direct investment in Bitcoin for more transparent exposure.

尽管市值令人印象深刻，但怀疑论者强调，由于该公司的净资产价值仅为 210 亿美元，因此存在潜在的高估现象，并强调了股东稀释和巨额债务累积带来的风险。尽管 MicroStrategy 的股价与比特币一起飙升，但专家警告投资者考虑直接投资比特币以获得更透明的敞口。

As the cryptocurrency market continues to captivate and confound, the question remains: Is MicroStrategy’s strategy brilliant or a ticking time bomb?

随着加密货币市场继续令人着迷和混乱，问题仍然存在：MicroStrategy 的策略是辉煌还是定时炸弹？