{"id":1501,"date":"2025-08-07T07:53:19","date_gmt":"2025-08-06T23:53:19","guid":{"rendered":"https:\/\/www.db-hk.com\/?p=1501"},"modified":"2025-08-07T07:53:19","modified_gmt":"2025-08-06T23:53:19","slug":"%e4%b8%80%e6%96%87%e8%af%bb%e6%87%82mstr%e5%be%ae%e7%ad%96%e7%95%a5%e7%9a%84%e6%af%94%e7%89%b9%e5%b8%81%e6%88%98%e7%95%a5","status":"publish","type":"post","link":"http:\/\/www.fubairui.net\/?p=1501","title":{"rendered":"\u4e00\u6587\u8bfb\u61c2MSTR\u5fae\u7b56\u7565\u7684\u6bd4\u7279\u5e01\u6218\u7565"},"content":{"rendered":"<p>\u5728\u534e\u5c14\u8857\u7684\u5386\u53f2\u4e0a\uff0c\u4ece\u6765\u4e0d\u7f3a\u5c11\u4f20\u5947\u6545\u4e8b\uff0c\u4f46\u5fae\u7b56\u7565\uff08MicroStrategy\uff09Bitcoin Treasury Company \u7684\u6218\u7565\u8f6c\u578b\u4e4b\u8def\uff0c\u6ce8\u5b9a\u4f1a\u6210\u4e3a\u4e00\u4e2a\u4e0e\u4f17\u4e0d\u540c\u7684\u65b0\u4f20\u5947\u3002<\/p>\n<p><strong>\u4e00\u573a\u5f15\u53d1\u5168\u7403\u5173\u6ce8\u7684\u6bd4\u7279\u5e01\u6218\u7565<\/strong><\/p>\n<p>2020 \u5e74\uff0c\u65b0\u51a0\u75ab\u60c5\u5f15\u53d1\u5168\u7403\u6d41\u52a8\u6027\u5371\u673a\uff0c\u5404\u56fd\u91c7\u53d6\u5bbd\u677e\u8d27\u5e01\u653f\u7b56\u4ee5\u523a\u6fc0\u7ecf\u6d4e\uff0c\u5bfc\u81f4\u8d27\u5e01\u8d2c\u503c\u548c\u901a\u8d27\u81a8\u80c0\u98ce\u9669\u52a0\u5267\u3002<\/p>\n<p>Michael Saylor \u5728\u65b0\u51a0\u75ab\u60c5\u671f\u95f4\uff0c\u91cd\u65b0\u8bc4\u4f30\u4e86\u6bd4\u7279\u5e01\u7684\u4ef7\u503c\u3002\u4ed6\u8ba4\u4e3a\uff0c\u5f53\u8d27\u5e01\u4f9b\u5e94\u91cf\u4ee5\u6bcf\u5e74 15% \u7684\u901f\u5ea6\u589e\u957f\u65f6\uff0c\u4eba\u4eec\u9700\u8981\u4e00\u79cd\u4e0d\u4e0e\u6cd5\u5b9a\u73b0\u91d1\u6d41\u6302\u94a9\u7684\u907f\u9669\u8d44\u4ea7\u3002\u56e0\u6b64\uff0c\u4ed6\u4e3a MicroStrategy \u9009\u62e9\u4e86\u6bd4\u7279\u5e01\u6218\u7565\u3002<\/p>\n<p>\u76f8\u8f83\u4e8e\u8d1d\u83b1\u5fb7\u7b49\u516c\u53f8\u63a8\u51fa\u7684 BTC ETF \u6216\u8005\u5176\u4ed6\u7684 Spot Bitcoin ETPs\uff0cMicroStrategy \u7684\u6bd4\u7279\u5e01\u6218\u7565 \u66f4\u52a0\u6fc0\u8fdb\u3002\u5b83\u901a\u8fc7\u516c\u53f8\u95f2\u7f6e\u8d44\u91d1\u3001\u53d1\u884c\u53ef\u8f6c\u503a\u3001\u80a1\u4efd\u589e\u53d1\u7b49\u878d\u8d44\u65b9\u5f0f\u6765\u8d2d\u4e70\u6bd4\u7279\u5e01\uff0c\u516c\u53f8\u672c\u8eab\u83b7\u53d6\u6bd4\u7279\u5e01\u4e0a\u6da8\u7684\u6f5c\u5728\u6536\u76ca\uff0c\u540c\u65f6\u627f\u53d7\u6bd4\u7279\u5e01\u4e0b\u8dcc\u7684\u6f5c\u5728\u98ce\u9669\uff0c\u800c ETF\/ETPs \u66f4\u4fa7\u91cd\u4e8e\u4ef7\u683c\u7684\u8ffd\u8e2a\u3002<\/p>\n<p><strong>\u5fae\u7b56\u7565\u7684\u8d44\u91d1\u6765\u6e90\u548c\u6bd4\u7279\u5e01\u8d2d\u4e70\u5386\u7a0b<\/strong><\/p>\n<p>MicroStrategy \u4e3b\u8981\u901a\u8fc7\u56db\u79cd\u9014\u5f84\u7b79\u96c6\u8d44\u91d1\u8d2d\u4e70\u6bd4\u7279\u5e01\u3002<\/p>\n<p><strong>1\u3001\u4f7f\u7528\u81ea\u6709\u8d44\u91d1\u8d2d\u4e70<\/strong><\/p>\n<p>\u6700\u521d\u7684\u4e09\u7b14\u6295\u8d44\uff0c\u5fae\u7b56\u7565\u662f\u5c06\u8d26\u9762\u7684\u95f2\u7f6e\u8d44\u91d1\u6295\u5165\u8d2d\u4e70\u30022020 \u5e74 8 \u6708\u5fae\u7b56\u7565\u65a5\u8d44 2.5 \u4ebf\u7f8e\u5143\u8d2d\u4e70\u4e86 21400 \u679a\u6bd4\u7279\u5e01\uff1b9 \u6708\u6295\u5165\u4e86 1.75 \u4ebf\u7f8e\u5143\u8d2d\u4e70\u4e86 16796 \u679a\u6bd4\u7279\u5e01\uff1b12 \u6708\u6295\u5165\u4e86 0.5 \u4ebf\u7f8e\u5143\u8d2d\u4e70\u4e86 2574 \u679a\u6bd4\u7279\u5e01\u3002<\/p>\n<p><strong>2\u3001\u53d1\u884c\u53ef\u8f6c\u6362\u4f18\u5148\u503a\u5238\uff08Convertible Senior