{"id":2427,"date":"2025-12-10T19:41:44","date_gmt":"2025-12-10T11:41:44","guid":{"rendered":"https:\/\/www.yixiangtian.com\/?p=2427"},"modified":"2025-12-10T19:41:44","modified_gmt":"2025-12-10T11:41:44","slug":"%e8%a7%82%e7%82%b9%ef%bc%9amichael-saylor-%e4%bb%a5%e5%8f%8a%e5%be%ae%e7%ad%96%e7%95%a5%e6%9c%ac%e8%ba%ab%e5%b0%b1%e6%98%af%e6%9c%80%e5%a4%a7%e7%9a%84%e5%ae%9a%e6%97%b6%e6%88%96%e8%80%85%e4%b8%8d","status":"publish","type":"post","link":"http:\/\/www.yixiangtian.com\/?p=2427","title":{"rendered":"\u89c2\u70b9\uff1aMichael Saylor \u4ee5\u53ca\u5fae\u7b56\u7565\u672c\u8eab\u5c31\u662f\u6700\u5927\u7684\u5b9a\u65f6\u6216\u8005\u4e0d\u5b9a\u65f6\u70b8\u5f39"},"content":{"rendered":"<h1 class=\"art_tit\">\u89c2\u70b9\uff1aMichael Saylor \u4ee5\u53ca\u5fae\u7b56\u7565\u672c\u8eab\u5c31\u662f\u6700\u5927\u7684\u5b9a\u65f6\u6216\u8005\u4e0d\u5b9a\u65f6\u70b8\u5f39<\/h1>\n<div class=\"content_text\">\n<p>\u4f5c\u8005\uff1a\u53f8\u9a6c\u806a<\/p>\n<p>\u4eba\u4eec\u538c\u6076\u98ce\u9669\uff0c\u540c\u65f6\u538c\u6076\u63ed\u793a\u98ce\u9669\u7684\u63d0\u793a\u3002<\/p>\n<p>\u4efb\u4f55\u51fa\u552e\u884c\u4e3a\u672c\u8eab\u90fd\u4f1a\u52a0\u5267\u4ef7\u683c\u4e0b\u8dcc\u3002\u4f46\u4eba\u4eec\u9009\u62e9\u5bf9\u300c\u56fa\u6709\u98ce\u9669\u300d\u89c6\u800c\u4e0d\u89c1\uff0c\u73b0\u5728\uff0c\u8fc8\u514b\u5c14\u00b7\u585e\u52d2\u4ee5\u53ca\u5b83\u7684\u5fae\u7b56\u7565\u672c\u8eab\u5c31\u662f\u6700\u5927\u7684\u5b9a\u65f6\u70b8\u5f39\u6216\u8005\u4e0d\u5b9a\u65f6\u7684\uff0c\u53d6\u51b3\u4e8e\u4ee5\u4e0b\uff1a<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u5c3d\u7ba1\u5728\u7279\u6717\u666e\u603b\u7edf\u4efb\u671f\u5185\u7684\u53ef\u80fd\u6027\u6bd4\u62dc\u767b\u5c0f\uff0c\u4f46\u5982\u679c SEC \u51b3\u5b9a\u8c03\u67e5 MicroStrategy \u7684\u300c\u72ec\u7279\u300d\u7b56\u7565\uff1b<\/p>\n<\/li>\n<li>\n<p>\u6839\u636e\u300a1940 \u5e74\u6295\u8d44\u516c\u53f8\u6cd5\u300b\uff0c\u82e5\u516c\u53f8\u4e3b\u8981\u4e1a\u52a1\u662f\u6301\u6709\u6295\u8d44\u8d44\u4ea7\u800c\u975e\u5b9e\u9645\u8fd0\u8425\uff0c\u5176\u5e94\u6ce8\u518c\u4e3a\u6295\u8d44\u516c\u53f8\uff0c\u5e76\u63a5\u53d7\u66f4\u4e25\u683c\u7684\u76d1\u7ba1\u3002\u5982\u679c MicroStrategy \u4e3b\u8981\u8d44\u4ea7\u662f\u6bd4\u7279\u5e01\uff0c\u662f\u4e0d\u662f\u5e94\u8be5\u6ce8\u518c\u6210\u4e3a\u6295\u8d44\u516c\u53f8\uff1f<\/p>\n<\/li>\n<li>\n<p>\u00a0MicroStrategy \u662f\u5426\u5b9e\u9645\u6301\u6709\u5176\u58f0\u79f0\u7684\u6bd4\u7279\u5e01\u6570\u91cf\uff0c\u4ee5\u53ca\u8fd9\u4e9b\u8d44\u4ea7\u662f\u5426\u6709\u94fe\u4e0a\u53ef\u9a8c\u8bc1\u7684\u8bc1\u660e\uff0c\u5176\u6301\u6709\u60c5\u51b5\u5e76\u672a\u5b8c\u5168\u900f\u660e\u516c\u5f00\uff1b<\/p>\n<\/li>\n<li>\n<p>\u6309\u7167\u6700\u4e50\u89c2\u7684\u4f30\u503c\uff0c\u5fae\u7b56\u7565\u7684\u516c\u5141\u4ef7\u683c\u662f\u5728 202.45 \u7f8e\u5143\u548c 214.67 \u7f8e\u5143\u4e4b\u95f4\uff0c\u800c\u5176 2031 \u5e74\u548c 2032 \u5e74\u5230\u671f\u7684\u53ef\u8f6c\u503a\u8f6c\u6362\u4ef7\u683c\u662f 232.72 \u7f8e\u5143\u3001204.33 \u7f8e\u5143\uff0c\u8fd9\u5728\u5ba2\u89c2\u4e0a\u8981\u6c42\u5fae\u7b56\u7565\u5fc5\u987b\u63d0\u9ad8\u80a1\u4ef7\uff1b<\/p>\n<\/li>\n<li>\n<p>\u800c\u6839\u636e\u6211\u7684\u4f30\u503c\u6a21\u578b\uff0cEV\/EBITDA\u00a018 \u500d\uff0cImplied EV\/REV\u00a03 \u500d\uff0c\u5fae\u7b56\u7565\u7684\u80a1\u4ef7\u9700\u8981\u56de\u5230 188.9 \u7f8e\u91d1\u624d\u80fd\u6d88\u9664\u6ea2\u4ef7\uff0c\u76f8\u5f53\u4e8e\u5e73\u4ef7\u8d2d\u4e70\u6bd4\u7279\u5e01\u73b0\u8d27\uff0c\u4f46\u8fd9\u4e2a\u4ef7\u683c\u65e0\u6cd5\u5b9e\u73b0\u5151\u4ed8\u5176 2031 \u5e74\u30012032 \u5e74\u7684\u53ef\u8f6c\u503a\u8f6c\u6362\u4ef7\u683c\uff1b<\/p>\n<\/li>\n<\/ul>\n<p>\u66f4\u52a0\u4e0d\u8981\u5fd8\u8bb0\uff0c2024 \u5e74 3 \u6708\u4efd\uff0c\u5fae\u7b56\u7565\u7684\u80a1\u4ef7\u8fd8\u5728 200 \u7f8e\u91d1\u533a\u95f4\uff08\u8003\u8651\u62c6\u80a1\uff09\u8fd0\u884c\uff0c\u90a3\u4e2a\u65f6\u5019\u7684\u6bd4\u7279\u5e01\u4ef7\u683c\u662f 70078 \u7f8e\u91d1\u3002<\/p>\n<h2>\u75af\u72c2\u6b63\u5728\u4e0a\u6f14<\/h2>\n<p>\u7279\u6717\u666e\u8fc5\u901f\u586b\u8865\u4e0a\u4e86\u4ed6\u7684\u9057\u61be\u548c\u7a7a\u767d\uff0c\u81f3\u5c11\uff0c\u4e5f\u662f\u63d0\u4f9b\u4e86\u7d20\u6750\u3002<\/p>\n<p>\u6211\u662f\u6307\u5fae\u7b56\u7565\u521b\u59cb\u4eba\u7684\u63a8\u6587\u7d20\u6750\u3002<\/p>\n<p>\u6839\u636e\u516c\u5f00\u62a5\u9053\uff0c\u5fae\u8f6f\u7edd\u5927\u591a\u6570\u80a1\u4e1c\u62d2\u7edd\u4e86\u5176\u5efa\u7acb\u6bd4\u7279\u5e01\u50a8\u5907\u7684\u63d0\u8bae\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241213\/3447e11bb175ec187f84f17383c1b7a4.jpg\" \/><\/p>\n<p>\u5fae\u8f6f\u8463\u4e8b\u4f1a\u65e9\u4e9b\u65f6\u5019\u66fe\u6566\u4fc3\u80a1\u4e1c\u62d2\u7edd\u56fd\u5bb6\u516c\u5171\u653f\u7b56\u7814\u7a76\u4e2d\u5fc3\uff08National