策略（NASDAQ：MSTR）首席执行官Phong LE将比特币作为现代公司财政策略的核心组成部分。

在MIT比特币博览会（MIT Bitcoin Expo）的最新主题演讲中，战略首席执行官Phong LE（NASDAQ：MSTR）为比特币作为现代公司财政策略的核心组成部分大胆案例。

At the MIT Bitcoin Expo, Phong Le, CEO of Strategy (NASDAQ:MSTR), made a compelling case for Bitcoin as a core component of modern corporate treasury strategy.

在MIT比特币博览会上，战略首席执行官Phong LE（NASDAQ：MSTR）为比特币作为现代公司财政策略的核心组成部分提出了令人信服的案例。

With over 528,000 BTC held in its reserves, Strategy has become the most visible—and arguably the most successful—public company to adopt Bitcoin as a primary reserve asset.

在其储备中拥有超过528,000个BTC，战略已成为最明显的，也可以说是最成功的公共公司，是采用比特币作为主要储备资产。

“We outperformed the entire Nasdaq, the entire S&P 500, the entire Mag Seven… and we outperformed Bitcoin,” Le said, highlighting Strategy’s performance in a challenging market.

勒说：“我们的表现优于整个纳斯达克，整个标准普尔500号，整个杂志七人……我们的表现都优于比特币。”

While Strategy Chairman Michael Saylor laid the philosophical foundation for Bitcoin’s corporate use case starting in 2020, Le’s keynote drove home the executional and financial results. Part challenge and part case study, the talk urged corporate leaders to question everything from their education to their financial assumptions—and to reimagine their balance sheet in the Bitcoin era.

虽然战略主席迈克尔·赛勒（Michael Saylor）从2020年开始为比特币公司用例奠定了哲学基础，但Le的主题演讲带回了执行和财务业绩。该讨论敦促零件挑战和部分案例研究，敦促企业领导人质疑从他们的教育到财务假设的一切，并在比特币时代重新构想其资产负债表。

Corporations Aren’t Performing—And Bitcoin Offers a Way Out

公司没有表现 - 比特币提供了出路

On Day 1 of the MIT Bitcoin Expo, Le opened with a stark assessment of corporate America’s performance problem. Of the 35 million companies in the U.S., only the top tier—primarily S&P 500 firms—are consistently meeting market expectations. The rest are lagging behind.

在麻省理工学院比特币博览会的第1天，LE开放了对美国公司绩效问题的鲜明评估。在美国的3500万公司中，只有最高级别的公司（主要标准普尔500家公司）始终达到市场期望。其余的落后。

“Almost every other company is not performing,” Le said bluntly.

“几乎所有其他公司都没有表现，” Le直言不讳地说。

He traced this inefficiency to deeply entrenched financial orthodoxy. Elite MBA programs, top-tier consultancies, and Wall Street firms continue to teach the same playbook: optimize the income statement, reinvest in traditional assets, and stick to quarterly thinking. The result is a system that’s designed for incremental gains—and often delivers minimal returns.

他将这种低效率追溯到深深的金融正统观念。精英MBA计划，顶级咨询公司和华尔街公司继续教授同一部剧本：优化损益表，重新投资传统资产，并坚持季度思考。结果是一个专为增量增益而设计的系统，并且通常会带来最少的回报。

As Le pointed out, even private equity, venture capital, and hedge funds rarely beat the S&P 500 benchmark.

正如勒指出的那样，即使是私募股权，风险投资和对冲基金也很少击败标准普尔500标准标准标准。

But according to Le, it’s not a lack of talent that’s holding companies back—it’s a lack of imagination.

但是根据勒的说法，这并不是缺乏才能阻止公司退缩，而是缺乏想象力。

Strategy’s Bitcoin Playbook: From Cash Drag to Digital Capital

策略的比特币剧本：从现金阻力到数字资本

What set Strategy apart, Le argued, was its decision to treat the balance sheet not as a passive liability but as a strategic asset.

勒认为，将战略与众不同的是，其决定将资产负债表视为被动责任，而是将其视为战略资产。

While most companies typically park cash in low-yielding government bonds or commodities like gold, Strategy chose Bitcoin.

虽然大多数公司通常以低收益的政府债券或黄金等商品的方式将现金停放，但战略选择了比特币。

“If you’re a company, why wouldn’t you do the same thing? Make money off of your balance sheet. It stands to reason.”

