Microstrategy Inc (MSTR) 2024 Q3 法說會逐字稿

Hello, Everyone and Good evening, I'm Shirish Jajodia Vice President of Investor Relations and Treasury at MicroStrategy.

大家好，晚上好，我是 MicroStrategy 投資者關係和財務部副總裁 Shirish Jajodia。

I will be your moderator for MicroStrategy's 2024 third quarter earnings webinar. Before we proceed, I will read the safe Harbor statement.

我將擔任 MicroStrategy 2024 年第三季收益網路研討會的主持人。在我們繼續之前，我將閱讀安全港聲明。

Some of the information we provide during today's call regarding our future expectations, plans and prospects may constitute forward-looking statements. Actual results may differ materially from these forward-looking statements due to various important factors including the risk factors discussed in our most recent 10-Q file with the SEC. We assume no obligation to update these forward-looking statements which speak only as of today.

我們在今天的電話會議中提供的有關我們未來期望、計劃和前景的一些資訊可能構成前瞻性陳述。由於各種重要因素，包括我們最近向 SEC 提交的 10-Q 文件中討論的風險因素，實際結果可能與這些前瞻性聲明有重大差異。我們不承擔更新這些僅截至今天的前瞻性聲明的義務。

Also during today's call, we will refer to certain non-GAAP financial measures reconciliations showing GAAP versus non-GAAP results are available in our earnings release and presentation which were issued today and are available on our website at microstrategy.com

此外，在今天的電話會議中，我們將在今天發布的收益報告和簡報中提及某些顯示GAAP 與非GAAP 結果的非GAAP 財務指標對賬，這些數據可在我們的網站microstrategy.com 上找到。

I would now like to welcome you all to today's webinar and let you know that we will be taking questions using the Q&A feature at the bottom of your screen.

我現在歡迎大家參加今天的網路研討會，並讓您知道我們將使用螢幕底部的問答功能來回答問題。

You can submit questions throughout the webinar and Michael, Phong or Andrew will answer questions at the end of the session.

您可以在整個網路研討會期間提交問題，Michael、Phong 或 Andrew 將在會議結束時回答問題。

Please be sure to provide your name and your company's name when submitting your questions.

提交問題時，請務必提供您的姓名和公司名稱。

Now, I'll walk you through the agenda for today's call.

現在，我將向您介紹今天電話會議的議程。

First. Phong Le will cover the business and operational results for the third quarter of 2024. second Andrew Kang will cover the financial results for the third quarter of 24. Then Michael Saylor will provide a strategic review and the vision and discuss the recent Bitcoin market updates. And lastly, we'll open up to the Q&A with that. I will now turn the call over to Phong Le President and CEO of MicroStrategy.

第一的。 Phong Le 將報導 2024 年第三季的業務和營運表現。最後，我們將對此進行問答。我現在將把電話轉給 MicroStrategy 總裁兼執行長 Phong Le。

Thank you, Shirish. Hello everyone. I'd like to welcome all of you to today's webinar starting with the Bitcoin highlights for Q3 2024 micro strategy remains the largest corporate holder of Bitcoin in the world. Now holding 252,220 Bitcoins with a total Bitcoin market value of $18 billion as of yesterday.

謝謝你，希里什。大家好。我歡迎大家參加今天的網路研討會，首先介紹 2024 年第三季的比特幣亮點 微觀策略仍然是世界上最大的比特幣企業持有者。截至昨天，目前持有 252,220 個比特幣，比特幣總市值為 180 億美元。

Since June 30th 2024 we acquired an additional 25,889 Bitcoin for a total purchase cost of $1.6 billion. An average price of $60,839 year-to-date 2024. The price of Bitcoin has appreciated, spurred notably by the approval of the Spot Bitcoin Exchange Traded products or ETPs, which has drawn considerable institutional attention to the asset class.

自 2024 年 6 月 30 日以來，我們額外購買了 25,889 個比特幣，總購買成本為 16 億美元。 2024 年迄今的平均價格為 60,839 美元。

We believe the introduction and initial success at the spot. Bitcoin ETPs evidences the maturation of Bitcoin as an institution grade asset class with broader regulatory recognition and institutional adoption on the capital markets front. We made significant progress towards the advancement of our Bitcoin strategy in September. We raised $1.1 billion net proceeds through our at the market or ATM equity offering program and raised $1.01 billion through the issuance of our 2028 convertible notes using part of the proceeds from the 2028 convertible notes. We also redeemed our $500 million senior secured notes due 2028 in full.

我們相信現場的介紹和初步成功。比特幣 ETP 證明了比特幣作為一種機構級資產類別的成熟，在資本市場方面獲得了更廣泛的監管認可和機構採用。九月份，我們在推動比特幣策略方面取得了重大進展。我們透過市場或 ATM 股票發行計畫籌集了 11 億美元的淨收益，並透過使用 2028 年可轉換票據的部分收益發行 2028 年可轉換票據籌集了 10.1 億美元。我們也全額贖回了 2028 年到期的 5 億美元優先擔保票據。

As a result, all of our Bitcoin holdings are now unencumbered. Andrew will provide further details on our capital markets and Bitcoin purchase activity for this quarter as we continue to focus on acquiring more Bitcoin through our capital market activities. We believe that the value proposition in the company centers increasingly on our Bitcoin Treasury strategy. As a result, we've developed a new descriptor for what we are, which is the world's first and largest Bitcoin Treasury company. The acronym being coincidentally BTC.

因此，我們持有的所有比特幣現在都不受限制。安德魯將提供有關本季度我們的資本市場和比特幣購買活動的更多詳細信息，因為我們將繼續專注於透過資本市場活動獲取更多比特幣。我們相信，公司的價值主張越來越集中在我們的比特幣金庫策略。因此，我們為我們的定位制定了一個新的描述，即世界上第一家也是最大的比特幣財務公司。巧合的是，縮寫是 BTC。

So what does this mean? We are a publicly traded company that has adopted Bitcoin as our primary treasury reserve asset by using proceeds from equity and debt financings as well as cash flows from our operations. We strategically accumulate Bitcoin and advocate for its role as digital capital. Our treasury strategy is designed to provide investors varying degrees of economic exposure to Bitcoin by offering a range of securities including equity and fixed income instruments.

那麼這意味著什麼呢？我們是一家上市公司，透過使用股權和債務融資的收益以及我們營運的現金流，採用比特幣作為我們的主要庫存儲備資產。我們策略性地累積比特幣並倡導其作為數位資本的作用。我們的財務策略旨在透過提供包括股票和固定收益工具在內的一系列證券，為投資者提供不同程度的比特幣經濟風險。

In addition, we provide industry leading AI powered enterprise analytics software. Advancing our vision of intelligence everywhere we leverage our development capabilities to explore innovation and Bitcoin applications, integrating analytics expertise with our commitment to digital asset growth.

此外，我們也提供業界領先的人工智慧驅動的企業分析軟體。為了在各地推進我們的智慧願景，我們利用我們的開發能力來探索創新和比特幣應用，將分析專業知識與我們對數位資產成長的承諾相結合。

We believe our combination of operational excellence, a strategic Bitcoin reserve and our focus on technological innovation positions us as a leader in both the digital asset and enterprise analytics sectors, offering a unique opportunity for long term value creation.

我們相信，卓越營運、策略性比特幣儲備以及對技術創新的關注相結合，使我們成為數位資產和企業分析領域的領導者，為長期價值創造提供了獨特的機會。

Michael will further elaborate on our vision as a Bitcoin Treasury company. Since our adoption of our Bitcoin strategy, we've used three primary mechanisms to acquire more Bitcoin one debt financing. We have $4.3 billion in principal amount of convertible debt outstanding and an attractive blended cost of debt fixed at 0.8% annually.

麥可將進一步闡述我們作為比特幣財務公司的願景。自從我們採用比特幣策略以來，我們使用了三種主要機制來獲得更多的比特幣債務融資。我們有 43 億美元的未償還可轉換債務本金，而且債務混合成本極具吸引力，每年固定為 0.8%。

Two equity issuances. We've issued $4.3 billion in equity in a manner that we believe to be accretive to existing shareholders and three cash flows from our software operations. Since August 2020 we've invested $836 million of total cash on our balance sheet. These capital market levers allow us to deploy intelligent leverage to increase our Bitcoin holdings in a manner which we believe has created shareholder value.

兩次股票發行。我們已經發行了 43 億美元的股票，我們相信這種方式可以為現有股東帶來增值，並從我們的軟體業務中增加三筆現金流。自 2020 年 8 月以來，我們已在資產負債表上投入了 8.36 億美元的現金。這些資本市場槓桿使我們能夠部署智慧槓桿，以我們認為創造股東價值的方式增加我們的比特幣持有量。

So where do we go next from here? For those who are familiar with the Hitchhiker's guide to the galaxy by Douglas Adams, they would know what is the answer to the ultimate question of life, the universe and everything in this science fiction series, an enormous supercomputer named deep thought, calculated the answer to this question over a period of 7.5 million years. And of course, the answer to the ultimate question of life, the universe and everything is the number 42.

那接下來我們該去哪裡呢？對於那些熟悉道格拉斯·亞當斯的《銀河系漫遊指南》的人來說，他們會知道這部科幻小說中生命、宇宙和一切的終極問題的答案是什麼，一台名為“深度思想”的巨大超級計算機計算出了答案。當然，生命、宇宙和一切的終極問題的答案是數字 42。

We also think it's the answer to important question and we spent about four years thinking about this question. We believe it's a unique number with some special characteristics. It's the sum of 21 plus 21. And we all know that 21 is a magic, a magical number in the world of Bitcoin. There can only ever be a maximum of 21 million Bitcoins in circulation.

我們也認為這是重要問題的答案，我們花了大約四年的時間思考這個問題。我們相信這是一個具有一些特殊特徵的獨特號碼。它是 21 加 21 的和。流通中的比特幣最多只能有 2,100 萬個。

Micro Strategy owns about 1.2% of this Bitcoin. Today, MicroStrategy is announcing its ambitious capital market strategic plan for the next three years from the years 2025 to 2027. The company is targeting to raise $42 billion of capital comprised of $21 billion of equity capital and $21 billion of fixed income capital, primarily for the purpose of acquiring Bitcoin.

Micro Strategy持有該比特幣約1.2%。今天，MicroStrategy 宣布了其雄心勃勃的未來三年（2025 年至2027 年）資本市場策略計畫。主要用於獲取比特幣的目的。

Today, we have filed a prospectus supplement for a new $21 billion ATM equity program. This is the largest ATM in the history of capital markets. Fixed income capital can consist of various debt and debt like instruments including convertible debt, preferred equity hybrid capital or other similar instruments.

今天，我們提交了一項新的 210 億美元 ATM 股權計劃的招股說明書補充文件。這是資本市場史上最大的ATM。固定收益資本可由各種債務和債務類工具組成，包括可轉換債務、優先股混合資本或其他類似工具。

So I'd like to provide more detail on our capital raising targets over the next three years. For the year 2025 we target raising $10 billion total comprised of approximately $5 billion each of equity capital and fixed income capital.

因此，我想提供有關未來三年我們的融資目標的更多詳細資訊。到 2025 年，我們的目標是籌集總額 100 億美元的資金，其中股本資本和固定收益資本各約 50 億美元。

For the year 2026 we target raising $14 billion comprised of approximately $7 billion each of equity capital and fixed income capital. And for the year 2027 we target raising $18 billion comprised of approximately $9 billion each of equity capital and fixed income capital.

2026 年，我們的目標是籌集 140 億美元，其中股本資本和固定收益資本各約 70 億美元。到 2027 年，我們的目標是籌集 180 億美元，其中股本資本和固定收益資本各約 90 億美元。

We plan to address increased interest costs from any incremental fixed income capital raise through efficient management of our overall capital raising plan including alternating between equity raises and debt raises as appropriate to maintain our overall intelligent leverage by managing our treasury strategy in this way. So long as we have continued access to equity capital on favorable terms, we believe we will not be limited by the cash flows from our software business to scale up our Bitcoin capital markets initiatives.

我們計劃透過有效管理我們的整體融資計劃（包括酌情交替進行股權融資和債務融資）來解決增量固定收益融資帶來的利息成本增加問題，從而透過以這種方式管理我們的財務策略來維持我們的整體智慧槓桿。只要我們繼續以優惠條件獲得股權資本，我們相信我們就不會受到軟體業務現金流的限制，無法擴大我們的比特幣資本市場計畫。

Turning to the software business MicroStrategy is also positioned as the world's largest independent publicly traded Business Intelligence company. In the third quarter of 2024. We continued our shift towards our cloud offering non-GAAP subscription billings which represent cloud revenues in the quarter. Along with just the next 12 months of deferred subscription services revenues grew by 93%. In Q3 to $32.4 million.

轉向軟體業務，MicroStrategy 也被定位為全球最大的獨立上市商業智慧公司。 2024 年第三季。我們繼續轉向雲端服務，提供非 GAAP 訂閱帳單，這代表了本季的雲端收入。光是接下來的 12 個月裡，延期訂閱服務收入就成長了 93%。第三季達到 3,240 萬美元。

Our fourth straight year of quarterly double digit growth, the strong growth in our subscription billings was driven by both existing customer migrations to the cloud and new customer wins. Our customer renewal rates continue to remain high and our subscription services revenues remain strong overall, we see strong demand for our cloud platform.

我們連續第四年實現季度兩位數成長，訂閱帳單的強勁成長是由現有客戶遷移到雲端和新客戶贏得推動的。我們的客戶續訂率持續保持高位，我們的訂閱服務收入整體保持強勁，我們看到對我們的雲端平台的強勁需求。

In Q3 was a particularly strong quarter for customers migrating to the cloud. Our objective continues to be to increase cloud revenue by mi upgrading customers to cloud while maintaining profitability, MicroStrategy one is now available on Azure Aws and Google cloud marketplaces allowing enterprises to easily find and deploy this cloud native platform. Customers can benefit from a range of innovative first to market AI powered functionality powered by the Azure Open AI LLM which also creates demand for our cloud platform.

對於遷移到雲端的客戶來說，第三季是一個特別強勁的季度。我們的目標仍然是透過將客戶升級到雲端來增加雲端收入，同時保持獲利能力，MicroStrategy 現已在 Azure Aws 和 Google 雲端市場上提供，使企業能夠輕鬆找到並部署這款雲端原生平台。客戶可以受益於由 Azure 開放 AI LLM 提供支援的一系列創新的率先上市的人工智慧功能，這也為我們的雲端平台創造了需求。

Transitioning our customer base to the technology of the future remains a key focus and our hyperscaler partners are a key part of this migration as customers and prospects move to the cloud to empower their AI driven digital transformations. We expect to continue to see a decrease in product license revenues and support revenues which will in part be offset by increases in subscription services revenues. We expect this trend to continue in the balance of 2024.

將我們的客戶群過渡到未來的技術仍然是一個關鍵焦點，隨著客戶和潛在客戶遷移到雲端以支援他們的人工智慧驅動的數位轉型，我們的超大規模合作夥伴是這一遷移的關鍵部分。我們預計產品授權收入和支援收入將繼續減少，這將在一定程度上被訂閱服務收入的增加所抵消。我們預計這一趨勢將在 2024 年餘下持續下去。

This may result in a decrease in total recognized revenue in the short term. But in the long run, we expect it to be more than offset by increases in subscription services revenues. Additional benefits include more engaged customers using our very latest software, higher retention rates and ultimately growing, recurring and overall revenues.

這可能會導致短期內確認收入總額減少。但從長遠來看，我們預計訂閱服務收入的成長將足以抵消這一影響。其他好處包括更多的客戶使用我們最新的軟體、更高的保留率以及最終不斷增長的經常性收入和整體收入。

I'll now turn the call over to Andrew to discuss our financials for the first quarter. In further detail.

