MicroStrategy (MSTR) 股票今年的表现优于标准普尔 500 指数中的所有股票 - 而且还差得远

MicroStrategy 执行主席 Michael Saylor 多年来一直直言不讳地支持去中心化货币

MicroStrategy Inc (NASDAQ: MSTR) might not be a part of the S&P 500 — but it has outpaced every stock in the index — and it’s not even close.

MicroStrategy Inc（纳斯达克股票代码：MSTR）可能不是标准普尔 500 指数的一部分，但它的表现已经超过了该指数中的每只股票，而且还差得远。

MSTR stock was trading at $388.88 at press time — having rallied by 78.25% over the course of the last 30 days to bring year-to-date (YTD) returns up to 469.90%.

截至发稿时，MSTR 股票交易价格为 388.88 美元，在过去 30 天里上涨了 78.25%，年初至今 (YTD) 回报率高达 469.90%。

The company, which is the largest corporate holder of Bitcoin (BTC), has lofty ambitions of becoming the first Bitcoin bank, and it has managed to provide unsurpassed returns and exposure to the largest cryptocurrency in the world.

该公司是比特币（BTC）最大的企业持有者，有着成为第一家比特币银行的远大抱负，并且已经成功地提供了无与伦比的回报和对世界上最大的加密货币的敞口。

MicroStrategy executive chairman Michael Saylor has been outspoken in his support for the decentralized currency for years on end — and while the BTC bear market made his decision to put all of his eggs in one basket seem foolish, now it seems like that was a hasty conclusion.

MicroStrategy 执行主席 Michael Saylor 多年来一直直言不讳地支持这种去中心化货币，虽然 BTC 熊市让他将所有鸡蛋放在一个篮子里的决定看起来很愚蠢，但现在看来这是一个仓促的结论。

From November 11 to November 18, MSTR acquired a total of 78,980 BTC, as revealed by press releases and form 8-K filings made with the Securities and Exchange Commission (SEC).

根据新闻稿和向美国证券交易委员会 (SEC) 提交的 8-K 文件显示，从 11 月 11 日到 11 月 18 日，MSTR 总共收购了 78,980 BTC。

Let’s take a closer look at how exactly it is that MicroStrategy has become the best Bitcoin miner — without doing any actual mining.

让我们仔细看看 MicroStrategy 到底是如何成为最好的比特币矿工的——无需进行任何实际挖矿。

How MicroStrategy’s Bitcoin strategy works

MicroStrategy 的比特币策略如何运作

Unlike traditional miners, who have to make significant investments in infrastructure to acquire mining capacity, then wait as the actual process of mining chugs along, paying exorbitant energy bills and being at the mercy of price fluctuations all the while, Saylor’s approach is much simpler.

与传统矿工不同的是，传统矿工必须在基础设施上进行大量投资才能获得采矿能力，然后等待实际采矿过程的进展，支付高昂的能源费用并一直受到价格波动的影响，塞勒的方法要简单得多。

The business uses a metric it calls Bitcoin yield as a simple measure of whether or not its acquisitions benefit shareholders. The metric compares MicroStrategy’s BTC holdings against assumed diluted shares outstanding — in essence, all of the MSTR shares currently being traded plus those that would result from converting notes and exercising stock option awards.

该公司使用一种称为比特币收益率的指标来简单衡量其收购是否有利于股东。该指标将 MicroStrategy 的 BTC 持有量与假设的稀释后流通股进行比较——本质上是当前正在交易的所有 MSTR 股票加上转换票据和行使股票期权奖励所产生的股票。

MicroStrategy funds its purchase of BTC by issuing additional shares at the money (ATM) and taking on debt. By tracking the percentage change of Bitcoin yield over time, the company can tell whether or not the acquisitions are accretive to shareholders.

MicroStrategy 通过以现金 (ATM) 方式发行额外股票并承担债务来为其购买 BTC 提供资金。通过跟踪比特币收益率随时间变化的百分比，该公司可以判断收购是否能为股东带来增值。

Throughout 2024, the business has managed to secure a BTC yield of 41.8%, per its latest Form 8-K filing — put another way, this equates to a net benefit of 79,130 BTC for shareholders, or roughly 246 BTC per day — all without the high costs associated with mining.

根据其最新的 8-K 表格文件，整个 2024 年，该公司的 BTC 收益率已达到 41.8%，换句话说，这相当于为股东带来 79,130​​ BTC 的净收益，或每天约 246 BTC - 所有这些都没有与采矿相关的高成本。

To give readers a perspective, it would take all of the miners on the planet approximately 176 days to achieve that feat.

为了给读者提供一个视角，地球上所有矿工大约需要 176 天才能实现这一壮举。

Is MicroStrategy’s approach to BTC sustainable?

MicroStrategy 的 BTC 策略是否可持续？

Although Saylor’s approach to accruing BTC has been successful thus far, it is far from risk-free. In a bull market, the rising price of BTC can shield MSTR from share dilution — a stagnating or bearish crypto market could potentially spell disaster for the venture.

尽管 Saylor 积累 BTC 的方法迄今为止很成功，但它远非没有风险。在牛市中，比特币价格上涨可以保护 MSTR 免受股票稀释的影响，而停滞或看跌的加密货币市场可能会给该企业带来灾难。

However, with the institutional adoption of cryptocurrencies, particularly in light of President-elect Donald Trump’s support for the industry, the risk of that happening appears to be decreasing.

然而，随着加密货币在机构中的采用，特别是考虑到当选总统唐纳德·特朗普对该行业的支持，这种情况发生的风险似乎正在下降。

MicroStrategy’s broader vision of becoming the first Bitcoin bank offers a potential pathway to long-term sustainability. By leveraging its vast BTC holdings, the company could provide financial services such as Bitcoin-backed loans, custody solutions, or even facilitate digital asset transactions.

MicroStrategy 成为第一家比特币银行的更广阔愿景为长期可持续发展提供了潜在途径。通过利用其持有的大量比特币，该公司可以提供比特币支持的贷款、托管解决方案等金融服务，甚至促进数字资产交易。