Center for Public Policy Research\uff09\u7684\u4e00\u9879\u5efa\u8bae\uff0c\u5373\u5efa\u8bae\u8be5\u516c\u53f8\u5c06\u603b\u8d44\u4ea7\u7684 1% \u6295\u8d44\u4e8e\u6bd4\u7279\u5e01\uff0c\u4ee5\u5bf9\u51b2\u901a\u80c0\u3002\u5728\u5e74\u4f1a\u4e0a\uff0cMicroStrategy \u8463\u4e8b\u957f\u8fc8\u514b\u5c14\u00b7\u585e\u52d2\u505a\u4e86\u4e09\u5206\u949f\u7684\u6f14\u8bb2\uff0c\u8bd5\u56fe\u8bf4\u670d\u5fae\u8f6f\u80a1\u4e1c\u652f\u6301\u8fd9\u4e00\u63d0\u8bae\u3002\u4ed6\u7684\u516c\u53f8\u5728\u6bd4\u7279\u5e01\u4e0a\u6295\u8d44\u4e86\u6570\u5341\u4ebf\u7f8e\u5143\u3002\u6570\u636e\u663e\u793a\uff0c\u5fae\u8f6f\u516c\u53f8\u7684\u6700\u5927\u80a1\u4e1c\u662f\u673a\u6784\u6295\u8d44\u8005\uff0c\u5305\u62ec\u5148\u950b\u9886\u822a\u548c\u8d1d\u83b1\u5fb7\u516c\u53f8\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241213\/2221bed8405e5e6ecb44e165fb9b913b.jpg\" \/><\/p>\n<p>\u5728\u4f1a\u8bae\u4e0a\uff0c\u300c\u6bd4\u7279\u5e01\u5927\u6237\u300dMicroStrategy \u8463\u4e8b\u957f Michael Saylor \u5f15\u7528 MicroStrategy \u81ea\u91c7\u7528\u6bd4\u7279\u5e01\u6218\u7565\u4ee5\u6765\u80a1\u7968\u4ef7\u683c\u5927\u5e45\u4e0a\u6da8\u4e3a\u6848\u4f8b\uff0c\u8bd5\u56fe\u8bf4\u670d\u5fae\u8f6f\u80a1\u4e1c\u652f\u6301 NCPPR \u7684\u63d0\u6848\u3002<\/p>\n<p>\u585e\u52d2\u5f3a\u8c03\uff0c\u516c\u4f17\u548c\u653f\u754c\u5bf9\u6bd4\u7279\u5e01\u7684\u652f\u6301\u65e5\u76ca\u589e\u52a0\uff0c\u4ed6\u5f15\u7528\u4e86\u5373\u5c06\u4e0a\u4efb\u7684\u7f8e\u56fd\u603b\u7edf\u5510\u7eb3\u5fb7\u00b7\u7279\u6717\u666e\u53d1\u8868\u7684\u652f\u6301\u52a0\u5bc6\u8d27\u5e01\u7684\u8a00\u8bba\uff0c\u4ee5\u53ca\u534e\u5c14\u8857\u516c\u53f8\u63a8\u51fa\u7684\u6bd4\u7279\u5e01\u6295\u8d44\u4ea7\u54c1\u3002\u4ed6\u5c06\u8fd9\u4e00\u8d8b\u52bf\u63cf\u8ff0\u4e3a\u66f4\u5e7f\u6cdb\u7684\u300c\u52a0\u5bc6\u8d27\u5e01\u590d\u5174\u300d\u7684\u4e00\u90e8\u5206\u3002<\/p>\n<p>\u5fae\u8f6f\u8463\u4e8b\u4f1a\u53cd\u5bf9\u8be5\u63d0\u8bae\uff0c\u79f0\u5176\u300c\u6ca1\u6709\u5fc5\u8981\u300d\uff0c\u5e76\u5f15\u7528\u4e86\u73b0\u6709\u7684\u7ba1\u7406\u548c\u591a\u6837\u5316\u516c\u53f8\u8d22\u52a1\u8d44\u4ea7\u7684\u6d41\u7a0b\u3002<\/p>\n<p>\u8fd9\u4e0d\u4ec5\u662f\u5fae\u8f6f\u7684\u4e00\u79cd\u9009\u62e9\uff0c\u4f20\u5947\u6295\u8d44\u8005\u548c Bridgewater Associates \u521b\u59cb\u4eba Ray Dalio \u4ecd\u7136\u9009\u62e9\u9ec4\u91d1\u3002\u56e0\u4e3a\u4ed6\u8ba4\u4e3a\u52a0\u5bc6\u8d27\u5e01\u4ecd\u7136\u9762\u4e34\u72ec\u7279\u7684\u6311\u6218\u3002<\/p>\n<p>\u300c\u6211\u62c5\u5fc3\u52a0\u5bc6\u8d27\u5e01\u7684\u539f\u56e0\u9996\u5148\u662f\u9690\u79c1\uff0c\u300d\u8fbe\u91cc\u5965\u8bf4\u3002\u300c\u653f\u5e9c\u786e\u5207\u5730\u77e5\u9053\u4f60\u62e5\u6709\u4ec0\u4e48\uff0c\u5b83\u5728\u54ea\u91cc\uff0c\u8fd9\u4e5f\u662f\u5bf9\u5b83\u5f81\u7a0e\u7684\u6709\u6548\u65b9\u5f0f\u3002\u300d<\/p>\n<p>\u8fbe\u91cc\u5965\u8868\u793a\uff0c\u867d\u7136\u6bd4\u7279\u5e01\u6709\u300c\u4f18\u70b9\u300d\uff0c\u4f46\u6392\u540d\u7b2c\u4e00\u7684\u52a0\u5bc6\u8d27\u5e01\u5c1a\u672a\u5b8c\u5168\u300c\u8bc1\u660e\u81ea\u5df1\u300d\u3002\u4ed6\u4e5f\u4e0d\u76f8\u4fe1\u6bd4\u7279\u5e01\u662f\u4e45\u7ecf\u8003\u9a8c\u7684\u5bf9\u51b2\u901a\u8d27\u81a8\u80c0\u7684\u5de5\u5177\u3002<\/p>\n<p>\u300c\u52a0\u5bc6\u8d27\u5e01\u7684\u53ef\u9760\u6027\uff0c\u6bd4\u5982\u8bf4\uff0c\u300e\u5b83\u4e0e\u901a\u8d27\u81a8\u80c0\u76f8\u5173\u5417\uff1f\u5b83\u4e0e\u90a3\u4e9b\u4e8b\u60c5\u6709\u5173\u5417\uff1f\u4e0d\uff0c\u4e0d\u662f\u771f\u7684\uff0c\u4e0d\u662f\u5f88\u597d\uff0c\u300f\u4ed6\u8bf4\u3002\u300e\u5b83\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u4ecd\u7136\u662f\u4e00\u4e2a\u6295\u673a\u5de5\u5177\u3002\u300f\u300d<\/p>\n<p>\u4ed6\u8865\u5145\u8bf4\uff0c\u4e0e\u9ec4\u91d1\u4e0d\u540c\uff0c\u6bd4\u7279\u5e01\u53ef\u80fd\u4e0d\u4f1a\u5f88\u5feb\u6210\u4e3a\u4e3b\u8981\u7684\u50a8\u5907\u8d27\u5e01\u3002<\/p>\n<p>\u300c\u5b83\u4e0d\u592a\u53ef\u80fd\u6210\u4e3a\u8d27\u5e01\u7684\u50a8\u5907\uff0c\u5b83\u4e0d\u4f1a\u594f\u6548\uff0c\u300d\u8fbe\u91cc\u5965\u8bf4\u3002<\/p>\n<p>\u4f46\u5e01\u5708\u6709\u7279\u6717\u666e\uff0c\u7279\u6717\u666e\u7684\u6240\u8c13\u300c\u52a0\u5bc6\u53cb\u597d\u653f\u7b56\u300d\u9884\u671f\uff0c\u4e0d\u4ec5\u5e2e\u52a9\u6bd4\u7279\u5e01\u8fbe\u5230\u4e86 