由于规模更大、更成熟、比特币持仓更高（309 倍）且流动性更好，MSTR 优于 Smarter Web；两者之间不存在有效的可比性。
逐段跳播
从你关于 Micro Strategy 的第三个视频开始，我就一直在看你的 IIA。是的，那是一笔 Micro Strategy 的期权交易，哦，那真是美好的旧时光，那时候没人懂这些东西。那是个活着的绝佳时代。现在依然是。
And I have watched your IIA since your third video on micro strategy. Yes, it was an options trade micro strategy which oh there was they were the good old days when nobody knew about anything. It was fantastic time to be alive. Still is.
但现在比特币储备公司 Smarter Web 正在发行优先股，支付12%的收益率，你可以轮换到 SWC，也就是 Smarter Web Corporation，我猜在美国是 TSWCF，从 Micro Strategy 换过去。
But now that the Bitcoin treasury company Smarter Web is launching preferred share paying 12% yield which you rotate to SWC which is Smarter Web Corporation I guess TSWCF in the USA from Micro Strategy.
在 Micro Strategy 的巅峰时期，我的仓位里超过50%都是 Micro Strategy。但当然，后来一切都变了，你会减掉一些仓位。
Um, at the peak of Micro Strategy, I was more than 50% Micro Strategy. But of course, everything changed and you take some
还有 Micro Strategy。当你把 Micro Strategy 和 Smarter Web 比较时，Micro Strategy 的 NAV 溢价是0.74，Smarter Web 是1.37。所以，基本上差不多是两倍。
and Micro Strategy. When you compare Micro Strategy to Smarter Web, the NAV premium for Micro Strategy is 0.74. Smartest Web is 1.37. So, it's basically double almost.
现在，12%的浮动利率和 STRC 上的12%是一样的。大家都在模仿 Micro Strategy 的做法，但董事会确实保留着在未来推进过程中随时大幅削减该利率的权力。
Now, the variable rate 12% is the same as the 12% on STRC. Everybody's copying what Micro Strategy are doing, but the board does retain the power to slash that rate if they want as they go forward.
嗯，在我看来，Micro Strategy 规模大得多，成熟得多。他们持有的比特币是它的309倍。呃，如果我没记错的话，Smarter Web 实际上在今年夏天不得不卖掉了一大批比特币。
他们流动性巨大，日交易量达35亿美元。Smarter Web 公司的 MNAV 要高得多。在我看来，这两者根本没法相提并论。所以我在这里会呃稍微谨慎一点。
Well, in my mind, Micro Strategy is way bigger, way more mature. They hold 309 times more Bitcoin. Uh I think Smarter Web actually has had to sell a bunch of Bitcoin during the summer if I'm not mistaken.
They got massive liquidity, $3 half billion in daily trading volume. The smarter web company trades at a much higher MNAV. There is no comparison side by side in my opinion for these two. So I would be uh a little bit careful here.
这个频道对 $MSTR 的历次判断
InvestAnswers 在这只股票上共 11 条判断，这里只列相邻的几条。