MicroStrategy（以前称为MicroStrategy）继续彻底改变公司查看财务策略的方式

比特币继续彻底改变公司观看财务战略的方式，很少有人以与战略相同的活力接受它

MicroStrategy (NASDAQ:) has been at the forefront of corporations integrating Bitcoin into their financial plans, and few firms have embraced the cryptocurrency with the same zeal as Strategy.

MicroStrategy（NASDAQ :)一直处于将比特币整合到其财务计划中的公司的最前沿，很少有公司以与策略相同的热情接受加密货币。

The company, which began as a software firm, has made a significant shift towards Bitcoin, becoming the largest corporate holder of the cryptocurrency. In its pursuit of integrating Bitcoin into its core financial operations, Strategy has purchased vast amounts of BTC.

该公司最初是一家软件公司，已向比特币做出了重大转变，成为加密货币的最大公司持有人。为了追求将比特币整合到核心金融业务中，战略已经购买了大量的BTC。

As Bitcoin’s role in corporate finance grows, Strategy’s aggressive accumulation plan stands out, especially as a bold forecast from Bernstein suggests that the company could hold 1 million BTC by 2033.

随着比特币在公司财务中的作用，战略的积极积累计划脱颖而出，尤其是伯恩斯坦的大胆预测表明，到2033年，该公司可以持有100万BTC。

At present, Strategy holds 506,137 BTC, making it the largest corporate Bitcoin investor. Bernstein’s projection suggests that by 2033, this number could more than double, assuming Bitcoin’s price follows a rapid upward trajectory, with estimates placing Bitcoin at $200,000 by 2025, $500,000 by 2029, and a remarkable $1 million per coin by 2033.

目前，战略持有506,137 BTC，使其成为最大的公司比特币投资者。伯恩斯坦（Bernstein）的预测表明，到2033年，假设比特币的价格遵循快速的向上轨迹，这个数字可能会增加一倍以上，估计比特币在2025年达到200,000美元，到2029年为500,000美元，到2033年，每枚硬币为100万美元。

This growth would not only increase the value of Strategy’s Bitcoin holdings but would also solidify its position as the undisputed leader among corporate Bitcoin investors. The forecasted price increase could drive massive returns for the company, further cementing its decision to prioritize Bitcoin in its financial plans.

这种增长不仅会增加战略比特币持有的价值，而且还将巩固其作为公司比特币投资者无可争议的领导者的地位。预测的价格上涨可能会带来公司的巨额回报，进一步巩固其在其财务计划中优先考虑比特币的决定。

To support this ambitious acquisition strategy, Strategy will likely need to raise significant capital. Analysts expect the company’s debt could rise dramatically, varying based on interest rates and the broader macroeconomic landscape.

为了支持这种雄心勃勃的收购策略，战略可能需要筹集大量资本。分析师预计，该公司的债务可能会大幅上涨，根据利率和更广泛的宏观经济格局而有所不同。

Currently, Strategy’s debt stands at $11 billion, but by 2033, it could escalate to $100 billion if interest rates remain low throughout the period, allowing for efficient capital raising.

目前，策略的债务为110亿美元，但到2033年，如果整个期间利率仍然较低，则可能会升级到1000亿美元，从而有效地筹集了资金。

Apart from raising debt, Strategy may also turn to the equity markets to raise around $84 billion to fund its Bitcoin purchases. However, this strategy’s success will be heavily dependent on factors like low interest rates and strong demand from investors, which could help minimize the costs of financing its expansive Bitcoin acquisition.

除了提高债务外，战略还可能转向股票市场筹集约840亿美元以资助其比特币购买。但是，该战略的成功将在很大程度上取决于低利率和投资者强劲需求等因素，这可以帮助最大程度地减少为其广泛的比特币收购筹集资金的成本。

Despite the long-term bullish outlook for Bitcoin, short-term market volatility is a key factor to consider. Bitcoin’s price is notoriously volatile, and analysts from BloFin observe that the cryptocurrency tends to experience significant fluctuations, particularly around certain price levels.