我現在將電話轉給安德魯，討論我們第一季的財務狀況。更詳細地說。

Thank you, Phong. First take a few minutes to expand upon the software business results. Moving to slide 12. Earlier this year, we enhanced our reported numbers to break out our quarterly results into two categories. First, the software business category reflects income or loss from operations related specifically to our bitcoin business.

謝謝你，馮。首先花幾分鐘時間來擴展軟體業務成果。轉到投影片 12。首先，軟體業務類別反映了與我們的比特幣業務具體相關的業務的收入或損失。

The corporate and other category represents the non-software related areas associated with our digital assets holdings which include impairment charges and other related third party costs. While we continue to operate under one reportable operating segment, we believe the breakout of our operating results into these two categories provides more transparency with respect to the performance of our software business. While isolating the impacts related to changes in Bitcoin price.

本公司和其他類別代表與我們持有的數位資產相關的非軟體相關領域，其中包括減損費用和其他相關第三方成本。雖然我們繼續在一個可報告的經營分部下運營，但我們相信，將我們的經營業績細分為這兩類，為我們的軟體業務業績提供了更大的透明度。同時隔離與比特幣價格變化相關的影響。

In Q3 software business revenues were $116 million down 10% every year. Consistent with recent quarters, the overall revenue trend reflects the ongoing transition of our business from on premise to cloud. As part of that transition, we fully expect product license along with support revenues to decline, impacting total revenues. Consistent with this quarter's results, we are building up stronger, more durable cloud recurring revenues that come in over time which is consistent for any on prem to cloud transition.

第三季軟體業務收入為 1.16 億美元，每年下降 10%。與最近幾季一致，整體營收趨勢反映了我們業務從本地向雲端的持續轉型。作為這一轉變的一部分，我們完全預期產品授權和支援收入都會下降，從而影響總收入。與本季的業績一致，我們正在建立更強大、更持久的雲端經常性收入，這些收入隨著時間的推移而增加，這對於任何本地到雲端的過渡都是一致的。

Q3 cloud bookings was strong in line with the prior quarter and if you recall, Q2 was the strongest single quarter cloud bookings today. This increase last quarter helps offset the lower than expected product license contracts. We closed this quarter and reflects the transition taking shape.

第三季的雲端預訂量與上一季持平，如果您還記得的話，第二季是當今最強勁的單季雲端預訂量。上季的成長有助於抵消低於預期的產品授權合約。我們結束了本季並反映出過渡正在形成。

As Fong mentioned earlier non-GAAP subscription billings which represent cloud revenues in the quarter. Along with the next 12 months of deferred subscription services revenues grew by 93% in Q3 year over year to $32.4 million reflecting double digit growth in every quarter for the last four straight years. Since launching our cloud transition, Q3 subscription services revenues increased 32% year over year and now make up approximately 24% of total revenues.

正如 Fong 之前提到的，非 GAAP 訂閱帳單代表了本季的雲端收入。接下來 12 個月的延期訂閱服務營收在第三季年增 93%，達到 3,240 萬美元，連續四年每季都達到兩位數成長。自啟動雲端轉型以來，第三季訂閱服務營收年增 32%，目前約佔總營收的 24%。

Subscription services revenues are now larger than our product license revenues and will continue to grow while product license revenue will continue to decline further going forward. While we will see the initial benefits of last quarter's strong cloud migrations flow through revenue. Beginning next quarter, the lower product license bookings in 2024 will result in recognized revenue below our target for the full year. But in line with the revised target, we discussed last quarter, we expect this year and next year will reflect the transition point in our long term strategy after which we expect total revenues will begin to grow again.

訂閱服務收入現在大於我們的產品授權收入，並將繼續成長，而產品授權收入將繼續進一步下降。雖然我們將看到上季強勁的雲端遷移帶來的初步收益透過收入體現。從下個季度開始，2024 年產品授權預訂量下降將導致確認收入低於我們的全年目標。但根據我們上季討論的修訂後的目標，我們預計今年和明年將反映我們長期策略的過渡點，之後我們預計總收入將開始再次成長。

Cost of revenues were $34 million which is up 29% compared to Q3 of last year. The increase was due in part to higher cloud hosting costs. A direct result of our growing cloud which we expect to continue in future periods.

營收成本為 3,400 萬美元，比去年第三季成長 29%。這一增長的部分原因是雲端託管成本上升。這是我們不斷增長的雲端的直接結果，我們預計這種成長將在未來持續下去。

Software business operating expenses were $100 million up 7% compared to Q3 of last year. While overall personnel costs were down year over year, the increase that I just described year over year was in part largely attributed to higher stock based compensation and higher custody fees related to our increased Bitcoin holdings but also offset by savings in other [GNA] categories.

軟體業務營運支出為1億美元，比去年第三季成長7%。雖然整體人員成本逐年下降，但我剛才描述的逐年增長在很大程度上歸因於更高的股票薪酬和與我們增加的比特幣持有量相關的更高的託管費，但也被其他[ GNA] 類別的節省所抵銷。

In Q3, we also recognized close to $14 million in severance costs related to workforce optimization in the quarter, which will result in approximately $30 million in lower salary costs. Next year. This strategic planning across all departments in the company is focused on right sizing overall staffing levels, optimizing organizational structures and focusing on a disciplined performance management culture.

在第三季度，我們也確認了與本季勞動力優化相關的近 1,400 萬美元的遣散費，這將導致薪資成本降低約 3,000 萬美元。明年。此策略規劃涵蓋公司所有部門，重點在於正確調整整體人員配置水準、優化組織結構並專注於紀律嚴明的績效管理文化。

As a result, annual staffing costs are expected to be approximately 13% lower next year which will further benefit our margin profile in 2025 overall non-GAAP operating income or profit from the software business cate category was $0.9 million. Lastly, the corporate another operating expense category for the quarter was $414 million. The majority of which was due to the Bitcoin impairment in Q3.

因此，明年的年度員工成本預計將降低約 13%，這將進一步有利於我們的利潤狀況，到 2025 年，軟體業務類別的整體非 GAAP 營業收入或利潤為 90 萬美元。最後，該公司本季的另一個營運支出類別為 4.14 億美元。其中大部分是由於第三季比特幣的減損造成的。

Now turning to our Bitcoin strategy, we had another very successful quarter in adding more Bitcoin to our treasury reserves as we acquired 25,889 Bitcoins in the third quarter for approximately $1.6 billion at an average price of $60,839 per Bitcoin. As of September 30, The company held a total of 252,200 Bitcoins acquired for an aggregate cost of $9.9 billion or approximately $39,000 per Bitcoin.

現在轉向我們的比特幣策略，我們在第三季以約16 億美元的價格（平均每比特幣60,839 美元）購買了25,889 個比特幣，在我們的財務儲備中添加了更多比特幣，這是另一個非常成功的季度。截至 9 月 30 日，該公司總共持有 252,200 個比特幣，總成本為 99 億美元，即每個比特幣約 39,000 美元。

I will speak to our overall treasury operations for the quarter in a moment but a significant result of redeeming our 2028 senior secured notes in Q3 was to release all Bitcoin that was held at the MicroStrategy entity. And now 100% of our Bitcoin holdings are fully unencumbered including now all Bitcoins held at both [MacroStrategy] and MicroStrategy entities.

我稍後將談論我們本季的整體財務營運情況，但在第三季贖回 2028 年優先擔保票據的一個重要結果是釋放了 MicroStrategy 實體持有的所有比特幣。現在，我們 100% 的比特幣持有量完全不受阻礙，包括現在 [MacroStrategy] 和 MicroStrategy 實體持有的所有比特幣。

We have added Bitcoin to our treasury balance sheet in every quarter since August 2020. And as we continue to champion Bitcoin as a strategic Treasury reserve asset, we are encouraged by the number of both public and private companies that are adopting the Bitcoin treasury standard to help impact shareholder value.

自2020 年8 月以來，我們每個季度都將比特幣添加到我們的財務資產負債表中。私人公司的數量感到鼓舞。

As of as of September 30, 2024 the market value of our Bitcoin holdings was $16 billion at an aggregate cost of $9.9 billion and an average purchase price of $39,000. This is in contrast to the carrying value of our Bitcoin holdings of $6.9 billion. As of the last day of the quarter, we will adopt the new FASB fair counting rule. Accounting rule which will require fair value treatment for Bitcoin holdings. When the rule takes effect in Q1 2025.

截至 2024 年 9 月 30 日，我們持有的比特幣市值為 160 億美元，總成本為 99 億美元，平均購買價格為 39,000 美元。這與我們持有的 69 億美元比特幣帳面價值形成鮮明對比。從本季的最後一天開始，我們將採用新的 FASB 公平盤點規則。會計規則要求對持有的比特幣進行公允價值處理。該規則將於 2025 年第一季生效。

As of January 1st 2025 we will recognize a cumulative adjustment to the opening balance of our retained earnings. Reflecting in large part, the significant difference between the market value and carrying value of our Bitcoin holdings. Now turning to our treasury operations, we had one of our most impactful quarters from a capital markets execution perspective.

自 2025 年 1 月 1 日起，我們將對留存收益的期初餘額進行累積調整。在很大程度上反映了我們持有的比特幣的市場價值和帳面價值之間的顯著差異。現在轉向我們的資金業務，從資本市場執行的角度來看，我們經歷了最具影響力的季度之一。

Following the two convertible note financings we completed earlier in March and in June of this year, we executed a new convertible note financing in September which was upsized and well received by the market. We issued $1.01 billion of convertible Senior notes due September 2028 at an annual interest rate of 0.625% with a conversion premium of 40% and a conversion price of approximately $183.19per share.

繼今年三月和六月完成兩項可轉換票據融資後，我們在九月執行了一項新的可轉換票據融資，規模擴大並受到市場好評。我們發行了 10.1 億美元的可轉換優先票據，將於 2028 年 9 月到期，年利率為 0.625%，轉換溢價為 40%，轉換價格約為每股 183.19 美元。

The net proceeds from the new convert were used to redeem the 2028 Senior secured notes and to acquire additional Bitcoin, we redeemed in full the $500 million. 2028 senior secured notes at a redemption price equal to 103.063% of the principal amount of the 2028 secured notes plus accrued and unpaid interest. We achieved multiple benefits through early redemption.

新轉換的淨收益用於贖回 2028 年優先擔保票據併購買額外的比特幣，我們全額贖回了 5 億美元。 2028年優先擔保票據的贖回價格等於2028年擔保票據本金的103.063%加上應計未付利息。透過提前贖回，我們獲得了多重收益。

All restrictive covenants in connection with the secured notes were eliminated. All of our Bitcoin holdings became fully unencumbered and we realized a net annualized interest expense savings of $24 million for the next four years. Equaling close to $100 million in total future debt expense savings. In Q3, we also issued $1.1 billion worth of common equity under our at the market ATM program.

與擔保票據有關的所有限制性契約均被取消。我們持有的所有比特幣都完全不受阻礙，並且我們在接下來的四年內實現了年化淨利息支出節省 2400 萬美元。相當於未來債務費用節省總額接近 1 億美元。第三季度，我們還根據市場 ATM 計劃發行了價值 11 億美元的普通股。

Under the existing ATM program, approximately $891 million of common equity remains available for issuance. As Phong mentioned earlier today as part of our new [2030] year strategic capital plan. We filed a new prospectus supplement for a $21 billion ATM program. This will be the single largest ATM program filed in the US across all sectors.

根據現有的 ATM 計劃，仍有約 8.91 億美元的普通股可供發行。正如 Phong 今天早些時候提到的，作為我們新的 [2030] 年策略資本計劃的一部分。我們為價值 210 億美元的 ATM 專案提交了新的招股說明書補充文件。這將是美國所有行業申請的最大的單一 ATM 計劃。

Under our current capital structure, we now have $4.3 billion of unsecured convertible debt outstanding with a sub 1% blended interest rate of approximately 0.81% with staggered maturities over several years starting in February 2027 through June all 2032 which are currently trading above par.

根據我們目前的資本結構，我們現在有43 億美元的未償還無擔保可轉換債務，混合利率低於1%，約為0.81%，從2027 年2 月到2032 年6 月，分幾年分期到期，目前交易價格高於票面價值。

Year-to-date 2024. We are the number one issuer of convertible notes in the US. By aggregate principle raised, intelligent leverage remains a key component of our active capital allocation strategy which when deployed in a thoughtful and disciplined manner enables us to add more Bitcoin to our treasury reserve at an attractive cost and in a manner that achieves BTC yield. I'll elaborate on the intelligent leverage and BTC yield concepts. In the next few slides.

2024 年至今。根據提出的整體原則，智慧槓桿仍然是我們主動資本配置策略的關鍵組成部分，當以深思熟慮和嚴格的方式部署時，我們能夠以有吸引力的成本並以實現比特幣收益率的方式向我們的財務儲備添加更多比特幣。我將詳細闡述智慧槓桿和 BTC 收益率概念。在接下來的幾張投影片中。

This slide lays out our debt maturity profile and as you can see, the nearest debt maturity is more than two years away and not until early 2027. The remainder of our debt maturities are evenly spread over several years years out to 2032 with an weighted average debt maturity of approximately five years. We actively monitor the capital markets and we continuously evaluate liability management opportunities to manage our debt and interest expense as well as opportunities to raise additional financing in the future.

這張投影片列出了我們的債務到期概況，正如您所看到的，最近的債務到期還有兩年多的時間，而且要到2027 年初才會到期。日平均分佈在幾年內，直到2032 年，加權平均債務期限約為五年。我們積極監控資本市場，並不斷評估負債管理機會來管理我們的債務和利息支出以及未來籌集額外融資的機會。

Year-to-date in 2024 our total Bitcoin holdings increased by 33.3% during the same period. Our assumed diluted shares outstanding increased by only 13.2%. When we refer to assumed diluted shares outstanding, we are assuming all outstanding convertible notes are fully converted at their respective conversion prices.

2024 年迄今，我們的比特幣總持有量同期增加了 33.3%。我們假設稀釋後的流通股僅增加 13.2%。當我們提到假設的稀釋流通股時，我們假設所有流通在外的可轉換票據均以各自的轉換價格完全轉換。

All outstanding options are fully exercised and all restricted stock units and performance stock units fully vest in each case without regard to exercise or conversion price or vesting or any other contractual condition as a Bitcoin treasury company based on market conditions, we intend to continue to access equity capital markets and to explore various opportunities in the debt and fixed income capital markets to effectively manage our overall leverage.

所有未行使的選擇權均已完全行使，所有限制性股票單位和績效股票單位在每種情況下均完全歸屬，而不考慮行使或轉換價格或歸屬或任何其他合約條件，作為比特幣財務公司，我們打算根據市場條件繼續訪問股權資本市場，並探索債務和固定收益資本市場的各種機會，以有效管理我們的整體槓桿率。

Our track record of using equity debt and excess cash to acquire Bitcoin as part of our treasury operations has resulted in value creation for our shareholders and establishes the foundation to execute on our 2,121 capital plan. Our objective continues to be to accumulate Bitcoin holdings at a faster rate than we issue shares. And we have demonstrated a solid track record of doing so to assess our performance in achieving this strategic objective.

作為我們財務業務的一部分，我們使用股本債務和多餘現金購買比特幣的記錄為我們的股東創造了價值，並為執行我們的 2,121 資本計劃奠定了基礎。我們的目標仍然是以比發行股票更快的速度累積比特幣持有量。我們在這方面擁有良好的記錄，可以評估我們在實現這一戰略目標方面的表現。

We introduced a new key performance indicator last quarter which we refer to as BTC yield to reiterate. Again, we define BTC yield as a period to period percentage change in the ratio of our total Bitcoin holdings to our assumed diluted shares outstanding.

