{"id":4212,"date":"2026-09-07T08:21:36","date_gmt":"2026-09-07T00:21:36","guid":{"rendered":"https:\/\/www.sjzylove.com\/?p=4212"},"modified":"2026-09-07T08:21:36","modified_gmt":"2026-09-07T00:21:36","slug":"%e8%9e%8d%e8%b5%842000%e4%ba%bf%e9%87%8e%e5%bf%83%ef%bc%81%e6%af%94%e7%89%b9%e5%b8%81%e5%be%ae%e7%ad%96%e7%95%a5strategy%e7%94%a8%e6%95%a3%e6%88%b7%e9%92%b1%e8%a2%8b%e8%b5%8c%e6%af%94%e7%89%b9","status":"publish","type":"post","link":"https:\/\/www.zsmjt.com\/?p=4212","title":{"rendered":"\u878d\u8d442000\u4ebf\u91ce\u5fc3\uff01\u6bd4\u7279\u5e01\u5fae\u7b56\u7565Strategy\u7528\u6563\u6237\u94b1\u888b\u8d4c\u6bd4\u7279\u5e01\u91d1\u878d\u5e1d\u56fd"},"content":{"rendered":"
\n

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    \n
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      \n
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      \"<\/p>\n

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      1.\u4f20\u7edf\u878d\u8d44\u6a21\u5f0f\u906d\u9047\u74f6\u9888\uff1amNAV \u6ea2\u4ef7\u7684\u538b\u7f29<\/strong><\/p>\n

      Strategy \u7684\u6c38\u7eed\u4f18\u5148\u80a1\u5b9e\u9a8c\u6e90\u4e8e\u4e00\u4e2a\u73b0\u5b9e\u6311\u6218\uff1a mNAV \u6ea2\u4ef7\u538b\u7f29\u3002<\/p>\n

      \u6240\u8c13 mNAV \u6ea2\u4ef7\uff0c\u662f\u6307 Strategy \u80a1\u4ef7\u957f\u671f\u9ad8\u4e8e\u5176\u6bd4\u7279\u5e01\u51c0\u8d44\u4ea7\u4ef7\u503c\u7684\u73b0\u8c61\u3002\u8fd9\u79cd\u6ea2\u4ef7\u4e00\u5ea6\u662f Saylor\u300c\u8d22\u52a1\u9b54\u672f\u300d\u7684\u6838\u5fc3\u2014\u2014\u516c\u53f8\u80fd\u591f\u4ee5\u9ad8\u4e8e\u6bd4\u7279\u5e01\u5b9e\u9645\u4ef7\u503c\u7684\u4ef7\u683c\u5411\u5e02\u573a\u878d\u8d44\uff0c\u5b9e\u73b0\u300c\u6298\u4ef7\u8d2d\u5e01\u300d\u7684\u6548\u5e94\u3002\u4f46 Clear Street \u98a0\u8986\u6027\u6280\u672f\u80a1\u7968\u7814\u7a76\u5206\u6790\u5e08\uff08Disruptive Technology Equity Research\uff09Brian Dobson \u6307\u51fa\uff1a\u300cmNAV \u6ea2\u4ef7\u5728\u6700\u8fd1\u51e0\u5468\u538b\u7f29\uff0cStrategy \u7684\u7ba1\u7406\u5c42\u4eec\u7406\u6240\u5f53\u7136\u5730\u62c5\u5fc3\u521b\u9020\u592a\u591a\u7a00\u91ca\u3002\u300d<\/p>\n

      \u8fd9\u4e00\u53d8\u5316\u8feb\u4f7f Strategy \u5bfb\u627e\u65b0\u7684\u878d\u8d44\u8def\u5f84\u3002\u4f20\u7edf\u7684\u666e\u901a\u80a1\u589e\u53d1\u5728 mNAV \u6ea2\u4ef7\u6536\u7a84\u65f6\u6548\u7387\u5927\u6253\u6298\u6263\uff1b\u53ef\u8f6c\u503a\u5e02\u573a\u867d\u7136\u6210\u672c\u8f83\u4f4e\uff0c\u4f46\u6392\u9664\u4e86\u6563\u6237\u6295\u8d44\u8005\u8fd9\u4e00\u91cd\u8981\u8d44\u91d1\u6765\u6e90\u3002\u6c38\u7eed\u4f18\u5148\u80a1\u7684\u51fa\u73b0\uff0c\u6b63\u662f\u5728\u8fd9\u79cd\u7ea6\u675f\u6761\u4ef6\u4e0b\u7684\u5fc5\u7136\u9009\u62e9\u3002<\/p>\n

