{"id":1368,"date":"2025-07-11T17:29:19","date_gmt":"2025-07-11T09:29:19","guid":{"rendered":"https:\/\/www.db-hk.com\/?p=1368"},"modified":"2025-07-11T17:29:19","modified_gmt":"2025-07-11T09:29:19","slug":"%e6%b7%b1%e5%85%a5%e8%a7%a3%e6%9e%90microstrategy%e7%9a%84%e6%9c%ba%e9%81%87%e4%b8%8e%e9%a3%8e%e9%99%a9%ef%bc%9a%e6%88%b4%e7%bb%b4%e6%96%af%e5%8f%8c%e5%87%bb%e4%b8%8e%e5%8f%8c%e6%9d%80","status":"publish","type":"post","link":"http:\/\/www.fubairui.net\/?p=1368","title":{"rendered":"\u6df1\u5165\u89e3\u6790MicroStrategy\u7684\u673a\u9047\u4e0e\u98ce\u9669\uff1a\u6234\u7ef4\u65af\u53cc\u51fb\u4e0e\u53cc\u6740"},"content":{"rendered":"<p><strong>\u6458\u8981<\/strong>\uff1a\u4e0a\u5468\u6211\u4eec\u63a2\u8ba8\u4e86 Lido \u53d7\u76d1\u7ba1\u73af\u5883\u53d8\u5316\u800c\u83b7\u76ca\u7684\u6f5c\u529b\uff0c\u5e0c\u671b\u53ef\u4ee5\u5e2e\u52a9\u5927\u5bb6\u628a\u63e1\u4f4f\u8fd9\u6ce2 Buy the rumor \u4ea4\u6613\u673a\u4f1a\u3002\u672c\u5468\u6709\u4e2a\u5f88\u6709\u8da3\u7684\u4e3b\u9898\uff0c\u5c31\u662f MicroStrategy \u5fae\u7b56\u7565\u7684\u70ed\u5ea6\uff0c\u5f88\u591a\u524d\u8f88\u5bf9\u8fd9\u5bb6\u516c\u53f8\u7684\u8fd0\u4f5c\u6a21\u5f0f\u8fdb\u884c\u4e86\u70b9\u8bc4\u3002\u6d88\u5316\u5e76\u6df1\u5165\u7814\u7a76\u4e86\u4e00\u4e0b\uff0c\u6709\u4e00\u4e9b\u81ea\u5df1\u7684\u89c2\u70b9\uff0c\u5e0c\u671b\u4e0e\u8bf8\u541b\u5206\u4eab\u3002\u6211\u89c9\u5f97 MicroStrategy \u80a1\u4ef7\u4e0a\u6da8\u7684\u539f\u56e0\u5728\u4e8e\u300c\u6234\u7ef4\u65af\u53cc\u51fb\u300d\uff0c\u901a\u8fc7\u878d\u8d44\u8d2d\u4e70 BTC \u7684\u4e1a\u52a1\u8bbe\u8ba1\uff0c\u5c06 BTC \u7684\u589e\u503c\u4e0e\u516c\u53f8\u76c8\u5229\u7ed1\u5b9a\uff0c\u5e76\u901a\u8fc7\u7ed3\u5408\u4f20\u7edf\u91d1\u878d\u5e02\u573a\u878d\u8d44\u6e20\u9053\u7684\u521b\u65b0\u8bbe\u8ba1\u800c\u83b7\u5f97\u7684\u8d44\u91d1\u6760\u6746\uff0c\u4f7f\u516c\u53f8\u5177\u5907\u4e86\u8d85\u8d8a\u81ea\u8eab\u6301\u6709\u7684 BTC 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\u6301\u4ed3\u7684\u6b63\u6ea2\u4ef7\u5c06\u5feb\u901f\u6536\u655b\uff0c\u8fd9\u4e2a\u8fc7\u7a0b\u4e5f\u5c31\u662f\u6240\u8c13\u300c\u6234\u7ef4\u65af\u53cc\u6740\u300d\u3002<\/p>\n<p><strong>\u4f55\u4e3a\u6234\u7ef4\u65af\u53cc\u51fb\u548c\u53cc\u6740<\/strong><\/p>\n<p>\u719f\u6089\u6211\u7684\u5c0f\u4f19\u4f34\u5e94\u8be5\u77e5\u9053\uff0c\u7b14\u8005\u81f4\u529b\u4e8e\u5e2e\u52a9\u66f4\u591a\u975e\u91d1\u878d\u4e13\u4e1a\u7684\u670b\u53cb\u80fd\u591f\u7406\u89e3\u8fd9\u4e9b\u52a8\u6001\uff0c\u56e0\u6b64\u4f1a\u91cd\u653e\u81ea\u8eab\u7684\u601d\u8003\u903b\u8f91\u3002\u56e0\u6b64\u9996\u5148\u8fd8\u662f\u5148\u8865\u5145\u4e00\u4e9b\u57fa\u672c\u77e5\u8bc6\uff0c\u4f55\u4e3a\u300c\u6234\u7ef4\u65af\u53cc\u51fb\u300d\u548c\u300c\u53cc\u6740\u300d\u3002<\/p>\n<p>\u6240\u8c13\u300c\u6234\u7ef4\u65af\u53cc\u51fb\u300d\uff08Davis Double Play\uff09\u662f\u7531\u6295\u8d44\u5927\u5e08\u514b\u91cc\u592b\u987f\u00b7\u6234\u7ef4\u65af\uff08Clifford Davis\uff09\u63d0\u51fa\u7684\uff0c\u901a\u5e38\u7528\u6765\u63cf\u8ff0\u5728\u4e00\u4e2a\u826f\u597d\u7684\u7ecf\u6d4e\u73af\u5883\u4e0b\uff0c\u4f01\u4e1a\u56e0\u4e24\u4e2a\u56e0\u7d20\u800c\u51fa\u73b0\u80a1\u4ef7\u5927\u5e45\u4e0a\u6da8\u7684\u73b0\u8c61\u3002\u8fd9\u4e24\u4e2a\u56e0\u7d20\u662f\uff1a<\/p>\n<ul class=\"wp-block-list\">\n<li>\u516c\u53f8\u76c8\u5229\u589e\u957f\uff1a\u516c\u53f8\u5b9e\u73b0\u4e86\u5f3a\u52b2\u7684\u76c8\u5229\u589e\u957f\uff0c\u6216\u8005\u5176\u4e1a\u52a1\u6a21\u5f0f\u3001\u7ba1\u7406\u5c42\u7b49\u65b9\u9762\u7684\u4f18\u5316\uff0c\u5bfc\u81f4\u5229\u6da6\u63d0\u5347\u3002<\/li>\n<li>\u4f30\u503c\u6269\u5f20\uff1a\u7531\u4e8e\u5e02\u573a\u5bf9\u8be5\u516c\u53f8\u524d\u666f\u66f4\u52a0\u770b\u597d\uff0c\u6295\u8d44\u8005\u613f\u610f\u4e3a\u5176\u652f\u4ed8\u66f4\u9ad8\u7684\u4ef7\u683c\uff0c\u4ece\u800c\u63a8\u52a8\u80a1\u7968\u4f30\u503c\u7684\u63d0\u5347\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u80a1\u7968\u7684\u5e02\u76c8\u7387\uff08P\/E