战略是否会悄悄地重塑上市公司与资本市场互动的方式 - 其210亿美元的计划是否可以为比特币一致的资产负债表的效果设定先例吗？

策略（以前的微观）在美国资本市场中的作用正在以几年前很少会预测的方式发生变化。

Strategy is quietly reshaping how public companies interact with capital markets – and its $21 billion plan could set a precedent for Bitcoin-aligned balance sheet plays, according to Bloomberg Intelligence.

据彭博社情报公司称，策略正在悄悄地重塑上市公司与资本市场互动的方式 - 据彭博情报公司称，其210亿美元的计划可能为比特币一致的资产负债表的效果树立了先例。

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Small fish, big splash

小鱼，大飞溅

Strategy’s (previously MicroStrategy) role in U.S. capital markets is changing in ways that few would have predicted.

策略（以前的缩影）在美国资本市场中的作用正在以很少预测的方式发生变化。

Known primarily as an enterprise software firm, the company became one of the biggest Bitcoin (BTC) proxies and most active participants in equity financing in 2024 – despite accounting for just a small share of total market value.

该公司主要被称为企业软件公司，在2024年成为最大的比特币（BTC）代理人之一和最活跃的股票融资参与者之一 - 尽管仅占总市场价值的一小部分。

As of Mar. 25, Strategy has a market capitalization of $87.64 billion, ranking it 109th among U.S. companies and 211th globally. On paper, that places it well below the largest public firms. Yet in terms of equity raised or announced in 2024, it stands out sharply.

截至3月25日，战略的市值为876.4亿美元，在美国公司中排名第109，全球排名第211位。从表面上看，这将其远低于最大的上市公司。然而，就2024年筹集或宣布的股权而言，它突出了。

According to Bloomberg Intelligence data shared by Matthew Sigel, Head of Digital Assets Research at VanEck, Strategy represents only 0.07% of the U.S. equity market by value, but accounts for 16% of all equity raised or announced in 2024.

根据Vaneck数字资产研究负责人Matthew Sigel共享的彭博情报数据，战略仅占美国股票市场市场的0.07％，但占2024年所有股权的16％。

Tiny market cap. Huge footprint.$MSTR = 0.07% of U.S. equities by value.But 16% of all equity raised or announced in 2024Bitcoin isn’t just a store of value. It’s a magnet for capital.

微小的市值。巨大的占地面积。$ MSTR = 0.07％的美国股票的价值。但是，在2024bitcoin筹集或宣布的所有股票中，有16％不仅是价值的商店。这是资本的磁铁。

A large portion of this came from two offerings. One was a $2 billion convertible note issuance completed in November 2024. The second, announced in October 2024, is a broader funding plan that aims to raise $21 billion over three years.

其中很大一部分来自两种产品。其中一个是2024年11月完成的20亿美元可转换票据发行。第二张宣布于2024年10月，是一项更广泛的资金计划，旨在在三年内筹集210亿美元。

As of the end of Dec., $561 million had already been secured, much of it directed toward Bitcoin purchases – a strategy the company has increasingly aligned itself with over the past few years.

截至12月底，已经获得了5.61亿美元的保险，其中大部分针对比特币购买 - 该公司在过去几年中越来越与之保持一致。

Within the software sector, these two transactions made up more than 70% of the $39.5 billion in fresh equity raised in 2024. That figure puts software ahead of every other sector in 2024 in terms of additional offerings, followed by biotechnology at $30.1 billion, oil & gas at $26.46 billion,REITs at $22.44 billion, and aerospace and defense at $21.13 billion.

在软件领域内，这两项交易在2024年筹集的395亿美元新鲜股权中的70％以上。这一数字将软件在2024年的其他产品方面使软件领先于其他部门，随后是301亿美元的生物技术，油气上为264.6亿美元的油气，为264.6亿美元，以22.4444444.444444444444444.444444444444444.44444444444444.44 and Optospace，and Opterospace和21亿美元。

Notably, only biotechnology andREITs have consistently ranked among the top five sectors in recent years. Strategy’s outsized presence in software makes its contribution unusually concentrated.

值得注意的是，近年来，只有生物技术Andreits一直在排名前五的领域中排名。策略在软件中的庞大存在使其贡献异常集中。

Few companies of Strategy’s size have moved this aggressively to tap equity markets in 2024. Fewer still have done so with such a narrow and defined purpose – accumulating Bitcoin through corporate balance sheet expansion.

策略规模的公司很少有积极地将其转移到2024年。以如此狭窄和定义的目的，更少的事情 - 通过公司资产负债表扩展积累了比特币。

In that sense, the company’s financial activity is less about conventional software growth and more about asset allocation at scale. Let’s decode what is happening behind the scenes

从这个意义上讲，公司的财务活动与常规软件增长有关，而更多地是关于资产分配的规模。让我们解码幕后发生的事情

Strategy doubles down on its BTC thesis

策略使其BTC论文翻倍

Strategy has continued its Bitcoin accumulation in early 2025, adding 6,911 BTC for approximately $584.1 million at an average price of $84,529 per coin, further solidifying its position as the largest public company by BTC holdings.

战略在2025年初继续累积了比特币的积累，每枚硬币的平均价格为84,529美元，以约5.841亿美元的价格增加了6,911 BTC，进一步巩固了BTC Holdings作为最大的上市公司的地位。

As of March 25, the company holds a total of 506,137 BTC, which was acquired for approximately $33.7 billion at an average cost basis of $66,608. At Bitcoin’s current market price of around $87,000, Strategy’s holdings are valued at over $44 billion, reflecting an unrealized gain of about $10.3 billion, or roughly $20,392 per BTC.

截至3月25日，该公司总共持有506,137 BTC，该公司的平均成本基础为66,608美元。以比特币目前的市场价格约为87,000美元，策略的持股量超过440亿美元，反映出未实现的收益约为103亿美元，即每BTC约为20,392美元。

Halfway to a million bitcoin, and beyond.

到一百万个比特币及以后的中途。

Year-to-date, the company has recorded a 7.7% BTC yield. This latest accumulation came shortly after Strategy reaffirmed its plans to raise capital via Class A strike preferred stock.

该公司逐年记录了BTC收益率为7.7％。在战略重申其通过A级罢工优先股筹集资金的计划之后不久，这一最新积累就出现了。

While the filing specifies that funds may be used for “general corporate purposes,” prior behavior suggests a large portion will likely be allocated to crypto asset accumulation.

尽管文件指定可用于“一般公司目的”的资金，但先前的行为表明，很大一部分可能会分配给加密资产的积累。

Strategy’s approach stands in stark contrast to other corporate Bitcoin holders. For instance, Tesla holds about 11,500 BTC, while Block (formerly Square) has a little more than 8,000 BTC—both firms made their purchases years ago and have largely maintained static positions.

战略的方法与其他公司比特币持有人形成鲜明对比。例如，特斯拉持有约11,500 BTC，而Block（以前是Square）的BTC超过8,000 BTC，这两家公司都在几年前进行了购买，并且在很大程度上保持了静态位置。

In comparison, Strategy has been conducting multiple bitcoin acquisitions nearly every quarter since 2020 and remains the only publicly traded company with a defined strategy of accumulating bitcoin as a primary treasury reserve asset.

相比之下，自2020年以来，战略几乎每季度都在进行多次比特币收购，并且仍然是唯一一家以累积比特币为主要财政储备资产的公开交易的公司。

STRK and financial engineering

Strk和金融工程

Earlier this year, Strategy introduced a new kind of financial instrument called STRK

今年早些时候，战略引入了一种新型的金融工具，称为Strk