      2.\u53d1\u73b0\u65b0\u8d44\u91d1\u6765\u6e90\uff1a\u6563\u6237\u6295\u8d44\u8005\u7684\u300c\u4fe1\u4ef0\u9a71\u52a8\u300d\u6a21\u5f0f<\/strong><\/p>\n

      \u66f4\u5173\u952e\u7684\u662f\uff0cSaylor \u53d1\u73b0\u4e86\u4e00\u4e2a\u524d\u6240\u672a\u6709\u7684\u878d\u8d44\u673a\u4f1a\uff1a\u5c06\u4e2a\u4eba\u5f71\u54cd\u529b\u76f4\u63a5\u8f6c\u5316\u4e3a\u4f01\u4e1a\u8d44\u672c\u3002<\/p>\n

      \"<\/p>\n

      Michael Saylor \u76ee\u524d\u62e5\u6709 450 \u4e07 X Follower\uff08\u6765\u6e90\uff1aX \u5e73\u53f0\uff09<\/p>\n

      \u7f8e\u56fd\u94f6\u884c\u5168\u7403\u53ef\u8f6c\u6362\u503a\u5238\u4e0e\u4f18\u5148\u80a1\u7b56\u7565\u4e3b\u7ba1\uff08Head of Global Convertibles and Preferred Strategy\uff09 Michael Youngworth \u5766\u8a00\uff1a\u300c\u636e\u6211\u6240\u77e5\uff0c\u8fc7\u53bb\u6ca1\u6709\u4efb\u4f55\u516c\u53f8\u50cf Strategy \u8fd9\u6837\u5229\u7528\u6563\u6237\u7684\u70ed\u60c5\u3002\u300d\u5728\u6700\u65b0\u7684 STRC \u53d1\u884c\u4e2d\uff0c\u6563\u6237\u5360\u6bd4\u9ad8\u8fbe 25%\uff0c\u8fd9\u5728\u4f20\u7edf\u4f01\u4e1a\u4f18\u5148\u80a1\u5e02\u573a\u51e0\u4e4e\u4e0d\u53ef\u60f3\u8c61\u3002<\/p>\n

      \u8fd9\u4e9b\u6563\u6237\u6295\u8d44\u8005\u5bf9 Strategy \u91c7\u53d6\u4e86\u300c\u4fe1\u4ef0\u9a71\u52a8\u300d\u7684\u6295\u8d44\u6a21\u5f0f\uff0c\u4e3a\u516c\u53f8\u63d0\u4f9b\u4e86\u76f8\u5bf9\u7a33\u5b9a\u7684\u8d44\u91d1\u6765\u6e90\u3002\u4e0e\u673a\u6784\u6295\u8d44\u8005\u76f8\u6bd4\uff0c\u4ed6\u4eec\u66f4\u5c11\u53d7\u5230\u77ed\u671f\u5e02\u573a\u6ce2\u52a8\u7684\u5f71\u54cd\uff0c\u66f4\u613f\u610f\u63a5\u53d7\u8f83\u9ad8\u7684\u98ce\u9669\u6ea2\u4ef7\u3002\u8fd9\u79cd\u72ec\u7279\u7684\u6295\u8d44\u8005\u7ed3\u6784\uff0c\u6210\u4e3a Strategy \u533a\u522b\u4e8e\u4f20\u7edf\u4f01\u4e1a\u7684\u91cd\u8981\u7ade\u4e89\u4f18\u52bf\u3002<\/p>\n

      3.\u6218\u7565\u8f6c\u578b\u5347\u7ea7\uff1a\u4ece\u80a1\u6743\u878d\u8d44\u5230\u6df7\u5408\u8d44\u672c\u7ed3\u6784<\/strong><\/p>\n

