MicroStrategy押注比特币，其他公司蠢蠢欲动，谁能笑到最后？

今年，MicroStrategy靠比特币直接开了挂，股价飙涨501%，堪称“年度最佳韭菜收割机”。这家公司本来是做商业软件的，但自从疯狂屯比特币后，主业已经变成了“币圈囤货小能手”。

This year, MicroStrategy has gone all-in on Bitcoin, with its stock skyrocketing 501%, earning it the title of "Best Performer of the Year." Originally a business software company, its main focus now seems to be hoarding Bitcoin like a pro.

其他公司看着眼红，也开始学着发债买币。比如Marathon Holdings和Core Scientific这两家币圈企业，还有日本的Metaplanet，也跟风入场了。甚至连与比特币八竿子打不着的生物医药公司Acurx Pharmaceuticals都忍不住“上车”，豪掷100万美元购入比特币，表明了自己的“币圈野心”。

Other companies, envious of this success, have started issuing debt to buy Bitcoin. Examples include crypto firms Marathon Holdings and Core Scientific, as well as Japan's Metaplanet. Even Acurx Pharmaceuticals, a biopharma company seemingly unrelated to Bitcoin, jumped on the bandwagon with a $1 million Bitcoin purchase, signaling its "crypto ambitions."

“数字黄金”还是“击鼓传花”？"Digital Gold" or "A Passing Fad"?

分析师们认为，比特币未来可能取代黄金，成为全球首选的“价值储备资产”。尤其是在经济不稳定、通胀压力巨大的情况下，它被视为一种对冲工具。这让一些企业蠢蠢欲动，甚至有人建议微软和亚马逊也加入屯币大军。

Analysts believe Bitcoin could replace gold as the world's premier "store of value" asset. Amid economic instability and rising inflation, it's seen as a hedge. This has inspired companies to consider jumping in, with proposals even suggesting giants like Microsoft and Amazon should join the Bitcoin-buying spree.

不过，追逐利润的欲望同样强烈。MicroStrategy今年靠比特币相关债券操作“躺赚”，用无息可转换债券募集资金，然后用这些钱买币，结果币价飙升，股价跟着飞天，简直是“教科书式操作”。

However, the lure of quick profit is just as strong. MicroStrategy has "cashed in" on Bitcoin through convertible debt offerings, raising funds to buy Bitcoin. As the price of Bitcoin soared, so did its stock — a textbook case of financial maneuvering.

有分析指出，按照当前比特币价格，MicroStrategy今年光靠屯币就创造了约77亿美元的账面价值，而这还不用像挖矿那样烧钱和劳心劳力。

One analysis highlighted that at current Bitcoin prices, MicroStrategy has created approximately $7.7 billion in value this year just by holding Bitcoin — all without the capital outlays or operational hassles of mining.

风险，真的没有吗？Is There Really No Risk?

当然，学MicroStrategy不是没有代价。如今比特币价格早已高高在上，新玩家入场风险陡增。如果币价大跌，企业不仅会亏损，发债的利息还得照付不误。

Of course, mimicking MicroStrategy isn’t without its risks. With Bitcoin prices now significantly higher, new entrants face greater exposure. Should Bitcoin's price plummet, companies may suffer losses while still being obligated to repay their debts.

虽然MicroStrategy也曾经历过币价大跌，但它靠灵活的财务操作（比如回购股票）熬了过来。

MicroStrategy has survived previous Bitcoin price crashes by leveraging flexible financial strategies, such as stock buybacks.

比特币入账，不是人人都买账 Bitcoin on the Books? Not Everyone’s Buying It

然而，不是所有股东都支持这种“币圈豪赌”。就拿微软来说，本周三，股东们直接投票否决了一项提案，拒绝公司投资比特币。董事会也明确表示不支持这项提议，理由很简单：稳健才是王道。

However, not all shareholders are on board with this "crypto gamble." For instance, Microsoft shareholders voted down a proposal to invest in Bitcoin this Wednesday. The board also opposed the idea, citing a preference for stability.

币圈虽香，但对许多投资者来说，把比特币混进公司资产负债表，只会增加复杂性，干扰企业核心业务，甚至拖累估值。

While Bitcoin may be alluring, for many investors, incorporating it into corporate balance sheets adds complexity, distracts from core operations, and could even harm valuations.

结语：屯币虽易，但走稳不易，且屯且谨慎。

Conclusion: Hoarding Bitcoin is easy; staying steady is not. Proceed with caution.