Notes\uff09<\/strong><\/p>\n<p>\u4e3a\u4e86\u8d2d\u4e70\u66f4\u591a\u6bd4\u7279\u5e01\uff0c\u5fae\u7b56\u7565\u5f00\u59cb\u91c7\u7528\u53d1\u884c\u53ef\u8f6c\u503a\u7684\u65b9\u5f0f\u878d\u8d44\u4e70\u5e01\u3002<\/p>\n<p>\u53ef\u8f6c\u6362\u4f18\u5148\u503a\u5238\u662f\u4e00\u79cd\u91d1\u878d\u5de5\u5177\uff0c\u5141\u8bb8\u6295\u8d44\u8005\u5728\u7279\u5b9a\u6761\u4ef6\u4e0b\u5c06\u503a\u5238\u8f6c\u6362\u4e3a\u516c\u53f8\u80a1\u7968\u3002\u8fd9\u79cd\u503a\u5238\u7684\u7279\u70b9\u662f\u5229\u7387\u8f83\u4f4e\uff0c\u751a\u81f3\u4e3a\u96f6\uff0c\u540c\u65f6\u8bbe\u5b9a\u9ad8\u4e8e\u5f53\u524d\u80a1\u4ef7\u7684\u8f6c\u6362\u4ef7\u683c\u3002\u6295\u8d44\u8005\u4e4b\u6240\u4ee5\u613f\u610f\u8d2d\u4e70\u6b64\u7c7b\u503a\u5238\uff0c\u4e3b\u8981\u56e0\u4e3a\u5176\u63d0\u4f9b\u4e86\u4e0b\u884c\u4fdd\u62a4\uff08\u5373\u503a\u5238\u5230\u671f\u53ef\u6536\u56de\u672c\u91d1\u548c\u5229\u606f\uff09\u4ee5\u53ca\u5728\u80a1\u4ef7\u4e0a\u6da8\u65f6\u7684\u6f5c\u5728\u6536\u76ca\u3002\u5fae\u7b56\u7565\u53d1\u884c\u7684\u51e0\u671f\u53ef\u8f6c\u503a\u5229\u7387\u5728 0%-0.75% \u4e4b\u95f4\u5c45\u591a\uff0c\u8bf4\u660e\u6295\u8d44\u8005\u5b9e\u9645\u662f\u5bf9 MSTR \u7684\u80a1\u4ef7\u4e0a\u6da8\u6709\u4fe1\u5fc3\uff0c\u5bc4\u5e0c\u671b\u4e8e\u503a\u5238\u8f6c\u6362\u4e3a\u80a1\u7968\u4ee5\u8d5a\u53d6\u66f4\u591a\u6536\u76ca\u3002<\/p>\n<p><strong>3\u3001\u53d1\u884c\u4f18\u5148\u62c5\u4fdd\u503a\u5238\uff08Senior Secured Notes\uff09<\/strong><\/p>\n<p>\u9664\u4e86\u53ef\u8f6c\u6362\u4f18\u5148\u503a\u5238\uff0c\u5fae\u7b56\u7565\u8fd8\u53d1\u884c\u8fc7\u4e00\u6b21 4.89 \u4ebf\u7f8e\u5143 2028 \u5e74\u5230\u671f 6.125% \u5229\u7387\u7684\u4f18\u5148\u62c5\u4fdd\u503a\u5238\u3002<\/p>\n<p>\u4f18\u5148\u62c5\u4fdd\u503a\u5238\u662f\u4e00\u79cd\u6709\u62b5\u62bc\u7684\u503a\u5238\uff0c\u98ce\u9669\u6bd4\u53ef\u8f6c\u6362\u4f18\u5148\u503a\u5238\u66f4\u4f4e\uff0c\u4f46\u662f\u8fd9\u7c7b\u503a\u5238\u53ea\u6709\u56fa\u5b9a\u5229\u606f\u6536\u76ca\u3002\u5fae\u7b56\u7565\u53d1\u884c\u7684\u8fd9\u4e00\u6279\u4f18\u5148\u62c5\u4fdd\u503a\u5238\uff0c\u5df2\u7ecf\u9009\u62e9\u63d0\u524d\u8fd8\u6b3e\u3002<\/p>\n<p><strong>4\u3001\u5e02\u4ef7\u80a1\u7968\u53d1\u884c\uff08At-the-Market Equity Offerings\uff09<\/strong><\/p>\n<p>\u968f\u7740\u5fae\u7b56\u7565\u7684\u6bd4\u7279\u5e01\u6218\u7565\u521d\u89c1\u6210\u6548\uff0cMSTR \u80a1\u4ef7\u6301\u7eed\u4e0a\u6da8\uff0c\u5fae\u7b56\u7565\u91c7\u53d6\u4e86\u66f4\u591a\u7684\u5e02\u4ef7\u80a1\u7968\u53d1\u884c\u7684\u65b9\u5f0f\u878d\u8d44\u3002\u8fd9\u79cd\u65b9\u5f0f\u83b7\u5f97\u7684\u8d44\u91d1\u98ce\u9669\u66f4\u4f4e\uff0c\u56e0\u4e3a\u5b83\u4e0d\u662f\u503a\u52a1\uff0c\u6ca1\u6709\u8fd8\u6b3e\u538b\u529b\uff0c\u4e5f\u4e0d\u5b58\u5728\u67d0\u4e2a\u53ef\u9884\u89c1\u7684\u8fd8\u6b3e\u65e5\u671f\u3002<\/p>\n<p>MicroStrategy \u5148\u540e\u4e0e Jefferies\u3001Cowen and Company LLC \u548c BTIG LLC \u7b49\u4ee3\u7406\u7ed3\u6784\u7b7e\u8ba2\u8fc7\u516c\u5f00\u5e02\u573a\u9500\u552e\u534f\u8bae\u3002\u6839\u636e\u8fd9\u4e9b\u534f\u8bae\uff0c\u5fae\u7b56\u7565\u53ef\u4ee5\u4e0d\u5b9a\u671f\u901a\u8fc7\u8fd9\u4e9b\u4ee3\u7406\u673a\u6784\uff0c\u53d1\u884c\u548c\u51fa\u552e A \u7c7b\u666e\u901a\u80a1\u3002\u8fd9\u5c31\u662f\u4e1a\u5185\u6240\u8c13\u7684 ATM\u3002<\/p>\n<p>\u5e02\u4ef7\u80a1\u7968\u53d1\u884c\u66f4\u52a0\u7075\u6d3b\uff0c\u5fae\u7b56\u7565\u53ef\u4ee5\u6839\u636e\u4e8c\u7ea7\u5e02\u573a\u884c\u60c5\u6765\u9009\u62e9\u51fa\u552e\u65b0\u80a1\u7684\u65f6\u673a\u3002\u7531\u4e8e\u53d1\u884c\u80a1\u7968\u7a00\u91ca\u4e86\u73b0\u6709\u80a1\u4e1c\u6743\u76ca\uff0c\u4f46\u5176\u4e0e\u6bd4\u7279\u5e01\u4ef7\u683c\u7684\u76f8\u5173\u6027\u3001\u6bcf\u80a1 MSTR \u7684\u542b\u5e01\u91cf\u4e0a\u5347\u7b49\u53d8\u5316\uff0c\u5bfc\u81f4\u5e02\u573a\u5bf9\u6b64\u4e3e\u63aa\u53cd\u5e94\u590d\u6742\uff0cMSTR \u80a1\u4ef7\u6574\u4f53\u5448\u73b0\u8f83\u9ad8\u6ce2\u52a8\u7387\u3002<\/p>\n<p>MicroStrategy \u901a\u8fc7\u4ee5\u4e0a\u56db\u79cd\u65b9\u5f0f\u8d2d\u4e70\u6bd4\u7279\u5e01\u7684\u5386\u7a0b\u5982\u4e0b\uff1a<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/25ae40292cc1b5f2773f2407baddb5c5.png\" alt=\"\u4e00\u6587\u8bfb\u61c2MSTR\u5fae\u7b56\u7565\u7684\u6bd4\u7279\u5e01\u6218\u7565\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/25ae40292cc1b5f2773f2407baddb5c5.png\" alt=\"\u4e00\u6587\u8bfb\u61c2MSTR\u5fae\u7b56\u7565\u7684\u6bd4\u7279\u5e01\u6218\u7565\" \/><\/figure>\n<p class=\"has-text-align-center\">\u5236\u4f5c\uff1aIOBC Capital<\/p>\n<p>\u5bf9\u5e94\u5230 BTC \u7684\u4ef7\u683c\u8d70\u52bf\u56fe\u4e2d\uff0cMicroStrategy \u5177\u4f53\u7684\u8d2d\u4e70\u5386\u53f2\u7eaa\u5f55\u5982\u4e0b\u56fe\uff1a<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/2f816f9da0ff273e3a59736251641dfb.png\" alt=\"\u4e00\u6587\u8bfb\u61c2MSTR\u5fae\u7b56\u7565\u7684\u6bd4\u7279\u5e01\u6218\u7565\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/2f816f9da0ff273e3a59736251641dfb.png\" alt=\"\u4e00\u6587\u8bfb\u61c2MSTR\u5fae\u7b56\u7565\u7684\u6bd4\u7279\u5e01\u6218\u7565\" \/><\/figure>\n<p class=\"has-text-align-center\">\u6765\u6e90\uff1abitcointreasuries.net<\/p>\n<p>\u622a\u81f3 2024 \u5e74 12 \u6708 30 \u65e5\uff0cMicroStrategy \u603b\u8ba1\u6295\u8d44\u7ea6 277 \u4ebf\u7f8e\u5143\uff0c\u8d2d\u4e70\u4e86 444262 \u679a\u6bd4\u7279\u5e01\uff0c\u6301\u4ed3\u5747\u4ef7 62257 \u7f8e\u5143 \/ \u679a\u3002<\/p>\n<p><strong>\u5173\u4e8e\u5fae\u7b56\u7565\u300c\u667a\u80fd\u6760\u6746\u300d\u8d2d\u4e70\u6bd4\u7279\u5e01\u7684\u51e0\u4e2a\u5173\u952e\u95ee\u9898<\/strong><\/p>\n<p>\u5bf9\u4e8e MicroStrategy\u300c\u667a\u80fd\u6760\u6746\u300d\uff08Intelligent Leverage\uff09\u8d2d\u4e70\u6bd4\u7279\u5e01\u7684\u6218\u7565\uff0c\u5e02\u573a\u4e0a\u9887\u591a\u4e89\u8bae\u3002\u9488\u5bf9\u5e02\u573a\u4e2d\u70ed\u8bae\u7684\u51e0\u4e2a\u5173\u952e\u95ee\u9898\uff0c\u6211\u8bb2\u4e00\u4e0b\u6211\u7684\u60f3\u6cd5\uff1a<\/p>\n<p><strong>\u4e00\u3001MSTR \u7684\u6760\u6746\u98ce\u9669\u9ad8\u4e0d\u9ad8\uff1f<\/strong><\/p>\n<p>\u5148\u8bb2\u7ed3\u8bba\uff0c\u4e0d\u592a\u9ad8\u3002<\/p>\n<p>\u6839\u636e MSTR \u5728 Q3 2024 \u8d22\u62a5 \u7535\u8bdd\u4f1a\u8bae\u4e2d\u62ab\u9732\u7684\u4fe1\u606f\uff0c\u5f53\u65f6 MSTR \u7684\u603b\u8d44\u4ea7\u7ea6 83.44 \u4ebf\u7f8e\u5143\uff0c \u56e0\u4e3a\u8fd9\u4efd\u8d22\u62a5\u4e2d\u7684\u6bd4\u7279\u5e01\u8d26\u9762\u4ef7\u503c\uff08Carrying Value\uff09\u53ea\u6709 68.5 \u4ebf\u7f8e\u5143\uff08\u5f53\u65f6\u53ea\u6709 252220 \u679a\uff0c\u662f\u6309\u7167 27160 \u7f8e\u5143\u7684\u4ef7\u683c\u7edf\u8ba1\uff09\u3002\u603b\u503a\u52a1\u7ea6 45.7 \u4ebf\u7f8e\u5143\uff0c\u6240\u4ee5\u5bf9\u5e94\u7684\u503a\u52a1\u6743\u76ca\u6bd4\u7387\u4e3a 1.21\u3002<\/p>\n<p>\u6211\u4eec\u4e0d\u8ba8\u8bba\u8fd9\u4e2a\u4f1a\u8ba1\u51c6\u5219\uff0c\u53ea\u8003\u8651\u771f\u5b9e\u51fa\u552e\u65f6\u7684\u6570\u636e\uff0c\u771f\u5b9e\u51fa\u552e\u65f6\u4f53\u73b0\u7684\u662f\u6700\u65b0\u5e02\u573a\u4ef7\u3002\u5982\u679c\u6309\u7167 2024 \u5e74 9 \u6708 30 \u65e5\u6bd4\u7279\u5e01\u7684\u6700\u65b0\u5e02\u573a\u4ef7\uff0863560 \u7f8e\u5143\uff09\u6765\u8ba1\u7b97\uff0cMSTR \u6301\u6709\u7684\u6bd4\u7279\u5e01\u5b9e\u9645\u5e02\u573a\u4ef7\u503c\u4e3a 160.3 \u4ebf\u7f8e\u5143\uff0c\u5219\u5bf9\u5e94\u7684 MSTR \u503a\u52a1\u6743\u76ca\u6bd4\u7387\u4ec5\u4e3a 0.35\u3002<\/p>\n<p>\u6211\u4eec\u518d\u6765\u770b\u622a\u81f3 2024 \u5e74 12 \u6708 30 \u65e5\u7684\u6570\u636e\u60c5\u51b5\u3002<\/p>\n<p>\u622a\u81f3 2024 \u5e74 12 \u6708 30 \u65e5\uff0cMicroStrategy \u672a\u507f\u8fd8\u7684\u603b\u8d1f\u503a\u4e3a 72.7385 \u4ebf\u7f8e\u5143\uff0c\u5177\u4f53\u5982\u4e0b\uff1a<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/7250533bf9192df9b96e195f605c12cb.png\" alt=\"\u4e00\u6587\u8bfb\u61c2MSTR\u5fae\u7b56\u7565\u7684\u6bd4\u7279\u5e01\u6218\u7565\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/7250533bf9192df9b96e195f605c12cb.png\" alt=\"\u4e00\u6587\u8bfb\u61c2MSTR\u5fae\u7b56\u7565\u7684\u6bd4\u7279\u5e01\u6218\u7565\" \/><\/figure>\n<p class=\"has-text-align-center\">\u5236\u4f5c\uff1aIOBC Capital<\/p>\n<p>\u622a\u81f3 2024 \u5e74 12 \u6708 30 \u65e5\uff0cMicroStrategy \u6301\u6709 444262 \u679a\u6bd4\u7279\u5e01\uff0c \u4ef7\u503c 422.5 \u4ebf\u7f8e\u5143\u3002\u5047\u5982 MicroStrategy \u5176\u4ed6\u90e8\u5206\u7684\u8d44\u4ea7\u672a\u53d8\uff08\u5373 14.9 \u4ebf\u7f8e\u5143\uff09\uff0c\u90a3\u4e48 MSTR \u7684\u603b\u8d44\u4ea7\u4e3a 437.4 \u4ebf\u7f8e\u5143\uff0c\u8d1f\u503a\u4e3a 72.7385 \u4ebf\u7f8e\u5143\uff0c\u5219\u6b64\u65f6 MSTR \u7684\u503a\u52a1\u6743\u76ca\u6bd4\u7387\u4ec5\u4e3a 0.208\u3002<\/p>\n<p>\u6211\u4eec\u4e14\u770b\u7f8e\u80a1\u5934\u90e8\u4e0a\u5e02\u516c\u53f8\u7684\u503a\u52a1\u6743\u76ca\u6bd4\u7387\u2014\u2014Alphabet 0.05\u3001Titter 0.7\u3001Meta 0.1\u3001The Goldman Sachs Group 2.5\u3001JPMorgan Chase &amp; Co. 1.5\u3002<\/p>\n<p>MicroStrategy \u5c5e\u4e8e\u4ece\u8f6f\u4ef6\u884c\u4e1a \u8f6c\u578b\u4e3a \u91d1\u878d\u884c\u4e1a\u7684\u4e00\u5bb6\u516c\u53f8\uff0c\u8fd9\u4e2a\u503a\u52a1\u6743\u76ca\u6bd4\u7387\u8fd8\u662f\u5065\u5eb7\u7684\u3002<\/p>\n<p><strong>\u4e8c\u3001\u8fd9\u4e9b\u53ef\u8f6c\u503a\u5728\u4ec0\u4e48\u60c5\u51b5\u4e0b\u624d\u4f1a\u6210\u4e3a\u672a\u6765\u65e0\u6cd5\u627f\u53d7\u4e4b\u91cd\uff1f<\/strong><\/p>\n<p>\u5148\u8bb2\u7ed3\u8bba\uff0c\u5982\u679c\u5fae\u7b56\u7565\u540e\u9762\u4e0d\u7ee7\u7eed\u53d1\u884c\u53ef\u8f6c\u503a\uff0c\u90a3\u4e48\u6bd4\u7279\u5e01\u957f\u671f\u8dcc\u7834 16364 \u7f8e\u5143\uff0c\u5fae\u7b56\u7565\u6301\u4ed3\u7684 444262 \u679a\u6bd4\u7279\u5e01\u7684\u4ef7\u503c\u624d\u4f1a\u4f4e\u4e8e\u5176\u53ef\u8f6c\u503a\u603b\u989d 72.7 \u4ebf\u7f8e\u5143\u3002\u5982\u679c\u5fae\u7b56\u7565\u540e\u9762\u53ea\u91c7\u7528 ATM \u878d\u8d44 \u548c\u95f2\u7f6e\u8d44\u91d1\u7684\u65b9\u5f0f\u4e70\u5e01\uff0c\u968f\u7740\u5fae\u7b56\u7565\u6bd4\u7279\u5e01\u6301\u4ed3\u6570\u91cf\u7684\u589e\u52a0\uff0c\u8fd9\u4e2a\u300c\u8d44\u4e0d\u62b5\u503a\u300d\u7684\u4ef7\u683c\u7ebf\u8fd8\u53ef\u4ee5\u53d8\u5f97\u66f4\u4f4e\u3002<\/p>\n<p>\u5982\u679c\u5fae\u7b56\u7565\u5728\u6bd4\u7279\u5e01\u9ad8\u4f4d\u65f6\u7ee7\u7eed\u75af\u72c2\u53d1\u884c\u53ef\u8f6c\u503a\u8d2d\u4e70\u6bd4\u7279\u5e01\uff0c\u5e76\u4e14\u6bd4\u7279\u5e01\u8fdb\u5165\u718a\u5e02\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u4e0b\u8dcc\u5bfc\u81f4\u5fae\u7b56\u7565\u6301\u4ed3\u7684\u6bd4\u7279\u5e01\u4ef7\u503c\u4f4e\u4e8e\u5176\u53ef\u8f6c\u503a\u603b\u989d\uff0c\u4e5f\u4f1a\u5bfc\u81f4 MSTR \u80a1\u4ef7\u9677\u5165\u4f4e\u8ff7\uff0c\u8fdb\u800c\u5f71\u54cd\u5176\u518d\u878d\u8d44\u80fd\u529b\u548c\u507f\u503a\u80fd\u529b\uff0c\u7ee7\u800c\u624d\u80fd\u4f7f\u53ef\u8f6c\u503a\u53d8\u6210\u65e0\u6cd5\u627f\u53d7\u4e4b\u91cd\u3002<\/p>\n<p>\u5fae\u7b56\u7565\u7684\u53ef\u8f6c\u503a\uff0c\u503a\u5238\u6301\u6709\u4eba\u6709\u6743\u5c06\u5176\u503a\u5238\u8f6c\u6362\u4e3a MSTR \u7684\u80a1\u7968\uff0c\u4e14\u5206\u4e3a 2 \u4e2a\u9636\u6bb5\uff1a\u4e00\u3001\u521d\u59cb\u9636\u6bb5\u2014\u2014\u5982\u679c\u503a\u5238\u7684\u4ea4\u6613\u4ef7\u683c\u8dcc&gt;2%\uff0c\u503a\u6743\u4eba\u53ef\u4ee5\u884c\u6743\uff0c\u628a\u503a\u5238\u8f6c\u6210 MSTR \u80a1\u4efd\u5e76\u5356\u51fa\u56de\u672c\uff1b\u5982\u679c\u503a\u5238\u7684\u4ea4\u6613\u4ef7\u683c\u6b63\u5e38\u751a\u81f3\u6da8\u4e86\uff0c\u503a\u6743\u4eba\u53ef\u4ee5\u968f\u65f6\u5728\u4e8c\u7ea7\u5e02\u573a\u8f6c\u5356\u503a\u5238\u56de\u672c\u3002\u4e8c\u3001\u540e\u671f\u9636\u6bb5\u2014\u2014\u5f53\u503a\u5238\u5373\u5c06\u5230\u671f\u65f6\uff0c2% \u7684\u89c4\u5219\u5c31\u4e0d\u9002\u7528\u4e86\uff0c\u503a\u5238\u6301\u6709\u4eba\u53ef\u4ee5\u62ff\u56de\u73b0\u91d1\u8d70\u4eba\uff0c\u6216\u8005\u76f4\u63a5\u628a\u503a\u5238\u8f6c\u6362\u4e3a MSTR \u7684\u80a1\u7968\u3002<\/p>\n<p>\u7531\u4e8e\u5fae\u7b56\u7565\u53d1\u884c\u7684\u53ef\u8f6c\u503a\u90fd\u662f\u4f4e\u606f\u751a\u81f3\u96f6\u606f\u503a\u5238\uff0c\u663e\u7136\u503a\u6743\u4eba\u60f3\u8981\u7684\u5176\u5b9e\u662f\u8f6c\u80a1\u6ea2\u4ef7\u3002\u5982\u679c\u8fd8\u6b3e\u65e5\uff0cMSTR \u80a1\u4ef7\u76f8\u8f83\u4e8e\u5f53\u521d\u878d\u8d44\u65f6\u7684\u4ef7\u683c\u6709\u4e00\u5b9a\u6da8\u5e45\uff0c\u90a3\u4e48\u503a\u6743\u4eba\u8003\u8651\u503a\u8f6c\u80a1\u7684\u53ef\u80fd\u6027\u8f83\u5927\u3002\u5982\u679c MSTR \u80a1\u4ef7\u76f8\u8f83\u4e8e\u5f53\u521d\u878d\u8d44\u65f6\u7684\u4ef7\u683c\u6709\u4e00\u5b9a\u8dcc\u5e45\uff0c\u90a3\u4e48\u503a\u6743\u4eba\u4f1a\u8003\u8651\u8981\u672c\u91d1\u548c\u5229\u606f\u3002<\/p>\n<p>\u5982\u679c\u503a\u6743\u4eba\u6ca1\u6709\u9009\u62e9\u8f6c\u6210 MSTR \u80a1\u7968\uff0c\u6700\u7ec8\u771f\u7684\u9700\u8981\u8fd8\u6b3e\u7ed9\u503a\u6743\u4eba\uff0cMicroStrategy \u4e5f\u6709\u591a\u4e2a\u9009\u62e9\uff1a<\/p>\n<ul class=\"wp-block-list\">\n<li>\u7ee7\u7eed\u53d1\u884c\u65b0\u80a1\uff0c\u83b7\u5f97\u8d44\u91d1\u8fd8\u6b3e\uff1b<\/li>\n<li>\u7ee7\u7eed\u53d1\u884c\u65b0\u503a\uff0c\u65b0\u503a\u8fd8\u8001\u503a\uff1b\uff08 2024 \u5e74 9 \u6708\u5df2\u7ecf\u8fd9\u4e48\u505a\u4e86\uff09<\/li>\n<li>\u5356\u6389\u90e8\u5206\u6bd4\u7279\u5e01\uff0c\u7528\u4ee5\u8fd8\u6b3e\u3002<\/li>\n<\/ul>\n<p>\u6240\u4ee5\uff0c\u76ee\u524d\u6765\u770b\uff0c\u5fae\u7b56\u7565\u9677\u5165\u300c\u8d44\u4e0d\u62b5\u503a\u300d\u72b6\u51b5\u7684\u53ef\u80fd\u6027\u4e0d\u5927\u3002<\/p>\n<p><strong>\u4e09\u3001\u4e3a\u4ec0\u4e48\u6295\u8d44\u8005\u5f00\u59cb\u5173\u5fc3 MSTR \u7684\u6bcf\u80a1\u542b\u5e01\u91cf\uff1f<\/strong><\/p>\n<p>\u5148\u8bb2\u7ed3\u8bba\uff0c\u6bcf\u80a1\u542b\u5e01\u91cf\u5c06\u51b3\u5b9a MSTR \u7684\u6bcf\u80a1\u51c0\u8d44\u4ea7\u3002<\/p>\n<p>\u65e0\u8bba\u662f \u53d1\u884c\u53ef\u8f6c\u6362\u503a\u5238 \u8fd8\u662f ATM\uff0c\u90fd\u662f\u901a\u8fc7\u7a00\u91ca\u80a1\u672c\u6765\u5b9e\u73b0\u878d\u8d44\u3002\u800c\u878d\u8d44\u7684\u76ee\u7684\uff0c\u662f\u4e3a\u4e86\u589e\u52a0\u6bd4\u7279\u5e01\u50a8\u5907\u3002\u5bf9 MSTR \u7684\u80a1\u4e1c\u800c\u8a00\uff0c\u7a00\u91ca\u80a1\u672c\u662f\u4e2a\u5229\u7a7a\uff0c\u4f20\u7edf\u610f\u4e49\u4e0a\u6765\u8bb2\uff0c\u4e0d\u662f\u4e2a\u597d\u4e8b\u513f\u3002\u5fae\u7b56\u7565\u7684\u7ba1\u7406\u5c42\u7ed9 MSTR \u80a1\u4e1c\u8bb2\u7684\u6545\u4e8b\u662f\u2014\u2014BTC Yield KPI\u3002<\/p>\n<p>\u672c\u8d28\u4e0a\u662f\u8bb2\uff0c\u53ea\u8981 MSTR \u7684\u5e02\u503c\u6bd4\u6301\u6709\u7684 BTC \u603b\u4ef7\u503c\u66f4\u9ad8\uff0c\u5373\u6709\u5e02\u503c\u6ea2\u4ef7\u7387\uff0c\u90a3\u4e48\u7a00\u91ca MSTR \u80a1\u672c\u53bb\u4e70 BTC\uff0c\u5c31\u80fd\u63d0\u5347\u6bcf\u80a1 MSTR \u7684\u542b\u5e01\u91cf\u3002MSTR \u7684\u542b\u5e01\u91cf\u7684\u63d0\u5347\uff0c\u5c31\u610f\u5473\u7740 MSTR \u7684\u6bcf\u80a1\u51c0\u8d44\u4ea7\u5728\u589e\u957f\uff0c\u90a3\u4e48\u5bf9\u80a1\u4e1c\u6765\u8bf4\uff0c\u7a00\u91ca\u80a1\u672c\u5b9e\u73b0\u878d\u8d44\u53bb\u4e70\u6bd4\u7279\u5e01\uff0c\u5c31\u4ecd\u7136\u662f\u4e2a\u503c\u5f97\u505a\u7684\u4e8b\u60c5\u3002<\/p>\n<p>\u5f53\u524d\uff0cMicroStrategy \u6301\u6709 444262 \u4e2a BTC\uff0c\u603b\u6301\u4ed3\u4ef7\u503c\u7ea6\u4e3a 422.56 \u4ebf\u7f8e\u5143\u3002\u5f53\u524d MSTR \u5e02\u503c\u4e3a 803.7 \u4ebf\u7f8e\u5143\u7684\u60c5\u51b5\u4e0b\uff0cMSTR \u7684\u5e02\u503c\u662f\u6bd4\u7279\u5e01\u6301\u4ed3\u4ef7\u503c\u7684 1.902 \u500d\uff0c\u5373\u5f53\u524d\u6ea2\u4ef7\u7387\u4e3a 90.2%\u3002\u5f53\u524d MSTR \u7684\u603b\u80a1\u672c\u662f 2.44 \u4ebf\u80a1\uff0c\u6bcf\u80a1\u5bf9\u5e94\u7684 BTC \u6301\u4ed3\u91cf\u7ea6\u4e3a 0.0018 \u4e2a\u3002<\/p>\n<p>\u8fd9\u5c31\u662f\u6240\u8c13\u300c\u667a\u80fd\u6760\u6746\u300d\u7684\u6838\u5fc3\uff0c\u5c06\u81ea\u8eab\u7684\u4f01\u4e1a\u5e02\u503c\u4e0e\u6bd4\u7279\u5e01\u6301\u4ed3\u5e02\u503c\u4e4b\u95f4\u7684\u5dee\u5f02 \u8f6c\u5316\u4e3a\u4e00\u79cd\u8d44\u672c\u8fd0\u4f5c\u4f18\u52bf\u3002<\/p>\n<p><strong>\u56db\u3001\u4e3a\u4ec0\u4e48\u8fd1\u4e24\u4e2a\u6708\u5fae\u7b56\u7565\u66f4\u6fc0\u8fdb\u5730\u4e70\u5165\u6bd4\u7279\u5e01\uff1f<\/strong><\/p>\n<p>\u5148\u8bb2\u7ed3\u8bba\uff0c\u53ef\u80fd\u662f\u56e0\u4e3a MSTR \u7684\u80a1\u4ef7\u5f88\u9ad8\u3002<\/p>\n<p>\u5fae\u7b56\u7565\u5728\u6700\u8fd1\u4e24\u4e2a\u6708\u660e\u663e\u52a0\u5927\u4e86\u878d\u8d44\u4e70\u5e01\u7684\u89c4\u6a21\u30022024 \u5e74 11 \u6708\u548c 12 \u6708\uff0c\u5fae\u7b56\u7565\u901a\u8fc7 ATM \u548c\u53d1\u884c\u53ef\u8f6c\u503a \u5171\u6295\u5165 176.9 \u4ebf\u7f8e\u5143\uff08\u5360\u603b\u6295\u8d44\u989d\u7684 63.8%\uff09\uff0c\u8d2d\u4e70\u4e86 192042 \u679a\u6bd4\u7279\u5e01\uff08\u5360\u603b\u8d2d\u4e70\u91cf\u7684 43.2%\uff09\u3002\u5176\u4e2d\u53ea\u6709 30 \u4ebf\u7f8e\u5143\u53ef\u8f6c\u503a\uff0c\u5176\u4f59 146.9 \u4ebf\u90fd\u662f\u901a\u8fc7 ATM \u65b9\u5f0f\u878d\u8d44\u3002<\/p>\n<p>\u603b\u4f53\u6765\u770b\u5fae\u7b56\u7565\u6218\u7565\u914d\u7f6e\u6bd4\u7279\u5e01\u7684\u6574\u4e2a\u8fc7\u7a0b\uff0c\u5728\u65f6\u95f4\u7ef4\u5ea6\u4e0a\uff0c\u6709\u5b9a\u6295\u7684\u7279\u5f81\uff1b\u4f46\u5728\u6570\u91cf\u548c\u91d1\u989d\u4e0a\uff0c\u4f3c\u4e4e\u5728\u725b\u5e02\u6bd4\u5728\u718a\u5e02\u4e70\u5f97\u66f4\u6fc0\u8fdb\u3002<\/p>\n<p>\u6211\u65e0\u6cd5\u7406\u89e3\u8fd9\u4e2a\u7279\u5f81\uff0c\u53ea\u80fd\u5927\u80c6\u731c\u6d4b\uff0c\u53ef\u80fd\u662f\u56e0\u4e3a\u725b\u5e02\u91cc MSTR \u7684\u80a1\u4ef7\u6da8\u5e45\u66f4\u9ad8\u3002\u5728 2024 \u5e74 8 \u6708\uff0cMSTR \u9ad8\u9001\u8f6c\u540e\u5176\u80a1\u4ef7\u6da8\u4e86 3 \u500d\uff0c\u5168\u5e74\u80a1\u4ef7\u4e0a\u6da8 4 \u500d\u591a\uff0c\u800c\u6bd4\u7279\u5e01\u4eca\u5e74\u6da8\u5e45\u4ec5 2.2 \u500d\u3002<\/p>\n<p>MicroStrategy \u7684 CEO \u5728 Q3 2024 \u8d22\u62a5 \u7535\u8bdd\u4f1a\u8bae\u4e2d\u8bb2\u4e86\u4e2a\u7f8e\u4e3d\u7684\u300c42B \u8ba1\u5212\u300d\u3002<\/p>\n<p>\u82f1\u56fd\u4f5c\u5bb6\u9053\u683c\u62c9\u65af\u00b7\u4e9a\u5f53\u65af\u5728\u300a\u94f6\u6cb3\u7cfb\u6f2b\u6e38\u6307\u5357\u300b\u4e2d\u8bb2\uff0c\u8d85\u7ea7\u8ba1\u7b97\u673a\u300c\u6df1\u601d\u300d\u5bf9\u4e8e\u300c\u751f\u547d\u3001\u5b87\u5b99\u4ee5\u53ca\u4e00\u5207\u95ee\u9898\u7684\u7ec8\u6781\u7b54\u6848\u300d\uff0c\u7ed9\u51fa\u7684\u7ed3\u679c\u662f 42\u3002<\/p>\n<p>\u5fae\u7b56\u7565\u8ba4\u4e3a\u8fd9\u662f\u4e00\u4e2a\u795e\u5947\u7684\u6570\u5b57\uff0c\u56e0\u6b64\u63d0\u51fa\u4e86 42B \u878d\u8d44\u8ba1\u5212\u300221 \u4e5f\u662f\u4e00\u4e2a\u795e\u5947\u7684\u6570\u5b57\uff0c\u6bd4\u7279\u5e01\u7684\u6700\u5927\u603b\u91cf\u662f 21M\u3002\u56e0\u6b64\uff0c\u5fae\u7b56\u7565\u8ba1\u5212\u672a\u6765\u4e09\u5e74\u53d1\u884c 21B ATM + 21B Fixed Income\uff0c\u7528\u4e8e\u7ee7\u7eed\u589e\u6301\u6bd4\u7279\u5e01\u3002<\/p>\n<p>\u5047\u8bbe