      \u6c38\u7eed\u4f18\u5148\u80a1\u7684\u5f15\u5165\uff0c\u5b9e\u9645\u4e0a\u6807\u5fd7\u7740 Strategy \u5546\u4e1a\u6a21\u5f0f\u7684\u6839\u672c\u6027\u8f6c\u53d8\u3002<\/p>\n

      \u4f20\u7edf\u6a21\u5f0f\u4e0b\uff0cStrategy \u4f9d\u8d56\u80a1\u4ef7\u4e0a\u6da8\u6765\u652f\u6491\u878d\u8d44\u80fd\u529b\uff0c\u4f46\u8fd9\u79cd\u6a21\u5f0f\u9ad8\u5ea6\u4f9d\u8d56\u5e02\u573a\u60c5\u7eea\u548c\u6bd4\u7279\u5e01\u4ef7\u683c\u6ce2\u52a8\u3002\u65b0\u6a21\u5f0f\u5219\u901a\u8fc7\u6c38\u7eed\u4f18\u5148\u80a1\u521b\u9020\u4e86\u4e00\u4e2a\u76f8\u5bf9\u7a33\u5b9a\u7684\u300c\u4e2d\u95f4\u5c42\u7ea7\u300d\uff1a\u4f18\u5148\u80a1\u6295\u8d44\u8005\u83b7\u5f97\u76f8\u5bf9\u786e\u5b9a\u7684\u80a1\u606f\u56de\u62a5\uff0c\u666e\u901a\u80a1\u80a1\u4e1c\u627f\u62c5\u66f4\u591a\u6ce2\u52a8\u98ce\u9669\uff0c\u516c\u53f8\u5219\u83b7\u5f97\u4e86\u671f\u9650\u5339\u914d\u7684\u6c38\u7eed\u8d44\u91d1\u6765\u6301\u6709\u6bd4\u7279\u5e01\u8fd9\u4e00\u6c38\u7eed\u8d44\u4ea7\u3002<\/p>\n

      \u8fd9\u79cd\u8d44\u672c\u7ed3\u6784\u7684\u91cd\u65b0\u8bbe\u8ba1\uff0c\u8ba9 Strategy \u80fd\u591f\u66f4\u597d\u5730\u5e94\u5bf9\u5e02\u573a\u5468\u671f\u53d8\u5316\u3002\u5373\u4f7f\u5728\u6bd4\u7279\u5e01\u4ef7\u683c\u4e0b\u8dcc\u3001mNAV \u6ea2\u4ef7\u6d88\u5931\u7684\u60c5\u51b5\u4e0b\uff0c\u516c\u53f8\u4f9d\u7136\u53ef\u4ee5\u901a\u8fc7\u6c38\u7eed\u4f18\u5148\u80a1\u7ef4\u6301\u878d\u8d44\u80fd\u529b\u3002<\/p>\n

      4.\u7ec8\u6781\u76ee\u6807\uff1a\u6253\u9020\u5343\u4ebf\u7f8e\u5143 BTC \u300c\u4fe1\u7528\u300d\u6784\u60f3<\/strong><\/p>\n

      Saylor \u7684\u96c4\u5fc3\u8fdc\u4e0d\u6b62\u4e8e\u6b64\u3002\u4ed6\u63a8\u6d4b\u300c\u7406\u8bba\u4e0a\u53ef\u4ee5\u7b79\u96c6 1000 \u4ebf\u7f8e\u5143\u2026\u751a\u81f3 2000 \u4ebf\u7f8e\u5143\u300d\uff0c\u76ee\u6807\u662f\u521b\u5efa\u4ee5\u6bd4\u7279\u5e01\u4e3a\u5e95\u5c42\u8d44\u4ea7\u7684\u5927\u89c4\u6a21\u300c\u4fe1\u7528\u300d\u6784\u60f3\u4f53\u7cfb\u3002<\/p>\n