Ratio\uff09\u7b49\u4f30\u503c\u500d\u6570\u6269\u5f20\u3002<\/li>\n<\/ul>\n<p>\u5177\u4f53\u50ac\u52a8\u300c\u6234\u7ef4\u65af\u53cc\u51fb\u300d\u7684\u903b\u8f91\u5982\u4e0b\uff0c\u9996\u5148\u516c\u53f8\u4e1a\u7ee9\u8d85\u9884\u671f\uff0c\u6536\u5165\u548c\u5229\u6da6\u90fd\u5728\u589e\u957f\u3002\u4f8b\u5982\uff0c\u4ea7\u54c1\u9500\u552e\u597d\u3001\u5e02\u573a\u4efd\u989d\u6269\u5927\u6216\u6210\u672c\u63a7\u5236\u6210\u529f\u7b49\uff0c\u8fd9\u4e9b\u5c06\u76f4\u63a5\u5bfc\u81f4\u516c\u53f8\u7684\u76c8\u5229\u589e\u957f\u3002\u800c\u8fd9\u79cd\u589e\u957f\u540c\u65f6\u4e5f\u4f1a\u8ba9\u5e02\u573a\u5bf9\u516c\u53f8\u672a\u6765\u524d\u666f\u7684\u4fe1\u5fc3\u589e\u5f3a\uff0c\u5bfc\u81f4\u6295\u8d44\u8005\u613f\u610f\u63a5\u53d7\u66f4\u9ad8\u7684\u5e02\u76c8\u7387 P\/E\uff0c\u4e3a\u80a1\u7968\u652f\u4ed8\u66f4\u9ad8\u7684\u4ef7\u683c\uff0c\u4f30\u503c\u5f00\u59cb\u6269\u5f20\u3002\u8fd9\u79cd\u7ebf\u6027\u548c\u6307\u6570\u7ed3\u5408\u7684\u6b63\u53cd\u9988\u6548\u5e94\u901a\u5e38\u4f1a\u5bfc\u81f4\u80a1\u7968\u4ef7\u683c\u5448\u73b0\u52a0\u901f\u4e0a\u6da8\uff0c\u5c31\u662f\u6240\u8c13\u300c\u6234\u7ef4\u65af\u53cc\u51fb\u300d\u3002<\/p>\n<p>\u4e3e\u4f8b\u6765\u8bf4\u660e\u8fd9\u4e2a\u8fc7\u7a0b\uff0c\u5047\u8bbe\u67d0\u516c\u53f8\u5f53\u524d\u7684\u5e02\u76c8\u7387\u662f 15 \u500d\uff0c\u9884\u8ba1\u5176\u672a\u6765\u76c8\u5229\u5c06\u589e\u957f 30%\u3002\u5982\u679c\u7531\u4e8e\u516c\u53f8\u76c8\u5229\u7684\u589e\u957f\u4ee5\u53ca\u5e02\u573a\u60c5\u7eea\u7684\u53d8\u5316\uff0c\u6295\u8d44\u8005\u613f\u610f\u4e3a\u5176\u652f\u4ed8 18 \u500d\u7684\u5e02\u76c8\u7387\uff0c\u90a3\u4e48\u5373\u4f7f\u76c8\u5229\u589e\u957f\u7387\u4e0d\u53d8\uff0c\u4f30\u503c\u7684\u63d0\u5347\u4e5f\u4f1a\u63a8\u52a8\u80a1\u4ef7\u5927\u5e45\u4e0a\u6da8\uff0c\u4f8b\u5982\uff1a<\/p>\n<ul class=\"wp-block-list\">\n<li>\u5f53\u524d\u80a1\u4ef7\uff1a$100<\/li>\n<li>\u76c8\u5229\u589e\u957f 30%\uff0c\u610f\u5473\u7740\u6bcf\u80a1\u76c8\u5229\uff08EPS\uff09\u4ece $5 \u589e\u52a0\u5230 $6.5\u3002<\/li>\n<li>\u5e02\u76c8\u7387\u4ece 15 \u589e\u957f\u5230 18\u3002<\/li>\n<li>\u65b0\u7684\u80a1\u4ef7\uff1a$6.5 \u00d7 18 = $117<\/li>\n<\/ul>\n<p>\u80a1\u4ef7\u4ece $100 \u4e0a\u6da8\u5230 $117\uff0c\u4f53\u73b0\u4e86\u76c8\u5229\u589e\u957f\u548c\u4f30\u503c\u63d0\u5347\u7684\u53cc\u91cd\u4f5c\u7528\u3002<\/p>\n<p>\u800c\u300c\u6234\u7ef4\u65af\u53cc\u6740\u300d\u5219\u4e0e\u4e4b\u76f8\u53cd\uff0c\u901a\u5e38\u7528\u6765\u63cf\u8ff0\u5728\u4e24\u4e2a\u8d1f\u9762\u56e0\u7d20\u7684\u5171\u540c\u4f5c\u7528\u4e0b\uff0c\u5bfc\u81f4\u80a1\u4ef7\u7684\u5feb\u901f\u4e0b\u8dcc\u3002\u8fd9\u4e24\u4e2a\u8d1f\u9762\u56e0\u7d20\u5206\u522b\u662f\uff1a<\/p>\n<ul class=\"wp-block-list\">\n<li>\u516c\u53f8\u76c8\u5229\u4e0b\u964d\uff1a\u516c\u53f8\u7684\u76c8\u5229\u80fd\u529b\u4e0b\u964d\uff0c\u53ef\u80fd\u662f\u56e0\u4e3a\u6536\u5165\u51cf\u5c11\u3001\u6210\u672c\u4e0a\u5347\u3001\u7ba1\u7406\u5931\u8bef\u7b49\u56e0\u7d20\uff0c\u5bfc\u81f4\u76c8\u5229\u4f4e\u4e8e\u5e02\u573a\u9884\u671f\u3002<\/li>\n<li>\u4f30\u503c\u6536\u7f29\uff1a\u7531\u4e8e\u76c8\u5229\u4e0b\u964d\u6216\u5e02\u573a\u524d\u666f\u53d8\u5dee\uff0c\u6295\u8d44\u8005\u5bf9\u516c\u53f8\u672a\u6765\u7684\u4fe1\u5fc3\u4e0b\u964d\uff0c\u5bfc\u81f4\u5176\u4f30\u503c\u500d\u6570\uff08\u5982\u5e02\u76c8\u7387\uff09\u4e0b\u964d\uff0c\u80a1\u4ef7\u4e0b\u8dcc\u3002<\/li>\n<\/ul>\n<p>\u6574\u4e2a\u903b\u8f91\u5982\u4e0b\uff0c\u9996\u5148\u516c\u53f8\u672a\u80fd\u8fbe\u6210\u9884\u671f\u7684\u76c8\u5229\u76ee\u6807\uff0c\u6216\u8005\u9762\u4e34\u7ecf\u8425\u56f0\u96be\uff0c\u5bfc\u81f4\u4e1a\u7ee9\u4e0d\u4f73\uff0c\u76c8\u5229\u4e0b\u964d\u3002\u800c\u8fd9\u4f1a\u8fdb\u4e00\u6b65\u4f7f\u5f97\u5e02\u573a\u5bf9\u5176\u672a\u6765\u7684\u9884\u671f\u53d8\u5dee\uff0c\u6295\u8d44\u8005\u4fe1\u5fc3\u4e0d\u8db3\uff0c\u4e0d\u613f\u610f\u63a5\u53d7\u5f53\u524d\u9ad8\u4f30\u7684\u5e02\u76c8\u7387\uff0c\u53ea\u613f\u4e3a\u80a1\u7968\u652f\u4ed8\u66f4\u4f4e\u7684\u4ef7\u683c\uff0c\u4ece\u800c\u5bfc\u81f4\u4f30\u503c\u500d\u6570\u4e0b\u964d\uff0c\u80a1\u4ef7\u8fdb\u4e00\u6b65\u4e0b\u8dcc\u3002<\/p>\n<p>\u540c\u6837\u4e3e\u4f8b\u6765\u8bf4\u660e\u8fd9\u4e2a\u8fc7\u7a0b\uff0c\u5047\u8bbe\u67d0\u516c\u53f8\u5f53\u524d\u7684\u5e02\u76c8\u7387\u662f 15 \u500d\uff0c\u9884\u8ba1\u5176\u672a\u6765\u76c8\u5229\u5c06\u4e0b\u964d 20%\u3002\u7531\u4e8e\u76c8\u5229\u4e0b\u964d\uff0c\u5e02\u573a\u5f00\u59cb\u5bf9\u8be5\u516c\u53f8\u7684\u524d\u666f\u4ea7\u751f\u7591\u8651\uff0c\u6295\u8d44\u8005\u5f00\u59cb\u964d\u4f4e\u5176\u5e02\u76c8\u7387\u3002\u4f8b\u5982\uff0c\u5c06\u5e02\u76c8\u7387\u4ece 