上個季度我們引入了一個新的關鍵績效指標，重申一下，我們稱之為比特幣收益率。同樣，我們將比特幣收益率定義為我們持有的比特幣總額與假設的稀釋後流通股比率的一段時間內的百分比變化。

We use this KPI to help assess the achievement of our strategic objective and to evaluate capital allocation decisions. If we increase our total Bitcoin holdings over a given period at a faster pace than we increase our assumed diluted shares outstanding. We achieve a positive BTC I should note here that BTC yield is not equivalent to yield in the traditional financial context.

我們使用此 KPI 來幫助評估我們策略目標的實現並評估資本分配決策。如果我們在給定時期內增加比特幣持有總量的速度快於我們假設的稀釋後流通股的增加速度。我們實現了正面的 BTC 收益，在此我需要指出的是，BTC 收益率並不等於傳統金融背景下的收益率。

It is simply a measure of the percentage change period to period in the ratio of our Bitcoin holdings to our assumed diluted shares outstanding in addition, when we use BTC yield, we assume that all indebtedness will be refinanced or in the case of our convertible notes converted into shares of common stock at their respective conversion prices. And that it does not take into account debt and or other liabilities.

它只是衡量我們持有的比特幣與假設的稀釋後流通股的比率隨時間變化的百分比，此外，當我們使用比特幣收益率時，我們假設所有債務都將進行再融資，或者在我們的可轉換票據的情況下以各自的轉換價格轉換為普通股。並且它沒有考慮債務和/或其他負債。

Although BTC yield is not actually a yield in the traditional sense, we internally think about this metric as some might think about a bond yield or a yield of another financial instrument. We view this metric as helping us and our shareholders assess whether we're using our capital most efficiently to increase our Bitcoin holdings over time. The historical performance of this KPI is shown on this slide, we achieved an annual BTC yield of 43.3% in 2021 1.8% in 2022 and 7.3% in 2023.

儘管比特幣殖利率實際上並不是傳統意義上的殖利率，但我們內部對這個指標的看法就像有些人可能會想到債券殖利率或其他金融工具的殖利率一樣。我們認為這個指標可以幫助我們和我們的股東評估我們是否最有效地利用我們的資本來隨著時間的推移增加我們的比特幣持有量。這張 KPI 的歷史表現如這張投影片所示，我們在 2021 年實現了 43.3% 的 BTC 年收益率，在 2022 年實現了 1.8%，在 2023 年實現了 7.3%。

As we have, as we have achieved quarterly BTC of 8.1% in Q13.7% in Q2 and 5.1%. In Q3 management uses BTC UIEL to evaluate capital allocation decisions and to measure the achievement of our strategy. Achieving BTC yield sets us apart from spot Bitcoin ETPs and other Bitcoin investment vehicles that charge a management fee and would therefore reflect a negative BTC yield as we measure it building on the 2,121 plan farm discussed.

正如我們所做的那樣，我們在第 13 季實現了 8.1% 的季度 BTC 成長，在第二季度實現了 7% 的成長，在第二季度實現了 5.1% 的成長。在第三季度，管理階層使用 BTC UIEL 來評估資本配置決策並衡量我們策略的實現。實現 BTC 收益率使我們有別於現貨比特幣 ETP 和其他收取管理費的比特幣投資工具，因此當我們在所討論的 2,121 計劃農場的基礎上衡量時，將反映出負的 BTC 收益率。

We have a clear strategy to increase our Bitcoin holdings and deliver a positive annual BTC yield. Our year-to-date 2024 BTC yield of 17.8% has surpassed the annual BTC yield in 2023. Last quarter, we laid out our target to achieve a BTC yield of 4 to 8% annually for the next three years through 2027.

我們有明確的策略來增加比特幣持有量並實現正的比特幣年收益率。 2024 年至今，我們的 BTC 收益率為 17.8%，超過了 2023 年的 BTC 年收益率。

Today, we are revising our target up to achieve BTC yield of 6 to 10% per year for each of the next three years to do this. We will seek to accumulate more Bitcoin holdings by responsibly using intelligent leverage with a risk managed approach. Using proceeds from equity. When we believe a creative and using the excess cash generated by our software business, we will continue to consider the full spectrum of financing options and also explore creative capital market transactions and untapped pools of capital to execute the strategy effectively and prudently, we will remain disciplined in the use of both the ATM and other capital raising alternatives and financings.

今天，我們正在修改目標，以實現未來三年每年 6% 至 10% 的 BTC 收益率。我們將透過負責任地使用智慧槓桿和風險管理方法來尋求累積更多的比特幣持有量。使用股權收益。當我們相信創造性並利用我們的軟體業務產生的多餘現金時，我們將繼續考慮全方位的融資選擇，並探索創造性的資本市場交易和未開發的資本池，以有效和謹慎地執行該戰略，我們將繼續嚴格使用 ATM 和其他籌資替代方案和融資。

Doing so in a manner to achieve BTC in line with our targets by providing a three year KPI. We are reinforcing our goal of achieving consistent positive BTC yield over time. We pride ourselves on being at the forefront of institutional Bitcoin adoption. And as we look to the future, we anticipate that our ability to consistently achieve BTC yield will become a crucial benchmark for investors, MicroStrategy has demonstrated a strong track record of applying a disciplined approach to navigate through volatile times in the Bitcoin market. And we believe we have established the credibility to execute on our strategic goal of adding value for our shareholders.

透過提供三年 KPI 來實現 BTC 符合我們的目標。我們正在強化我們的目標，即隨著時間的推移實現持續的正比特幣收益率。我們為自己處於機構比特幣採用的最前沿而感到自豪。展望未來，我們預計我們持續實現 BTC 收益率的能力將成為投資者的重要基準，MicroStrategy 在應用嚴格的方法來度過比特幣市場的波動時期方面表現出了良好的記錄。我們相信，我們已經建立了信譽，可以執行為股東增加價值的策略目標。

Thank you for your time today and for your continued support of micro strategy. I'll now turn the call over to Michael for his remarks.

感謝您今天抽出時間以及對微觀策略的持續支持。現在我將把電話轉給麥可聽他的講話。

Thank you, Andrew. I'm delighted to see you all on the call today. Thank you for joining us and for all of our shareholders. Thank you for your support. I was really excited about this call because this is the chance to share our strategy and our vision looking out over the next three years and we're going to be doing it in more detail than we have in the past. So Shirish, go ahead to the next slide.

謝謝你，安德魯。我很高興今天在電話中見到大家。感謝您加入我們並感謝我們所有的股東。感謝您的支持。我對這次電話會議感到非常興奮，因為這是一個分享我們未來三年的策略和願景的機會，我們將比過去更詳細地做到這一點。 Shirish，請繼續觀看下一張投影片。

I don't have to remind anybody that we're still in the early stage of adoption of Bitcoin is digital capital. 2024 has been a great year. The launch of the ETFs at the beginning of the year was a major milestone. The embrace of Bitcoin by major political parties is a second milestone. I think we can see movement toward normalization of Bitcoin. The, the approval of options trading that's that's moving through the pipeline for the ETF is a big deal.

我不需要提醒任何人，我們仍處於採用比特幣作為數位資本的早期階段。 2024 年是偉大的一年。年初推出的 ETF 是一個重要的里程碑。主要政黨對比特幣的接受度是第二個里程碑。我認為我們可以看到比特幣走向正常化的趨勢。 ETF 正在醞釀中的選擇權交易獲得批准是一件大事。

The movements toward banks beginning to custody Bitcoin is very exciting. A lot of companies adopted fair value accounting this year. That's another exciting milestone. And of course, anybody that's been paying attention to the flows into the Bitcoin ETFs have noticed that they've been picking up over the past few weeks and it's generally acknowledged that these Bitcoin spot ETF S are the most successful ETFs ever launched. And so, while we're early, it's very promising, Bitcoin is about a $1.4 trillion asset class. And as you can see, Bitcoin is gradually going to draw capital from equities from real estate, from bonds from currency derivatives. And of course, from gold, we can go to the next slide.

銀行開始託管比特幣的趨勢非常令人興奮。今年許多公司採用了公允價值會計。這是另一個令人興奮的里程碑。當然，任何關注比特幣 ETF 資金流入的人都注意到，過去幾週資金流入量一直在增加，而且人們普遍認為這些比特幣現貨 ETF S 是有史以來推出的最成功的 ETF。因此，雖然我們還處於早期階段，但它非常有前途，比特幣是一個價值約 1.4 兆美元的資產類別。正如你所看到的，比特幣正逐漸從股票、房地產、債券、貨幣衍生性商品中汲取資金。當然，從黃金開始，我們可以轉到下一張投影片。

This is a very powerful slide because it tells the story of investing in finance. Over the past four years since MicroStrategy adopted the Bitcoin standard in August 10 of 2020 bonds are down 5% a year. As you'll recall, we had $500 million of our treasury and bonds substantially all of it. So we were invested in the far right side of this curve and we saw it as being a dead end and we needed to find something else.

這是一張非常有力的幻燈片，因為它講述了金融投資的故事。自 MicroStrategy 在 2020 年 8 月 10 日採用比特幣標準以來的過去四年裡，債券每年下跌 5%。您可能還記得，我們​​擁有 5 億美元的國債和債券，幾乎都是這樣。因此，我們投資於這條曲線的最右側，我們認為這是一個死胡同，我們需要找到其他東西。

And you can see since that time has been an expansion of the money supply, probably the best surrogate for that expansion is the S&P 500. And you can see the S&P 500 is up 14%. 14% is effectively the traditional cost of capital for 20th century assets for financial assets, for physical assets. If you're getting less than 14% you're losing wealth, you're losing purchasing power, you're and you're not meeting the cost of capital and the mainstream. If you're ahead of 14% then you're creating power. And so you can see what's happening is gold can't keep up. Bonds don't work. Real estate is trying to keep up, but it doesn't.

你可以看到，自那時以來，貨幣供應量一直在擴張，這種擴張的最佳替代品可能是標準普爾 500 指數。 14% 實際上是 20 世紀金融資產和實體資產的傳統資本成本。如果你的收益低於 14%，你就會失去財富，你就會失去購買力，你就無法滿足資本和主流的成本。如果你領先 14%，那麼你就正在創造力量。所以你可以看到正在發生的事情是黃金跟不上。債券不起作用。房地產試圖跟上，但事實並非如此。

The magnificent seven are doing double the great companies, the apples, the Amazons, the Googles, the Facebooks. They're actually outstripping the S&P and of course, as they outstripped the S&P, most of the other companies in the S&P are falling behind, Bitcoin has far outstripped the magnificent seven.

偉大的七巨頭的業績是偉大公司（蘋果、亞馬遜、谷歌、Facebook）的兩倍。他們實際上超過了標準普爾指數，當然，當他們超過標準普爾指數時，標準普爾指數中的大多數其他公司都落後了，比特幣已經遠遠超過了這七大公司。

As if you've been following our journey, that our thesis was Bitcoin is like the Facebook of Money or the Google of Money. It is the dominant digital monetary network. It's a network that everybody in the world needs.

就好像您一直在關注我們的旅程一樣，我們的論文是比特幣，就像 Money 領域的 Facebook 或 Money 領域的 Google。它是主導的數位貨幣網路。這是世界上每個人都需要的網路。

Nobody in the world can stop and most conventional investors don't understand that has always been the thesis. Bitcoin is proving that it that it is incredible. It is the strongest asset micro strategy threw its lot in with Bitcoin. But I'm happy to say here today that not only micro strategy managed to become 100% Bitcoin, we've managed to almost twoX the performance of Bitcoin. And we've done it through taking advantage of our unique opportunities and our unique capabilities as an operating company to assume intelligent leverage, to sell volatility to and to manage our balance sheet.

世界上沒有人可以阻止，大多數傳統投資者也不明白這一直是個論點。比特幣正在證明它是不可思議的。這是最強大的資產微觀策略，投入了比特幣。但我今天很高興在這裡說，不僅微觀策略成功地成為 100% 比特幣，我們還成功地將比特幣的性能提高了幾乎兩倍。我們透過利用我們作為營運公司的獨特機會和獨特能力來實現這一目標，以採用智慧槓桿，出售波動性並管理我們的資產負債表。

So this is just a, it's a great outcome. Shall we go to the next slide? Not only is MicroStrategy, outperforming asset classes. It turns out that MicroStrategy of has outperformed [ALL500] of the S&P 500. So we looked at everybody, we even looked at companies that weren't in the S&P 500 on August 10th like Tesla like Super Micro and Micro strategy is, in essence using a Bitcoin strategy come out of nowhere to, get 1989% growth in the equity value over this time period.

所以這只是一個很好的結果。我們可以轉到下一張投影片嗎？ MicroStrategy 不僅表現優於資產類別。事實證明，MicroStrategy 的表現優於標準普爾500 指數的[ALL500]。而微策略本質上是使用不知從何而來的比特幣策略，在這段時間內獲得了 1989% 的股權價值成長。

And you can see it's a, it's not even close, right? I mean, we've dramatically outperformed Super Micro, we've dramatically outperformed Nvidia and then when you get down to the number five or number six company, we're fourX. And so this is really a testament to the power of digital capital. If you understand it properly.

你可以看到它是一個，它甚至不接近，對吧？我的意思是，我們的表現顯著超過了 Super Micro，我們的表現顯著超過了 Nvidia，然後當你下降到第五或第六名的公司時，我們是 fourX。所以這確實證明了數位資本的力量。如果你理解得正確的話。

Let's go to the next slide. You know, we're a very special company in a lot of ways. Now, you can compare us to Bitcoin if you're comparing MicroStrategy to holding a diversified portfolio of the S&P and NASDAQ, you can see, we're far outperforming. I mean, this chart really is showing that the Bitcoin is the winning asset class by far.

讓我們看下一張投影片。您知道，我們在很多方面都是一家非常特別的公司。現在，如果您將 MicroStrategy 與持有標準普爾和納斯達克指數的多元化投資組合進行比較，您可以將我們與比特幣進行比較，您會發現，我們的表現遠遠優於其他公司。我的意思是，這張圖表確實表明比特幣是迄今為止獲勝的資產類別。

Bitcoin is really compelling because not only is it, beating all the other major asset classes but, in terms of assets that a and a publicly traded operating company could hold an operating company could hold a small portion of securities, it could hold a lot of bonds or it could hold Bitcoin. And so you see, when you look at that chart is not even close, there's one good answer for a treasury reserve asset. There's one not good answer. And there's a lot of imperfect solutions that you just can't easily hold because of a 40% limit on securities in your portfolio as an operating company.

比特幣確實引人注目，因為它不僅擊敗了所有其他主要資產類別，而且就一家上市運營公司可以持有的資產而言，一家營運公司可以持有一小部分證券，它可以持有大量證券債券或者它可以持有比特幣。所以你看，當你看那張圖表時，你會發現，對於國債儲備資產來說，有一個很好的答案。有一個答案不太好。而且有許多不完美的解決方案是您無法輕易持有的，因為作為一家營運公司，您的投資組合中的證券有 40% 的限制。

You can also see our performance against big tech stocks and of course, they're all great companies, but at the end of the day, these companies haven't embraced digital capital. And so of course, the winner, Nvidia has embraced digital intelligence, but digital intelligence is not an easy strategy to copy. What I say often is if you can copy Nvidia, go ahead have at it. I don't think it's easy to copy MicroStrategy. On the other hand, you can copy, it is easy to copy.

你也可以看到我們相對於大型科技股的表現，當然，它們都是偉大的公司，但歸根究底，這些公司還沒有接受數位資本。當然，作為一個勝利者，英偉達已經擁抱了數位智能，但數位智能並不是一個容易複製的策略。我常說的是，如果你能複製 Nvidia，那就繼續吧。我認為複製 MicroStrategy 並不容易。另一方面，你可以複製，複製很容易。

We've been publishing the playbook and we continue to do so enthusiastically and So MicroStrategy doesn't just represent a company that made a good investment. At the right time, we really represent the beginning of a wave of digital transformation of capital right there that the capital markets are transforming. Bitcoin is digital capital. In time, dozens of companies will realize this then hundreds, then thousands next slide.