MicroStrategy \u6700\u7ec8\u901a\u8fc7\u589e\u53d1\u80a1\u4efd\u878d\u8d44 420 \u4ebf\u7f8e\u5143\uff0c\u5047\u8bbe\u6309\u7167 330 \u7f8e\u5143\u7684\u80a1\u4ef7\u589e\u53d1\uff0c\u90a3\u4e48\u589e\u53d1\u540e\u7684\u603b\u80a1\u672c\u5c06\u53d8\u4e3a 3.713 \u4ebf\u80a1\u3002\u5047\u8bbe MicroStrategy \u4ee5 10wU \u7684\u5747\u4ef7\u4e70\u5165\u6bd4\u7279\u5e01\uff0c\u516c\u53f8\u53ef\u4ee5\u589e\u52a0 420000 \u4e2a\u6bd4\u7279\u5e01\uff0c\u4f7f MicroStrategy \u7684\u603b\u6301\u4ed3\u8fbe\u5230 864262 \u4e2a\u6bd4\u7279\u5e01\u3002\u5c4a\u65f6\u6bcf\u80a1\u542b\u5e01\u91cf\u5c06\u589e\u81f3 0.00233 \u4e2a\uff0c\u542b\u5e01\u91cf\u589e\u957f\u7ea6 29.4%\u3002\u6b64\u65f6\uff0cMSTR \u7684\u603b\u5e02\u503c\u4e3a 1225.3 \u4ebf\u7f8e\u5143\uff0c\u6301\u4ed3\u7684 BTC \u603b\u4ef7\u503c\u4e3a 864 \u4ebf\u3002\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u5e02\u503c\u6ea2\u4ef7\u7387\u4ecd\u7136\u5b58\u5728\u3002<\/p>\n<p><strong>\u4e94\u3001\u5fae\u7b56\u7565\u4e4b\u540e\uff0c\u6bd4\u7279\u5e01\u8fd8\u6709\u4ec0\u4e48\u4e0a\u6da8\u7684\u52a8\u529b\uff1f<\/strong><\/p>\n<p>\u5148\u8bf4\u7ed3\u8bba\uff0c\u9664\u4e86\u53d7\u5fae\u7b56\u7565\u5e26\u52a8\u8d2d\u4e70\u6bd4\u7279\u5e01\u7684\u4e0a\u5e02\u516c\u53f8\uff0c\u76ee\u524d\u60f3\u5230\u53ea\u6709\u66f4\u591a\u7684\u56fd\u5bb6\u7ea7\u6218\u7565\u50a8\u5907\uff0c\u4f46\u662f\u5728\u8fd9\u8f6e\u725b\u5e02\u4e0d\u62b1\u592a\u5927\u671f\u671b\u3002<\/p>\n<p>\u672c\u8f6e\u5468\u671f\u6bd4\u7279\u5e01\u4e0a\u6da8\u4e3b\u8981\u6709\u4ee5\u4e0b\u51e0\u5927\u4e70\u76d8\uff1a<\/p>\n<p><strong>1\u3001\u5bf9\u6bd4\u7279\u5e01\u6709\u5f3a\u5171\u8bc6\u7684 Long Term Holder<\/strong><\/p>\n<p>\u6bd4\u7279\u5e01\u957f\u671f\u4e0a\u6da8\u662f\u4e0d\u9700\u8981\u7406\u7531\u7684\uff0c\u8fd9\u4e8b\u513f\u5728 BTCer \u90a3\u513f\u5c31\u8ddf\u7334\u5b50\u4f1a\u722c\u6811\u3001\u8001\u9f20\u4f1a\u6253\u6d1e\u4e00\u6837\u81ea\u7136\uff0c\u56e0\u4e3a\u5b83\u662f\u6570\u5b57\u9ec4\u91d1\u3002<\/p>\n<p>\u6bd4\u7279\u5e01\u8dcc\u7834 16000 \u7f8e\u5143\u540e\uff0c\u5f53\u65f6\u6700\u4e3b\u6d41\u7684\u8682\u8681 S17 \u5168\u7cfb\u5217\u77ff\u673a\u5728\u5173\u673a\u5e01\u4ef7\u9644\u8fd1\uff0c\u795e\u9a6c M30S\u3001\u6cb3\u9a6c H2\u3001\u8682\u8681 T19 \u7b49\u77ff\u673a\u4e5f\u5df2\u7ecf\u9677\u5165\u5173\u673a\u5e01\u4ef7\u533a\u95f4\u3002\u8fd9\u4e2a\u4ef7\u683c\u533a\u95f4\uff0c\u5373\u4f7f\u4ec0\u4e48\u4e5f\u6ca1\u53d1\u751f\uff0c\u8fd9\u4e00\u6bb5\u53cd\u5f39\u4e5f\u4f1a\u53d1\u751f\u3002\u725b\u718a\u8f6c\u6362\uff0c\u5c31\u50cf\u4ece\u9ad8\u5904\u81ea\u7531\u843d\u4f53\u7684\u7bee\u7403\uff0c\u7838\u5230\u5730\u9762\u540e\u4f1a\u6709\u591a\u4e2a\u4f9d\u6b21\u51cf\u5f31\u7684\u53cd\u5f39\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/cf032606bcb5e2992d065d6d56c54f1b.png\" alt=\"\u4e00\u6587\u8bfb\u61c2MSTR\u5fae\u7b56\u7565\u7684\u6bd4\u7279\u5e01\u6218\u7565\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/cf032606bcb5e2992d065d6d56c54f1b.png\" alt=\"\u4e00\u6587\u8bfb\u61c2MSTR\u5fae\u7b56\u7565\u7684\u6bd4\u7279\u5e01\u6218\u7565\" \/><\/figure>\n<p class=\"has-text-align-center\">\u6765\u6e90\uff1aglassnode<\/p>\n<p>\u7531\u4e0a\u56fe\u53ef\u89c1\uff0c\u5728 2022 \u5e95\uff0cLong Term Holder \u5728\u6301\u7eed\u52a0\u4ed3\u3002<\/p>\n<p>\u5386\u7ecf\u5341\u4f59\u5e74\u53d1\u5c55\uff0c\u6bd4\u7279\u5e01\u5171\u8bc6\u5df2\u7ecf\u8db3\u591f\u5f3a\u5927\uff0c\u573a\u5185\u5b58\u91cf\u6295\u8d44\u8005\u3001Long Term Holder \u5728\u4e3b\u6d41\u77ff\u673a\u7684\u5173\u673a\u5e01\u4ef7\u9644\u8fd1\u6709\u5171\u8bc6\u3002<\/p>\n<p><strong>2\u3001ETF \u5e26\u6765\u4f20\u7edf\u91d1\u878d\u5e02\u573a\u7684\u589e\u91cf\u8d44\u91d1<\/strong><\/p>\n<p>BTC ETF \u901a\u8fc7\u4ee5\u6765\uff0c\u5408\u8ba1\u51c0\u6d41\u5165 52.86w \u4e2a BTC\uff0c\u8fd9\u8f6e\u725b\u5e02\u91cc ETF \u7ed9\u6bd4\u7279\u5e01\u5e26\u6765\u4e86\u63a5\u8fd1 36B \u7684\u589e\u91cf\u4e70\u76d8\uff0c \u4e5f\u7ed9 ETH \u5e26\u6765\u4e86 2.6B \u7684\u589e\u91cf\u4e70\u76d8\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/2bc9d7c0b9beb2cfe66b90c456e72644.png\" alt=\"\u4e00\u6587\u8bfb\u61c2MSTR\u5fae\u7b56\u7565\u7684\u6bd4\u7279\u5e01\u6218\u7565\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/2bc9d7c0b9beb2cfe66b90c456e72644.png\" alt=\"\u4e00\u6587\u8bfb\u61c2MSTR\u5fae\u7b56\u7565\u7684\u6bd4\u7279\u5e01\u6218\u7565\" \/><\/figure>\n<p>\u6b64\u5916\uff0cBTC ETF\uff08\u548c ETH ETF\uff09\u7684\u901a\u8fc7\uff0c\u4e5f\u4f1a\u4ea7\u751f\u5e26\u52a8\u6548\u5e94\uff0c\u66f4\u591a\u7684\u4f20\u7edf\u91d1\u878d\u673a\u6784\u5f00\u59cb\u5173\u6ce8\u3001\u5e03\u5c40 Crypto \u8fd9\u4e2a\u9886\u57df\u3002<\/p>\n<p><strong>3\u3001\u5fae\u7b56\u7565\u6301\u7eed\u4e70\u5165\uff0c\u591a\u5bb6\u4e0a\u5e02\u516c\u53f8\u6548\u4eff\uff0c\u6234\u7ef4\u65af\u53cc\u51fb<\/strong><\/p>\n<p>\u636e Bitcointreasuries \u6570\u636e\uff0c\u622a\u81f3 2024 \u5e74 12 \u6708 30 \u65e5\uff0c\u6709 149 \u4e2a\u4e3b\u4f53\u5408\u8ba1\u6301\u6709\u8d85\u8fc7 295w \u4e2a \u6bd4\u7279\u5e01\u3002\u800c\u4e14\u8fd9\u4e2a\u6570\u636e\u5728\u8fd1\u671f\u4ecd\u7136\u5728\u5feb\u901f\u589e\u957f\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/8f03fbbfffa9cf4eba8e735923d71ecd.png\" alt=\"\u4e00\u6587\u8bfb\u61c2MSTR\u5fae\u7b56\u7565\u7684\u6bd4\u7279\u5e01\u6218\u7565\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/8f03fbbfffa9cf4eba8e735923d71ecd.png\" alt=\"\u4e00\u6587\u8bfb\u61c2MSTR\u5fae\u7b56\u7565\u7684\u6bd4\u7279\u5e01\u6218\u7565\" \/><\/figure>\n<p>\u8fd9\u4e9b\u6301\u6709\u6bd4\u7279\u5e01\u7684\u4e3b\u4f53\u4e2d\uff0c73 \u5bb6\u662f\u4e0a\u5e02\u516c\u53f8\uff0c18 \u5bb6\u79c1\u4f01\uff0c11 \u4e2a\u56fd\u5bb6\uff0c42 \u4e2a ETFs \u6216 Funds\uff0c5 \u4e2a DeFi \u534f\u8bae\u3002<\/p>\n<p>MicroStrategy \u662f\u7b2c\u4e00\u5bb6\u91c7\u53d6\u300cBitcoin Treasury Company\u300d\u6218\u7565\u7684\u4e0a\u5e02\u516c\u53f8\uff0c\u4f46\u4e0d\u662f\u552f\u4e00\u4e00\u5bb6\u3002Marathon Digital Holdings, Riot Platforms, Boyaa Interactive International Limited \u7b49\u4e0a\u5e02\u516c\u53f8\u4e5f\u8df5\u884c\u4e86\u8fd9\u4e2a\u6218\u7565\u3002\u4f46\u4ecd\u4ee5\u5fae\u7b56\u7565\u7684\u5f71\u54cd\u6700\u5927\u3002<\/p>\n<p><strong>4\u3001\u56fd\u5bb6\u7ea7\u6218\u7565\u50a8\u5907<\/strong><\/p>\n<p>\u76ee\u524d\u5df2\u7ecf\u6709\u4e00\u4e9b Governments \u6301\u6709\u6bd4\u7279\u5e01\u3002\u5177\u4f53\u8be6\u60c5\u5982\u4e0b\u56fe\uff1a<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/8b0ec1ac205f551a3d197fad127c9399.png\" alt=\"\u4e00\u6587\u8bfb\u61c2MSTR\u5fae\u7b56\u7565\u7684\u6bd4\u7279\u5e01\u6218\u7565\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" 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[&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1501","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts\/1501","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1501"}],"version-history":[{"count":1,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts\/1501\/revisions"}],"predecessor-version":[{"id":3155,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts\/1501\/revisions\/3155"}],"wp:attachment":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1501"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}