策略（以前是微观的）用“ BTC增益”等短语重命名股东稀释

策略（以前是MicroStrategy）本周报道，创始人Michael Saylor专注于一个小时的网络研讨会上的财务抽象。

Business intelligence firm MicroStrategy (NASDAQ:MSTR) reported earnings this week with founder Michael Saylor focusing on financial abstraction throughout an hour-long webinar.

商业情报公司MicroStrategy（NASDAQ：MSTR）本周报告了收益，创始人Michael Saylor专注于整个一个小时的网络研讨会。

While he provided some basic metrics about the company’s Q4 performance, he focused mostly on renaming shareholder dilution with terms like “BTC Gain.”

尽管他提供了有关该公司第四季度业绩的一些基本指标，但他主要专注于将股东稀释以“ BTC收益”为例。

In a daisy chain of financial complexity, MicroStrategy has managed to dilute shareholders by having them focus on abstract financial models that highlight the quantity of bitcoin (BTC) per share rather than the reason for that quantity.

在雏菊的财务复杂性链中，MicroStrategy通过专注于抽象财务模型来突出每股比特币（BTC）的数量，而不是该数量的原因。

The more time investors spend making calculations and forecasts, the less time they have left to ponder the source of the data itself.

投资者花费的时间越多，进行计算和预测的时间就越多，他们留下的时间就越少，以思考数据本身的来源。

Despite operating a declining enterprise software business that (was worth less than $3 billion prior to the company’s August 2020 pivot to BTC) MicroStrategy’s $85 billion market cap today almost entirely derives from its $46 billion worth of the world’s leading cryptocurrency.

尽管经营一家企业软件业务下降的企业（在该公司2020年8月在BTC上的价值不到30亿美元），MicroStrategy的850亿美元市值今天几乎完全源于其价值460亿美元的全球领先加密货币。

That 84% premium of the company’s market cap above its BTC is real, and investors colloquially refer to it as an “asset premium” or “multiple-to-net asset value” (mNAV). At press time, MicroStrategy’s mNAV is 1.84X.

该公司的市值高于其BTC的84％溢价是真实的，并且投资者通俗地将其称为“资产保费”或“多到网络资产价值”（MNAV）。发稿时，MicroStrategy的MNAV为1.84倍。

For a variety of reasons, including the ability of the highly volatile company to sell attractively priced corporate bonds with liquid hedges for short sales, MicroStrategy has traded at a premium to its BTC

出于多种原因，包括高度动荡的公司与液体套期保护销售价格可观的公司债券的能力，以短销售，MicroStrategy以其BTC的溢价交易