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\n

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<\/h3>\n

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\"\u4ee5\u592a\u574a\"<\/p>\n

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<\/h3>\n

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\u73b0\u8d27\u6301\u6709\uff0c\u800c\u975e\u5408\u7ea6\u6760\u6746 (Spot Holdings, Not Leverage)<\/strong><\/p>\n

\u7edd\u5927\u591a\u6570\u60c5\u51b5\u4e0b\uff0c\u65e0\u8bba\u662fMicroStrategy\u7684\u6bd4\u7279\u5e01\uff0c\u8fd8\u662fBitmine\u7684\u4ee5\u592a\u574a\uff0c\u5b83\u4eec\u6301\u6709\u7684\u90fd\u662f\u73b0\u8d27\u8d44\u4ea7\uff0c\u76f4\u63a5\u5b58\u50a8\u5728\u51b7\u94b1\u5305\u6216\u7531\u5408\u89c4\u6258\u7ba1\u673a\u6784\u4fdd\u7ba1\u3002\u5b83\u4eec\u62e5\u6709\u8fd9\u4e9b\u52a0\u5bc6\u8d27\u5e01\u7684100%\u6240\u6709\u6743\u3002\u53ea\u8981\u4ed6\u4eec\u4e0d\u4e3b\u52a8\u5356\u51fa\uff0c\u4ef7\u683c\u7684\u77ed\u671f\u6ce2\u52a8\u53ea\u4f1a\u5f71\u54cd\u8d22\u52a1\u62a5\u8868\u4e0a\u7684\u201c\u8d26\u9762\u4ef7\u503c\u201d\uff08Paper Value\uff09\uff0c\u800c\u4e0d\u4f1a\u89e6\u53d1\u4efb\u4f55\u4fdd\u8bc1\u91d1\u8ffd\u7f34\u6216\u5f3a\u5236\u5e73\u4ed3\u3002<\/p>\n

\u4f4e\u6210\u672c\u7684\u957f\u671f\u503a\u52a1\u878d\u8d44 (Long-term, Low-cost Debt)<\/strong><\/p>\n

\u4ee5MicroStrategy\u4e3a\u4f8b\uff0c\u5176\u8d2d\u4e70\u6bd4\u7279\u5e01\u7684\u8d44\u91d1\u4e3b\u8981\u6765\u6e90\u4e8e\u53d1\u884c\u53ef\u8f6c\u6362\u7968\u636e\u548c\u516c\u53f8\u503a\u5238\u3002\u8fd9\u662f\u4e00\u79cd\u4f01\u4e1a\u7ea7\u7684\u3001\u957f\u671f\u7684\u3001\u76f8\u5bf9\u4f4e\u5229\u7387\u7684\u878d\u8d44\u884c\u4e3a\u3002\u5176\u507f\u4ed8\u4e49\u52a1\u662f\u56fa\u5b9a\u7684\u5229\u606f\u548c\u5230\u671f\u7684\u672c\u91d1\uff0c\u4e0e\u6bd4\u7279\u5e01\u7684\u77ed\u671f\u4ef7\u683c\u6ce2\u52a8\u6ca1\u6709\u76f4\u63a5\u5173\u8054\u3002<\/p>\n

\u5b83\u4eec\u7684\u98ce\u9669\u70b9\u4e0d\u5728\u4e8e\u4ea4\u6613\u6240\u7684\u6e05\u7b97\u7ebf\uff0c\u800c\u5728\u4e8e\u4e00\u4e2a\u6781\u5176\u9065\u8fdc\u7684\u6bd4\u7279\u5e01\u4ef7\u683c\u2014\u2014\u8fdc\u4f4e\u4e8e\u5176\u5e73\u5747\u6301\u4ed3\u6210\u672c\uff08\u7ea6$35,000\/BTC\uff09\u3002\u53ea\u6709\u5f53\u5e01\u4ef7\u8dcc\u7834\u67d0\u4e2a\u4e34\u754c\u70b9\uff0c\u5bfc\u81f4\u5176\u65e0\u6cd5\u901a\u8fc7\u518d\u878d\u8d44\u6216\u7ecf\u8425\u6d3b\u52a8\u6765\u507f\u8fd8\u5230\u671f\u503a\u52a1\u65f6\uff0c\u624d\u4f1a\u51fa\u73b0\u771f\u6b63\u7684\u5371\u673a\u3002\u800c\u76ee\u524d\uff0c\u5b83\u4eec\u4ecd\u7136\u62e5\u6709\u5de8\u5927\u7684\u5229\u6da6\u7f13\u51b2\u3002<\/p>\n

\u77ff\u5de5\u7684\u7279\u6b8a\u5730\u4f4d (The Miner\\’s Advantage)<\/strong><\/p>\n

\u5bf9\u4e8eMarathon Digital (MARA)\u8fd9\u6837\u7684\u77ff\u4f01\u800c\u8a00\uff0c\u60c5\u51b5\u66f4\u4e3a\u7279\u6b8a\u3002\u5b83\u4eec\u4e0d\u4ec5\u662f\u6bd4\u7279\u5e01\u7684\u6301\u6709\u8005\uff0c\u66f4\u662f\u6bd4\u7279\u5e01\u7684\u751f\u4ea7\u8005\u3002\u53ea\u8981\u6bd4\u7279\u5e01\u7684\u5e02\u573a\u4ef7\u683c\u9ad8\u4e8e\u4ed6\u4eec\u7684\u201c\u6316\u77ff\u6210\u672c\u201d\uff08\u5305\u62ec\u7535\u529b\u3001\u8bbe\u5907\u6298\u65e7\u3001\u8fd0\u8425\u7b49\uff09\uff0c\u4ed6\u4eec\u7684\u4e1a\u52a1\u5c31\u5728\u6301\u7eed\u4ea7\u751f\u6b63\u5411\u73b0\u91d1\u6d41\u3002\u4ed6\u4eec\u6301\u6709\u7684\u6bd4\u7279\u5e01\u66f4\u591a\u662f\u4f5c\u4e3a\u6218\u7565\u50a8\u5907\u548c\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u4e00\u90e8\u5206\uff0c\u5176\u6838\u5fc3\u4e1a\u52a1\u7684\u5065\u5eb7\u5ea6\u4e0e\u5e01\u4ef7\u548c\u6316\u77ff\u96be\u5ea6\u76f4\u63a5\u76f8\u5173\uff0c\u800c\u975e\u6760\u6746\u98ce\u9669\u3002<\/p>\n

<\/h3>\n

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