“如果您是一家公司，为什么不做同样的事情？从资产负债表中赚钱。这是有道理的。”

Le highlighted the fact that Bitcoin offers not just return potential but also structural advantages: it trades 24/7, it isn’t subject to central bank policy, and it provides corporations with instant global liquidity.

Le强调了比特币不仅提供回报潜力，而且还具有结构性优势的事实：它交易24/7，不受央行政策的约束，并且为公司提供了即时的全球流动性。

In contrast, traditional capital markets operate “252 days a year, 6.5 hours a day—19% of the time.”

相比之下，传统的资本市场每年252天，每天6.5个小时，占19％的时间”。

Strategy has embraced this fully, updating its Bitcoin reserves in real time.

策略已经完全接受了这一点，实时更新了其比特币储备。

“We show our results daily. In fact, we update them every fifteen seconds on our website,” Le said, signaling that Strategy is playing by a different—and faster—set of rules.

“我们每天显示我们的结果。实际上，我们在我们的网站上每15秒更新它们，” Le说，表明策略正在使用规则的不同，更快地播放。

This also closes the gap on a major challenge for corporations adopting Bitcoin: the mismatch between traditional accounting rules and a 24/7 asset class.

对于采用比特币：传统会计规则与24/7资产类别之间的不匹配的公司的主要挑战的差距也缩小了差距。

Current standards are built for quarterly earnings and slow-moving financial instruments—not real-time, globally traded digital assets. As Phong Le put it: “Accounting policies update every five years, quinquennially. Accounting policies don’t work for Bitcoin.”

目前的标准是为季度收益和缓慢移动的金融工具而不是实时交易的数字资产而建立的。正如Phong Le所说：“会计政策每五年更新一次，Quinquennaly。会计政策对比特币不起作用。”

Under GAAP, Bitcoin is treated as an intangible asset—marked down when prices fall but not adjusted upward when they rise—creating a distorted view of financial health.

在GAAP下，比特币被视为一种无形资产，当价格下跌但在上升时没有调整时标记下来 - 创造了对财务健康的扭曲观点。

To close that gap, Strategy has adopted a more transparent approach.

为了缩小这一差距，战略采用了一种更透明的方法。

“We show our results daily. In fact, we update them every fifteen seconds on our website,” Le said. This real-time reporting reflects the always-on nature of Bitcoin and signals to the market that Strategy is playing by a different—and faster—set of rules.

勒说：“我们每天显示结果。实际上，我们在网站上每15秒更新它们。”这项实时报告反映了比特币的始终性质和向市场的信号，该策略正在以不同的（更快）的速度进行规则。

Rather than wait for institutions to catch up, Strategy is setting the standard for how the performance of Bitcoin treasury companies should be measured.

策略不是等待机构赶上来赶上机构，而是为如何衡量比特币国库公司的绩效制定标准。

Why MSTR Stock Became the Most Watched in the U.S. Market

为什么MST的股票成为美国市场上最受关注的股票

Since adopting its Bitcoin treasury strategy, MSTR stock has become “the most performant, the most volatile, the highest volume, and most interesting stock in the United States,” according to Le.

根据LE的说法，自从采用比特币国库策略以来，MSTR股票已成为美国表现最大，最动荡，最多的数量和最有趣的股票。”

Its performance has consistently outpaced traditional benchmarks—not just because Bitcoin appreciated but because Strategy leaned into its identity as a Bitcoin-native public company.

它的性能一直超过传统的基准，这不仅仅是因为比特币赞赏，而是因为战略倾向于其作为比特币本地上市公司的身份。

And it’s not alone. Le highlighted the growing list of companies replicating the model: Metaplanet, Semler Scientific, and KULR Technology Group, all of which outperformed the S&P 500 and Bitcoin after adopting similar treasury strategies.

这并不孤单。 LE强调了越来越多的公司清单复制模型：Metaplanet，Semler Scientific和Kulr Technology Group，所有这些集团在采用了类似的国库策略后，所有这些都超过了标准普尔500和比特币。

“This is a replicable strategy,” Le said. “Everyone else should be doing this.”

勒说：“这是一种可复制的策略。” “其他所有人都应该这样做。”

Breaking the Mold: A Corporate Call to Courage

打破模具：勇气的公司呼吁

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