10 \u4e07\u7f8e\u91d1\u7684\u5386\u53f2\u9ad8\u4f4d\uff0c\u8fd8\u5e26\u6765\u4e86\u6e90\u6e90\u4e0d\u65ad\u7684\u60f3\u8c61\u529b\uff0c\u6700\u65b0\u7684\u753b\u9762\u662f\u8fd9\u6837\u7684\uff1a<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241213\/7661e65ccfb4daaf1b193126f7c6fff2.jpg\" \/><\/p>\n<p>\u5982\u679c\u4f60\u67e5\u770b MicroStrategy \u8463\u4e8b\u957f Michael Saylor \u7684\u63a8\u7279\u8d26\u6237\u53d1\u6587\uff0c\u4f60\u4f1a\u53d1\u73b0\uff1a\u4e0b\u9762\u8fd9\u79cd\u98ce\u683c\u7684\u8d34\u56fe\u548c\u6587\u5b57\uff0c\u662f\u4e00\u79cd\u65e0\u9650\u5faa\u73af\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241213\/539d4856a3d49df9f9347f07cb224c73.jpg\" \/><\/p>\n<p>\u610f\u5728\u4e0d\u9057\u4f59\u529b\u5730\u63a8\u5e7f\u6bd4\u7279\u5e01\u7684\u300c\u66f4\u5e7f\u6cdb\u7684\u613f\u666f\u300d\u3002<\/p>\n<p>\u4f46\u8fd9\u8fd8\u53ea\u662f\u8fc8\u514b\u5c14\u00b7\u585e\u52d2\u613f\u666f\u7684\u4e2d\u7684\u4e00\u4e2a\u63d2\u66f2\u800c\u5df2\uff0c\u4ed6\u7684\u8fdc\u671f\u613f\u666f\u662f\u8fd9\u6837\u7684\uff1a<strong>2045 \u5e74\uff0c\u4ef7\u683c\u662f 1300 \u4e07\u7f8e\u5143\u4e00\u679a\uff0c\u5360\u4e16\u754c\u8d22\u5bcc\u7684 7%<\/strong>\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241213\/7e18067092af9a05b9431a93d977f5b6.jpg\" \/><\/p>\n<p>\u8fd9\u662f\u4ed6\u7684\u8fd1\u671f\u613f\u666f\uff0c\u4e5f\u5c31\u662f\u660e\u5e74\u7684\u613f\u666f\uff1a<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241213\/13ad6fbd24f3fb2bdb2b40dc97d248b5.jpg\" \/><\/p>\n<p>\u6211\u4eec\u6765\u8bf4\u8bf4\u73b0\u5b9e\u5427\u3002<\/p>\n<p>\u50cf\u8bf8\u5982\u5fae\u8f6f\u7b49\u5927\u516c\u53f8\u63a8\u5e7f\u5efa\u7acb\u6bd4\u7279\u5e01\u50a8\u5907\u7684\u5efa\u8bae\uff0c\u53ef\u80fd\u4e0d\u4ec5\u4ec5\u662f\u8fc8\u514b\u5c14\u00b7\u585e\u52d2\u6240\u8bf4\u7684\u66f4\u5e7f\u6cdb\u7684\u300c\u52a0\u5bc6\u8d27\u5e01\u590d\u5174\u300d\u7684\u4e00\u90e8\u5206\uff0c\u4ee5\u53ca\u4ed6\u4e0d\u9057\u4f59\u529b\u5730\u63a8\u6587\u63a8\u5e7f\uff0c<strong>\u8fd9\u66f4\u662f\u4e00\u79cd\u73b0\u5b9e\u8003\u91cf\uff0c\u751a\u81f3\u662f\u8feb\u5728\u7709\u776b\u7684<\/strong>\u3002<\/p>\n<p>\u800c\u8fd9\u79cd\u98ce\u9669\u88ab\u4ee5\u4e0b\u753b\u9762\u6240\u63a9\u76d6\uff1a<\/p>\n<p><strong>\u6551\u4e16\u4e3b\u822c\u7684\u9b45\u529b\u9886\u8896\uff0c\u5343\u8f7d\u96be\u9022\u7684\u751a\u81f3\u8d85\u8d8a\u82f1\u4f1f\u8fbe\u7684\u80a1\u4ef7\u8868\u73b0\uff0c\u4ee5\u53ca\u6bd4\u7279\u5e01\u7684\u5386\u53f2\u9ad8\u4f4d\uff01<\/strong><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241213\/51d3317d5cf3b58cc97ff438e92d06e6.jpg\" \/><\/p>\n<p>\u6240\u8c13\u5efa\u7acb\u6bd4\u7279\u5e01\u50a8\u5907\uff0c\u672c\u8d28\u800c\u4e14\u7b2c\u4e00\u6b65\u5c31\u662f\u8d2d\u4e70\uff0c\u8fd9\u5bf9\u8fc8\u514b\u5c14\u00b7\u585e\u52d2\u4ee5\u53ca\u4ed6\u7684 MicroStrategy \u81f3\u5173\u91cd\u8981\uff0c\u5173\u4e4e\u751f\u6b7b\u3002<\/p>\n<p>\u8fc8\u514b\u5c14\u00b7\u585e\u52d2\u7684\u300c\u503a\u52a1 \/ \u80a1\u6743\u3001\u6bd4\u7279\u5e01\u3001\u80a1\u4ef7\u300d\u6e38\u620f\uff0c\u662f\u4e00\u4e2a\u53cc\u91cd\u7684\u5e9e\u6c0f\u7ed3\u6784\uff0c\u8fd9\u4e2a\u7ed3\u6784\u5df2\u6210\u4e3a\u5f53\u524d\u52a0\u5bc6\u8d27\u5e01\u9886\u57df\u6700\u5927\u7684\u4e00\u4e2a\u5b9a\u65f6\u70b8\u5f39\u3002<\/p>\n<p>\u56fa\u6709\u98ce\u9669<\/p>\n<p>\u9996\u5148\uff0c\u6211\u4eec\u9700\u8981\u6ce8\u610f\u5230\uff0c\u5c3d\u7ba1\u8fc8\u514b\u5c14\u00b7\u585e\u52d2\u4e00\u76f4\u4e0d\u9057\u4f59\u529b\u7684\u63a8\u5e7f\u6bd4\u7279\u5e01\u662f\u672a\u6765\u7684\u5b8f\u5927\u613f\u666f\uff0c\u4f46\u5176\u672c\u4eba\u4ee5\u53ca MicroStrategy \u7684\u9ad8\u7ba1\u56e2\u961f\u4e00\u76f4\u5728\u629b\u552e\u80a1\u7968\uff08https:\/\/www.secform4.com\/insider-trading\/1050446.htm\uff09\uff0c\u8fd9\u662f\u4e00\u4e2a\u663e\u800c\u6613\u89c1\u7684\u77db\u76fe\u548c\u8b66\u793a\u4fe1\u53f7\uff0c\u5f53\u7136\uff0c\u4f60\u53ef\u4ee5\u8ba4\u4e3a\uff0c\u4ed6\u4eec\u5356\u51fa\u80a1\u7968\u662f\u4e3a\u4e86\u6362\u53d6\u8d44\u91d1\u53bb\u8d2d\u4e70\u6bd4\u7279\u5e01\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241213\/82c5519d1fa99d214247b52f633b2a03.jpg\" \/><\/p>\n<p>\u6839\u636e\u5176\u7f51\u7ad9\uff0cMicroStrategy\u300c\u63d0\u4f9b\u8f6f\u4ef6\u89e3\u51b3\u65b9\u6848\u548c\u4e13\u5bb6\u670d\u52a1\uff0c\u4e3a\u6bcf\u4e2a\u4eba\u63d0\u4f9b\u53ef\u64cd\u4f5c\u7684\u5efa\u8bae\u300d\u3002\u81ea 