15 \u964d\u4f4e\u5230 12\u3002\u80a1\u4ef7\u53ef\u80fd\u56e0\u6b64\u5927\u5e45\u4e0b\u8dcc\uff0c\u4f8b\u5982\uff1a<\/p>\n<ul class=\"wp-block-list\">\n<li>\u5f53\u524d\u80a1\u4ef7\uff1a$100<\/li>\n<li>\u76c8\u5229\u4e0b\u964d 20%\uff0c\u610f\u5473\u7740\u6bcf\u80a1\u76c8\u5229\uff08EPS\uff09\u4ece $5 \u964d\u4f4e\u5230 $4\u3002<\/li>\n<li>\u5e02\u76c8\u7387\u4ece 15 \u964d\u4f4e\u5230 12\u3002<\/li>\n<li>\u65b0\u7684\u80a1\u4ef7\uff1a$4 \u00d7 12 = $48<\/li>\n<\/ul>\n<p>\u80a1\u4ef7\u4ece $100 \u4e0b\u8dcc\u5230 $48\uff0c\u4f53\u73b0\u4e86\u76c8\u5229\u4e0b\u964d\u548c\u4f30\u503c\u6536\u7f29\u7684\u53cc\u91cd\u4f5c\u7528\u3002<\/p>\n<p>\u8fd9\u79cd\u5171\u632f\u6548\u5e94\u901a\u5e38\u53d1\u751f\u5728\u9ad8\u6210\u957f\u80a1\u4e2d\uff0c\u5c24\u5176\u662f\u5728\u5f88\u591a\u79d1\u6280\u80a1\u4f53\u73b0\u5f88\u660e\u663e\uff0c\u56e0\u4e3a\u6295\u8d44\u4eba\u901a\u5e38\u613f\u610f\u4e3a\u8fd9\u4e9b\u516c\u53f8\u4e1a\u52a1\u672a\u6765\u589e\u957f\u7ed9\u4e88\u8f83\u9ad8\u7684\u9884\u671f\uff0c\u7136\u800c\u8fd9\u79cd\u9884\u671f\u901a\u5e38\u4f1a\u6709\u6bd4\u8f83\u5927\u7684\u4e3b\u89c2\u56e0\u7d20\u652f\u6491\uff0c\u6240\u4ee5\u76f8\u5e94\u7684\u6ce2\u52a8\u6027\u4e5f\u5f88\u5927\u3002<\/p>\n<p><strong>MSTR \u7684\u9ad8\u6ea2\u4ef7\u662f\u5982\u4f55\u9020\u6210\u7684\uff0c\u53c8\u4e3a\u4ec0\u4e48\u4f1a\u6210\u4e3a\u5176\u5546\u4e1a\u6a21\u5f0f\u7684\u6838\u5fc3<\/strong><\/p>\n<p>\u5728\u8865\u5145\u4e86\u8fd9\u4e2a\u80cc\u666f\u77e5\u8bc6\u540e\uff0c\u6211\u60f3\u5927\u5bb6\u5e94\u8be5\u80fd\u591f\u5927\u6982\u4e86\u89e3 MSTR \u76f8\u5bf9\u4e8e\u5176 BTC \u6301\u4ed3\u7684\u9ad8\u6ea2\u4ef7\u662f\u5982\u4f55\u4ea7\u751f\u7684\u4e86\u3002\u9996\u5148 MicroStrategy \u5c06\u81ea\u8eab\u4e1a\u52a1\u4ece\u4f20\u7edf\u7684\u8f6f\u4ef6\u4e1a\u52a1\uff0c\u5207\u6362\u5230\u4e86\u878d\u8d44\u8d2d\u4e70 BTC\uff0c\u5f53\u7136\u4e0d\u6392\u9664\u672a\u6765\u6709\u76f8\u5e94\u7684\u8d44\u7ba1\u8425\u6536\u3002\u8fd9\u5c31\u610f\u5473\u7740\u8fd9\u5bb6\u4f01\u4e1a\u7684\u76c8\u5229\u6765\u6e90\u4e8e\u5176\u901a\u8fc7\u7a00\u91ca\u80a1\u6743\u548c\u53d1\u503a\u6240\u83b7\u5f97\u8d44\u91d1\u8d2d\u4e70\u7684 BTC \u589e\u503c\u7684\u8d44\u672c\u5229\u5f97\u3002\u4f34\u968f\u7740 BTC \u7684\u589e\u503c\uff0c\u6240\u6709\u6295\u8d44\u4eba\u7684\u80a1\u4e1c\u6743\u76ca\u5c06\u76f8\u5e94\u53d8\u5927\uff0c\u6295\u8d44\u4eba\u56e0\u6b64\u83b7\u76ca\uff0c\u5728\u8fd9\u4e00\u70b9\u4e0a MSTR \u4e0e\u5176\u4ed6 BTC ETF \u65e0\u5f02\u3002<\/p>\n<p>\u800c\u4ea7\u751f\u533a\u522b\u7684\u5728\u4e8e\u5176\u878d\u8d44\u80fd\u529b\u5e26\u6765\u6760\u6746\u6548\u5e94\uff0c\u56e0\u4e3a MSTR \u6295\u8d44\u4eba\u5bf9\u516c\u53f8\u672a\u6765\u76c8\u5229\u589e\u957f\u7684\u9884\u671f\u662f\u6765\u6e90\u4e8e\u5176\u878d\u8d44\u80fd\u529b\u7684\u589e\u957f\u800c\u83b7\u5f97\u7684\u6760\u6746\u6536\u76ca\uff0c\u8003\u8651\u5230 MSTR \u7684\u80a1\u7968\u603b\u5e02\u503c\u76f8\u5bf9\u4e8e\u5176\u6301\u6709\u7684 BTC \u603b\u4ef7\u503c\u51fa\u4e8e\u6b63\u6ea2\u4ef7\u72b6\u6001\uff0c\u4e5f\u5c31\u662f\u8bf4 MSTR \u7684\u603b\u5e02\u503c\u9ad8\u4e8e\u5176\u6301\u6709\u7684 BTC \u603b\u4ef7\u503c\u3002\u53ea\u8981\u5904\u4e8e\u8fd9\u79cd\u6b63\u6ea2\u4ef7\u72b6\u6001\uff0c\u65e0\u8bba\u80a1\u6743\u878d\u8d44\u548c\u5176\u53ef\u8f6c\u503a\u878d\u8d44\uff0c\u4f34\u968f\u7740\u5c06\u83b7\u5f97\u7684\u8d44\u91d1\u8d2d\u5165 BTC\uff0c\u90fd\u4f1a\u8fdb\u4e00\u6b65\u589e\u52a0\u6bcf\u80a1\u6743\u76ca\u3002\u8fd9\u5c31\u4f7f MSTR \u62e5\u6709\u4e86\u4e0e BTC ETF \u4e0d\u540c\u7684\u76c8\u5229\u589e\u957f\u7684\u80fd\u529b\u3002<\/p>\n<p>\u4e3e\u4f8b\u6765\u8bf4\u660e\uff0c\u5047\u8bbe\u5f53\u524d MSTR \u6301\u6709\u7684 BTC \u4e3a 400 \u4ebf\u7f8e\u5143\uff0c\u603b\u6d41\u901a\u80a1 X\uff0c\u5176\u603b\u5e02\u503c\u4e3a Y\u3002\u5219\u6b64\u65f6\u6bcf\u80a1\u6743\u76ca\u4e3a 400 \u4ebf \/ X\u3002\u4ee5\u6700\u4e0d\u5229\u7684\u80a1\u6743\u7a00\u91ca\u6765\u878d\u8d44\u7684\u8bdd\uff0c\u5047\u8bbe\u589e\u53d1\u65b0\u80a1\u6bd4\u4f8b\u4e3a a\uff0c\u8fd9\u610f\u5473\u7740\u603b\u6d41\u901a\u80a1\u53d8\u4e3a X&nbsp;*\uff08a+1\uff09\uff0c\u4ee5\u5f53\u524d\u4f30\u503c\u5b8c\u6210\u878d\u8d44\uff0c\u5171\u8ba1\u7b79\u5f97 