该公司现在被称为“战略”（MSTR）的股票（以前是MicroStrategy）几乎花了2024年飞涨。

原因：这是玩比特币的一种方式。该公司购买了比特币，购买了更多，发行了股票和债务以购买更多，并于2025年发行了首选股票以购买更多。

(Note: This article was published in March 2024, and some figures and statements may have changed since.)

（注意：本文发表于2024年3月，此后可能发生了一些数字和声明。）

The stock of the company now known as Strategy (MSTR) — formerly MicroStrategy— (NASDAQ:MSTR) spent virtually all of 2024 soaring. It went from around $150 in early January to more than $400 by mid-December, a return of about 167 percent. For reference, the S&P 500 Index (GPMVN) rose around 14 percent over the same period.

该公司的股票现在被称为“战略”（MSTR） - 以前是MicroStrategy - （NASDAQ：MSTR），几乎花了2024年的全部飙升。它从1月初的150美元左右增加到12月中旬的400多美元，回报率约为167％。作为参考，同一时期的标准普尔500指数（GPMVN）上升了约14％。

The company is best known for its massive purchases of Bitcoin (BTC). In 2020, as the coronavirus pandemic began, the company had a net asset value of $36.66 billion, but its market capitalization was $76.4 billion — a premium of $39.7 billion for investors to hold the company’s stock rather than invest in assets that would generate a return.

该公司以大量购买比特币（BTC）而闻名。 2020年，随着冠状病毒大流行的开始，该公司的净资产价值为366.6亿美元，但其市值为764亿美元，这是投资者持有公司股票而不是投资于产生回报的资产的397亿美元保费。

By the fourth quarter of 2024, however, the company’s market cap had nearly doubled to $71.2 billion, while its net asset value had risen to $43.72 billion after adjusting for the fair market value of the company’s Bitcoin holdings. That’s an overvaluation of about 63 percent. In other words, investors are paying about 63 percent more to own Bitcoin through Strategy stock than they would be to buy the cryptocurrency or an exchange-traded fund of it directly.

然而，到2024年第四季度，该公司的市值几乎翻了一番，达到712亿美元，而在调整了公司比特币持有的公平市场价值后，其净资产价值上涨至437.2亿美元。这是大约63％的高估。换句话说，与直接购买加密货币或直接购买该基金的基金相比，投资者通过战略股票支付了比特币的支付费用约为63％。

The move makes little sense. If investors want to own Bitcoin, they should buy Bitcoin, not a company that is issuing stock and convertible debt to buy more of the cryptocurrency. But if investors want to own a company with a strong business model and a history of generating returns, then they should buy a company that is focused on its core operations, not one that is spending the vast majority of its time and resources on a single asset class.

此举几乎没有意义。如果投资者想拥有比特币，他们应该购买比特币，而不是发行股票和可转换债务的公司来购买更多的加密货币。但是，如果投资者想拥有一家具有强大商业模式和产生回报历史的公司，那么他们应该购买一家专注于其核心运营的公司，而不是将大部分时间和资源花在单个资产类别上的公司。

Here are three of the biggest risks of buying this Bitcoin proxy.

这是购买此比特币代理的三个最大风险。

1. Strategy’s market cap dwarfs its net asset value

1。策略的市值矮净资产价值

Perhaps the most obvious and significant risk to investors is that the total value of the company’s stock, its market cap, is worth vastly more than the net asset value of the company.

投资者最明显，最明显的风险也许是公司股票的总价值（其市值）的价值远远超过公司的净资产价值。

The net asset value of Strategy was $43.72 billion as of year-end 2024, after adjusting for the fair market value of the company’s Bitcoin holdings. That compares to a total market capitalization of $71.2 billion at the close of the year — an overvaluation of around 63 percent. To put it another way, investors are paying about 63 percent more to own Bitcoin through Strategy stock than buying the cryptocurrency or a Bitcoin ETF directly. The move makes little sense.

在调整了公司比特币持有的公平市场价值后，截至2024年年底，战略的净资产价值为437.2亿美元。相比之下，一年四届的总市值为712亿美元，高估了63％。换句话说，与直接购买加密货币或直接购买比特币ETF相比，投资者为拥有比特币多支付了63％。此举几乎没有意义。

Strategy management are well aware of the disconnect and are taking advantage in a way that benefits shareholders. The company actually has an authorization to sell the stock and is using it to buy more bitcoins. The company issued $15.1 billion in stock in the fourth quarter and a further $2.4 billion through Feb. 2, 2025. It can raise a further $4.3 billion through stock sales.

战略管理非常了解断开连接，并以使股东受益的方式利用了优势。该公司实际上有授权出售该股票，并正在使用它来购买更多的比特币。该公司在第四季度发行了151亿美元的股票，并在2025年2月2日发行了24亿美元。它可以通过股票销售再筹集43亿美元。

These proceeds are then plowed back into purchases of Bitcoin. In the fourth quarter alone, the company bought $20.5 billion in bitcoins and purchased more in the first quarter of 2025.

然后将这些收益付诸实践，以购买比特币的购买。仅在第四季度，该公司就购买了200亿美元的比特币，并在2025年第一季度购买了更多。

In effect, Strategy is selling its overpriced stock and buying relatively underpriced bitcoins. It makes sense to take advantage of shareholders who are willing to overvalue the stock and then to purchase more of what they’re overvaluing, the bitcoins. And the practice should continue, since the company is increasing the total number of shares it can issue.

实际上，战略正在出售其价格过高的股票，并购买相对较低的比特币。利用愿意高估股票，然后购买更多其高估的股东，比特币，这是有意义的。而且，这种做法应该继续，因为该公司正在增加它可以发行的股份总数。

But if Strategy can’t continue to sell overpriced stock to continue its Bitcoin buying binge, what happens to the stock then? If something can’t continue, it eventually won’t.

但是，如果策略无法继续出售价格过高的股票以继续其比特币购买狂欢，那股票会怎样？如果事情无法继续，最终不会。

2. Strategy is strapped with debt and its businesses lose money

2.策略被债务及其企业损失

Strategy has issued convertible debt to bootstrap its way to a high stock price. With convertible bonds, a company typically receives a lower-than-average interest rate and promises the bond buyer to convert the bonds to stock later, often at a more favorable price. So “converts” can be favorable for companies that don’t have strong cash flow and that can pay with stock instead.

策略已发行可转换债务，以达到高股价。有了可转换债券，一家公司通常会获得低于平均水平的利率，并承诺债券买家以后将债券转换为股票，通常价格更高。因此，“ convert依者”对于没有强劲现金流并且可以用股票付款的公司有利。

Strategy has six series of convertible debt outstanding at interest rates ranging from 0 percent to 2.25 percent. It also recently issued convertible preferred stock, which acts much like a bond, but it had to do so at a significant discount, even though the preferreds pay a high 8 percent coupon. The bonds and the preferreds mean that the company has to pay interest regularly.

策略的利率有六个系列可转换债务，范围从0％到2.25％。它最近还发行了可转换优先股，该股票的行为与债券一样，但必须以很大的折扣来折扣，即使首选人支付了高8％的息票。债券和首选意味着公司必须定期支付利息。

But Strategy’s underlying business is weak. In 2024, for example, it generated an operating loss of more than $6

但是策略的基本业务很薄弱。例如，在2024年，它产生了超过6美元以上的运营损失