我們一直在發布該策略，並且會繼續熱情地這樣做，因此 MicroStrategy 不僅僅代表一家進行了良好投資的公司。在正確的時間，我們真正代表了資本市場正在轉型的資本數位轉型浪潮的開始。比特幣是數位資本。隨著時間的推移，數十家公司將意識到這一點，然後是數百家，然後是數千家下一張幻燈片。

The conundrum for for most companies is like 1% of the companies in the S&P 500 are generating most of the gain, 99% of the companies can't keep up. And so the Magnificent Seven steal the show, most companies underperform. Bitcoin is dramatically beating the Magnificent Seven. And your best hope to actually keep up with the Magnificent Seven is construct a Bitcoin strategy. And of course, if it's a levered long strategy, you beat everybody next slide.

對大多數公司來說，難題就像標準普爾 500 指數中只有 1% 的公司創造了大部分收益，而 99% 的公司卻跟不上。因此，七巨頭搶盡風頭，大多數公司表現不佳。比特幣正在大幅擊敗七巨頭。要真正跟上七巨頭的步伐，你最好的希望就是製定一個比特幣策略。當然，如果這是一個槓桿多頭策略，那麼您在下一張幻燈片中就會擊敗所有人。

Now, here's an interesting insight that we haven't ever shown before in one of these calls, micro strategy is not just the number one performing stock out of the S&P 500 we're also the most volatile stock. And there's a conventional wisdom in finance which is volatility is bad. And you shouldn't take risk with your balance sheet, but we're turning that conventional wisdom on its head.

現在，這是我們以前在其中一次電話會議中從未展示過的一個有趣的見解，微觀策略不僅是標準普爾 500 指數中表現第一的股票，而且還是波動性最大的股票。金融界有傳統觀點：波動性不好。你不應該拿你的資產負債表冒險，但我們正在顛覆這種傳統觀念。

When you, basically invest all of your capital into treasuries. When you're on the UST standard, you're stripping the volatility down to of volt five Bitcoin is a ball of 50 or 55. When you strip to the of volt five, what it means is your returns are 10% weaker than the S&P index that you, you're generating 10% less than the cost of capital.

當你基本上將所有資本投資到國庫券時。當你採用 UST 標準時，你將波動率降低到 5 伏特，比特幣是 50 或 55 的球。 ，您的發電量比資本成本低10%。

So capital becomes toxic to the company. When you actually asue volatility and you asue Bitcoin, when you embrace volatility, then you're outperforming the S&P and now the capital isn't toxic, the capital is healthy. So a company with a conventional strategy strips the volatility embraces low risk treasuries loses 10% of its capital every year. It's equity markets die. It's option markets become unhealthy, it becomes a sick company only they don't know they're sick because conventional wisdom says that's the right thing to do.

因此，資本對公司來說變得有毒。當你真正抱怨波動性並且你抱怨比特幣時，當你接受波動性時，那麼你的表現就優於標準普爾指數，現在資本不是有毒的，資本是健康的。因此，一家採用傳統策略、剔除波動性、採用低風險國債的公司每年會損失 10% 的資本。這是股票市場的死亡。它的期權市場變得不健康，它變成了一家病態的公司，但他們不知道自己生病了，因為傳統智慧認為這是正確的做法。

And by the time they've stripped the volatility off their balance sheet and stripped the volatility off their P&L they have damped their appeal to the capital markets. And then you asked the question, why do you even want to be a public company if you're not actually tapping into the capital markets in order to provide them with a public security? That's interesting for them to buy, sell, trade, talk about hedge arbitrage, et cetera.

當他們將波動性從資產負債表中剔除並從損益表中剔除波動性時，他們對資本市場的吸引力已經減弱。然後你問了一個問題，如果你沒有真正進入資本市場來為他們提供公共安全，為什麼你甚至想成為一家上市公司？對他們來說，買賣、交易、談論對沖套利等等都很有趣。

So this volatility has a very interesting effect. And I'll show it on the next slide, Shirish. If you look at the TOP10 performers in the S&P 500 a and you consider options, open interest micro strategy is actually number seven, we're in the TOP10 even though, we're much smaller than most of these companies.

所以這種波動有一個非常有趣的影響。我將在下一張幻燈片上展示它，Shirish。如果你看看標準普爾500 指數中表現最好的10 家公司，並考慮一下期權，未平倉合約微觀策略實際上排名第七，儘管我們比大多數這些公司小得多，但我們還是在前10 名中。

Right. Obviously, we're not as big as a Walmart or Coca Cola or McDonald's or any of the household names you've heard about your entire life. But of course, because we're high volatility, the options market wants to trade those options. So we jump into the TOP10 leader board because we have a high volatility balance sheet.

正確的。顯然，我們不像沃爾瑪、可口可樂、麥當勞或任何你一生都聽過的家喻戶曉的名字那麼大。但當然，由於我們的波動性很高，選擇權市場希望交易這些選擇權。因此，我們躋身 TOP10 排行榜是因為我們的資產負債表波動性很高。

If we look at daily trading volume and the TOP10, you can see micro strategy again jumps to number seven, we're in the TOP10 out of all the S&P 500 companies and daily trading volume. And it's pretty extraordinary outcome given the fact that in some cases, these companies are 100 times bigger than us.

如果我們看一下每日交易量和前十名，你可以看到微策略再次躍升至第七位，我們在所有標準普爾 500 強公司和每日交易量中名列前十。考慮到在某些情況下這些公司的規模比我們大 100 倍，這是一個非常了不起的結果。

And of course, if you look at the impact of that volatility on a market cap weighted basis, If you compare open interest in the options market as a percentage of market cap for ALL500 companies in the S&P 500 Micro Strategy is number one, we are the most optioned optionable per weight or per market cap stock in this in this entire universe. And if you look at daily trading volume, the liquidity of the equity as a percentage of market cap, we are also number one.

當然，如果你看看這種波動性對市值加權的影響，如果你比較期權市場的未平倉合約佔標準普爾 500 微觀策略中 ALL500 公司市值的百分比，那麼我們是第一在整個宇宙中按權重或以市值計算的最有選擇權的股票。如果你看看每日交易量、股票流動性佔市值的百分比，我們也是第一名。

Another way to say it is micro strategy is the hottest stock in this universe. Right. Volatility is vitality. As we say, what's interesting about this is I describe volatility as like RPM on an engine. And if you have RPM on a small you know, a paper straw and you spin it 50 times a minute, it's like a kid's toy. And then if you take that paper straw and you replace it with a five to a GBP5 dumbbell and you spin it 50 times a minute, it's a weapon.

另一種說法是微觀策略是這個宇宙中最熱門的股票。正確的。波動就是活力。正如我們所說，有趣的是我將波動性描述為引擎的轉速。如果你在一個小的紙吸管上設定轉速，並且每分鐘旋轉 50 次，它就像一個孩子的玩具。然後，如果你把紙吸管換成 5 比 5 英鎊的啞鈴，每分鐘旋轉 50 次，它就是一種武器。

Now, if you put some leverage on it, if you extend it by 50% more and it goes to 90 RPM, it gets quite scary. Now, imagine what happens when you put $18 billion of capital into a balance sheet and you spend it 90 or 100 RPM. You've got a turbine, you have a motor that will move an aircraft carrier, right? You could, you can move a small city or light up a city with it.

現在，如果你對其施加一些槓桿作用，如果你將其延長 50%，並且轉速達到 90 RPM，就會變得非常可怕。現在，想像一下，當您將 180 億美元的資本放入資產負債表中，並以 90 或 100 RPM 的速度支出時，會發生什麼。你有一個渦輪機，你有一個可以移動航空母艦的發動機，對吧？你可以，你可以移動一座小城市，或是用它點亮一座城市。

The conventional wisdom in the market is capital is toxic. Give it back to the shareholders, make it go away, dividend out, buy the stock back, get rid of the money. And if you're going to keep the money invested in a five volt asset, which is like take your money, put it in the basement and lock the vault and then make sure it never moves.

市場的傳統觀點是資本是有毒的。把它還給股東，讓它消失，分紅，買回股票，擺脫這些錢。如果你打算把錢投資在五伏的資產上，這就像把你的錢放在地下室並鎖上金庫，然後確保它永遠不會移動。

It's dead money micro strategy approach is to embrace the volatility, embrace an asset that is outperforming the S&P and in that world, instead of being negatively polarized to capital, we are positively polarized to capital. The more capital that we gather, the more powerful we become and the more we enrich our own shareholders.

它的死錢微觀策略方法是擁抱波動性，擁抱跑贏標準普爾指數的資產，在這個世界裡，我們不是對資本消極極化，而是對資本積極極化。我們聚集的資本越多，我們的力量就越強大，我們自己的股東就越富有。

This is a, it's totally counterintuitive because everybody else in the world thinks you sell equity, you dilute the shareholders. That's true. If you don't have a use of proceeds that grows faster and yields more than the S&P 500 index, the cost of capital is the S&P 500.

這是完全違反直覺的，因為世界上其他人都認為你出售股權，你稀釋了股東。這是真的。如果你沒有使用比標普 500 指數成長更快、殖利率更高的收益，那麼資本成本就是標準普爾 500 指數。

If you want to be positively polarized, the capital, you want two conditions, you want to be able to invest the capital in something that beats the S&P consistently. That's the first condition. It needs to have performance. The second condition is you want velocity. You'd like to invest the capital in five days, not five years. If you can invest the capital in five days and then you can show that it actually beat the S&P index, then you've actually got the Holy grail.

如果你想積極極化，資本，你需要兩個條件，你希望能夠將資本投資於持續擊敗標準普爾的東西。這是第一個條件。它需要有性能。第二個條件是你想要速度。您希望在五天內而不是五年內投入資金。如果您可以在五天內投資資金，然後您可以證明它實際上擊敗了標準普爾指數，那麼您實際上已經獲得了聖杯。

Now, you've got a magnet which is attracting capital and MicroStrategy has pioneered this by combining capital markets activity with Bitcoin as a treasury reserve asset with the embrace of BTC yield. And BCT yield shows that in fact, we acquired the capital in a manner that was accretive to our shareholders as opposed to dilutive.

現在，你已經有了一塊吸引資本的磁鐵，MicroStrategy 率先將資本市場活動與比特幣作為國庫儲備資產結合起來，並擁抱 BTC 收益率。 BCT 收益率表明，事實上，我們獲取資本的方式對我們的股東來說是增值的，而不是稀釋的。

And that means that when we're actually engaging in capital markets activity, we're doing it and in a creative high velocity fashion, that of course is what is driving this trading volume, what's driving this open interest. And, and of course, because we have the volatility, many of the things we do are actually selling the volatility, recycling the proceeds of the volatility back into Bitcoin and then delivering that to our shareholders in the form of a bit a BTC yield.

這意味著，當我們實際參與資本市場活動時，我們正在以一種創造性的高速方式進行，這當然是推動交易量、推動未平倉合約的因素。當然，因為我們有波動性，所以我們所做的許多事情實際上是出售波動性，將波動性收益回收回比特幣，然後以比特幣收益率的形式將其交付給我們的股東。

Shall we go to the next slide?

我們可以轉到下一張投影片嗎？

Now, here's another slide that no one's ever seen before in one of our presentations. Many of, you know about MSTR stock and you know what I've said is, oh, MSTR Stock, it's beaten the S&P 500. And now some of you know about options. MSTR options are more traded, pound for pound than anything else in the S&P 500. And so, you know that we are the volatility winner, you know that we're liquidity winner, we're the performance winner.

現在，這是另一個以前沒有人在我們的簡報中見過的幻燈片。你們中的許多人都知道 MSTR 股票，並且知道我所說的是，哦，MSTR 股票，它擊敗了標準普爾 500 指數。 MSTR 選擇權的交易量比標準普爾 500 指數中的任何其他股票都多。

What you might not know is that MicroStrategy has sold six convertible bonds and it, and if you had bought any of them, you're up [224% 86% 67% 90% 41% or 54%] they've all been successful. They've been some of the most successful bonds ever sold to the convertible bond market. They're extraordinary in that regard. But here's the real extraordinary, aha.

您可能不知道的是，MicroStrategy 已經出售了六種可轉換債券，如果您購買了其中任何一種，您的股價就會上漲[224% 86% 67% 90% 41% 或54%] 他們都成功了。它們是可轉換債券市場上出售的最成功的債券之一。他們在這方面是非凡的。但這才是真正的非凡之處，啊哈。

How do you buy Bitcoin at the all time high? Get the upside of Bitcoin and get your principal protection and get the downside protected. How do you strip the volatility and the risk off of the investment and keep the performance?

如何在歷史最高點購買比特幣？獲得比特幣的上行空間並獲得本金保護並獲得下行保護。如何消除投資的波動性和風險並保持績效？

You can't do that with an ETF, you can't do it with a straight equity. That's 101 100% upside 100% downside. But if you look at the chart on the right and this is just, it'll, it just blew me away when I saw it. You realize Bitcoin has delivered 47% performance since those bonds were sold and our bonds delivered 90% performance.

ETF 無法做到這一點，普通股票也無法做到這一點。這就是 101 100% 上行空間 100% 下行空間。但如果你看一下右邊的圖表，你會發現，當我看到它時，它讓我大吃一驚。您會發現，自從這些債券出售以來，比特幣已經實現了 47% 的業績，而我們的債券則實現了 90% 的業績。

And what that means is if you had bought a million dollars of Bitcoin on the day we sold the 25 convert or a million dollars of the convert, or if you just across all of these, if you bought a million dollars of each of them in the convert, you would have got a 90% return.

這意味著，如果您在我們出售 25 個轉換者的那天購買了 100 萬美元的比特幣，或者購買了 100 萬美元的轉換者，或者如果您剛剛經歷了所有這些，如果您在皈依者，您會得到90%的回報。

And if you had bought a million dollars of Bitcoin, you would have got a 47% return. So not only do you get the return of Bitcoin, you also get the downside protection. And in this particular case, I'm kind of delighted to say we outperform Bitcoin, not with our equity. We out perform Bitcoin with our bonds. Now, people, they struggle with what is MicroStrategy's unique advantage in the market. What is, what justifies the market capitalization of the company? Well, one very obvious thing is, we are the primary, perhaps the major mark creator of or issuer of Bitcoin backed bonds in the world.

如果你買了 100 萬美元的比特幣，你將獲得 47% 的回報。因此，您不僅可以獲得比特幣的回報，還可以獲得下行保護。在這種特殊情況下，我很高興地說我們的表現優於比特幣，而不是我們的股權。我們的債券表現優於比特幣。現在，人們正在為 MicroStrategy 在市場上的獨特優勢而苦惱。什麼是公司市值的合理依據？嗯，一件非常明顯的事情是，我們是世界上比特幣支持債券的主要、也許是主要的標記創造者或發行者。

And we're able to do these at scale and we're able to, we've got the credibility to issue them. We've got to know how to issue them and we have the permanent capital, We have the $18 billion of permanent Bitcoin and we have the large equity market cap that provides the floor that gives, that provides the credit for a bond buyer. And yet you couldn't really reproduce this performance.

我們能夠大規模地做到這些，我們有能力、我們有信譽來發布它們。我們必須知道如何發行它們，我們擁有永久資本，我們擁有 180 億美元的永久比特幣，我們擁有龐大的股票市值，可以為債券購買者提供信用。然而你無法真正重現這種表演。

If, if you took $300 billion of cash and treasury bills and you sold these convertible bonds, well, you could guarantee that the, that the buyer of the bond gets their money back, but you wouldn't be able to beat Bitcoin performance. You would be lucky to be able to beat the US Treasury performance.