a * Y \u4ebf\u7f8e\u5143\u3002\u800c\u5c06\u8fd9\u4e9b\u8d44\u91d1\u5168\u90e8\u8f6c\u5316\u4e3a BTC\uff0c\u5219\u4ece BTC \u6301\u4ed3\u53d8\u4e3a 400 \u4ebf + a * Y \u4ebf\uff0c\u610f\u5473\u7740\u6bcf\u80a1\u6743\u76ca\u53d8\u4e3a\uff1a<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/11\/21260-1732611122109.jpg\" alt=\"\u6df1\u5165\u89e3\u6790MicroStrategy\u7684\u673a\u9047\u4e0e\u98ce\u9669\uff1a\u6234\u7ef4\u65af\u53cc\u51fb\u4e0e\u53cc\u6740\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/11\/21260-1732611122109.jpg\" alt=\"\u6df1\u5165\u89e3\u6790MicroStrategy\u7684\u673a\u9047\u4e0e\u98ce\u9669\uff1a\u6234\u7ef4\u65af\u53cc\u51fb\u4e0e\u53cc\u6740\" \/><\/figure>\n<\/div>\n<p>\u6211\u4eec\u5c06\u5b83\u4e0e\u539f\u5148\u7684\u6bcf\u80a1\u6743\u76ca\u76f8\u51cf\u53bb\u8ba1\u7b97\u4e00\u4e0b\u7a00\u91ca\u80a1\u6743\u5bf9\u4e8e\u6bcf\u80a1\u6743\u76ca\u7684\u589e\u957f\uff0c\u5982\u4e0b\uff1a<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/11\/21260-1732611131361.jpg\" alt=\"\u6df1\u5165\u89e3\u6790MicroStrategy\u7684\u673a\u9047\u4e0e\u98ce\u9669\uff1a\u6234\u7ef4\u65af\u53cc\u51fb\u4e0e\u53cc\u6740\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/11\/21260-1732611131361.jpg\" alt=\"\u6df1\u5165\u89e3\u6790MicroStrategy\u7684\u673a\u9047\u4e0e\u98ce\u9669\uff1a\u6234\u7ef4\u65af\u53cc\u51fb\u4e0e\u53cc\u6740\" \/><\/figure>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/11\/21260-1732611139239.png\" alt=\"\u6df1\u5165\u89e3\u6790MicroStrategy\u7684\u673a\u9047\u4e0e\u98ce\u9669\uff1a\u6234\u7ef4\u65af\u53cc\u51fb\u4e0e\u53cc\u6740\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/11\/21260-1732611139239.png\" alt=\"\u6df1\u5165\u89e3\u6790MicroStrategy\u7684\u673a\u9047\u4e0e\u98ce\u9669\uff1a\u6234\u7ef4\u65af\u53cc\u51fb\u4e0e\u53cc\u6740\" \/><\/figure>\n<p>\u8fd9\u5c31\u610f\u5473\u7740\u5f53 Y \u5927\u4e8e 400 \u4ebf\uff0c\u4e5f\u5c31\u662f\u5176\u6301\u6709\u7684 BTC 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\u4ef7\u503c\u7684\u6b63\u6ea2\u4ef7\u662f\u5176\u5546\u4e1a\u6a21\u5f0f\u6210\u7acb\u7684\u6838\u5fc3\u56e0\u7d20\uff0c\u56e0\u6b64\u4ed6\u7684\u6700\u4f18\u9009\u62e9\u5c31\u662f\u5982\u4f55\u7ef4\u62a4\u8fd9\u4e2a\u6ea2\u4ef7\u7684\u540c\u65f6\u4e0d\u65ad\u878d\u8d44\uff0c\u589e\u52a0\u81ea\u5df1\u7684\u5e02\u5360\u7387\uff0c\u83b7\u5f97\u66f4\u591a\u5bf9 BTC \u7684\u5b9a\u4ef7\u6743\u3002\u800c\u5b9a\u4ef7\u6743\u7684\u4e0d\u65ad\u589e\u5f3a\uff0c\u53c8\u4f1a\u589e\u5f3a\u6295\u8d44\u4eba\u5728\u9ad8\u5e02\u76c8\u7387\u7684\u60c5\u51b5\u4e0b\u8fd8\u4f1a\u5bf9\u672a\u6765\u6210\u957f\u4fdd\u6301\u4fe1\u5fc3\uff0c\u4f7f\u5176\u80fd\u591f\u5b8c\u6210\u52df\u8d44\u3002<\/p>\n<p>\u603b\u7ed3\u4e00\u4e0b\uff0cMicroStrategy \u5546\u4e1a\u6a21\u5f0f\u7684\u5965\u79d8\u5c31\u5728\u4e8e\uff0cBTC \u5347\u503c\u5e26\u52a8\u516c\u53f8\u76c8\u5229\u4e0a\u5347\uff0c\u800c BTC \u589e\u957f\u8d8b\u52bf\u5411\u597d\u5219\u610f\u5473\u7740\u4f01\u4e1a\u76c8\u5229\u589e\u957f\u8d8b\u52bf\u5411\u597d\uff0c\u5728\u8fd9\u79cd\u300c\u6234\u7ef4\u65af\u53cc\u51fb\u300d\u7684\u652f\u6301\u4e0b\uff0cMSTR \u6b63\u6ea2\u4ef7\u5f00\u59cb\u653e\u5927\uff0c\u6240\u4ee5\u5e02\u573a\u5728\u535a\u5f08\u7684\u662f MicroStrategy \u80fd\u591f\u4ee5\u591a\u9ad8\u7684\u6b63\u6ea2\u4ef7\u4f30\u503c\u5b8c\u6210\u540e\u7eed\u878d\u8d44\u3002<\/p>\n<p><strong>MicroStrategy \u7ed9\u884c\u4e1a\u5e26\u6765\u7684\u98ce\u9669\u662f\u4ec0\u4e48<\/strong><\/p>\n<p>\u63a5\u4e0b\u6765\u6211\u4eec\u6765\u804a\u4e00\u4e0b MicroStrategy \u7ed9\u884c\u4e1a\u5e26\u6765\u7684\u98ce\u9669\uff0c\u6211\u8ba4\u4e3a\u5176\u6838\u5fc3\u5728\u4e8e\u8fd9\u79cd\u5546\u4e1a\u6a21\u5f0f\u4f1a\u663e\u8457\u589e\u52a0 BTC \u4ef7\u683c\u7684\u6ce2\u52a8\u6027\uff0c\u5145\u5f53\u6ce2\u52a8\u7684\u653e\u5927\u5668\u3002\u5176\u539f\u56e0\u5728\u4e8e\u300c\u6234\u7ef4\u65af\u53cc\u6740\u300d\uff0c\u800c BTC \u8fdb\u5165\u9ad8\u4f4d\u9707\u8361\u671f\u5c31\u662f\u6574\u4e2a\u591a\u7c73\u8bfa\u9aa8\u724c\u5f00\u59cb\u7684\u9636\u6bb5\u3002<\/p>\n<p>\u8ba9\u6211\u4eec\u8bd5\u60f3\u4e00\u4e0b\u5f53 BTC \u7684\u6da8\u5e45\u653e\u7f13\uff0c\u8fdb\u5165\u9707\u8361\u671f\u65f6\uff0cMicroStrategy \u7684\u76c8\u5229\u4e0d\u53ef\u907f\u514d\u7684\u5f00\u59cb\u4e0b\u964d\uff0c\u5728\u8fd9\u91cc\u60f3\u8981\u5c55\u5f00\u8bb2\u4ee5\u4e0b\uff0c\u6211\u770b\u5230\u6709\u5c0f\u4f19\u4f34\u975e\u5e38\u770b\u91cd\u5176\u6301\u4ed3\u6210\u672c\uff0c\u4ee5\u53ca\u6d6e\u76c8\u89c4\u6a21\u3002\u8fd9\u662f\u6ca1\u6709\u610f\u4e49\u7684\uff0c\u539f\u56e0\u5728\u4e8e\u5728 MicroStrategy \u7684\u5546\u4e1a\u6a21\u5f0f\u91cc\uff0c\u76c8\u5229\u662f\u900f\u660e\u4e14\u76f8\u5f53\u4e8e\u5b9e\u65f6\u7ed3\u7b97\u7684\uff0c\u5728\u4f20\u7edf\u80a1\u7968\u5e02\u573a\u91cc\u6211\u4eec\u77e5\u9053\uff0c\u771f\u6b63\u9020\u6210\u80a1\u4ef7\u6ce2\u52a8\u7684\u56e0\u7d20\u662f\u8d22\u62a5\uff0c\u53ea\u6709\u5b63\u5ea6\u8d22\u62a5\u516c\u5e03\uff0c\u5176\u771f\u5b9e\u76c8\u5229\u6c34\u5e73\u624d\u4f1a\u88ab\u5e02\u573a\u786e\u8ba4\uff0c\u5728\u6b64\u4e4b\u95f4\uff0c\u6295\u8d44\u4eba\u53ea\u662f\u6839\u636e\u4e00\u4e9b\u5916\u90e8\u4fe1\u606f\u53bb\u9884\u4f30\u8d22\u52a1\u60c5\u51b5\u7684\u53d8\u5316\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u5728\u5927\u591a\u6570\u65f6\u95f4\uff0c\u80a1\u4ef7\u7684\u53cd\u5e94\u662f\u6ede\u540e\u4e8e\u5176\u516c\u53f8\u771f\u5b9e\u7684\u76c8\u6536\u53d8\u5316\u7684\uff0c\u8fd9\u79cd\u6ede\u540e\u5173\u7cfb\u4f1a\u5728\u6bcf\u5b63\u5ea6\u8d22\u62a5\u516c\u5e03\u65f6\u88ab\u77eb\u6b63\u3002\u7136\u800c\u5728 MicroStrategy \u7684\u5546\u4e1a\u6a21\u5f0f\u91cc\uff0c\u7531\u4e8e\u5176\u6301\u4ed3\u89c4\u6a21\u4ee5\u53ca BTC \u7684\u4ef7\u683c\u90fd\u5c5e\u4e8e\u516c\u5f00\u4fe1\u606f\uff0c\u56e0\u6b64\u6295\u8d44\u4eba\u53ef\u4ee5\u5b9e\u65f6\u4e86\u89e3\u5176\u771f\u5b9e\u7684\u76c8\u5229\u6c34\u5e73\uff0c\u800c\u4e14\u4e0d\u5b58\u5728\u6ede\u540e\u6548\u5e94\uff0c\u56e0\u4e3a\u6bcf\u80a1\u6743\u76ca\u662f\u968f\u5176\u52a8\u6001\u53d8\u5316\u7684\uff0c\u76f8\u5f53\u4e8e\u76c8\u5229\u5b9e\u65f6\u7ed3\u7b97\u3002\u65e2\u7136\u5982\u6b64\uff0c\u80a1\u4ef7\u5c31\u5df2\u7ecf\u771f\u5b9e\u53cd\u5e94\u5176\u6240\u6709\u76c8\u5229\uff0c\u4e0d\u5b58\u5728\u6ede\u540e\u6548\u5e94\uff0c\u56e0\u6b64\u518d\u53bb\u5173\u6ce8\u5176\u6301\u4ed3\u6210\u672c\u662f\u65e0\u610f\u4e49\u7684\u3002<\/p>\n<p>\u628a\u8bdd\u9898\u62c9\u56de\uff0c\u6765\u770b\u4e0b\u300c\u6234\u7ef4\u65af\u53cc\u6740\u300d\u662f\u5982\u4f55\u5c55\u5f00\u7684\uff0c\u5f53 BTC \u7684\u589e\u957f\u653e\u7f13\uff0c\u8fdb\u5165\u632f\u8361\u9636\u6bb5\uff0cMicroStrategy \u7684\u76c8\u5229\u5c06\u4e0d\u65ad\u964d\u4f4e\uff0c\u751a\u81f3\u5f52\u96f6\uff0c\u6b64\u65f6\u56fa\u5b9a\u7684\u7ecf\u8425\u6210\u672c\u4ee5\u53ca\u878d\u8d44\u6210\u672c\u53c8\u4f1a\u8fdb\u4e00\u6b65\u7f29\u5c0f\u4f01\u4e1a\u76c8\u5229\uff0c\u751a\u81f3\u5904\u4e8e\u4e8f\u635f\u7684\u72b6\u6001\u3002\u800c\u6b64\u65f6\u8fd9\u79cd\u9707\u8361\u5c06\u4e0d\u65ad\u6d88\u78e8\u5e02\u573a\u5bf9\u540e\u7eed BTC \u4ef7\u683c\u53d1\u5c55\u7684\u4fe1\u5fc3\u3002\u800c\u8fd9\u4f1a\u8f6c\u5316\u4e3a\u5bf9 MicroStrategy \u878d\u8d44\u80fd\u529b\u7684\u8d28\u7591\uff0c\u4ece\u800c\u8fdb\u4e00\u6b65\u6253\u51fb\u5bf9\u4e8e\u5176\u76c8\u5229\u589e\u957f\u7684\u9884\u671f\uff0c\u5728\u8fd9\u4e24\u8005\u7684\u5171\u632f\u4e0b\uff0cMSTR \u7684\u6b63\u6ea2\u4ef7\u5c06\u4f1a\u5feb\u901f\u6536\u655b\u3002\u800c\u4e3a\u4e86\u7ef4\u62a4\u5176\u5546\u4e1a\u6a21\u5f0f\u7684\u6210\u7acb\uff0cMichael Saylor \u662f\u5fc5\u987b\u8981\u7ef4\u62a4\u6b63\u6ea2\u4ef7\u7684\u72b6\u6001\u7684\u3002\u6240\u4ee5\u901a\u8fc7\u51fa\u552e BTC \u6362\u56de\u8d44\u91d1\u56de\u8d2d\u80a1\u7968\u662f\u5fc5\u987b\u8981\u505a\u7684\u64cd\u4f5c\uff0c\u800c\u8fd9\u5c31\u662f MicroStrategy \u5f00\u59cb\u5356\u51fa\u5176\u7b2c\u4e00\u9897 BTC \u7684\u65f6\u523b\u3002<\/p>\n<p>\u6709\u5c0f\u4f19\u4f34\u8981\u95ee\uff0c\u5c31\u62ff\u7740 BTC \u4e0d\u52a8\uff0c\u8ba9\u80a1\u4ef7\u81ea\u7136\u843d\u4f53\u4e0d\u5c31\u884c\u4e86\u3002\u6211\u7684\u56de\u7b54\u662f\u4e0d\u53ef\u4ee5\uff0c\u66f4\u7cbe\u786e\u70b9\u6765\u8bf4\u662f\u5f53 BTC \u4ef7\u683c\u51fa\u73b0\u53cd\u8f6c\u65f6\u4e0d\u53ef\u4ee5\uff0c\u9707\u8361\u65f6\u5012\u662f\u53ef\u4ee5\u9002\u5f53\u5bb9\u5fcd\uff0c\u539f\u56e0\u5728\u4e8e MicroStrategy \u5f53\u524d\u7684\u80a1\u6743\u7ed3\u6784\uff0c\u4ee5\u53ca\u5bf9\u4e8e Michael Saylor \u6765\u8bf4\uff0c\u4ec0\u4e48\u624d\u662f\u6700\u4f18\u89e3\u3002<\/p>\n<p>\u6839\u636e\u5f53\u524d