      \u8fd9\u4e00\u613f\u666f\u7684\u6838\u5fc3\u903b\u8f91\u5f7b\u5e95\u98a0\u8986\u4e86\u4f20\u7edf\u4f01\u4e1a\u878d\u8d44\uff1a\u4e0d\u518d\u4f9d\u8d56\u4ea7\u54c1\u6216\u670d\u52a1\u7684\u73b0\u91d1\u6d41\uff0c\u800c\u662f\u6784\u5efa\u300c\u6301\u6709\u6bd4\u7279\u5e01\u2192\u4ea7\u751f\u80a1\u4ef7\u6ea2\u4ef7\u2192\u878d\u8d44\u8d2d\u5e01\u2192\u5f62\u6210\u6b63\u53cd\u9988\u5faa\u73af\u300d\u7684\u81ea\u6211\u5f3a\u5316\u673a\u5236\u3002\u901a\u8fc7\u6c38\u7eed\u4f18\u5148\u80a1\u3001\u53ef\u8f6c\u6362\u503a\u5238\u7b49\u591a\u5c42\u878d\u8d44\u5de5\u5177\uff0cStrategy \u8bd5\u56fe\u5c06\u6ce2\u52a8\u7684\u6570\u5b57\u8d44\u4ea7\u8f6c\u5316\u4e3a\u7a33\u5b9a\u7684\u6536\u5165\u6765\u6e90\uff0c\u5229\u7528 mNAV \u6ea2\u4ef7\u5b9e\u73b0\u300c\u4ee5\u6298\u6263\u4ef7\u8d2d\u4e70\u6bd4\u7279\u5e01\u300d\u7684\u5957\u5229\uff0c\u5f62\u6210\u4e00\u4e2a\u4ee5\u6bd4\u7279\u5e01\u4e3a\u6838\u5fc3\u7684\u91d1\u878d\u5e1d\u56fd\u3002<\/p>\n

      \u7136\u800c\uff0c\u8fd9\u573a\u91d1\u878d\u5b9e\u9a8c\u5145\u6ee1\u98ce\u9669\u3002\u5982\u679c\u6210\u529f\uff0c\u6bd4\u7279\u5e01\u53ef\u80fd\u4ece\u6295\u673a\u8d44\u4ea7\u8f6c\u53d8\u4e3a\u88ab\u5e7f\u6cdb\u63a5\u53d7\u7684\u91d1\u878d\u62b5\u62bc\u54c1\u3002\u4f46\u6b63\u5982\u5356\u7a7a\u8005 Jim Chanos \u8b66\u544a\u7684\uff0c\u5728\u6bd4\u7279\u5e01\u4e0b\u8dcc\u65f6\uff0c8-10% \u7684\u6c38\u7eed\u80a1\u606f\u652f\u4ed8\u53ef\u80fd\u6210\u4e3a\u6c89\u91cd\u8d1f\u62c5\u3002Rutgers \u6cd5\u5b66\u9662\u7684 Yuliya Guseva \u66f4\u662f\u76f4\u8a00\u300c\u5982\u679c\u5e02\u573a\u80c3\u53e3\u67af\u7aed\uff0c\u90a3\u4e48\u8fd9\u79cd\u6a21\u5f0f\u5c06\u4e0d\u518d\u6301\u7eed\u300d\u3002Saylor \u6b63\u7528 Strategy \u7684\u672a\u6765\uff0c\u62bc\u6ce8\u6570\u5b57\u8d44\u4ea7\u80fd\u5426\u91cd\u65b0\u5b9a\u4e49\u73b0\u4ee3\u91d1\u878d\u4f53\u7cfb\u7684\u57fa\u7840\u89c4\u5219\u3002<\/p>\n

      <\/p>\n

      \u7ed3\u8bba\uff1a\u9769\u65b0\u8fd8\u662f\u5192\u9669\uff1f<\/strong><\/h3>\n

      Strategy \u7684\u6c38\u7eed\u4f18\u5148\u80a1\u5b9e\u9a8c\u4ee3\u8868\u4e86\u6570\u5b57\u8d44\u4ea7\u4f01\u4e1a\u878d\u8d44\u6a21\u5f0f\u7684\u91cd\u5927\u521b\u65b0\u3002Michael Saylor \u901a\u8fc7\u91d1\u878d\u521b\u65b0\u5c06\u4e2a\u4eba\u5f71\u54cd\u529b\u3001\u5e02\u573a\u60c5\u7eea\u548c\u6570\u5b57\u8d44\u4ea7\u6295\u8d44\u5de7\u5999\u7ed3\u5408\uff0c\u521b\u9020\u51fa\u524d\u6240\u672a\u6709\u7684\u4f01\u4e1a\u53d1\u5c55\u8def\u5f84\u3002<\/p>\n