如果你拿了 3000 億美元的現金和國庫券並出售了這些可轉換債券，那麼你可以保證債券的買家收回他們的錢，但你將無法擊敗比特幣的表現。如果你能跑贏美國財政部的表現，那你就很幸運了。

And so if you're going to issue Bitcoin backed bonds or convertible bonds like this, you need to be 100% Bitcoin and it needs to be permanent capital, you need to know that you've got it and no one's going to call it away from you. So MicroStrategy has got a very exciting business here. This is right now the best, understood part of our fixed income strategy and it's not the only thing we can do.

因此，如果你要發行像這樣的比特幣支持債券或可轉換債券，你需要 100% 比特幣，並且它需要是永久資本，你需要知道你已經擁有它並且沒有人會調用它遠離你。因此，MicroStrategy 在這裡開展了一項非常令人興奮的業務。這是目前我們固定收益策略中最好、最容易理解的部分，而且它並不是我們唯一能做的事情。

But what you can see is that we have very successfully executed this strategy to the benefit of the bondholders and of course, also to the benefit of the equity holders. Next slide, there's a lot of confusion in the market. I mean, MicroStrategy is misunderstood. It's a little bit underestimated. I think the company is undervalued and it starts from this observation that MicroStrategy is just a holding company that has some Bitcoin on its balance sheet that trades at a premium.

但你可以看到，我們非常成功地執行了這個策略，這有利於債券持有人，當然也有利於股東。下一張幻燈片顯示，市場上存在著許多混亂。我的意思是，MicroStrategy 被誤解了。有點被低估了。我認為該公司被低估了，從這項觀察開始，MicroStrategy 只是一家控股公司，其資產負債表上有一些以溢價交易的比特幣。

And somehow you know, people that are short, the company, they want to work through this logic of maybe the company is just worth its net asset value and a little bit of a premium. But that's kind of like saying a bank is only worth it.

不知何故，你知道，做空的人，公司，他們希望透過這種邏輯來工作，也許公司只值其淨資產價值和一點溢價。但這有點像是說銀行才值得。

You know, it's not it's book value of its capital or maybe, you know, Apple computer, 98.5% of Apple is based on forward expectations of the business and only 1.5% is based upon the liquid assets of the company. So most companies are valued based upon their operations and their reserves. And so if we think about micro strategy as a Bitcoin Treasury company, what are we doing?

你知道，這不是它的資本帳面價值，也不是蘋果電腦，蘋果的 98.5% 是基於業務的前瞻性預期，只有 1.5% 是基於公司的流動資產。因此，大多數公司的估值都是基於其營運和儲備。因此，如果我們考慮作為一家比特幣財務公司的微觀策略，我們在做什麼？

Well, we are plugged into the macro economy. The macro economy is being driven by technology by inflation, by entropy by chaos. And that macro economy drives the crypto economy, the crypto economy trades [24 73 65] and people move around all the crypto assets and they also trade back and forth Bitcoin and that's what makes it very volatile.

嗯，我們已經融入了宏觀經濟。宏觀經濟是由技術、通貨膨脹、熵和混亂所驅動的。宏觀經濟推動了加密經濟，加密經濟交易[24 73 65]，人們移動所有加密資產，他們也來回交易比特幣，這就是比特幣非常不穩定的原因。

That's what, that's why you can sell a billion dollars. It on Saturday night, that's why you can buy a billion dollars of it on Sunday morning. Right. That the crypto economy or the crypto exchanges plugged into Bitcoin. They are picking up the vibrations and the sentiments and the positive and negative developments of the macro economy.

這就是為什麼你可以賣十億美元。週六晚上，這就是為什麼你可以在周日早上購買十億美元。正確的。加密經濟或加密交易所插入比特幣。他們正在捕捉宏觀經濟的振動、情緒以及正面和負面的發展。

Now, why do people go to Bitcoin capital, preservation and productivity and of course, they will continue to do that. And that's a $1.4 trillion asset class. Now, Bitcoin is a commodity, it's a digital commodity, MicroStrategy taps into that digital commodity with our treasury operations. And one thing we do is acquire Bitcoin. We acquire the Bitcoin. We custody the Bitcoin and we do that on behalf of our investors because many of them either can't or choose not to hold Bitcoin and custody the Bitcoin.

現在，為什麼人們會轉向比特幣資本、保值和生產力，當然，他們會繼續這樣做。這是一個價值 1.4 兆美元的資產類別。現在，比特幣是一種商品，是一種數位商品，MicroStrategy 透過我們的財務業務來利用這種數位商品。我們做的一件事就是獲取比特幣。我們獲得比特幣。我們代表投資者託管比特幣，因為他們中的許多人要么不能或選擇不持有比特幣並託管比特幣。

We also issue securities like our equity and like our convertible bonds. And we adjust our leverage from time to time, we leverage up, we deleverage, we you know what if we have something like this $500 million. [28 note], that's expensive. We repay it, we replace it with cheaper leverage. So we're always doing that and, in the future. If necessary, we'll fund dividends and any other payments necessary to our security holders. Now, that's the operational business, that business is made possible by our Bitcoin reserves.

我們也發行股票和可轉換債券等證券。我們不時調整我們的槓桿，我們加槓桿，我們去槓桿，我們你知道如果我們有這樣的5億美元會怎麼樣。 [28註]，那很貴。我們償還它，我們用更便宜的槓桿取代它。所以我們一直在這樣做，未來也是如此。如有必要，我們將為我們的證券持有人提供股息和任何其他必要的付款。現在，這就是運營業務，該業務是透過我們的比特幣儲備實現的。

We have [252,000, 220] Bitcoin. What's special? It's permanent capital. It can't be, it's not overnight deposits. It's, we can lean on the capital, we can leverage it. We know that we can take out a four year debt instrument and know that we'll have the capital in four years and then the person that's buying the security knows we have the capital. So our reserves established the creditworthiness of the company.

我們有 [252,000, 220] 比特幣。有什麼特別的？這是永久資本。不可能，這不是隔夜存款。是的，我們可以依靠資本，我們可以利用它。我們知道我們可以購買四年期債務工具，並且知道我們將在四年內擁有資本，然後購買證券的人知道我們擁有資本。所以我們的儲備建立了公司的信譽。

What else they do? Well, we create leverage with our reserves, you know, by mixing fixed income and equity together, whenever we sell equity at a premium to the underlying net asset value, we create leverage. Whenever we sell debt, we create leverage. If we sell convertible or create conversion rights at a large premium, we create leverage as the duration of our instruments stretch out stretches out, we create leverage. So our reserves have some intelligent leverage in them. They're worth about $18 billion right now.

他們還做什麼？好吧，我們用我們的儲備創造槓桿，你知道，透過將固定收益和股票混合在一起，每當我們以高於基礎資產淨值的溢價出售股票時，我們就創造了槓桿。每當我們出售債務時，我們都會創造槓桿。如果我們以高溢價出售可轉換債券或創造轉換權，我們就會創造槓桿，因為我們的工具的期限會延長，我們就會創造槓桿。所以我們的儲備有一些明智的槓桿作用。它們現在的價值約為 180 億美元。

We are the largest holder of permanent Bitcoin capital. Now, what can we do with it? Well, if we look to the right side, there's a lot the market wants to buy securities. So for example, one security, they really like that. Everybody understands is a spot. Bitcoin ETF.

我們是最大的永久比特幣資本持有者。現在，我們能用它做什麼？好吧，如果我們看看右邊，就會發現市場裡有很多想買的證券。例如，他們真的很喜歡一種安全。大家都明白是一個點。比特幣ETF。

I bet FBTC, you know, et cetera. There's like 42 of them right now. There are going to be spot ETFs in every country on earth. They meet compliance requirements, custody requirements and they provide you with oneX leverage. If Bitcoin doubles, you'll mostly double. If Bitcoin is cut in half, you'll probably lose half. You know, your capital, they charge you fees of 2025 basis points.

我敢打賭 FBTC，你知道，等等。現在大約有 42 個。地球上每個國家都會有現貨 ETF。它們滿足合規性要求、託管要求，並為您提供 oneX 槓桿。如果比特幣翻倍，你大部分都會翻倍。如果比特幣減半，你可能會損失一半。你知道，你的資本，他們向你收取 2025 個基點的費用。

They are kind of like the institutional banks and the business. They're trust companies and they take overnight deposits and they're very limited in what they can do. You give them a million dollars, they can buy Bitcoin. You ask for the million dollars back, they give you the million dollars back. That's what they do. They don't have permanent deposits, they can't hold your money for a decade, you know.

它們有點像機構銀行和企業。他們是信託公司，接受隔夜存款，他們能做的事情非常有限。你給他們一百萬美元，他們可以買比特幣。你要求退還一百萬美元，他們就會退還給你一百萬美元。這就是他們所做的。他們沒有永久存款，他們不能持有你的錢十年，你知道的。

They have very simple daily redemption windows and so they never traded a premium. They won't trade at a discount and that means that they look pretty much like Bitcoin. Their volatility looks like Bitcoin at Bitcoin's 50 volt There'll be 50 volt. Their, performance will look like Bitcoin and Bitcoin is 50 AR and they'll look like 50 AR it's a great product for people that want to buy the spot commodity and they want it in a wrapper as a security and I have no doubt you know, in time, it'll be very common that people use this instrument.

他們的每日贖回窗口非常簡單，因此他們從不進行溢價交易。它們不會以折扣價進行交易，這意味著它們看起來非常像比特幣。它們的波動性看起來就像比特幣的 50 伏特 比特幣將會有 50 伏特。他們的表現看起來像比特幣，比特幣是50 AR，他們看起來像50 AR，對於想要購買現貨商品的人來說，這是一個很棒的產品，他們希望將其包裝在包裝中作為證券，我毫不懷疑你知道，隨著時間的推移，人們使用這種儀器將變得非常普遍。

That's a direct connection. Now, if you think about MicroStrategy, MicroStrategy offers something slightly more less risky, less volatile than that's my, MSTR convert. When we sell a convertible bond, if the price of Bitcoin is 70,000, and if we were to sell the convertible bond or say when the price of Bitcoin, in fact, by definition, every single convertible bond we've ever sold was at the high of Bitcoin, right? We're selling, we're selling convertible bonds at the market.

這是直接聯繫。現在，如果您考慮一下 MicroStrategy，您會發現 MicroStrategy 提供的東西比我的 MSTR 轉換風險更低、波動性更小。當我們賣可轉債的時候，如果比特幣的價格是7萬，如果我們要賣可轉債或說比特幣的價格甚麼時候，其實從定義上來說，我們賣過的每一張可轉債都是在7萬的時候。我們正在出售，我們正在市場上出售可轉換債券。

People are either buying the Bitcoin or they're buying the bond. And if you wanted Bitcoin long exposure, you buy the bond, you get a conversion right to our stock and then a Bitcoin trades down by 50%. You know, you'll be able to put the bond back or you'll get redeemed at par. So those converts are part of our fixed income strategy. They give you some portion of, of Bitcoin performance because they have the MSTR conversion right now.

人們要么購買比特幣，要么購買債券。如果你想持有比特幣多頭頭寸，你可以購買債券，獲得我們股票的轉換權，然後比特幣交易價格就會下跌 50%。您知道，您將能夠退回債券，否則您將按面值贖回。因此，這些轉換者是我們固定收益策略的一部分。他們為您提供了比特幣性能的一部分，因為他們現在有 MSTR 轉換。

We don't really know, you know exactly how they will perform against Bitcoin. I just showed you in the past we've outperformed Bitcoin with the converts, but I don't have a crystal ball. I don't know what it will do in the future. But common sense says that if we sell a convertible bond at a 40% or 50% premium to our stock, then when Bitcoin doubles again and you're getting a decent fraction of the Bitcoin performance and maybe you'll get more, maybe you'll get slightly less, but you're getting it in a bond instrument.

我們真的不知道，但你確切​​地知道它們將如何對抗比特幣。我過去剛剛向您展示了我們在轉換者方面的表現優於比特幣，但我沒有水晶球。我不知道它將來會做什麼。但常識告訴我們，如果我們以股票溢價 40% 或 50% 的價格出售可轉換債券，那麼當比特幣再次翻倍時，你將獲得比特幣表現的相當一部分，也許你會得到更多，也許你會稍微少一點，但你會在債券工具中得到它。

That's in the market right now and that creates a lot of leverage. And one of the results is MST R equity, outperforms Bitcoin. That's a 1.5 X or more. Historically, we're almost twoX leverage, but I mean, it changes every day.

這是目前市場上的情況，創造了很大的槓桿作用。結果之一是 MST R 股票的表現優於比特幣。這是 1.5 倍或更多。從歷史上看，我們的槓桿率幾乎是兩倍，但我的意思是，它每天都在變化。

Our goal right, with the equity is use intelligent leverage to outperform Bitcoin in the way that we outperform is on the upside, we have to have some leverage on the downside. And what we're doing is we're stripping the volatility, stripping the risk, stripping some of the performance out of the fixed income instrument.

我們的目標是正確的，在股權的情況下，使用智慧槓桿來跑贏比特幣，就像我們在上行方面跑贏比特幣一樣，我們必須在下行方面有一些槓桿。我們正在做的是消除波動性，消除風險，消除固定收益工具的一些表現。

And then we, and then that benefit accrues to the equity holder. And so you see micro strategy straddling both sides of the spot market now because we straddle both sides that MSTR equity that trades 1.5 times the performance of Bitcoin, it happens to be 1.5 is volatile.

然後我們，然後股東的利益就增加了。所以你現在會看到微觀策略橫跨現貨市場的兩側，因為我們橫跨 MSTR 股票的兩側，其交易量是比特幣表現的 1.5 倍，而 1.5 恰好是波動性的。

So Bitcoins 50 ball, we're 75 or 80 ball at Bitcoin's 50 ARR, we might be 75 or 80 ARR, right? So who wants that? Well, the derivative traders want it. So if you look at these derivatives like MSTX and MSTU in a matter of weeks, they raise more than a billion dollars of capital by offering the proposition of two times, MSTR.

所以比特幣 50 球，我們在比特幣 50 ARR 下是 75 或 80 球，我們可能是 75 或 80 ARR，對嗎？那麼誰想要那個？嗯，衍生性商品交易者想要它。因此，如果你看看像 MSTX 和 MSTU 這樣的衍生品，它們在幾週內就通過提供兩倍於 MSTR 的提議籌集了超過 10 億美元的資金。

But if you think about my chart, what they're really offering is if MSTR is 1.5 they're offering three. If we're two X, they're offering four. So they're offering leverage to people that want that leverage and they're long Bitcoin investors.

但如果你考慮我的圖表，他們真正提供的是，如果 MSTR 為 1.5，他們將提供 3。如果我們有兩個 X，他們就會提供四個。因此，他們向那些想要槓桿的人提供槓桿，而他們是比特幣的長期投資者。

I showed you how MicroStrategy has a large options market. Well, there are a lot of people that want fiveX or 10X leverage and they, and the best way to get it in their view is a high volatility equity with deep liquidity. And I showed you how micro strategy is very liquid in the spot and very volatile.

我向您展示了 MicroStrategy 如何擁有龐大的選擇權市場。嗯，有很多人想要 5 倍或 10 倍的槓桿，而他們認為，獲得這種槓桿的最佳方式是具有深度流動性的高波動性股票。我向您展示了微觀策略如何在現貨中具有非常高的流動性並且非常不穩定。

And so if you're volatile and your liquid, then the only other question is, are you credible? Are you trustworthy or transparent? What are we going to do? And then the thing about microstrategy is every day for the past four years. We've said one thing, Bitcoin. Long Bitcoin, we're going to acquire Bitcoin.

因此，如果你情緒不穩定且流動性強，那麼唯一的另一個問題是，你可信嗎？你是值得信賴的還是透明的？我們要做什麼？在過去的四年裡，關於微觀策略的事情每天都在發生。我們已經說過一件事，比特幣。做多比特幣，我們將收購比特幣。

So if you're a trader and you're trying to figure out what's MicroStrategy's strategy, You don't have to worry, we're going to hedge, you don't have to worry we're going to trade against you. We're long Bitcoin, we're going to be 1.5 X. Bitcoin. And that means you can create MSTX or MSTU. That means you can create MSTY. It means you can create an options market.