MicroStrategy \u7684\u6301\u80a1\u6bd4\u4f8b\u4e2d\uff0c\u4e0d\u4e4f\u4e00\u4e9b\u9876\u7ea7\u7684\u8d22\u56e2\uff0c\u4f8b\u5982 Jane Street \u548c\u8d1d\u83b1\u5fb7\u7b49\uff0c\u800c\u4f5c\u4e3a\u521b\u59cb\u4eba\u7684 Michael Saylor \u4ec5\u5360 10% \u4e0d\u5230\uff0c\u5f53\u7136\u901a\u8fc7\u53cc\u5c42\u80a1\u6743\u7684\u8bbe\u8ba1\uff0cMichael Saylor \u62e5\u6709\u7684\u6295\u7968\u6743\u5177\u6709\u7edd\u5bf9\u4f18\u52bf\uff0c\u56e0\u4e3a\u5176\u6301\u6709\u7684\u80a1\u7968\u66f4\u591a\u7684\u662f B \u7c7b\u666e\u901a\u80a1\u66f4\u591a\uff0c\u800c B \u7c7b\u666e\u901a\u80a1\u7684\u6295\u7968\u6743\u4e8e A \u7c7b\u662f 10:1 \u7684\u5173\u7cfb\u3002\u6240\u4ee5\u8fd9\u5bb6\u516c\u53f8\u8fd8\u5904\u5728 Michael Saylor \u5f3a\u6709\u529b\u7684\u63a7\u5236\u4e0b\uff0c\u4f46\u662f\u5176\u80a1\u6743\u5360\u6bd4\u5e76\u4e0d\u9ad8\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/11\/21260-1732611153429.png\" alt=\"\u6df1\u5165\u89e3\u6790MicroStrategy\u7684\u673a\u9047\u4e0e\u98ce\u9669\uff1a\u6234\u7ef4\u65af\u53cc\u51fb\u4e0e\u53cc\u6740\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/11\/21260-1732611153429.png\" alt=\"\u6df1\u5165\u89e3\u6790MicroStrategy\u7684\u673a\u9047\u4e0e\u98ce\u9669\uff1a\u6234\u7ef4\u65af\u53cc\u51fb\u4e0e\u53cc\u6740\" \/><\/figure>\n<p>\u8fd9\u5c31\u610f\u5473\u7740\u5bf9 Michael Saylor \u6765\u8bf4\uff0c\u516c\u53f8\u7684\u957f\u8fdc\u4ef7\u503c\u662f\u8fdc\u9ad8\u4e8e\u5176\u6301\u6709\u7684 BTC \u7684\u4ef7\u503c\u7684\uff0c\u56e0\u4e3a\u5047\u8bbe\u516c\u53f8\u9762\u4e34\u7834\u4ea7\u6e05\u7b97\uff0c\u5176\u80fd\u83b7\u5f97\u7684 BTC \u4e5f\u4e0d\u591a\u3002<\/p>\n<p>\u90a3\u4e48\u5728\u9707\u8361\u9636\u6bb5\u5356\u51fa BTC\uff0c\u56de\u8d2d\u80a1\u7968\u6765\u7ef4\u62a4\u6ea2\u4ef7\u7684\u597d\u5904\u662f\u4ec0\u4e48\u5462\u3002\u7b54\u6848\u4e5f\u663e\u800c\u6613\u89c1\uff0c\u5f53\u51fa\u73b0\u6ea2\u4ef7\u6536\u655b\u65f6\uff0c\u5047\u8bbe Michael Saylor \u5224\u65ad\u6b64\u65f6 MSTR \u7684\u5e02\u76c8\u7387\u56e0\u6050\u614c\u5904\u4e8e\u4f4e\u4f30\u7684\u72b6\u6001\uff0c\u5219\u901a\u8fc7\u51fa\u552e BTC \u6362\u56de\u8d44\u91d1\uff0c\u5e76\u4ece\u5e02\u573a\u4e2d\u56de\u8d2d MSTR \u662f\u4e00\u7b14\u5212\u7b97\u7684\u64cd\u4f5c\u3002\u56e0\u6b64\u6b64\u65f6\u56de\u8d2d\u5bf9\u4e8e\u6d41\u901a\u91cf\u7684\u51cf\u5c0f\u800c\u653e\u5927\u6bcf\u80a1\u6743\u76ca\u7684\u6548\u679c\u5c06\u9ad8\u4e8e BTC \u50a8\u5907\u51cf\u5c0f\u800c\u7f29\u5c0f\u6bcf\u80a1\u6743\u76ca\u7684\u6548\u679c\uff0c\u5f53\u6050\u614c\u7ed3\u675f\u540e\uff0c\u80a1\u4ef7\u62c9\u56de\uff0c\u6bcf\u80a1\u6743\u76ca\u5c06\u56e0\u6b64\u53d8\u7684\u66f4\u9ad8\uff0c\u6709\u5229\u4e8e\u540e\u7eed\u53d1\u5c55\uff0c\u8fd9\u79cd\u6548\u679c\u5728 BTC \u8d8b\u52bf\u53cd\u8f6c\u7684\u6781\u7aef\u60c5\u51b5\u4e0b\uff0cMSTR \u51fa\u73b0\u8d1f\u6ea2\u4ef7\u65f6\u66f4\u5bb9\u6613\u7406\u89e3\u3002<\/p>\n<p>\u800c\u8003\u8651\u5230\u5f53\u524d Michael Saylor \u7684\u6301\u4ed3\u91cf\uff0c\u800c\u4e14\u5f53\u51fa\u73b0\u9707\u8361\u6216\u4e0b\u884c\u5468\u671f\u65f6\uff0c\u6d41\u52a8\u6027\u901a\u5e38\u662f\u6536\u7d27\u7684\uff0c\u90a3\u4e48\u5f53\u5b83\u5f00\u59cb\u629b\u552e\u7684\u65f6\u5019\uff0cBTC \u7684\u4ef7\u683c\u4e0b\u8dcc\u5c06\u52a0\u901f\u3002\u800c\u4e0b\u8dcc\u52a0\u901f\u53c8\u4f1a\u8fdb\u4e00\u6b65\u6076\u5316\u6295\u8d44\u4eba\u5bf9 MicroStrategy \u76c8\u5229\u589e\u957f\u7684\u9884\u671f\uff0c\u6ea2\u4ef7\u7387\u8fdb\u4e00\u6b65\u8d70\u4f4e\uff0c\u800c\u8fd9\u6709\u8feb\u4f7f\u5176\u5356\u51fa BTC \u56de\u8d2d MSTR\uff0c\u6b64\u65f6\u300c\u6234\u7ef4\u65af\u53cc\u6740\u300d\u5f00\u59cb\u3002<\/p>\n<p>\u5f53\u7136\u8fd8\u6709\u4e00\u4e2a\u8feb\u4f7f\u5176\u51fa\u552e BTC \u7ef4\u62a4\u80a1\u4ef7\u7684\u539f\u56e0\u5728\u4e8e\uff0c\u5176\u80cc\u540e\u7684\u6295\u8d44\u4eba\u662f\u4e00\u7fa4\u624b\u773c\u901a\u5929\u7684 Deep State\uff0c\u4e0d\u53ef\u80fd\u773c\u770b\u7740\u80a1\u4ef7\u5f52\u96f6\uff0c\u800c\u65e0\u52a8\u4e8e\u8877\uff0c\u52bf\u5fc5\u7ed9\u5230 Michael Saylor \u538b\u529b\uff0c\u8feb\u4f7f\u5176\u627f\u62c5\u5176\u5e02\u503c\u7ba1\u7406\u7684\u8d23\u4efb\u3002\u800c\u4e14\u67e5\u5230\u6700\u8fd1\u8d44\u8baf\uff0c\u663e\u793a\u968f\u7740\u4e0d\u65ad\u7684\u80a1\u6743\u7a00\u91ca\uff0cMichael