2000 \u5e74\u4ee5\u6765\uff0c\u8be5\u516c\u53f8\u7d2f\u8ba1\u51c0\u4e8f\u635f 14 \u4ebf\u7f8e\u5143\u3002\u6b64\u5916\uff0c\u5b83\u7684\u6536\u5165\u5728\u8fc7\u53bb\u5341\u5e74\u4e2d\u6709\u6240\u6076\u5316\u3002<\/p>\n<p>\u4f5c\u4e3a\u4e00\u5bb6\u8f6f\u4ef6\u89e3\u51b3\u65b9\u6848\u516c\u53f8\uff0c\u5b83\u5df2\u7ecf\u7834\u4ea7\u4e86\u3002\u7136\u800c\uff0c\u5176\u9996\u5e2d\u6267\u884c\u5b98\u8fc8\u514b\u5c14\u00b7\u585e\u52d2\u5c06\u4e00\u5bb6\u6447\u6447\u6b32\u5760\u7684\u79d1\u6280\u4f01\u4e1a\u8f6c\u53d8\u4e3a\u4e00\u5bb6\u6760\u6746\u6bd4\u7279\u5e01\u63a7\u80a1\u516c\u53f8\u3002<\/p>\n<p>\u4e0b\u56fe\u663e\u793a\uff0c\u4e00\u65e6\u4ed6\u4eec\u5728 2020 \u5e74\u5f00\u59cb\u8d2d\u4e70\u6bd4\u7279\u5e01\uff0c\u5176\u4ef7\u683c\u5c31\u4e0e\u6bd4\u7279\u5e01\u5bc6\u5207\u76f8\u5173\u3002\u8be5\u516c\u53f8\u672c\u8d28\u4e0a\u662f\u4e00\u5bb6\u6760\u6746\u6bd4\u7279\u5e01\u63a7\u80a1\u516c\u53f8\uff0c\u56e0\u6b64\u968f\u7740\u5b83\u8d2d\u4e70\u66f4\u591a\u6bd4\u7279\u5e01\uff0c\u8fd9\u79cd\u5173\u7cfb\u53ef\u80fd\u4f1a\u8fdb\u4e00\u6b65\u52a0\u5f3a\u3002<\/p>\n<p>\u6839\u636e\u5176\u516c\u5f00\u62ab\u9732\uff0c\u622a\u81f3 2024-12-8\uff0c\u6301\u6709 423,650 BTC\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241213\/fd111184e66477392670ea9a94625991.jpg\" \/><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241213\/269e5ac3d0703496a3c3783014236447.jpg\" \/><\/p>\n<h2>\u94b1\u4ece\u54ea\u91cc\u6765\uff1f<\/h2>\n<p>\u53ef\u8f6c\u6362\u503a\u52a1\u878d\u8d44<\/p>\n<p>MicroStrategy \u4ec5\u4f7f\u7528\u53ef\u8f6c\u6362\u503a\u5238\u5c31\u501f\u5165\u4e86 72.7 \u4ebf\u7f8e\u5143\u3002\u6240\u5f97\u6b3e\u9879\u7528\u4e8e\u8d2d\u4e70\u6bd4\u7279\u5e01\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241213\/6ffd20f9b1e3f1721ac2ba82c03f2b27.jpg\" \/><\/p>\n<h2>\u79d8\u5bc6\u548c\u98ce\u9669\u5c31\u5728\u5728\u8fd9\u91cc<\/h2>\n<p>\u53ef\u8f6c\u6362\u503a\u5238\u662f\u72ec\u4e00\u65e0\u4e8c\u7684\uff0c\u56e0\u4e3a\u5b83\u4eec\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u503a\u5238\u7684\u597d\u5904\u4ee5\u53ca\u80a1\u7968\u655e\u53e3\u7684\u7ea2\u5229\u3002\u5047\u8bbe\u53ef\u8f6c\u6362\u503a\u5238\u53d1\u884c\u4eba\u6ca1\u6709\u8fdd\u7ea6\uff0c\u503a\u5238\u6301\u6709\u4eba\u5c06\u5728\u5230\u671f\u65f6\u6536\u56de\u5176\u521d\u59cb\u6295\u8d44\uff0c\u8d5a\u53d6\u5229\u606f\uff0c\u5e76\u62e5\u6709\u770b\u6da8\u671f\u6743\uff0c\u5141\u8bb8\u4ed6\u4eec\u4ee5\u7279\u5b9a\u7684\u5151\u6362\u7387\u8d2d\u4e70\u516c\u53f8\u7684\u80a1\u7968\u3002<\/p>\n<p>2024 \u5e74 11 \u6708 21 \u65e5\uff0cMicroStrategy \u53d1\u884c\u4e86 30 \u4ebf\u7f8e\u5143\u7684 0% \u53ef\u8f6c\u6362\u7968\u636e\uff0c\u5c06\u4e8e 2029 \u5e74 12 \u6708 1 \u65e5\u5230\u671f\u3002<\/p>\n<p>\u5176\u80a1\u7968\u53d1\u884c\u65f6\u7684\u4ea4\u6613\u4ef7\u683c\u4e3a 430 \u7f8e\u5143\uff0c\u8f6c\u6362\u4ef7\u683c\u4e3a 672 \u7f8e\u5143\u3002\u6295\u8d44\u8005\u613f\u610f\u63a5\u53d7\u770b\u6da8\u671f\u6743\u800c\u4e0d\u662f\u652f\u4ed8\u5229\u606f\u3002\u5982\u679c MicroStrategy \u7684\u80a1\u7968\u5728\u672a\u6765\u4e94\u5e74\u5185\u4e0a\u6da8\u8d85\u8fc7 50%\uff0c\u5219\u80a1\u7968\u671f\u6743\u5177\u6709\u4ef7\u503c\u3002\u5982\u679c\u80a1\u7968\u6ca1\u6709\u8d85\u8fc7 672 \u7f8e\u5143\uff0c\u6295\u8d44\u8005\u5c06\u83b7\u5f97 0% \u7684\u6295\u8d44\u56de\u62a5\u3002<\/p>\n<p>\u8fd8\u9700\u8981\u8003\u8651\u673a\u4f1a\u6210\u672c\u3002MicroStrategy \u7684\u6807\u51c6\u666e\u5c14\u4fe1\u7528\u8bc4\u7ea7\u4e3a\u5783\u573e \uff08B-\uff09\u3002\u6839\u636e ICE BOA \u6307\u6570\uff0c\u7c7b\u4f3c\u503a\u5238\u7684\u6536\u76ca\u7387\u4e3a 6.75%\u30026.75% \u7684\u4e94\u5e74\u671f\u590d\u5229\u6295\u8d44\u56de\u62a5\u63d0\u4f9b\u4e86 47% \u7684\u603b\u56de\u62a5\u7387\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u6295\u8d44\u8005\u653e\u5f03\u4e86 47% \u7684\u4e94\u5e74\u603b\u56de\u62a5\u7387\uff0c\u5e0c\u671b MicroStrategy \u7684\u80a1\u7968\u80fd\u5728\u4e94\u5e74\u5185\u7ffb\u4e00\u756a\uff0c\u5b9e\u73b0\u6536\u652f\u5e73\u8861\uff0c\u800c\u4e0d\u662f\u6301\u6709\u7c7b\u4f3c\u8bc4\u7ea7\u7684\u5783\u573e\u503a\u5238\u3002<\/p>\n<p>\u4ece\u7eb8\u9762\u4e0a\u770b\uff0c\u8fd9\u662f\u5929\u624d\u3002\u8ba1\u5212\u5f88\u7b80\u5355\uff1a\u7528\u53ef\u8f6c\u6362\u503a\u5238\u96f6\u606f\u501f\u6b3e\uff0c\u8d2d\u4e70\u6bd4\u7279\u5e01\uff0c\u5e76\u5728\u80a1\u7968\u4ee5\u4f4e\u4ef7\u5151\u6362\u65f6\u8fd8\u6e05\u503a\u52a1\u3002\u53ea\u8981\u80a1\u4ef7\u4fdd\u6301\u4e0a\u6da8\u2014\u2014\u6bd4\u7279\u5e01\u81f3\u5c11\u5f98\u5f8a\u5728 100,000 \u7f8e\u5143\u5de6\u53f3\u2014\u2014\u6211\u4eec\u8c08\u8bba\u7684\u5c31\u662f\u91d1\u878d\u5de5\u7a0b\u6709\u53f2\u4ee5\u6765\u6700\u6210\u529f\u7684\u58ee\u4e3e\u4e4b\u4e00\u3002<\/p>\n<p>\u6bd4\u7279\u5e01\u77ff\u5de5 Mara \u4e5f\u52a0\u5165\u4e86\u8fd9\u4e00\u884c\u5217\uff0c\u5728\u53ef\u8f6c\u6362\u503a\u5238\u4e2d\u6295\u5165\u4e86 850 \u4e07\u7f8e\u5143\uff0c\u4ee5\u5bf9\u503a\u52a1\u8fdb\u884c\u518d\u878d\u8d44\uff0c\u81ea\u7136\u800c\u7136\u5730\u8d2d\u4e70\u4e86\u66f4\u591a\u6bd4\u7279\u5e01\u3002\u6761\u6b3e\u76f8\u5f53\u751c\u871c\uff1a\u96f6\u606f\u548c 40% \u7684\u8f6c\u6362\u6ea2\u4ef7\u3002<\/p>\n<p>\u771f\u6b63\u7684\u5438\u5f15\u529b\u5728\u4e8e MicroStrategy \u7684\u80a1\u7968\u2014\u2014\u6216\u8005\u66f4\u51c6\u786e\u5730\u8bf4\uff0c\u5b83\u7684\u6ce2\u52a8\u6027\u3002<\/p>\n<p>\u5f53\u8be5\u80a1\u7684\u4ea4\u6613\u4ef7\u683c\u4e3a 433 \u7f8e\u5143\u65f6\uff0c\u5b83\u600e\u4e48\u80fd\u4ee5\u96f6\u606f\u7968\u548c\u6bcf\u80a1 672.40 \u7f8e\u5143\u7684\u8f6c\u6362\u4ef7\u683c\u7b79\u96c6 30 \u4ebf\u7f8e\u5143\uff1f\u7b54\u6848\u5728\u4e8e\u8be5\u80a1\u7684\u7206\u70b8\u6027\u6ce2\u52a8\u6027\uff0c\u7531\u5176\u6301\u6709\u7684\u6bd4\u7279\u5e01\u9a71\u52a8\u5e76\u88ab\u653e\u5927\u3002\u8fd9\u79cd\u6ce2\u52a8\u6027\u663e\u7740\u63d0\u9ad8\u4e86\u503a\u5238\u4e2d\u5d4c\u5165\u5f0f\u770b\u6da8\u671f\u6743\u7684\u4ef7\u503c\uff0c\u8fd9\u53cd\u8fc7\u6765\u53c8\u62b5\u6d88\u4e86\u503a\u5238\u672c\u8eab\u7684\u6210\u672c\u3002\u56e0\u6b64\uff0c\u8be5\u516c\u53f8\u80fd\u591f\u4ee5\u8fdc\u4f4e\u4e8e\u4f20\u7edf\u503a\u52a1\u7684\u5229\u7387\u501f\u6b3e\u3002<\/p>\n<p>MicroStrategy \u7684\u80a1\u7968\u662f\u4e0d\u7a33\u5b9a\u7684\u3002\u5176 252 \u5929\u7684\u5386\u53f2\u6ce2\u52a8\u7387\u76ee\u524d\uff082024-12-7\uff09\u4e3a 106%\uff08\u610f\u5473\u7740\u5e73\u5747\u6bcf\u5929\u6ce2\u52a8 6.6%\uff01\u5176\u80a1\u7968\u4e2d 30 \u5929\u671f\u6743\u7684\u9690\u542b\u6ce2\u52a8\u7387\u662f\u6bd4\u7279\u5e01\u672c\u8eab\u7c7b\u4f3c\u4e45\u671f\u671f\u6743\u7684 2.5 \u500d\u3002<\/p>\n<p>MicroStrategy \u5bf9\u6b64\u5e76\u4e0d\u611f\u5230\u5c34\u5c2c\uff1a\u5728\u5176\u7b2c\u4e09\u5b63\u5ea6\u6536\u76ca\u62a5\u544a\u4e2d\uff0c\u7ba1\u7406\u5c42\u5927\u58f0\u75be\u547c MicroStrategy \u671f\u6743\u4ea4\u6613\u7684\u9690\u542b\u6ce2\u52a8\u7387\u9ad8\u4e8e\u4efb\u4f55\u6807\u51c6\u666e\u5c14 500 \u6307\u6570\u80a1\u7968\u3002<\/p>\n<p>\u671f\u6743\u4ef7\u683c\u6765\u81ea\u5f53\u524d\u80a1\u7968\u4ef7\u683c\u3001\u6267\u884c\u4ef7\u683c\u3001\u5230\u671f\u65f6\u95f4\u3001\u9690\u542b\u6ce2\u52a8\u7387\u3001\u5229\u7387\u548c\u80a1\u606f\u3002\u9664\u4e86\u9690\u542b\u6ce2\u52a8\u7387\u5916\uff0c\u6240\u6709\u8fd9\u4e9b\u56e0\u7d20\u90fd\u662f\u5df2\u77e5\u7684\u3002<\/p>\n<p>\u9690\u542b\u6ce2\u52a8\u7387\u8861\u91cf\u6295\u8d44\u8005\u8ba4\u4e3a\u6807\u7684\u80a1\u7968\u672a\u6765\u4f1a\u6ce2\u52a8\u591a\u5c11\u3002<\/p>\n<p>\u53ef\u8f6c\u6362\u503a\u52a1\u662f\u6839\u636e\u516c\u53f8\u7684\u4fe1\u7528\u98ce\u9669\u3001\u503a\u5238\u7684\u5229\u7387\u548c\u770b\u6da8\u671f\u6743\u7684\u4ef7\u503c\u5b9a\u4ef7\u7684\u3002\u8d4e\u56de\u4ef7\u503c\u8d8a\u9ad8\uff0c\u53d1\u884c\u516c\u53f8\u53ef\u4ee5\u83b7\u5f97\u7684\u6536\u76ca\u5c31\u8d8a\u591a\u3002\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0cMicroStrategy \u80a1\u7968\u4ee4\u4eba\u96be\u4ee5\u7f6e\u4fe1\u7684\u9ad8\u9690\u542b\u6ce2\u52a8\u7387\u63a8\u9ad8\u4e86\u671f\u6743\u4ef7\u503c\uff0c\u4f7f\u516c\u53f8\u80fd\u591f\u7b79\u96c6\u66f4\u591a\u8d44\u91d1\u3002<\/p>\n<p>\u7531 The Block \u63d0\u4f9b\uff0c\u663e\u793a MSTR \u7684\u9690\u542b\u6ce2\u52a8\u7387\u5927\u7ea6\u662f\u6bd4\u7279\u5e01\u7684\u4e24\u500d\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241213\/21eaad74aa1195fd5c761679b67bfd61.jpg\" \/><\/p>\n<p>\u4e00\u65e6 MicroStrategy \u5c06\u81ea\u5df1\u91cd\u5851\u4e3a\u6bd4\u7279\u5e01\u7684\u72c2\u4e70\u8005\uff0c\u6ce2\u52a8\u6027\u5c31\u4f1a\u98d9\u5347\uff0c\u5148\u662f\u8d85\u8fc7 70%\uff0c\u540e\u6765\u53c8\u7a81\u7834\u4e86 