因此，如果您是交易者，並且您想弄清楚 MicroStrategy 的策略是什麼，您不必擔心，我們將進行對沖，您不必擔心我們將與您進行交易。我們做多比特幣，我們將持有 1.5 倍比特幣。這意味著您可以建立 MSTX 或 MSTU。這意味著您可以建立 MSTY。這意味著您可以創建一個期權市場。

It means that if you want a short Bitcoin that we're giving you extra juice to short it. If you want to go long, we go that way. And so you can see of course, those three securities above the baseline offer high volatility, high leverage and they're built on a Bitcoin treasury company that has a large pool of permanent capital and has an adept treasury operation.

這意味著，如果您想要做空比特幣，我們將為您提供額外的動力來做空它。如果你想走長遠，我們就走那條路。當然，你可以看到，高於基準的這三種證券具有高波動性和高槓桿率，而且它們是建立在擁有大量永久資本和熟練的資金運作的比特幣資金公司的基礎上的。

If we look below the baseline we've announced that we're going to pursue a target of $21 billion in fixed income, capital raise. Well, so converts are convertible bonds are an obvious thing for us to do. We also look at other types of fixed income and in the future, we could imagine preferred stocks that might be compelling to people that want some of the performance of Bitcoin, but they want downside protection. Some people would like a convertible, preferred, others might want a dividend of some sort.

如果我們看低於基線，我們已經宣布我們將追求 210 億美元的固定收益和資本籌集目標。嗯，所以轉換為可轉換債券對我們來說是顯而易見的事情。我們也會關注其他類型的固定收益，在未來，我們可以想像優先股可能會吸引那些想要比特幣某些表現但又想要下行保護的人。有些人想要可轉換的、優先的，其他人可能想要某種形式的股息。

And then there's always the market for just providing fixed income, just a straight fixed coupon if if Bitcoin, you know, I've said before, Bitcoin returns 50% ARR, but there's a large portion of the world that would be happy if we stripped away 80% of the performance, 90% or 95% of the volatility, a lot of the risk.

然後總是有市場只提供固定收益，只是直接固定優惠券，如果比特幣，你知道，我之前說過，比特幣回報率是 50%，但世界上很大一部分人會很高興，如果我們剝奪80%的業績，90%或95%的波動性，很多風險。

And if we stripped away risk and volatility and performance, and we gave them a coupon that was compelling and a instrument that they felt good about the credit of. If they understood the balance sheet, then we would be providing a useful product to the market. Based upon a digital commodity, everybody knows they want income, everybody knows they want appreciation.

如果我們剔除風險、波動性和業績，我們會給他們一張有吸引力的優惠券，以及一種他們對信用感覺良好的工具。如果他們了解資產負債表，那麼我們將為市場提供有用的產品。基於數位商品，每個人都知道他們想要收入，每個人都知道他們想要升值。

Everybody would like to have it with varying degrees of risk and volatility, micro strategies, treasury operations are that we assess the capital market, we figure out what the capital markets want. We figure out what's the, what's the best way, what is the security we might issue that's beneficial to all our other stakeholders.

每個人都希望它有不同程度的風險和波動，微觀策略、資金運作就是我們評估資本市場，我們弄清楚資本市場想要什麼。我們弄清楚什麼是最好的方法，什麼是我們可能發行的對所有其他利害關係人有利的證券。

And of course, that changes from time to time and we don't have any specific plan today. And so you'll just have to stay tuned, but this chart helps you understand that micro strategy is the sum of its Bitcoin reserves and its treasury operations and they go hand in hand in a very complementary synergistic fashion.

當然，這種情況會不時發生變化，我們今天沒有任何具體計劃。因此，您只需保持關注，但這張圖表可以幫助您了解微觀策略是其比特幣儲備和資金業務的總和，並且它們以一種非常互補的協同方式齊頭並進。

Shirish next slide, I wanted to show this chart because people, a lot of people have said, well, so what are you really doing? Is there a historical precedent for this? And the answer is yes. If you think about the energy industry, if you think about standard oil or oil refining companies, what is an, what is an oil refining company doing? It is starting with a commodity, crude oil that has a lot of energy in it.

Shirish 下一張投影片，我想展示這張圖表，因為人們，很多人都說，好吧，那你到底在做什麼？這有歷史先例嗎？答案是肯定的。如果你想想能源產業，如果你想想標準石油或煉油公司，什麼是煉油公司，煉油公司在做什麼？它從一種含有大量能量的商品原油開始。

Bitcoin has a lot of energy in it. Bitcoin is crude capital, you know, standard oil discovered crude oil. The demand for that and the market is driven by technology. The supply is a function of the technology, entropy, chaos inflation. And everybody wants, they want that energy because they want power or they want mobility or they want to drive human progress. And that's a and those oil companies are a $10 trillion asset class.

比特幣蘊藏著巨大的能量。比特幣是原油資本，你知道，標準石油公司發現了原油。對此和市場的需求是由技術驅動的。供應量是技術、熵、混沌膨脹的函數。每個人都想要，他們想要這種能源，因為他們想要權力，或者他們想要流動性，或者他們想要推動人類進步。這些石油公司是一個價值 10 兆美元的資產類別。

So it's a big market. It's a global market. It's based on a commodity now. What oil companies do? Well, they have oil reserves, they have proven reserves and unproven reserves. You would never value an oil company just on their reserves. It's like, oh, well, they're just 50% or they're 1.5 times their reserves. Well, the answer is, what else are they doing?

所以這是一個很大的市場。這是一個全球市場。現在它是基於商品。石油公司是做什麼的？嗯，他們有石油儲量，有探明儲量和未探明儲量。你永遠不會僅根據石油公司的儲量來評估其價值。就好像，哦，好吧，他們只有 50% 或他們的儲備金的 1.5 倍。好吧，答案是，他們還在做什麼？

Well, they have an oil refining operation. So what does an oil company do? I mean, it refines the petrochemicals into products that are either more refined or less refined. So if you ranked the top seven products that come from the crude oil commodity, the most refined is jet fuel. You want, you're going to put it in your jet, fly across the Atlantic.

嗯，他們有煉油業務。那麼石油公司是做什麼的呢？我的意思是，它將石化產品提煉成更精煉或不太精煉的產品。因此，如果對來自原油商品的前七種產品進行排名，最精煉的是航空燃油。你想要，你要把它放進你的噴射機，飛越大西洋。

It's pretty important. You'll pay a lot of money for jet fuel. Gasoline is the next most refined diesel is another product, liquefied petroleum gas. LPG is another product. Then heating oil, then fuel, fuel oil and then you get, you get down to asphalt. We put it on the street now. None of these users can use the crude oil. You can't put crude oil in your car engine.

這非常重要。你會花很多錢購買飛機燃油。汽油是僅次於精煉柴油的另一種產品，液化石油氣。液化石油氣是另一種產品。然後加熱油，然後是燃料，燃料油，然後你就得到了瀝青。我們現在把它放在街上。這些用戶都不能使用原油。您不能將原油放入汽車引擎中。

You can't put crude oil, down on the pavement for a highway. You can't put crude oil in your Boeing Jet. So it's pretty obvious why you need an oil refining operation. And what is the, what does the company do? Well, it refines the petrochemicals, it prospects and drills, it extracts, it transports and it, and it manages the sales and distribution.

你不能把原油放在高速公路的人行道上。您不能將原油放入波音噴射機中。因此，為什麼需要煉油業務就很明顯了。公司是做什麼的？嗯，它精煉石化產品，它勘探和鑽探，它提取，它運輸和它，它管理銷售和分銷。

And what is the company worth? It's worth the combination of those two things, right? And you have to figure out how valuable each of the two things are, but you are adding value to the crude oil when you refine it and purify it. When we create securities from Bitcoin, we're adding value.

公司的價值是多少？這兩件事的結合是值得的，對吧？你必須弄清楚這兩件事各自的價值有多大，但是當你精煉和純化原油時，你就增加了原油的價值。當我們用比特幣創建證券時，我們正在增加價值。

We're creating something which someone with a large pool of capital finds very compelling. They can't use, they can't put the commodity in their engine, right? They just can't, they need the security and we give it to them in a refined format and that's worth a lot of money to them and because of that, there are oftentimes is what, what I'll call a BTC spread.

我們正在創造一些擁有大量資金的人認為非常有吸引力的東西。他們無法使用，他們無法將商品放入他們的引擎中，對吧？他們就是做不到，他們需要安全性，而我們以一種精緻的格式給他們，這對他們來說值很多錢，正因為如此，經常會出現我稱之為 BTC 價差的情況。

There's a difference between the value of that security to the investor and the amount of Bitcoin in that security. And so, in that particular case, if you know, if the BTC spread is 50% then we sell $100 million of a security backed by 50 million of Bitcoin. And we capture $50 million in a BTC gain. And that is the value that we create for our shareholders, that BTC gain is reflected in the BTC yield that we show you. Next slide MicroStrategy started just thinking we were going to hold Bitcoin on our balance sheet, so we wouldn't bleed capital, then we became opportunistic, then we became strategic.

該證券對投資者的價值與該證券中的比特幣數量之間存在差異。因此，在這種特殊情況下，如果你知道，如果 BTC 價差為 50%，那麼我們將出售 1 億美元的由 5000 萬比特幣支持的證券。我們獲得了 5000 萬美元的 BTC 收益。這就是我們為股東創造的價值，比特幣收益反映在我們向您展示的比特幣收益率中。下一張投影片 MicroStrategy 開始只是認為我們將在資產負債表上持有比特幣，這樣我們就不會流失資本，然後我們變得機會主義，然後我們變得戰略性。

And somewhere along the way, we realized that the capital markets around the world will benefit and are undergoing a digital transformation. We are able to create and issue securities that provide everybody with the right amount of Bitcoin performance and volatility in the security that they need. And so, and we can do it because we have this Bitcoin backed reserve and Bitcoin Treasury operation.

在此過程中，我們意識到世界各地的資本市場將從中受益並正在經歷數位轉型。我們能夠創建和發行證券，為每個人提供他們所需的適當的比特幣性能和波動性。因此，我們可以做到這一點，因為我們擁有比特幣支援的儲備和比特幣國庫業務。

So if you think about our equity, what kind of investor would buy it? Well, someone that buys Magnificent Seven stocks, a Bitcoin investor, a Bitcoin maximalist that likes Bitcoin might buy our equity because they want more Bitcoin options traders, they would, they don't directly buy our equity.

那麼，如果你考慮我們的股權，什麼樣的投資者會購買它？好吧，購買七大股票的人、比特幣投資者、喜歡比特幣的比特幣最大化主義者可能會購買我們的股票，因為他們想要更多的比特幣選擇交易者，他們會，他們不會直接買我們的股票。

But the options traders trade the options which then end up getting hedged into our equity. So the options are built on the equity. So indirectly, they're using the equity and any other kind of derivatives like the, you know, like the MSTUs or MSTXs or MSTY, I referred to.

但選擇權交易者交易的選擇權最終會被對沖到我們的股權中。因此，選擇權是建立在股權之上的。因此，他們間接地使用股權和任何其他類型的衍生品，例如我提到的 MSTU、MSTX 或 MSTY。

So we're actually digitally transforming those markets. The reason micro strategy equity is exploding and trading volume is because the market likes a security backed by digital capital. The reason that the options markets are exploding in open interest is the market likes to trade something backed by digital capital, right? If we look at the, another set of investors, there's equity indexes they buy QQQ or spy, there's hedge funds, there's arbitragers, there's alternative investors, they're looking for something which is not correlated to traditional risk assets and maybe they want it for capital gain.

所以我們實際上正在對這些市場進行數位轉型。微觀策略股票和交易量爆炸性成長的原因是因為市場喜歡由數位資本支持的證券。選擇權市場未平倉合約激增的原因是市場喜歡交易由數位資本支持的東西，對嗎？如果我們看看另一組投資者，他們購買QQQ或間諜股票指數，有對沖基金，有套利者，有另類投資者，他們正在尋找與傳統風險資產不相關的東西，也許他們想要它以獲取資本收益。

And, when we sell a convertible bond, we're actually offering somebody something that has downside protection. It's not correlated to their other portfolio. Maybe they get some Bitcoin upside. It's a different thing for a different type of investor, but these are large markets and just like those the 15 of the 20 most successful ETFs this year, they're, you know, they're Bitcoin or MicroStrategy backed ETFs. Right.

而且，當我們出售可轉換債券時，我們實際上是在向某人提供具有下行保護的東西。它與他們的其他投資組合無關。也許他們會得到一些比特幣的好處。對於不同類型的投資者來說，這是不同的事情，但這些都是大型市場，就像今年 20 個最成功的 ETF 中的 15 個一樣，它們是比特幣或 MicroStrategy 支持的 ETF。正確的。

Well, what's going on there? The market is telling you that they love the ball, they love the performance and they love the idea of, I mean, who wouldn't love the idea of a big tech global network that feels like Google or Apple, but 10 years early but isn't attached to a company, right? Like it's the big tech monetary network, a different thing.

嗯，那裡發生了什麼事？市場告訴你，他們喜歡球，他們喜歡表演，他們喜歡這個想法，我的意思是，誰會不喜歡像谷歌或蘋果這樣的大型科技全球網絡的想法，但早了 10 年，但不附屬於任何公司，對嗎？就像大型科技貨幣網絡一樣，這是另一回事。

So there are certain investors that won't like the equity because they just don't like the volatility and they don't like the risk, but they'll like, you know, sort of a, a part equity, part bond instrument like our converts. Then there's a third class of investors, the ones that buy preferred stock or high yield or private credit or real estate or hedge funds or alternatives.

因此，有些投資人不喜歡股票，因為他們不喜歡波動性，也不喜歡風險，但他們會喜歡，你知道，部分是股票，部分是債券工具就像我們的皈依者一樣。然後是第三類投資者，即購買優先股、高收益債券、私人信貸、房地產、對沖基金或另類投資的投資者。

And it's not a market that we've served before. And as I said, we don't have any particular announcement right now, but it occurs to us that we're in a, in an ideal position as a Bitcoin treasury company to take this Bitcoin high performance, high volatility capital and then strip away a strip a dividend out of it or strip away some of the volatility and performance and provide people with a Bitcoin with guardrails or Bitcoin with downside protection or Bitcoin low volatility, maybe with some kind of dividend of sorts.

這不是我們以前服務過的市場。正如我所說，我們現在沒有任何具體的公告，但我們意識到，作為一家比特幣財務公司，我們處於一個理想的位置，可以利用比特幣的高性能、高波動性資本，然後剝離從中去除股息，或去除一些波動性和性能，並為人們提供帶有護欄的比特幣或具有下行保護的比特幣或低波動性的比特幣，也許還有某種股息。

And of course, the last market here is the very conventional market. They buy corporate debt, they buy real estate, they buy mortgage backed securities, they buy structured products, they buy preferred stocks and they're looking for like a fixed coupon and like we've generated fixed coupons we just had a $500 million note.

當然，這裡的最後一個市場是非常傳統的市場。他們購買公司債務，他們購買房地產，他們購買抵押貸款支持證券，他們購買結構性產品，他們購買優先股，他們正在尋找固定息票，就像我們已經生成了固定息票一樣，我們剛剛有了一張5 億美元的票據。

And it was paying six and a and a quarter percent interest and it was like 510X over collateralized. It was like the most secure thing in the world. It was, it was in $500 million you know, at the base of a $25to $30 billion tower of other assets. So you know, I don't think we minded so much paying the 6%.

