尽管加密货币波动，MicroStrategy 股价仍飙升 461.7%

尽管比特币波动较大，MicroStrategy 的股价在过去一年仍飙升了 461.7%。该公司的战略性比特币投资和创新的债务管理对其成功发挥了至关重要的作用。 MicroStrategy 董事长 Michael Saylor 带领公司应对市场挑战，展示了他的财务智慧和对比特币作为价值储存手段的承诺。

MicroStrategy's Astounding 461.7% Stock Surge Amidst Cryptocurrency Volatility

加密货币波动期间 MicroStrategy 股价飙升 461.7%

Despite the tumultuous fluctuations of the cryptocurrency market, MicroStrategy (MSTR) has emerged as a formidable force in the investment landscape, with its stock price soaring by an astonishing 461.7% over the past year. This remarkable performance is attributed to the company's strategic embrace of Bitcoin as an asset class and its innovative debt management strategies.

尽管加密货币市场剧烈波动，MicroStrategy（MSTR）仍成为投资领域的一股强大力量，其股价在过去一年里飙升了惊人的461.7%。这一出色的业绩归功于该公司对比特币作为一种资产类别的战略拥抱及其创新的债务管理策略。

Navigating the Dot-Com Crash and Bitcoin's Volatility

应对互联网泡沫和比特币的波动

MicroStrategy's founder and Chairman, Michael Saylor, has witnessed the extremes of market cycles throughout his illustrious career. The company's stock value plunged by 99% during the dot-com bubble collapse of 2000. Similarly, Bitcoin, a cornerstone of MicroStrategy's balance sheet, experienced a precipitous decline in 2022, losing over 70% of its value from its all-time high.

MicroStrategy 的创始人兼董事长 Michael Saylor 在其辉煌的职业生涯中见证了市场周期的极端情况。在 2000 年互联网泡沫破裂期间，该公司的股价暴跌了 99%。同样，作为 MicroStrategy 资产负债表基石的比特币在 2022 年经历了急剧下跌，其价值较历史最高点缩水了 70% 以上。

Undeterred by these market challenges, MicroStrategy has maintained its position as an industry trailblazer and a magnet for investors. The company's stock price has skyrocketed, demonstrating its resilience amidst market volatility and its ability to capitalize on emerging opportunities.

MicroStrategy 没有被这些市场挑战吓倒，仍然保持着行业开拓者和投资者吸引力的地位。该公司股价飙升，显示出其在市场波动中的韧性以及利用新兴机会的能力。

Core Business and Revenue Generation

核心业务和创收

MicroStrategy Inc. is a leading provider of enterprise analytics and mobility software. Its flagship products, the MicroStrategy Analytics platform and MicroStrategy Server, cater to the needs of organizations seeking to leverage data for decision-making. The company generates revenue through license agreements, cloud-based subscriptions, and platform-related services.

MicroStrategy Inc. 是企业分析和移动软件的领先提供商。其旗舰产品 MicroStrategy Analytics 平台和 MicroStrategy Server 可满足寻求利用数据进行决策的组织的需求。该公司通过许可协议、基于云的订阅和平台相关服务产生收入。

Michael Saylor is MicroStrategy's largest shareholder, holding Class B interests valued at over $2 billion and commanding a 68% voting share. Capital Research and Management Company and The Vanguard Group, Inc. round out the top three shareholders.

Michael Saylor 是 MicroStrategy 的最大股东，持有价值超过 20 亿美元的 B 类权益，并拥有 68% 的投票权。 Capital Research and Management Company 和 The Vanguard Group, Inc. 是前三名股东。

Innovative Debt Strategy Amplifies Bitcoin Investments

创新债务策略扩大比特币投资

Saylor's leadership at MicroStrategy has been instrumental in crafting an innovative debt strategy that amplifies the company's Bitcoin investments. By securing large sums of low-cost debt at approximately 1% annual interest rates, MicroStrategy has gained access to affordable financing, enhancing the impact of its Bitcoin purchases.

Saylor 在 MicroStrategy 的领导力在制定创新债务战略方面发挥了重要作用，该战略扩大了公司的比特币投资。通过以约 1% 年利率获得大量低成本债务，MicroStrategy 获得了负担得起的融资，增强了其比特币购买的影响力。

Moreover, MicroStrategy employs a unique approach to debt repayment. Instead of using cash, the company issues its stock (MSTR) to lenders at a premium above the issuance price. This strategy benefits MicroStrategy by preserving its cash reserves while aligning its interests with those of its lenders.