Saylor \u7684\u6295\u7968\u6743\u5df2\u7ecf\u4f4e\u4e8e 50%\uff0c\u5f53\u7136\u5177\u4f53\u7684\u6d88\u606f\u6e90\u6ca1\u6709\u627e\u5230\u3002\u4f46\u8fd9\u4e2a\u8d8b\u52bf\u4f3c\u4e4e\u662f\u4e0d\u53ef\u907f\u514d\u7684\u3002<\/p>\n<p><strong>MicroStrategy \u7684\u53ef\u8f6c\u503a\u662f\u5426\u5728\u5230\u671f\u524d\u771f\u7684\u6ca1\u6709\u98ce\u9669<\/strong><\/p>\n<p>\u7ecf\u8fc7\u4e0a\u9762\u7684\u8ba8\u8bba\uff0c\u6211\u60f3\u6211\u5df2\u7ecf\u628a\u6211\u7684\u903b\u8f91\u5b8c\u6574\u7684\u9610\u8ff0\u4e86\u3002\u518d\u6b64\u8fd8\u5e0c\u671b\u53ef\u4ee5\u8ba8\u8bba\u4e00\u4e2a\u8bdd\u9898\uff0cMicroStrategy \u662f\u5426\u5728\u77ed\u671f\u5185\u6ca1\u6709\u503a\u52a1\u98ce\u9669\u3002\u5df2\u7ecf\u6709\u524d\u8f88\u5bf9 MicroStrategy \u7684\u53ef\u8f6c\u503a\u7684\u6027\u8d28\u505a\u8fc7\u4ecb\u7ecd\uff0c\u6211\u5728\u8fd9\u4e0d\u5c55\u5f00\u8ba8\u8bba\u3002\u7684\u786e\uff0c\u5176\u503a\u52a1\u4e45\u671f\u8fd8\u86ee\u4e45\u3002\u5728\u5230\u671f\u65e5\u6765\u4e34\u4e4b\u524d\u786e\u5b9e\u6ca1\u6709\u507f\u4ed8\u98ce\u9669\u3002\u4f46\u6211\u7684\u89c2\u70b9\u662f\u5176\u503a\u52a1\u98ce\u9669\u8fd8\u662f\u6709\u53ef\u80fd\u901a\u8fc7\u80a1\u4ef7\u63d0\u524d\u53cd\u9988\u7684\u3002<\/p>\n<p>MicroStrategy \u53d1\u7684\u53ef\u8f6c\u503a\u672c\u8d28\u4e0a\u662f\u4e00\u4e2a\u53e0\u52a0\u4e86\u514d\u8d39\u7684\u770b\u6da8\u671f\u6743\u7684\u503a\u5238\uff0c\u5230\u671f\u65f6\u503a\u6743\u4eba\u53ef\u4ee5\u8981\u6c42\u5fae\u7b56\u7565\u4ee5\u4e4b\u524d\u7ea6\u5b9a\u597d\u7684\u8f6c\u6362\u7387\u80a1\u7968\u7b49\u503c\u8fdb\u884c\u8d4e\u56de\uff0c\u4f46\u662f\u8fd9\u91cc\u5bf9\u5fae\u7b56\u7565\u4e5f\u6709\u4fdd\u62a4\uff0c\u5c31\u662f\u5fae\u7b56\u7565\u53ef\u4ee5\u4e3b\u52a8\u9009\u62e9\u8d4e\u56de\u65b9\u5f0f\uff0c\u7528\u73b0\u91d1\u3001\u80a1\u7968\u6216\u8005\u4e24\u8005\u7684\u7ec4\u5408\uff0c\u8fd9\u6837\u76f8\u5bf9\u7075\u6d3b\u4e00\u4e9b\uff0c\u5982\u679c\u8d44\u91d1\u5145\u88d5\u5c31\u591a\u507f\u8fd8\u4e9b\u73b0\u91d1\uff0c\u907f\u514d\u80a1\u6743\u88ab\u7a00\u91ca\uff0c\u5982\u679c\u8d44\u91d1\u4e0d\u5145\u88d5\uff0c\u90a3\u5c31\u591a\u642d\u70b9\u80a1\u7968\uff0c\u800c\u4e14\u8fd9\u4e2a\u53ef\u8f6c\u503a\u662f\u65e0\u62c5\u4fdd\u7684\uff0c\u6240\u4ee5\u786e\u5b9e\u507f\u503a\u5e26\u6765\u7684\u98ce\u9669\u5012\u662f\u4e0d\u5927\u3002\u800c\u4e14\u8fd9\u91cc\u5bf9\u5fae\u7b56\u7565\u8fd8\u6709\u4e2a\u4fdd\u62a4\uff0c\u5c31\u662f\u6ea2\u4ef7\u7387\u8d85\u8fc7 130%\uff0c\u5fae\u7b56\u7565\u4e5f\u53ef\u4ee5\u9009\u62e9\u76f4\u63a5\u73b0\u91d1\u539f\u503c\u8d4e\u56de\uff0c\u8fd9\u5c31\u7ed9\u4e86\u7eed\u8d37\u8c08\u5224\u521b\u9020\u4e86\u6761\u4ef6\u3002<\/p>\n<p>\u6240\u4ee5\u8fd9\u4e2a\u503a\u7684\u503a\u6743\u4eba\uff0c\u53ea\u6709\u5728\u80a1\u4ef7\u9ad8\u4e8e\u8f6c\u6362\u4ef7\u683c\uff0c\u540c\u65f6\u4f4e\u4e8e\u8f6c\u6362\u4ef7\u683c\u7684 130% \u4e4b\u95f4\uff0c\u624d\u4f1a\u6709\u8d44\u672c\u5229\u5f97\uff0c\u9664\u6b64\u4e4b\u5916\u5c31\u53ea\u6709\u672c\u91d1\u52a0\u4f4e\u606f\u3002\u5f53\u7136\u7ecf\u8fc7 Mindao \u8001\u5e08\u7684\u63d0\u9192\uff0c\u8fd9\u4e2a\u503a\u5238\u7684\u6295\u8d44\u4eba\u4e3b\u8981\u8fd8\u662f\u5bf9\u51b2\u57fa\u91d1\u7528\u6765\u505a Delta hedging\uff0c\u8d5a\u53d6\u6ce2\u52a8\u7387\u6536\u76ca\u3002\u56e0\u6b64\u8be6\u7ec6\u601d\u8003\u4e86\u4e0b\u80cc\u540e\u7684\u903b\u8f91\u3002<\/p>\n<p>\u901a\u8fc7\u53ef\u8f6c\u503a\u8fdb\u884c Delta hedging \u5177\u4f53\u7684\u64cd\u4f5c\u4e3b\u8981\u662f\u901a\u8fc7\u8d2d\u4e70 MSTR \u53ef\u8f6c\u503a\uff0c\u540c\u65f6\u5356\u7a7a\u7b49\u91cf\u7684 MSTR \u80a1\u7968\uff0c\u4ee5\u5bf9\u51b2\u80a1\u7968\u4ef7\u683c\u6ce2\u52a8\u5e26\u6765\u7684\u98ce\u9669\u3002\u800c\u4e14\u4f34\u968f\u7740\u540e\u7eed\u4ef7\u683c\u53d1\u5c55\uff0c\u5bf9\u51b2\u57fa\u91d1\u9700\u8981\u4e0d\u65ad\u8c03\u6574\u4ed3\u4f4d\u52a8\u6001\u5bf9\u51b2\u3002\u800c\u52a8\u6001\u5bf9\u51b2\u901a\u5e38\u6709\u4ee5\u4e0b\u4e24\u79cd\u573a\u666f\uff1a<\/p>\n<ul class=\"wp-block-list\">\n<li>\u5f53 MSTR \u80a1\u4ef7\u4e0b\u8dcc\u65f6\uff0c\u53ef\u8f6c\u503a\u7684 Delta \u503c\u964d\u4f4e\uff0c\u56e0\u4e3a\u503a\u5238\u7684\u8f6c\u6362\u6743\u53d8\u5f97\u66f4\u4e0d\u503c\u94b1\uff08\u66f4\u63a5\u8fd1\u300c\u865a\u503c\u300d\uff09\u3002\u90a3\u4e48\u6b64\u65f6\u9700\u8981\u5356\u7a7a\u66f4\u591a\u7684 