Tom Lee: 加密公司股价上涨，到底是币价上涨还是储备战略的功劳？

深潮2025-07-17 tarihinde yayınlandı2025-07-18 tarihinde güncellendi

$MSTR 创造了加密货币财库策略的模板。

作者：Thomas (Tom) Lee (not drummer) FSInsight.com

编译：深潮TechFlow

解读 DAT*（数字资产财库，Digital Asset Treasury） 和 BTC/ETH 财库策略

*帖子已获得 @saylor（MicroStrategy CEO） 的同意

案例研究： $MSTR 创造了加密货币财库策略的模板。

  • 自 2020 年开始实施 $BTC 策略，Strategy 的股票价格从 $13 飙升至 $455。

问题：

股价上涨多少归因于比特币价格上涨，多少归因于加密储备策略？

在 $MSTR 股价上涨 35 倍的背后：

  • 11 倍源于比特币（$BTC）价格从 $11,000 上涨到 $118,000

  • 25 倍源于财库策略

  • 即每股持有的比特币数量增加

财库策略的影响远远超过代币价格的上涨。

$MSTR 的财库 DAT （数字资产财库，Digital Asset Treasury）策略通过以下方式增加每股持有的代币数量：

  • 发行股票 > P/NAV（市净值）= 每股代币数量上升

  • 代币的价格波动降低了借贷成本 = 更高的投资回报率（ROI）

  • 使用可转换债券/优先股 = 限制股权稀释

顺便提一下：

  • $ETH的波动性高于$BTC

  • 因此这种波动性对 ETH DAT 的影响比 BTC DAT 更大。

@grok 制作了以下表格（节选）

深潮注：该表展示了一些 MicroStrategy (MSTR) 自2020年开始将比特币作为其财库的一部分以来的融资活动。其中包括内部现金、可转换高级债券 (Convertible Senior Notes)、高级担保债券 (Senior Secured Notes)、担保贷款 (Secured Loan) 和 ATM 股票发行计划 (ATM Equity Program)，几乎所有资金均用于购买比特币。

Bitmine 于 2025 年 6 月 30 日宣布了其 ETH 财库策略，并于 2025 年 7 月 9 日完成了交易。

$MSTR 的例子显示，购买代币可以：

  • 增加每股代币数量

$BMNR 在初次交易完成后第7天：

  • 收购了价值 10 亿美元的 ETH

  • $MSTR 在相同时间内收购了 2.5 亿美元的代币

以上便是全部内容。

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