它支付了百分之六又四分之一的利息，就像超額抵押了 510 倍。這就像是世界上最安全的事。你知道，它的價值為 5 億美元，位於價值 25 至 300 億美元的其他資產塔的基礎上。所以你知道，我認為我們不太介意支付 6% 的費用。

What we minded was, we didn't want the EBITDA covenants, the liens, all of the other prohibitions, all of the other encumbrances. And we didn't want to have all our Bitcoin encumbered. If, but I could imagine under other circumstances that we'd be happy to pay AAA coupon that's compelling if we found the right security. So you can see micro strategies.

我們關心的是，我們不想要 EBITDA 契約、留置權、所有其他禁令、所有其他產權負擔。我們不想讓我們所有的比特幣受到阻礙。如果，但我可以想像在其他情況下，如果我們找到合適的安全性，我們會很樂意支付 AAA 優惠券，這是令人信服的。所以你可以看到微觀策略。

I think we're transforming and expanding all the markets we enter. We're the first company that ever did a convertible bond one week and another one the next week. And as Andrew said, we're the most, you know, the most common issuer, the biggest issuer of this year in terms of frequency. So we think that, Bitcoin is actually providing and revitalizing injecting performance into options into equity and the convertible bonds. We think it'll expand the markets, we think we can expand all these markets.

我認為我們正在轉變和擴大我們進入的所有市場。我們是第一家一週發行可轉換債券、下週發行另一張可轉換債券的公司。正如安德魯所說，就頻率而言，我們是今年最常見的發行人、最大的發行人。所以我們認為，比特幣實際上是在為股權和可轉換債券的選擇權注入表現，並為其註入活力。我們認為它將擴大市場，我們認為我們可以擴大所有這些市場。

We think ultimately, it's going to be good for investors it's going to be good for our common stock shareholders. There's really, no, nobody's really losing because, because, as I've said before, it's like Bitcoin's giving us 50volt 50 ARR and the world's full of people that would be delighted to take 20volt 20 ARR. And if, and if we gave it to them over a long enough time frame, it looks like it's like a 60% BTC spread product where, where, you know, $100 million of capital results in $60 million you know, of BTC gains for our shareholders and it still results in a very compelling instrument. That's, that's very easy to understand for a new class of investors.

我們認為最終這對投資人和我們的普通股股東都有好處。確實，不，沒有人真的會輸，因為，因為，正如我之前所說，這就像比特幣給了我們 50 伏特 50 ARR，而世界上到處都是很高興接受 20 伏特 20 ARR 的人。如果，如果我們在足夠長的時間範圍內將其提供給他們，看起來就像一個 60% 的 BTC 價差產品，其中，你知道，1 億美元的資本會帶來 6000 萬美元的 BTC 收益我們的股東，它仍然是一個非常引人注目的工具。也就是說，對於新一類投資人來說，這很容易理解。

So, we're excited about the opportunities and we've got a three year plan, as I said, don't have a crystal ball. I don't know where we'll go with this, but over the next three years, we'll explore this mix and we'll find the right combination for the capital markets for Bitcoin and for our common stock shareholders.

因此，我們對這些機會感到興奮，我們有一個三年計劃，正如我所說，沒有水晶球。我不知道我們將走向何方，但在接下來的三年裡，我們將探索這種組合，我們將為比特幣資本市場和我們的普通股股東找到正確的組合。

Next. You know, we're really excited to increase our targets for BT C yield, we took them up by 2% from 4 to 8 to 6 to 10. But, you know, here is, I think where it's appropriate for me just to make a few comments, right? Like, as I said, I think our company is misunderstood and I also think it's undervalued. Investors have been concerned and about a lot of things they've been concerned about our ability to raise more capital via equity and debt issuance, I think, as you can see from our performance so far and the 2,121 plan, those concerns are unfounded.

下一個。你知道，我們真的很高興能夠提高 BTC C 收益率的目標，我們將其提高了 2%，從 4 到 8、6 到 10。幾點意見吧？正如我所說，我認為我們的公司被誤解了，而且我也認為它被低估了。投資者一直在擔心很多事情，他們一直擔心我們透過股票和債券發行籌集更多資金的能力，我認為，正如你從我們迄今為止的表現和2121計劃中看到的那樣，這些擔憂是沒有根據的。

There, there's no reason that we have to stop issuing, issuing a fixed income instruments. We're not encumbered by any EBITDA covenants or any particular other cash flow covenants that will keep us from doing that. And as you could see, some people have asked can you keep doing ATMs and, and I think we put that to rest by filing a $21 billion.

在那裡，我們沒有理由必須停止發行固定收益工具。我們沒有受到任何 EBITDA 契約或任何特定其他現金流契約的阻礙，這些契約會阻止我們這樣做。正如你所看到的，有些人問你可以繼續使用 ATM 機嗎？

ATM, we're going to expand and we're going to accelerate our treasury operations and we're, and our capital raising activities based upon, you know, the performance you've seen and with our newfound insights, we just keep getting, we get new insights every single quarter in this market and we're learning.

ATM，我們將擴大規模，我們將加速我們的資金運營，我們的融資活動基於您所看到的業績以及我們新發現的見解，我們不斷獲得，我們每個季度都會在這個市場上獲得新的見解，並且我們正在學習。

But as we learn, we get a bit more sophisticated in how we do this. Now, I'm going to wade into the to the big premium debate here like what's the appropriate premium for net asset against net asset value of MicroStrategy? And I just want to make one obvious point. We're a growth company, we're a Bitcoin Treasury company and we are growing, we are built on an asset Bitcoin which is growing 50% a year and we are, and we are growing with that asset.

但隨著我們的學習，我們的做法會變得更加複雜。現在，我將深入討論這裡的重大溢價爭論，例如 MicroStrategy 的淨資產相對於淨資產價值的適當溢價是多少？我只想提出一個顯而易見的觀點。我們是一家成長型公司，我們是一家比特幣財政部公司，我們正在成長，我們建立在比特幣資產的基礎上，比特幣每年增長50%，我們確實如此，我們正在隨著該資產的增長而成長。

If you, if you review the market for common multiples of growth companies, if you had a 20% growth company, oftentimes they're valued at 25 times 4,025 to 40 P to E. If you have a 30% growth company oftentimes they're valued at 35 to 55 P to E. If you have a 40% growth company, they're valued at 45 to 70 sometimes. And a company growing 50% is oftentimes valued at 60 to 100X. And of course, Bitcoin is growing 50%.

如果你回顧市場上成長型公司的公倍數，如果你有一家成長率20% 的公司，通常他們的估值是25 倍4,025 到40 P 到E。估值通常是25 倍。成長 50% 的公司的估值通常為 60 至 100 倍。當然，比特幣正在成長 50%。

We don't know what it will do in the future, but, you know, my personal long term view is over 21 years. Bitcoin is going to grow 29% AR R and looking backward, it's definitely been growing fast, 50% every year for four years.

我們不知道它未來會做什麼，但是，你知道，我個人的長期願景是超過 21 年。比特幣 AR R 將會成長 29%，回顧過去，它確實成長得很快，四年來每年成長 50%。

So, how do you think about the value of the BTC, the Bitcoin Treasury operations, right? Not, not the balance sheet, not the, not the reserves, but what, what's the operation worth? And you know, if you expect 30 to 50% growth for Bitcoin, then it's not unreasonable to have a 30 to 50 X multiple for that growth. And a [3,030X to 50 X] multiple means if you were to look at at this 6 to 10% target, 3,030 times 10 is a 300% premium to net asset value. 50 times 10 is a 500% premium.

那麼，您如何看待 BTC 的價值、比特幣國庫業務，對嗎？不是，不是資產負債表，不是，不是儲備金，而是什麼，這項業務的價值是多少？你知道，如果你預計比特幣將成長 30% 到 50%，那麼該成長倍數為 30 到 50 倍並不是不合理的。 [3,030X 至 50X] 倍數意味著，如果您考慮這個 6% 至 10% 的目標，則 3,030 乘以 10 相當於資產淨值溢價 300%。 50 乘以 10 是 500% 的溢價。

So you're talking about an operation that's 3 to 5 net asset value. And if you tack on the actual treasury, you know, you go from there and you realize you're talking about an enterprise that could be 80 to $100 billion and you could establish it just by looking at this and realizing that these are not UST bills that we're holding on our balance sheet. If you had if you had a US treasury bill that was growing 0% a year, you would multiply it times 20 in order to get, in order to get the right multiple. But Bitcoin is growing more than 0% a year.

所以你談論的是 3 到 5 資產淨值的操作。如果你考慮到實際的財政部，你知道，你從那裡開始，你意識到你正在談論一個可能是 80 到 1000 億美元的企業，你可以透過看看這個並意識到這些不是 UST 來建立它我們資產負債表上持有的帳單。如果你有一張每年增長 0% 的美國國庫券，你可以將其乘以 20 以獲得正確的倍數。但比特幣的年增長率超過 0%。

So 20 per 20X is probably conservative. So that's one way to approach it. Another way to approach it is to look at the BTC gain. And that is what's really happening here when we have a 5% BTC yield in the quarter. That's the same as acquiring 12,500 Bitcoin for our shareholders without dilution. That's like 50,000 Bitcoin on an annualized basis. That's like a $3.6 billion annualized BTC gain.

所以每 20X 20 可能是保守的。這是解決這個問題的一種方法。另一種方法是觀察 BTC 的收益。當本季 BTC 收益率為 5% 時，這就是真正發生的情況。這相當於為我們的股東在未稀釋的情況下收購 12,500 比特幣。按年計算，這相當於 50,000 個比特幣。這相當於 BTC 的年化收益為 36 億美元。

If you had a $3.6 billion annualized gain, and you put a 30 to 50 multiple on it, you've all of a sudden got an operation that's got $108 billion to $180 billion value. And then you tack on the other $18 billion for the Bitcoin. And you see where you get, you know, it's like the operation 6 to 10 times net asset value plus the reserves.

如果你有 36 億美元的年化收益，並且你對其進行 30 到 50 倍的投資，那麼你突然就擁有了價值 1080 億到 1800 億美元的業務。然後你再用另外 180 億美元購買比特幣。你看看你會得到什麼，你知道，這就像資產淨值加上儲備金的 6 到 10 倍的操作。

And so most of the market doesn't understand that. And most of the debate has been this assumption that we're somehow some holding company that just got lucky and occasionally sell some equity. And we don't, we're not adding any value to the market.

所以大多數市場並不理解這一點。大多數爭論都假設我們是一家控股公司，只是運氣好，偶爾會出售一些股權。但我們不這樣做，我們不會為市場增加任何價值。

But hopefully, if you look at these numbers, I've shown you, you realize that the value we're adding to the market is to create high performance, high volatility securities for one group of investors and do that based on our unique structure and provide low volatility, lower performance, you know, lower risk securities for another set of investors. And in that regard, you know, we are the leader, nobody else has $18 billion of permanent capital. In order to create a company like ours, you're going to have to actually go 100% all Bitcoin.

但希望，如果你看看我向你展示的這些數字，你會意識到我們為市場增加的價值是為一組投資者創造高性能、高波動性的證券，並基於我們獨特的結構來做到這一點並為另一組投資者提供低波動性、較低績效、較低風險的證券。在這方面，你知道，我們是領導者，沒有其他人擁有 180 億美元的永久資本。為了創建像我們這樣的公司，你實際上必須 100% 全部使用比特幣。

How do you do that at our scale? If you do it with, you know, if you do it with a big tech company, they'll never be 100% Bitcoin because they got too much other stuff in their enterprise. And if you do it with a billion dollar company, they're not going to catch us because as you could see, we're not slowing down, we're actually going to, we're going to target $10 billion of capital next year. So unless you're going to target $42 billion of capital in the next three years, then micro strategy is kind of in a unique position.

以我們的規模，你如何做到這一點？如果你和一家大型科技公司一起做，你知道，他們永遠不會是 100% 比特幣，因為他們的企業裡有太多其他東西。如果你對一家價值10 億美元的公司這樣做，他們就不會抓住我們，因為正如你所看到的，我們不會放慢速度，我們實際上會放慢腳步，我們下一步的目標是100 億美元的資本年。因此，除非你的目標是在未來三年內實現 420 億美元的資本目標，否則微觀策略處於一種獨特的地位。

So if you, if you start thinking about like that and I'll just leave one other thought with you, which is if you and again, like I don't have a crystal ball, there's risk in all of this. But you understand our 2,121 plan, if we achieve our 2,121 plan, if Bitcoin grows in excess of 21% if that happens, MicroStrategy is capable of BTC gains in excess of $10 billion a year within four years.

所以，如果你，如果你開始這樣思考，而我只會給你留下另一個想法，那就是，如果你再一次，就像我沒有水晶球一樣，所有這一切都存在風險。但你了解我們的 2,121 計劃，如果我們實現我們的 2,121 計劃，如果比特幣增長超過 21%，如果發生這種情況，MicroStrategy 有能力在四年內使 BTC 收益每年超過 100 億美元。

And so thinking about a business like that, that's growing more than 20% you know, starts to put in perspective that you, we shouldn't just be valued based on our Bitcoin reserves. The real issue is what are the opportunities for us as a Bitcoin Treasury company?

因此，考慮到這樣的業務，您知道，它的成長超過 20%，您開始考慮我們不應該僅根據我們的比特幣儲備來進行估值。真正的問題是，作為一家比特幣財務公司，我們有哪些機會？

And so with that, we can go to the next slide, Shirish. Phong said it, but I'll say it again, the world's largest ATM equity offering is to buy Bitcoin and you know, you could look at it and say, oh yeah, great. I get it. But do you really get it? Here's the, big idea the reason that this is the largest ATM equity offering to and it is to buy Bitcoin is because any other company that announced a $21 billion atm would be expected to invest the capital in something dilutive. If you sold 21 billion of equity and you bought T bills, you would be losing $2 billion a year. Guaranteed.

這樣，我們可以轉到下一張幻燈片，Shirish。 Phong 說過，但我再說一遍，世界上最大的 ATM 股票發行就是購買比特幣，你知道，你可以看看它並說，哦，是的，太棒了。我得到它。但你真的明白嗎？這是一個偉大的想法，之所以這是最大的 ATM 股票發行，並且是為了購買比特幣，是因為任何其他宣布 210 億美元 ATM 的公司都預計會將資金投資於稀釋性的東西。如果你出售 210 億股股票併購買國庫券，那麼你每年將損失 20 億美元。有保證。

That's an awful idea. If you sold 21 billion of equity and you went and bought another company, it's a risky acquisition. It'll take 3 to 5 years. I can tell you as a public company, CEO for 30 years of my life. Well, from all98 the way to 2022 20 you know, 24 years, I can tell you that 90% to 95% of acquisitions all fail dismally, just a couple of percent ever really worked.

這是一個糟糕的主意。如果你賣掉210億的股權，然後去收購另一家公司，這是一個有風險的收購。需要3到5年的時間。我可以告訴你，作為一家上市公司，我擔任了 30 年的執行長。好吧，從 98 年到 2022 年 20 年，24 年，我可以告訴你，90% 到 95% 的收購都慘敗，只有少數真正有效。

So, you know, issuing this equity to do an acquisition is very risky. And so then what are you going to do? You're going to buy up real estate, build a building for five years. Are you going to build a new product? Are you going to hire 10,000 people? The problem in the market is most people don't have a good use of proceeds.

所以，你知道，發行這個股權來做收購是有很大的風險。那你要做什麼？你要買下房地產，用五年時間蓋一棟大樓。您要開發新產品嗎？你打算僱用 10,000 名員工嗎？市場的問題是大多數人沒有很好地利用收益。

Bitcoin is the best use of proceeds. Maybe in the history of the capital markets we're building in essence, a digital building in five days, we could raise $500 million, buy Bitcoin with it. Show that there's AA BTC yield, announce it a few days later and then build another $500 million building. And all along the way, our shareholders have complete transparency into the credit, complete transparency into the risk.