MSTR \u80a1\u7968\u4ee5\u5339\u914d\u65b0\u7684 Delta \u503c\u3002<\/li>\n<li>\u5f53 MSTR \u80a1\u4ef7\u4e0a\u6da8\u65f6\uff0c\u53ef\u8f6c\u503a\u7684 Delta \u503c\u589e\u52a0\uff0c\u56e0\u4e3a\u503a\u5238\u7684\u8f6c\u6362\u6743\u53d8\u5f97\u66f4\u6709\u4ef7\u503c\uff08\u66f4\u63a5\u8fd1\u300c\u5b9e\u503c\u300d\uff09\u3002\u90a3\u4e48\u6b64\u65f6\u901a\u8fc7\u4e70\u56de\u90e8\u5206\u5148\u524d\u5356\u7a7a\u7684 MSTR \u80a1\u7968\u4ee5\u5339\u914d\u65b0\u7684 Delta \u503c\uff0c\u4ece\u800c\u4fdd\u6301\u7ec4\u5408\u7684\u5bf9\u51b2\u6027\u3002<\/li>\n<\/ul>\n<p>\u52a8\u6001\u5bf9\u51b2\u9700\u8981\u5728\u4ee5\u4e0b\u60c5\u51b5\u4e0b\u8fdb\u884c\u9891\u7e41\u8c03\u6574\uff1a<\/p>\n<ul class=\"wp-block-list\">\n<li>\u6807\u7684\u80a1\u4ef7\u663e\u8457\u6ce2\u52a8\uff1a\u5982\u6bd4\u7279\u5e01\u4ef7\u683c\u5927\u5e45\u53d8\u5316\u5bfc\u81f4 MSTR \u80a1\u4ef7\u5267\u70c8\u6ce2\u52a8\u3002<\/li>\n<li>\u5e02\u573a\u6761\u4ef6\u53d8\u5316\uff1a\u5982\u6ce2\u52a8\u7387\u3001\u5229\u7387\u6216\u5176\u4ed6\u5916\u90e8\u56e0\u7d20\u5f71\u54cd\u53ef\u8f6c\u503a\u5b9a\u4ef7\u6a21\u578b\u3002<\/li>\n<li>\u901a\u5e38\u5bf9\u51b2\u57fa\u91d1\u4f1a\u6839\u636e Delta \u7684\u53d8\u5316\u5e45\u5ea6\uff08\u5982\u6bcf\u53d8\u52a8 0.01\uff09\u89e6\u53d1\u64cd\u4f5c\uff0c\u4fdd\u6301\u7ec4\u5408\u7684\u7cbe\u786e\u5bf9\u51b2\u3002<\/li>\n<\/ul>\n<p>\u6211\u4eec\u6765\u4e3e\u4e00\u4e2a\u5177\u4f53\u7684\u573a\u666f\u7528\u4e8e\u8bf4\u660e\uff0c\u5047\u8bbe\u4e00\u4e2a\u5bf9\u51b2\u57fa\u91d1\u7684\u521d\u59cb\u6301\u4ed3\u5982\u4e0b<\/p>\n<ul class=\"wp-block-list\">\n<li>\u4e70\u5165\u4ef7\u503c 1000 \u4e07\u7f8e\u5143\u7684 MSTR \u53ef\u8f6c\u503a\uff08Delta = 0.6\uff09\u3002<\/li>\n<li>\u5356\u7a7a\u4ef7\u503c 600 \u4e07\u7f8e\u5143\u7684 MSTR \u80a1\u7968\u3002<\/li>\n<\/ul>\n<p>\u5f53\u80a1\u4ef7\u4ece $100 \u6da8\u5230 $110\uff0c\u53ef\u8f6c\u503a\u7684 Delta \u503c\u53d8\u4e3a 0.65\uff0c\u5219\u6b64\u65f6\u9700\u8c03\u6574\u80a1\u7968\u5934\u5bf8\u3002\u8ba1\u7b97\u9700\u56de\u8865\u80a1\u7968\u6570\u4e3a (0.65\u22120.6)\u00d71000 \u4e07=50 \u4e07\u3002\u5177\u4f53\u64cd\u4f5c\u4e3a\u4e70\u56de 50 \u4e07\u7f8e\u5143\u7684\u80a1\u7968\u3002<\/p>\n<p>\u800c\u5f53\u80a1\u4ef7\u4ece $100 \u56de\u843d\u5230 $95\uff0c\u53ef\u8f6c\u503a\u65b0\u7684 Delta \u503c\u53d8\u4e3a 0.55\uff0c\u9700\u8c03\u6574\u80a1\u7968\u5934\u5bf8\u3002\u8ba1\u7b97\u9700\u589e\u52a0\u7a7a\u5934\u80a1\u7968\u4e3a (0.6\u22120.55)\u00d71000 \u4e07=50 \u4e07\u3002\u5177\u4f53\u64cd\u4f5c\u4e3a\u5356\u7a7a 50 \u4e07\u7f8e\u5143\u7684\u80a1\u7968\u3002<\/p>\n<p>\u8fd9\u5c31\u610f\u5473\u7740\u5f53 MSTR \u4ef7\u683c\u4e0b\u8dcc\u65f6\uff0c\u5176\u53ef\u8f6c\u503a\u80cc\u540e\u7684\u5bf9\u51b2\u57fa\u91d1\u4e3a\u4e86\u52a8\u6001\u5bf9\u51b2 Delta\uff0c\u5c06\u4f1a\u5356\u7a7a\u66f4\u591a\u7684 MSTR \u80a1\u7968\uff0c\u8fdb\u800c\u8fdb\u4e00\u6b65\u6253\u51fb MSTR \u80a1\u4ef7\uff0c\u800c\u8fd9\u5c31\u4f1a\u5bf9\u6b63\u6ea2\u4ef7\u4ea7\u751f\u8d1f\u9762\u5f71\u54cd\uff0c\u8fdb\u800c\u5f71\u54cd\u6574\u4e2a\u5546\u4e1a\u6a21\u5f0f\uff0c\u56e0\u6b64\u503a\u5238\u7aef\u7684\u98ce\u9669\u662f\u4f1a\u901a\u8fc7\u80a1\u4ef7\u63d0\u524d\u53cd\u9988\u3002\u5f53\u7136\u5728 MSTR \u7684\u4e0a\u884c\u8d8b\u52bf\u4e2d\uff0c\u5bf9\u51b2\u57fa\u91d1\u4f1a\u8d2d\u5165\u66f4\u591a\u7684 MSTR\uff0c\u6240\u4ee5\u4e5f\u662f\u4e00\u79cd\u53cc\u5203\u5251\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u6458\u8981\uff1a\u4e0a\u5468\u6211\u4eec\u63a2\u8ba8\u4e86 Lido \u53d7\u76d1\u7ba1\u73af\u5883\u53d8\u5316\u800c\u83b7\u76ca\u7684\u6f5c\u529b\uff0c\u5e0c\u671b\u53ef\u4ee5\u5e2e\u52a9\u5927\u5bb6\u628a\u63e1\u4f4f\u8fd9\u6ce2 Buy the rum [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1368","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts\/1368","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1368"}],"version-history":[{"count":1,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts\/1368\/revisions"}],"predecessor-version":[{"id":3022,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts\/1368\/revisions\/3022"}],"wp:attachment":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1368"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}