100%\u3002\u8fd9\u79cd\u52a8\u6001\u662f\u81ea\u6211\u5f3a\u5316\u7684\uff1a\u83b7\u5f97\u66f4\u591a\u6bd4\u7279\u5e01\u4f1a\u653e\u5927\u80a1\u4ef7\u6ce2\u52a8\uff0c\u4f7f MicroStrategy \u80fd\u591f\u4ee5\u8d8a\u6765\u8d8a\u4f18\u60e0\u7684\u6761\u4ef6\u53d1\u884c\u53ef\u8f6c\u6362\u503a\u5238\uff0c\u7136\u540e\u7528\u5b83\u6765\u8d2d\u4e70\u66f4\u591a\u7684\u6bd4\u7279\u5e01\u2014\u2014\u8fdb\u4e00\u6b65\u52a0\u5267\u4e86\u6ce2\u52a8\u6027\u3002\u6240\u4ee5\u8fd9\u4e2a\u5faa\u73af\u8fd8\u5728\u7ee7\u7eed\u3002<\/p>\n<p>Michael Saylor \u6b63\u5728\u5439\u6367\u6bd4\u7279\u5e01\uff0c\u4ee5\u63a8\u9ad8\u5176\u80a1\u7968\u7684\u9690\u542b\u6ce2\u52a8\u7387\uff0c\u4ece\u800c\u4f7f\u5176\u80fd\u591f\u4ee5\u5c3d\u53ef\u80fd\u4fbf\u5b9c\u7684\u4ef7\u683c\u53d1\u884c\u503a\u52a1\u3002<\/p>\n<p><strong>\u4ed6\u672c\u8eab\u5c31\u662f\u8fd9\u4e2a\u673a\u5236\u7684\u63a8\u52a8\u8005\u548c\u5e2e\u51f6\u3002<\/strong><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241213\/61d2268d143fb4b8895668dac7f71e3f.jpg\" \/><\/p>\n<p>\u56e0\u4e3a\u4ec5\u9650\u4e8e\u56fa\u5b9a\u6536\u76ca\u6295\u8d44\u7684\u6295\u8d44\u8005\u73b0\u5728\u6709\u529e\u6cd5\u83b7\u5f97\u6bd4\u7279\u5e01\u7684\u655e\u53e3\u3002\u4f46\u662f\uff0c\u5bf9\u4e8e\u5176\u4ed6\u60f3\u8981\u62e5\u6709\u6bd4\u7279\u5e01\u7684\u4eba\u6765\u8bf4\uff0c\u8fd8\u6709\u66f4\u597d\u7684\u9009\u62e9\u3002MicroStrategy \u7684\u80a1\u7968\u4f30\u503c\u81f3\u5c11\u662f\u5176\u6301\u6709\u7684\u6bd4\u7279\u5e01\u7684\u4e24\u500d\u3002\u800c\u4e14\uff0c\u63d0\u9192\u4e00\u4e0b\uff0c\u5b83\u7684\u8f6f\u4ef6\u4e1a\u52a1\u51e0\u4e4e\u6ca1\u6709\u4efb\u4f55\u4ef7\u503c\u3002\u751a\u81f3\u53ef\u4ee5\u8bf4\u5b83\u6709\u8d1f\u503c\u3002\u56e0\u6b64\uff0c\u60f3\u8981\u8d2d\u4e70\u6bd4\u7279\u5e01\u7684\u6295\u8d44\u8005\u5e94\u8be5\u53ea\u8d2d\u4e70\u6bd4\u7279\u5e01\u6216\u4f17\u591a\u53ef\u7528\u7684\u6bd4\u7279\u5e01 ETF\u3002<\/p>\n<p>\u622a\u81f3 2024-12-12\uff0c\u76f8\u5bf9\u4e8e\u6bd4\u7279\u5e01\u73b0\u4ef7\u7684\u6ea2\u4ef7\u662f 2.2 \u500d.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241213\/7ef8e2d7fc20c9d94920b7b50a5ecc0d.jpg\" \/><\/p>\n<h2>\u5b83\u662f\u5982\u4f55\u8fd0\u4f5c\u7684<\/h2>\n<p>\u5728\u5386\u53f2\u4e0a,\u80fd\u6e90\u884c\u4e1a\u7684\u53ef\u8f6c\u6362\u503a\u5238\u4ea4\u6613\u4e00\u76f4\u662f\u300c\u6700\u4e30\u539a\u7684\u300d\uff0c\u9690\u542b\u6ce2\u52a8\u7387\u6700\u9ad8\u8fbe 35-40%,\u800c\u6700\u8fd1\u79d1\u6280\u516c\u53f8\u53d1\u884c\u7684\u53ef\u8f6c\u6362\u503a\u5238\u5df2\u8fbe\u5230 40-45% \u7684\u6c34\u5e73\u3002\u6839\u636e IFR \u7684\u62a5\u9053,MicroStrategy \u7684\u53ef\u8f6c\u6362\u503a\u5238\u5728\u5e02\u573a\u4e0a\u7684\u9690\u542b\u6ce2\u52a8\u7387\u4e3a 60%,\u8fd9\u5728\u80a1\u7968\u6302\u94a9\u5e02\u573a\u4e0a\u662f\u53f2\u65e0\u524d\u4f8b\u7684\u3002<\/p>\n<p>\u8fd9\u4e9b\u503a\u5238\u7684\u6295\u8d44\u8005\u91c7\u7528\u5404\u79cd\u4ea4\u6613\u7b56\u7565\u6765\u83b7\u53d6\u6ce2\u52a8\u7387\u6536\u76ca,\u5176\u4e2d\u4e00\u79cd\u7ecf\u5178\u65b9\u6cd5\u662f\u6240\u8c13\u7684\u4f3d\u9a6c\u4ea4\u6613\u3002\u8fd9\u79cd\u7b56\u7565\u6d89\u53ca\u8d2d\u4e70\u503a\u5238\u5e76\u5356\u7a7a\u80a1\u7968,\u52a8\u6001\u8c03\u6574\u7a7a\u5934\u5934\u5bf8\u7684\u89c4\u6a21\u4ee5\u4fdd\u6301\u7ec4\u5408\u5934\u5bf8\u5bf9\u80a1\u4ef7\u7684\u4e2d\u6027\u3002\u5176\u51c0\u6548\u5e94\u662f\u5728\u80a1\u4ef7\u4f4e\u65f6\u4e70\u5165,\u5728\u80a1\u4ef7\u9ad8\u65f6\u5356\u51fa,\u540c\u65f6\u4fdd\u6301\u5bf9\u53ef\u8f6c\u6362\u503a\u5238\u7684\u591a\u5934\u5934\u5bf8\u3002<\/p>\n<p>\u5177\u4f53\u64cd\u4f5c\u5982\u4e0b:<\/p>\n<p>\u6295\u8d44\u8005\u9996\u5148\u6839\u636e\u53ef\u8f6c\u6362\u503a\u5238\u7684\u300cdelta\u300d( \u8861\u91cf\u503a\u5238\u4ef7\u683c\u5bf9\u80a1\u4ef7\u53d8\u52a8\u7684\u654f\u611f\u5ea6 ) \u5356\u7a7a\u76f8\u5e94\u6bd4\u4f8b\u7684 MicroStrategy \u80a1\u7968\u3002\u968f\u7740\u80a1\u4ef7\u4e0a\u6da8,\u503a\u5238\u63a5\u8fd1\u300c\u5e73\u4ef7\u300d,\u503a\u5238\u7684 delta \u503c\u589e\u52a0,\u6295\u8d44\u8005\u9700\u8981\u5356\u51fa\u66f4\u591a\u80a1\u7968\u4ee5\u4fdd\u6301\u4e2d\u6027\u3002\u5f53 delta \u8fbe\u5230 1 \u65f6,\u6295\u8d44\u8005\u7684\u7a7a\u5934\u5934\u5bf8\u5c06\u4e0e\u9884\u671f\u4ece\u53ef\u8f6c\u6362\u503a\u5238\u8f6c\u6362\u83b7\u5f97\u7684\u80a1\u7968\u6570\u91cf\u76f8\u7b49\u3002\u76f8\u53cd,\u5f53\u80a1\u4ef7\u4e0b\u8dcc,\u503a\u5238\u5927\u5e45\u300c\u8dcc\u51fa\u4ef7\u5916\u300d,delta \u503c\u4e0b\u964d,\u6295\u8d44\u8005\u9700\u8981\u4e70\u56de\u80a1\u7968,\u51cf\u5c11\u7a7a\u5934\u5934\u5bf8\u3002\u4e0d\u65ad\u7684\u5934\u5bf8\u8c03\u6574\u53ef\u4ee5\u4ece\u80a1\u7968\u6ce2\u52a8\u7387\u4e2d\u83b7\u5f97\u6536\u76ca,\u800c\u4e0d\u53d7\u5176\u603b\u4f53\u8d8b\u52bf\u7684\u5f71\u54cd\u3002<\/p>\n<p>\u53ef\u4ee5\u5c06\u5176\u7c7b\u6bd4\u4e3a\u5229\u7528\u98ce\u80fd:\u53ea\u8981\u6709\u98ce,\u4e0d\u7ba1\u98ce\u5411\u5982\u4f55,\u6da1\u8f6e\u673a\u90fd\u80fd\u65cb\u8f6c\u53d1\u7535\u3002\u5bf9\u4ea4\u6613\u8005\u6765\u8bf4,\u6ce2\u52a8\u7387\u5c31\u662f\u9a71\u52a8\u5176\u7b56\u7565\u7684\u300c\u98ce\u300d\u3002\u5bf9\u4e8e MicroStrategy \u6765\u8bf4,\u5176\u80a1\u7968\u975e\u5e38\u9002\u5408\u8fd9\u79cd\u4ea4\u6613:\u9ad8\u6ce2\u52a8\u6027\u3001\u6d41\u52a8\u6027\u597d,\u4e14\u6613\u4e8e\u501f\u5165\u505a\u7a7a\u3002<\/p>\n<p>\u4f3d\u9a6c\u4ea4\u6613\u7b56\u7565\u5e76\u4e0d\u9002\u5408\u4e1a\u4f59\u6295\u8d44\u8005\u3002\u5b83\u975e\u5e38\u590d\u6742,\u9700\u8981\u4e0d\u65ad\u8c03\u6574\u5934\u5bf8\u3002<\/p>\n<p>\u5982\u679c\u80a1\u7968\u6ce2\u52a8\u5e73\u9759\u4e0b\u6765\uff0c\u8fd9\u4e9b\u57fa\u4e8e\u6ce2\u52a8\u7387\u7684\u5957\u5229\u673a\u4f1a\u53ef\u80fd\u4f1a\u6d88\u5931\uff0c\u8ba9\u4f3d\u9a6c\u4ea4\u6613\u7684\u300c\u98ce\u8f66\u300d\u65e0\u6240\u4e8b\u4e8b\u3002( \u8fd9\u79cd\u60c5\u51b5\u53ef\u80fd\u53d1\u751f\uff0c\u4f8b\u5982\u56e0\u4e3a\u53ef\u8f6c\u6362\u503a\u5238\u7684\u6295\u8d44\u8005\u5728\u80a1\u4ef7\u4e0a\u6da8\u65f6\u5356\u51fa\u80a1\u7968\uff0c\u5728\u4e0b\u8dcc\u65f6\u4e70\u5165\u80a1\u7968\uff0c\u4ece\u800c\u6291\u5236\u4e86\u6ce2\u52a8\u6027\u3002)<\/p>\n<p>MicroStrategy \u7684\u80a1\u4ef7\u6ce2\u52a8\u6027\u5728\u6700\u8fd1\u51e0\u5468\u6709\u6240\u964d\u6e29,\u8fd9\u53ef\u80fd\u5bfc\u81f4\u4e00\u4e9b\u6295\u8d44\u8005\u906d\u53d7\u635f\u5931\uff0c\u5c3d\u7ba1\u4e0e\u4e4b\u524d\u53ef\u8f6c\u6362\u503a\u5238\u5e26\u6765\u7684\u4e30\u539a\u6536\u76ca\u76f8\u6bd4\uff0c\u8fd9\u4e9b\u635f\u5931\u5fae\u4e0d\u8db3\u9053\u3002<\/p>\n<h2>\u4ec0\u4e48\u4f1a\u51fa\u9519\uff1f<\/h2>\n<p>\u53ef\u8f6c\u6362\u503a\u5238\u6301\u6709\u4eba\u7684\u6f5c\u5728\u56de\u62a5\u662f MicroStrategy \u80a1\u7968\u7684\u4ef7\u683c\u9ad8\u4e8e\u8f6c\u6362\u4ef7\u683c\u3002<\/p>\n<p>\u62e5\u6709\u503a\u52a1\u7684\u98ce\u9669\u662f\u53cc\u91cd\u7684\u3002<\/p>\n<p>\u9996\u5148\uff0c\u5047\u8bbe\u516c\u53f8\u6ca1\u6709\u8fdd\u7ea6\uff0c\u5982\u679c\u80a1\u4ef7\u4f4e\u4e8e\u8f6c\u6362\u4ef7\u683c\uff0c\u503a\u5238\u6295\u8d44\u8005\u5c06\u6536\u56de\u4ed6\u4eec\u7684\u94b1\u3002\u4f46\u662f\uff0c\u4ed6\u4eec\u5c06\u5728\u4e94\u5e74\u5185\u4e00\u65e0\u6240\u83b7\u3002<\/p>\n<p>\u5f53\u4eba\u4eec\u8003\u8651 MicroStrategy \u5982\u4f55\u5728\u5230\u671f\u65f6\u507f\u8fd8 72 \u4ebf\u7f8e\u5143\u7684\u53ef\u8f6c\u6362\u503a\u52a1\u65f6\uff0c\u5c31\u4f1a\u51fa\u73b0\u6700\u574f\u7684\u60c5\u51b5\u3002\u4e0e\u5927\u591a\u6570\u516c\u53f8\u4e0d\u540c\uff0c\u7b54\u6848\u4e0d\u5728\u4e8e\u5b83\u8d5a\u53d6\u7684\u6536\u5165\u3002\u81ea 2000 \u5e74\u4ee5\u6765\uff0c\u4ed6\u4eec\u7684\u7d2f\u8ba1\u7a0e\u540e\u51c0\u6536\u5165\u4e3a\u8d1f 15 \u4ebf\u7f8e\u5143\u3002\u8fc7\u53bb\u516b\u4e2a\u5b63\u5ea6\u7684\u5e73\u5747\u5b63\u5ea6\u4e8f\u635f\u4e3a 3.16 \u4ebf\u7f8e\u5143\u3002\u4ed6\u4eec\u4e0a\u4e00\u6b21\u5b9e\u73b0\u5b63\u5ea6\u76c8\u5229\u662f\u5728 2021 \u5e74\u3002\u5373\u4f7f\u5728 MicroStrategy \u7684\u5cf0\u503c\u76c8\u5229\u80fd\u529b\u4e0b\uff0c\u5176\u7d2f\u8ba1\u51c0\u6536\u5165\u4e5f\u53ea\u6709 6.5 \u4ebf\u7f8e\u5143\u5de6\u53f3\u3002<\/p>\n<p>\u8be5\u516c\u53f8\u53ef\u4ee5\u53d1\u884c\u66f4\u591a\u80a1\u7968\u6765\u507f\u8fd8\u5176\u503a\u5238\u6301\u6709\u4eba\u3002\u8fd9\u5c06\u7a00\u91ca\u73b0\u6709\u80a1\u4e1c\uff0c\u5e76\u53ef\u80fd\u964d\u4f4e\u80a1\u4ef7\u548c\u53ef\u8f6c\u6362\u671f\u6743\u7684\u4ef7\u503c\u3002<\/p>\n<p>\u76f8\u53cd\uff0cMicroStrategy \u53ef\u4ee5\u53d1\u884c\u66f4\u591a\u503a\u52a1\u6765\u507f\u8fd8\u65e7\u503a\u3002\u4f46\u662f\uff0c\u5982\u679c\u6bd4\u7279\u5e01\u4ef7\u683c\u4e0b\u8dcc\uff0c\u503a\u5238\u6301\u6709\u4eba\u53ef\u80fd\u4e0d\u4f1a\u63a5\u53d7\u53ef\u8f6c\u6362\u503a\u52a1\uff0c\u800c\u662f\u8981\u6c42\u9ad8\u5229\u7387\u3002<\/p>\n<p>\u6700\u540e\uff0c\u4ed6\u4eec\u53ef\u4ee5\u51fa\u552e\u6bd4\u7279\u5e01\u6765\u507f\u8fd8\u5176\u503a\u5238\u6301\u6709\u4eba\u3002\u5982\u679c\u6bd4\u7279\u5e01\u4ee5\u9ad8\u4ef7\u4ea4\u6613\uff0c\u8fd9\u6837\u7684\u8ba1\u5212\u53ef\u80fd\u4f1a\u594f\u6548\u3002\u4f46\u662f\uff0c\u5982\u679c\u4ef7\u683c\u4f4e\u5f97\u591a\uff0c\u5219\u53ef\u80fd\u4f1a\u975e\u5e38\u6210\u95ee\u9898\u3002\u5f53\u7136\uff0c\u5982\u679c\u4e16\u754c\u4e09\u5927\u6bd4\u7279\u5e01\u6301\u6709\u8005\u4e4b\u4e00\u5927\u91cf\u51fa\u552e\uff0c\u53ef\u80fd\u4f1a\u4e25\u91cd\u635f\u5bb3\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u3002<\/p>\n<p>MicroStrategy \u7684 5 \u7b14\u4e4b\u524d\u53d1\u884c\u7684\u53ef\u8f6c\u6362\u503a\u5238 &#8211; \u76ee\u524d\u5df2\u6df1\u5ea6\u300c\u4ef7\u5185\u300d,\u8f6c\u6362\u4ef7\u683c\u4ecb\u4e8e 143.25 \u7f8e\u5143\u5230 232.72 \u7f8e\u5143\u4e4b\u95f4\u3002<\/p>\n<p>\u5982\u679c\u6bd4\u7279\u5e01\u4ef7\u683c ( \u4ee5\u53ca MicroStrategy \u80a1\u4ef7 ) \u66b4\u8dcc\u7684\u8bdd\u3002\u90a3\u4e48\u4f1a\u53d1\u751f\u4ec0\u4e48?\u5982\u679c\u5c40\u52bf\u9006\u8f6c\uff0cMicroStrategy \u5c06\u5982\u4f55\u507f\u8fd8\u9ad8\u8fbe 62 \u4ebf\u7f8e\u5143\u7684\u503a\u5238\u672c\u91d1?<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241213\/c1b495cac5bef3ae9982f838bd4d9f22.jpg\" \/><\/p>\n<p>\u4ef7\u5185\u662f\u6307\u8f6c\u6362\u4ef7\u503c \u9ad8\u4e8e \u503a\u5238\u7684\u9762\u503c\u65f6\u7684\u72b6\u6001\u3002<\/p>\n<p>\u516c\u5f0f\uff1a\u8f6c\u6362\u4ef7\u503c &gt; \u503a\u5238\u9762\u503c<\/p>\n<p>\u6295\u8d44\u8005\u503e\u5411\uff1a<\/p>\n<p>\u5728\u4ef7\u5185\u72b6\u6001\u4e0b\uff0c\u6295\u8d44\u8005\u503e\u5411\u4e8e\u5c06\u503a\u5238\u8f6c\u6362\u4e3a\u80a1\u7968\uff0c\u56e0\u4e3a\u8fd9\u6837\u53ef\u4ee5\u83b7\u5f97\u66f4\u9ad8\u7684\u6536\u76ca\u3002<\/p>\n<p>\u53ef\u8f6c\u6362\u503a\u5238\u7684\u5e02\u573a\u4ef7\u683c\u53cd\u6620\u4e86\u5176\u53cc\u91cd\u5c5e\u6027\uff1a<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u503a\u5238\u4ef7\u503c\uff08\u503a\u52a1\u5c5e\u6027\uff09\uff1b<\/p>\n<\/li>\n<li>\n<p>\u8f6c\u6362\u4ef7\u503c\uff08\u80a1\u7968\u5c5e\u6027\uff09\u3002<\/p>\n<\/li>\n<\/ul>\n<p>\u5f53 MicroStrategy \u7684\u80a1\u4ef7 \u8fdc\u9ad8\u4e8e 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\u5c06\u9762\u4e34\u706d\u9876\u4e4b\u707e\uff1a<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u9996\u5148\uff0c\u5fae\u7b56\u7565\u7684\u81ea\u7531\u73b0\u91d1\u6d41\u65e0\u6cd5\u8986\u76d6\u503a\u52a1\uff0c\u5176\u8f6f\u4ef6\u4e1a\u52a1\u4e8f\u635f\uff1b<\/p>\n<\/li>\n<li>\n<p>\u51fa\u552e\u6bd4\u7279\u5e01\u4ee5\u7b79\u96c6\u73b0\u91d1\u53ef\u80fd\u662f\u6700\u540e\u7684\u624b\u6bb5\uff0c\u4f46\u4f60\u80fd\u60f3\u8c61\u4e16\u754c\u4e09\u5927\u6bd4\u7279\u5e01\u6301\u6709\u8005\u4e4b\u4e00\u7ad9\u51fa\u6765\u558a\u5355\u5356\u51fa\u54ea\u6015 1 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\u5e74\u8d22\u62a5\uff09\uff1b\u53ea\u80fd\u501f\u65b0\u503a\u8fd8\u65e7\u503a\uff0c\u8fd9\u662f\u5e9e\u6c0f\u7ed3\u6784\u7684\u7b2c\u4e8c\u90e8\u5206\uff0c\u503a\u52a1\u5e9e\u6c0f\u3002<\/p>\n<h2>\u9996\u5148\u8bc4\u4f30\u4e00\u4e0b\u8be5\u516c\u53f8\u7684\u4f30\u503c<\/h2>\n<p>\u91c7\u53d6\u6700\u4e50\u89c2\u7684\u4f30\u503c\u5047\u8bbe\u5982\u4e0b\uff1a\u516c\u53f8\u7684\u5e02\u503c\u51cf\u53bb\u5176\u6301\u6709\u7684 BTC \u7684\u5e02\u503c\uff0c\u5c06\u8be5\u6307\u6807\u4e0e TTM \u7ecf\u5e38\u6027\u6bcf\u80a1\u6536\u76ca\u76f8\u7ed3\u5408\uff0c\u57fa\u7840\u5546\u4e1a\u4ea4\u6613\u7684\u5e02\u76c8\u7387\u4e3a 202.5\u3002\u5047\u8bbe\u57fa\u7840\u4e1a\u52a1\u7684\u9002\u5f53\u5e02\u76c8\u7387\u548c\u5e02\u9500\u7387\u5206\u522b\u4e3a 25 \u548c 5\u3002\u8fd9\u4e9b\u90fd\u662f\u975e\u5e38\u5bbd\u6cdb\u7684\u5047\u8bbe\uff0c\u56e0\u4e3a\u4ece\u957f\u8fdc\u6765\u770b\uff0c\u76f8\u5173\u4e1a\u52a1\u7684\u6536\u5165\u548c\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u975e\u5e38\u5c0f\u3002\u5728\u8fd9\u4e9b\u6761\u4ef6\u4e0b\uff0c\u8ba1\u7b97\u51fa MSTR \u7684\u516c\u5141\u4ef7\u503c\u4ef7\u683c\uff08\u5305\u62ec\u5176 BTC \u5934\u5bf8\uff09\u5728 202.45 \u7f8e\u5143\u548c 214.67 \u7f8e\u5143\u4e4b\u95f4\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241213\/f37a0450d51fa79e2b1169cf3fd28dd6.jpg\" \/><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s2.flink2.com\/news\/other\/20241213\/af6f3ba886ac6be89755cbea0c49d8ed.jpg\" \/><\/p>\n<p>\u8bf7\u6ce8\u610f\uff0c\u5982\u679c\u6309\u7167\u6700\u4e50\u89c2\u7684\u4f30\u503c\u4ee5\u53ca\u6211\u4e2a\u4eba\u7684\u4f30\u503c\u6a21\u578b\u6765\u770b\uff1b<\/p>\n<ul class=\" 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