      \u4ece\u66f4\u5b8f\u89c2\u7684\u89c6\u89d2\u770b\uff0cStrategy \u7684\u5b9e\u9a8c\u4ee3\u8868\u7740\u6570\u5b57\u7ecf\u6d4e\u65f6\u4ee3\u4f01\u4e1a\u4e0e\u6295\u8d44\u8005\u5173\u7cfb\u7684\u6839\u672c\u6027\u91cd\u6784\u3002\u4f20\u7edf\u7684\u4f01\u4e1a\u4ef7\u503c\u8bc4\u4f30\u4f53\u7cfb\u2014\u2014\u57fa\u4e8e\u73b0\u91d1\u6d41\u3001\u76c8\u5229\u80fd\u529b\u548c\u8d44\u4ea7\u8d1f\u503a\u8868\u2014\u2014\u5728\u8fd9\u91cc\u5b8c\u5168\u5931\u6548\uff0c\u53d6\u800c\u4ee3\u4e4b\u7684\u662f\u57fa\u4e8e\u8d44\u4ea7\u5347\u503c\u9884\u671f\u548c\u5e02\u573a\u60c5\u7eea\u7684\u65b0\u578b\u4ef7\u503c\u521b\u9020\u673a\u5236\u3002\u8fd9\u4e0d\u4ec5\u662f\u4e00\u6b21\u91d1\u878d\u521b\u65b0\uff0c\u66f4\u662f\u5bf9\u73b0\u4ee3\u4f01\u4e1a\u7406\u8bba\u8fb9\u754c\u7684\u6781\u9650\u6d4b\u8bd5\u3002<\/p>\n

      \u65e0\u8bba\u6700\u7ec8\u7ed3\u679c\u5982\u4f55\uff0cStrategy \u7684\u8fd9\u573a\u5b9e\u9a8c\u5df2\u7ecf\u4e3a\u540e\u7eed\u7684\u6570\u5b57\u8d44\u4ea7\u4f01\u4e1a\u63d0\u4f9b\u4e86\u53ef\u590d\u5236\u7684\u6a21\u677f\uff0c\u540c\u65f6\u4e5f\u4e3a\u76d1\u7ba1\u673a\u6784\u6572\u54cd\u4e86\u8b66\u949f\uff1a\u5f53\u4f01\u4e1a\u878d\u8d44\u8d8a\u6765\u8d8a\u4f9d\u8d56\u6563\u6237\u60c5\u7eea\u548c\u8d44\u4ea7\u6ce1\u6cab\u65f6\uff0c\u4f20\u7edf\u7684\u98ce\u9669\u7ba1\u7406\u6846\u67b6\u662f\u5426\u8fd8\u80fd\u6709\u6548\u4fdd\u62a4\u6295\u8d44\u8005\u5229\u76ca\uff1f\u8fd9\u4e2a\u95ee\u9898\u7684\u7b54\u6848\uff0c\u5c06\u51b3\u5b9a\u6570\u5b57\u8d44\u4ea7\u884c\u4e1a\u7684\u672a\u6765\u8d70\u5411\u3002<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

      \u5728\u534e\u5c14\u8857\u7684\u91d1\u878d\u521b\u65b0\u53f2\u4e0a\uff0c\u5f88\u5c11\u6709\u4eba\u80fd\u50cf Michael Saylor \u8fd9\u6837\uff0c\u5c06\u4e2a\u4eba\u4fe1\u4ef0\u8f6c\u5316\u4e3a\u4f01\u4e1a\u6218\u7565\uff0c\u8fdb\u800c\u91cd\u5851\u6574…<\/p>\n","protected":false},"author":2,"featured_media":2710,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-4212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/posts\/4212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4212"}],"version-history":[{"count":1,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/posts\/4212\/revisions"}],"predecessor-version":[{"id":6753,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/posts\/4212\/revisions\/6753"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/media\/2710"}],"wp:attachment":[{"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}