MSTR 的价值取决于其能否创造数字信用：若该信用成立并回归面值，MSTR 应跑赢比特币 1.2-1.5 倍，并以高于净资产值的溢价交易；若该信用失败，MSTR 就只是一家围绕 NAV 交易的比特币持仓公司。
逐段跳播
投资比特币有很多种方式，但为什么偏偏选择 MSTRC 或 MSTR，而不是现货 ETF？
There are many ways to invest in Bitcoin, but why MSTRC or MSTR specifically instead of spot ETFs?
另一方面，如果你相信比特币，特别是数字信用，并且想拥有一家创造数字信用的公司，或者想让你的比特币回报翻倍，你可以买入像 MSTR 这样的数字股票，获得相当于比特币 1.2 倍或 1.5 倍的业绩表现，从而跑赢比特币。
On the other hand, if you believe in Bitcoin, specifically digital credit, and want to own a company that creates digital credit or want to double your Bitcoin returns, you can buy digital stocks like MSTR where you get performance equivalent to 1.2 or 1.5 times that of Bitcoin, and you can outperform it.
今天我们有一个 10 亿美元的股票回购计划，用于回购我们的普通股，使我们能够随时卖出或买入 MSTR。
today we have a $1 billion buyback program to repurchase our common stock, enabling us to sell or buy MSTR at any time.
是的，因为这家公司是数字信用的生产者。我们的产品就是数字信用。我们所做的是将资本、比特币、40 的波动率、40 的年度经常性回报，转化为波动率为 5 或在这种情况下为 8、并支付 12% 回报的信用。
Yes, because the company is a producer of digital credit. Our product is digital credit. What we do is convert capital, Bitcoin, 40 volatility, 40 annual recurring returns into credit with five volatility or in this case eight volatility that pays you a return of 12%.
有一群投资者想买入这种信用。不，你会愿意持有一个没有现金流、波动剧烈的资产十年吗？好吧。如果你要付房租就不会。如果你有房贷就不会。因此，信用投资者群体是不同的。我们创造这种信用。
There is a group of investors who want to buy this credit. No , you know, would you want to hold onto a volatile asset for ten years with no cash flow? Okay . Not if you're paying rent.
Not if you have a mortgage. Therefore, the credit investor group is different. We create this credit.
因此，如果信用不起作用，这家公司就只是一家比特币控股公司。好吧。所以，这就像说，如果我有一家银行，你可以把钱存进去，但永远取不出来，那这家银行的股票价值是什么？好吧。你知道吗？
Therefore, if the credit does not work, the company will simply be a Bitcoin holding company. Okay . So, you know, it's like saying, if I have a bank and you can deposit your money in it, but you can never withdraw it, what is the value of the shares of that bank? Okay . As you know?
所以，我们所做的是创造一种非常有价值的产品，也就是数字信用。如果信用成功，我们可以卖出数十亿美元的信用。
So, what we are doing is creating a very valuable product, which is digital credit. If the credit is successful, we can sell billions of dollars of it.
当我们卖出 10 亿美元的数字信用时，我们只需要看到比特币超过所需的回报率。所需的回报率大约是 10.5%。假设我们卖出了 10 亿美元的信用，比特币价格每年上涨 10%，公司获得了 10 亿美元的净收入。好吧，我们永远不会支付这个金额。
When we sell $1 billion of digital credit, all we have to do is see Bitcoin exceed the required rate of return. The required rate of return is approximately 10.5%. Let 's assume we sold $1 billion of credit, the price of Bitcoin rose by 10% annually, and the company earned a net income of $1 billion. Well, we will never pay this amount .
现在想象一个世界，我们每年卖出 100 亿美元的信用，比特币价格每年上涨 10.5%。这类似于一家产生 100 亿美元净收入的公司。现在，想象这笔收入每年增长 20% 或 30%。
这家公司值多少？它可能值净收入的 10 倍或 20 倍。这就是净资产价值溢价。
Now imagine a world where we sell $10 billion of credit annually, and the price of Bitcoin rises by 10.5% annually. This is similar to a company that generates a net income of $10 billion.
Now, imagine that this income grows by 20% or 30% annually. What is the value of this company? It could be worth 10 or 20 times net income. This is the net asset value premium.
简而言之，股权的价值在于公司发行信用的能力。如果信用能回到其面值，就被认为是有价值的。如果公司不能将信用恢复到面值，我们就无法再卖出任何信用。这就像一家银行拿了你的存款却永远不归还。你知道，没有人会跟这样的银行打交道。
In short, the value of equity lies in a company's ability to issue credit. Credit is considered valuable if it returns to its nominal value . If the company does not restore the credit to its nominal value, we will not be able to sell any more of it.
This is like a bank that takes your deposits and never returns them. As you know, no one will deal with this bank.
另一方面，创建一家能够每年卖出 200 亿美元信用、且信用永远以每年 30% 增长的公司，意义何在？对吧？我的意思是，这家公司可能成为一家万亿美元的公司。
On the other hand , what is the point of creating a company capable of selling $20 billion in credit that grows at 30 % annually forever? correct? I mean, the company could become a trillion-dollar company.
所以，MSTR 的未来在于将资本、比特币转化为信用、数字信用，这样你就拥有了数字股票。
So, the future of MSTR is based on converting capital, Bitcoin, into credit, digital credit, so that you have digital shares.
如果信用良好，股票将跑赢比特币。因此，信用是产品，股权是副产品。我们的资本更适合回购信用，因为如果信用有效，能够交易它的公司将以高于净资产价值的溢价交易。
Stocks will outperform Bitcoin if credit is good. Therefore, credit is the product, and equity is the byproduct. It is better for our capital to repurchase credit because if the credit is effective, the company that can trade it will trade at a premium to the net asset value.
如果我们让信用消失，我们就只不过是一家控股公司，公司股价将围绕其净资产价值上下波动 X。这就是我们倡导信用的原因。
If we let credit disappear, we will be nothing more than a holding company, and the company will trade up or down X around its net asset value. That's why we advocate for credit.
观察点
这个频道对 $MSTR 的历次判断
Schwab Network 在这只股票上共 2 条判断，这里只列相邻的几条。