尽管对比特币的看法长期前景，但短期市场波动是要考虑的关键因素。众所周知，比特币的价格是波动的，布洛芬的分析师观察到加密货币往往会经历重大波动，尤其是在某些价格水平上。

One such critical level is $90,000, where many market makers have “short gamma” positions. This dynamic means that market makers will be forced to sell Bitcoin when its price falls and buy when it rises, further contributing to the volatility in the short term.

这样的关键水平之一是$ 90,000，许多做市商都有“伽玛”职位。这种动态意味着，当做市商的价格下跌并在上涨时购买时，市政机构将被迫出售，这进一步导致了短期的波动。

However, some analysts, including those at BloFin, predict that Bitcoin could see a bullish move in the near future, especially with options settlements on the horizon.

但是，一些分析师，包括Blofin的分析师，预测比特币在不久的将来可能会看到看涨的举动，尤其是随着期权定居点即将到来。

Nevertheless, not all analysts are confident that Bitcoin will continue its upward trajectory without any setbacks. In the event that Bitcoin’s price peaks in 2025 and begins a prolonged period of decline, Strategy might slow down its Bitcoin purchases.

尽管如此，并非所有分析师都相信比特币将在没有任何挫折的情况下继续其向上的轨迹。如果比特币的价格在2025年达到高峰并开始长时间下降时期，策略可能会减慢其比特币的购买速度。

In such a scenario, its Bitcoin holdings could only rise to 514,800 BTC, or around 2.6% of the total supply.

在这种情况下，其比特币持有量只能上升到514,800 BTC，占总供应量的2.6％。

Moreover, if Strategy encounters financial pressure, it might be forced to liquidate some of its Bitcoin holdings to manage its debt, which could still rise to around $51 billion even if Strategy manages to sell a portion of its software business to raise additional capital.

此外，如果策略遇到财务压力，它可能被迫清算其一些比特币持有量来管理其债务，即使战略设法出售其软件业务的一部分以筹集额外的资金，这仍然可能会增加到510亿美元。

Despite the potential risks, Bernstein remains optimistic about Strategy’s long-term position. The firm has maintained an “outperform” rating on Strategy’s stock and set a $600 price target, which represents a 75% increase from its current value of around $340.

尽管存在潜在的风险，但伯恩斯坦仍然对战略的长期立场保持乐观。该公司对策略的股票保持了“跑赢大盘”的评级，并设定了600美元的价格目标，其目前价值约为340美元。

Bernstein’s valuation model considers a 2x enterprise value-to-sales multiple for Strategy’s software segment, along with a 55% premium on its Bitcoin holdings, reflecting the company’s increasing reliance on Bitcoin since it pivoted to this strategy in 2020.

伯恩斯坦（Bernstein）的估值模型考虑了策略软件细分市场的2倍企业价值对销售量，以及其比特币持有量的溢价55％，这反映了该公司对比特币的日益依赖，因为它在2020年与该策略枢纽相关。

In the meantime, Strategy continues to add to its Bitcoin holdings, with a recent purchase of 6,911 BTC for $584.1 million over a seven-day period.

同时，战略继续增加其比特币持有量，最近在7天的时间内以5.841亿美元的价格购买了6,911 BTC。

As Bitcoin continues to shape corporate financial strategies, Strategy’s bold bet on the cryptocurrency will undoubtedly be a major factor in its future success, or potential failure.

随着比特币继续塑造公司财务战略，战略对加密货币的大胆赌注无疑将是其未来成功或潜在失败的主要因素。

Whether Bitcoin’s price continues to rise or experiences a downturn, Strategy’s commitment to expanding its Bitcoin holdings marks one of the most daring financial gambles of the decade.

无论是比特币的价格继续上涨还是经历了衰退，战略致力于扩大比特币持有量的承诺标志着十年中最大胆的金融赌博之一。