此外，MicroStrategy 采用独特的债务偿还方法。该公司不使用现金，而是以高于发行价的溢价向贷方发行股票（MSTR）。这一策略使 MicroStrategy 受益，因为它保留了现金储备，同时使其利益与贷方的利益保持一致。

Strategic Deployment of Surplus Capital in Bitcoin

剩余资金对比特币的战略部署

In 2020, Saylor made a strategic move to hedge against currency depreciation by allocating MicroStrategy's surplus capital into Bitcoin. The company raised $3.4 billion through various financial instruments to acquire Bitcoin, totaling $4 billion in acquisitions at escalating prices.

2020 年，Saylor 采取了一项战略举措，将 MicroStrategy 的剩余资本配置为比特币，以对冲货币贬值。该公司通过各种金融工具筹集了 34 亿美元来收购比特币，以不断上涨的价格收购了总计 40 亿美元的资金。

MicroStrategy's long-term plan is to repay its fiat debt by selling a portion of its Bitcoin holdings, while recognizing Bitcoin's potential as a store of value with long-term capital appreciation. In an October 2020 tweet, Saylor revealed his personal holdings of 17,732 BTC, valued at $250 million. It is reasonable to assume that these holdings have grown significantly since then.

MicroStrategy 的长期计划是通过出售部分比特币资产来偿还法定债务，同时认识到比特币作为具有长期资本增值的价值储存手段的潜力。在 2020 年 10 月的一条推文中，塞勒透露了他个人持有的 17,732 比特币，价值 2.5 亿美元。可以合理地假设，自那时以来，这些资产已大幅增长。

Substantial Bitcoin Holdings and Industry Leadership

大量比特币持有量和行业领导地位

Over the past four years, MicroStrategy has amassed a staggering 214,246 BTC, accounting for approximately 1.02% of the total circulating supply. The company's recent buying spree began in late December 2023, just before the latest bull run. According to SEC filings, between February 15 and 25, the corporation purchased 3,000 BTC for $155.4 million. An additional 9,000 tokens were acquired through $623 million convertible notes between March 11 and March 18.

在过去的四年里，MicroStrategy 积累了惊人的 214,246 BTC，约占总流通量的 1.02%。该公司最近的收购热潮始于 2023 年 12 月下旬，即最近一次牛市之前。根据 SEC 文件，2 月 15 日至 25 日期间，该公司以 1.554 亿美元购买了 3,000 BTC。 3 月 11 日至 3 月 18 日期间，通过 6.23 亿美元的可转换票据购买了另外 9,000 个代币。

Data from Bloomberg indicates that MicroStrategy made approximately one-fourth of its total Bitcoin purchases in 2024, with an average cost per bitcoin more than double that of the previous year.

彭博社的数据显示，2024 年 MicroStrategy 购买的比特币约占其总购买量的四分之一，每枚比特币的平均成本是上一年的两倍多。

Today, MicroStrategy holds 214,246 BTC, valued at over $14 billion, representing approximately 1% of the entire circulating supply. MicroStrategy has long been the largest corporate Bitcoin holder, but BlackRock has recently surpassed its holdings with its iShares Bitcoin ETF (IBIT).

如今，MicroStrategy 持有 214,246 BTC，价值超过 140 亿美元，约占整个流通供应量的 1%。 MicroStrategy 长期以来一直是最大的企业比特币持有者，但贝莱德最近通过其 iShares 比特币 ETF (IBIT) 超越了其持有量。

Conclusion

结论

MicroStrategy's remarkable 461.7% stock surge over the past year is a testament to its strategic leadership, innovative debt management practices, and unwavering commitment to Bitcoin as an asset class. Despite the volatility inherent in the cryptocurrency market, MicroStrategy has emerged as a beacon of resilience and a source of substantial returns for its investors, solidifying its position as a formidable force in the global investment landscape.

MicroStrategy 的股价在过去一年中飙升了 461.7%，证明了其战略领导力、创新的债务管理实践以及对比特币作为资产类别的坚定承诺。尽管加密货币市场存在固有的波动性，但 MicroStrategy 已成为投资者的韧性灯塔和丰厚回报的来源，巩固了其在全球投资领域的强大地位。