比特幣是收益的最佳用途。也許在資本市場的歷史上，我們本質上正在建造一座數位建築，在五天內，我們可以籌集 5 億美元，用它購買比特幣。顯示 AA 比特幣收益率，幾天后宣布，然後再建造一座價值 5 億美元的大樓。一直以來，我們的股東對信用、風險都完全透明。

And we've got a metric that at a glance tells you whether it's a creative or dilutive and whether or not we're getting more efficient, right? Is the BTC spread improving to the benefit of the shareholders or is it degrading? So we're very straightforward, very transparent. And because we have a balance sheet positively polarized toward capital and we have a transparent, you know, accretive use of capital and because it's a high speed investment cycle, it's five days instead of five years, this makes total sense for our investors.

我們有一個指標，一眼就能看出它是創造性的還是稀釋性的，以及我們是否變得更有效率，對吧？比特幣利差是在改善股東利益還是惡化？所以我們非常直接、非常透明。因為我們的資產負債表對資本呈現正面兩極化，而且我們對資本的使用是透明的，你知道，增值性的，而且因為這是一個高速投資週期，只有五天而不是五年，這對我們的投資者來說完全有意義。

In fact, I can tell you I met with a lot of our investors, their number one concern isn't, are you going to dilute us or issue more equity? Their number one concern has been all along, you're not going to stop. Are you, do you have to stop because we don't want you to stop. So this is actually addressing concerns and the needs of and the benefits that accrue to our MSTR common stock shareholders. And I think it just illustrates the strength of our overall Treasury strategy and the strength of the Bitcoin market next slide.

事實上，我可以告訴你，我會見了我們的許多投資者，他們最關心的不是你要稀釋我們的股權還是發行更多的股權？他們最關心的問題一直是，你不會停止。你是嗎，你必須停下來嗎，因為我們不想讓你停下來。因此，這實際上是在解決 MSTR 普通股股東的擔憂、需求和利益。我認為這只是說明了我們整體財政部策略的優勢以及下一張投影片中比特幣市場的優勢。

Okay. You've been troopers, you've stayed with me the entire time, I, I appreciate your attention and I want to end with these principles and I think they're very important because if you're a MicroStrategy shareholder, you're coming with us on this journey and hopefully you see that we're in this for the long term and, and we want to be as transparent and consistent and reliable and understandable as we can possibly be to you. So these are our Bitcoin Treasury Company, BTC principles.

好的。你們一直是士兵，一直陪伴在我身邊，我感謝你們的關注，我想以這些原則作為結束語，我認為它們非常重要，因為如果你們是 MicroStrategy 股東，那麼你們就與我們一起踏上這段旅程，希望您看到我們是長期致力於此，並且我們希望盡可能對您透明、一致、可靠和易於理解。這些就是我們的比特幣財務公司，BTC 原則。

One, we are going to buy and hold Bitcoin indefinitely exclusively securely, right? The company is built on this idea, if you're waiting for us to hedge, to sell it, to get out on top. If you're looking for us to diversify, go elsewhere, right? If you're, if you're a banker, pitching me the idea of buying a value stock by some other cash cow company with my stock so that I can get them on the Bitcoin standard. My answer is, you know, what are you going to offer me? That's better than 29% A or R, you know, risk free for the next 21 years, right? We're focused on Bitcoin long term, right? Long hot time horizon.

第一，我們將無限期地安全地購買並持有比特幣，對吧？如果您正在等待我們進行對沖、出售、脫穎而出，那麼我們公司就是建立在這個理念之上的。如果您正在尋找我們多元化，那就去其他地方吧？如果你是，如果你是銀行家，向我推銷用我的股票購買其他一些搖錢樹公司的價值股票的想法，這樣我就可以將它們納入比特幣標準。我的回答是，你知道，你要給我什麼？這比 29% A 或 R 更好，你知道，未來 21 年無風險，對嗎？我們長期關注比特幣，對嗎？熱時間跨度長。

So that's the number one principle. It's very important. Everything else is built on it. Number two principle, we're, we're going to prioritize MicroStrategy common stock shareholders for long and long term and we're going to prioritize long term value creation.

這就是第一原則。這非常重要。其他一切都是建立在它之上的。第二個原則是，我們將長期優先考慮 MicroStrategy 普通股股東，我們將優先考慮長期價值創造。

If you own MSTR, you're my partner, you and I are in it together. When I meet with the MSTR shareholders, we talk about their ideas. They say you should do an ATM. Well, you know, how much leverage should we take on? Should you know, what should we be willing to do or not? Do? How do you feel about this? Right. and their interests are my interest.

如果你擁有 MSTR，你就是我的合作夥伴，你和我一起參與其中。當我與 MSTR 股東會面時，我們會談論他們的想法。他們說你應該使用 ATM 機。好吧，你知道我們應該承擔多大的槓桿作用嗎？你應該知道，什麼是我們願意做的，什麼是不願意做的？做？您對此有何感想？正確的。他們的興趣就是我的興趣。

They are the management team's interests. And if there's any question in your mind, like, what do you want to own for maximum performance over the next decade or 20 years? Right. The way we keep score is MSTR performance.

它們是管理團隊的利益。如果您心中有任何問題，例如，您想擁有什麼才能在未來十年或二十年中獲得最佳性能？正確的。我們記分的方式是 MSTR 表現。

Number three, treat all investors with respect, consistency and transparency. Now, every investor is our respected counterparty. If you've got a, a call option on MicroStrategy that expires in 30 days, I respect you. I'm glad you do business with us. We appreciate the support, right? But we're not going to run the business in order to maximize the call option on day 29. If the call option expires out of the money, I'm sorry, I couldn't do anything about that.

第三，尊重、一致和透明地對待所有投資者。現在，每一位投資者都是我們尊敬的交易對手。如果您在 MicroStrategy 上擁有 30 天後到期的看漲期權，我尊重您。我很高興您與我們做生意。我們感謝您的支持，對嗎？但我們不會為了在第 29 天最大化看漲期權而經營業務。

We're going to optimize for the long term common stock because otherwise nobody can do anything else that all of the other securities above and below the common stock wouldn't work. So if you want short us have at it, I respect that too. By all means more the merrier because you know, you're short a billion dollars, you're going to buy a billion dollars when we need you to buy it.

我們將針對長期普通股進行最佳化，因為否則沒有人可以做任何其他事情，而普通股之上和之下的所有其他證券都不起作用。因此，如果您希望我們能夠做到這一點，我也尊重這一點。無論如何，越多越好，因為你知道，你還缺十億美元，當我們需要你購買時，你就會買十億美元。

And so it's fine, but of course, don't make the mistake of thinking that I'm going to serve your interest either. Right? My, our interests are to make sure that we make good on our obligations. If we make a promise, we will meet our promise, you know, to our creditors, to everybody else. And that just means be consistent, be transparent, be respectful.

所以這很好，但是當然，也不要錯誤地認為我會為你的利益服務。正確的？天哪，我們的利益是確保我們履行我們的義務。如果我們做出承諾，我們就會兌現對我們的債權人、對其他所有人的承諾。這僅僅意味著保持一致、透明、尊重。

And I want people to know they can trust us to do what we said we're going to do. I expect that we will have lots of different types of investors with lots of different strategies. In fact, there's already a, you know, almost infinite number of strategies long, short hedged people trading va people, you know, selling va people levering up.

我希望人們知道他們可以相信我們會按照我們所說的去做。我預計我們會有很多不同類型的投資者，他們有很多不同的策略。事實上，已經有幾乎無限多的多頭、空頭對沖策略，人們在交易 VA 人，你知道，出售 VA 人槓桿。

It's like it's impossible to figure them out. Just be clear that, you know, we're going to think about one and two and then we I don't try to outthink the quants with the Bloomberg. You know, they, I know they are smarter and faster and they have an opinion, let them do what they're going to do. All I want to say is we're going to do our best not to compete with you. We're going to let you do your thing, we're going to respect you and, and whatever we say, we're going to do, we're going to do four structure MSTR to outperform BTC.

好像不可能弄清楚它們。請明確一點，我們將考慮一和二，然後我們不會試圖超越彭博社的寬客。你知道，他們，我知道他們更聰明、更快，他們有自己的意見，讓他們做他們要做的事。我想說的是，我們會盡力不與你們競爭。我們會讓你做你的事，我們會尊重你，無論我們說什麼，我們都會做什麼，我們將做四種結構的 MSTR 來超越 BTC。

No offense to BTC. I love BTC I tweet about BTC every day of my life. But MicroStrategy stock, I is going to be intelligently levered and our goal is to be more, more than BTC, more volatile higher performance. You know, I'd be happy if we're 1.5. If you told me we were two, I'm like pleasantly surprised and I love it, but I, we can't guarantee what that number will be.

無意冒犯比特幣。我喜歡比特幣，我每天都在推特上談論比特幣。但是 MicroStrategy 股票，我將被聰明地槓桿化，我們的目標是比 BTC 更穩定，更高的性能。你知道，如果我們是 1.5，我會很高興。如果你告訴我我們是兩個人，我會感到驚訝並且喜歡它，但是我，我們不能保證這個數字會是多少。

We can't even guarantee we will. But what I can tell you is our principle is we will structure the business. So rationally, we, everything we've done is with the aim of micro strategy being like a 1.5 X BT C, we want, we want a comfortable responsible boost so that we can support everybody else in the market. Number five, we're going to acquire BTC continually. We'll just we're going to keep stacking and the way that we're going to stack is while pursuing positive BTC yield.

我們甚至不能保證我們會。但我可以告訴你的是，我們的原則是我們將建立業務。因此，理性地講，我們所做的一切都是為了像1.5 X BT C 那樣的微觀策略，我們想要，我們想要一個舒適的、負責任的推動，這樣我們就可以支持市場上的其他人。第五，我們將持續收購比特幣。我們只是繼續積累，而我們積累的方式是在追求正的比特幣收益率的同時。

Look, I mean, we could, we could sell the stock, you know, at a negative premium and add BTC but it would be dilutive to the shareholders. You know, there are a lot of times when we could, we could you know, we could raise capital and it's actually quite a creative, but it's not as a, but we don't like the spreads and it looks worse than we think they'll be like next week. And so we'll just hold out and wait because we want to support the market and we just don't think it's appropriate.

聽著，我的意思是，我們可以，我們可以以負溢價出售股票並添加比特幣，但這會稀釋股東的權益。你知道，很多時候我們可以，我們可以，你知道，我們可以籌集資金，這實際上很有創意，但它不是，但我們不喜歡利差，它看起來比我們想像的更糟糕他們會像下週一樣。因此，我們會堅持等待，因為我們想支持市場，但我們認為這不合適。

So, we have the ability to move aggressively when the opportunity presents itself and we have the ability to wait and do nothing when that's the right thing to do. But the you can invest in 500 other companies and 500 other companies can make 10,000 capital investments. And after they make them, you can talk to the management team and try to figure out was that building profitable? Was that acquisition profitable? Should we have done that with shareholder money? Was that a good idea or not? And to tell you the truth, you could write 100,000 pages on that.

因此，當機會出現時，我們有能力積極採取行動，而當需要做正確的事情時，我們有能力等待而不採取任何行動。但你可以投資其他 500 家公司，而其他 500 家公司可以進行 10,000 資本投資。在他們製作完成後，你可以與管理團隊交談並嘗試弄清楚建築物是否有利可圖？這次收購有利可圖嗎？我們應該用股東的錢來做這件事嗎？這是個好主意嗎？說實話，你可以寫 10 萬頁。

And sometimes you never really know. And I think the thing that's special about micro strategy, which is really nice is we're giving you the true North BTC yield. We're telling you every time we look at a deal, somebody calls me and says, hey you should do this and this and I calculate it, I calculate the BT C yield. And I say, well, that's not the most compelling option. Our shareholders won't respect me. We will publish it, we will be transparent.

有時你永遠不會真正知道。我認為微觀策略的特別之處在於，我們為您提供了真正的 North BTC 收益率，這一點非常好。每次我們查看一筆交易時，我們都會告訴你，有人打電話給我說，嘿，你應該這樣做，然後我計算一下，我計算 BTC 收益率。我說，好吧，這不是最引人注目的選擇。我們的股東不會尊重我。我們將發布它，我們將保持透明。

And so BTC yield really simplifies things a lot. It's like I said, you want to make the investment in five days and you want to know whether it was a creative for your shareholders. And then if you're really H1 and truthful and transparent, you tell them and that's what we do. We're very proud of the fact that we tell you exactly what we're going to do and we will report on ourselves and some quarters are better BTCO than others.

所以比特幣的收益率確實讓事情變得簡單了許多。就像我說的，你想在五天內進行投資，你想知道這對你的股東來說是否有創意。然後，如果您真的是 H1、誠實且透明，您就告訴他們，這就是我們所做的。我們非常自豪的是，我們準確地告訴您我們將要做什麼，我們將自我報告，並且某些季度的 BTCO 比其他季度更好。

Some deals have a greater BTC yield than others. And, and so understand it, and we're going to be pursuing it because at the end of the day, you know, we generate BTC yield, we generate BTC gain, we generate BTC gain. We put value in the Bitcoin operation and that's the motor that drives the common stock and it drives Bitcoin six, our six principles, we're going to grow rapidly but responsibly. And of course, we're going to do it subject to market dynamics.

有些交易的比特幣收益率高於其他交易。所以理解它，我們將追求它，因為最終，你知道，我們產生 BTC 收益，我們產生 BTC 收益，我們產生 BTC 收益。我們將價值放在比特幣運作中，這是驅動普通股的發動機，它驅動比特幣的六大原則，我們將快速但負責任地成長。當然，我們將根據市場動態來做到這一點。

You know, the market changes every week, sometimes every day, we're paying attention. I can't tell you what we're going to do because the thing that makes sense when the market is in one dynamic state, all of a sudden doesn't make sense, you know, three days later. But what you can be sure is we're going to, we're going to pursue growth and we're going to do it in a responsible fashion.

你知道，市場每週都在變化，有時甚至是每天，我們都在關注。我無法告訴你我們要做什麼，因為當市場處於動態狀態時有意義的事情，三天後突然就沒有意義了。但你可以確定的是，我們將追求成長，並且我們將以負責任的方式做到這一點。

Our seventh principal, we're going to issue innovative fixed income securities that are backed by Bitcoin, right? I just showed you those convertible bonds. That's the, that's a great secret, but it's pretty extraordinary. You know, how do you buy Bitcoin with less volatility, less risk and get Bitcoin returns? Pretty neat idea. There are other good ideas that we think will appeal to people in the capital market.

我們的第七個原則是，我們將發行由比特幣支持的創新固定收益證券，對吧？我剛剛給你看了那些可轉換債券。就是這樣，這是一個偉大的秘密，但它非常不尋常。你知道，怎樣才能以較小的波動性、較小的風險購買比特幣並獲得比特幣回報？相當不錯的主意。我們認為還有其他一些好的想法會吸引資本市場的人。

Some of them will appeal to Bitcoin investors, some will appeal to crypto enthusiasts, some will appeal to conventional investors. We're going to, we're going to stay in our lane. Our lane is we have a Bitcoin Treasury reserve and it's permanent capital. And that means that we can find innovative fixed income ideas.

其中一些會吸引比特幣投資者，有些會吸引加密貨幣愛好者，有些會吸引傳統投資者。我們會，我們會留在我們的車道上。我們的路線是我們擁有比特幣財政部儲備，它是永久資本。這意味著我們可以找到創新的固定收益理念。

Why do I single out fixed income? Because fixed income is what creates the most leverage that drives MSTR common. And when we do it, when we do fixed income correctly, we're going to generate that 1.5X or two X Bitcoin return and that makes everybody happy and that leads me to eight, right? If you're going to do seven, you got to think 88 is maintain a healthy robust pristine balance sheet.

為什麼我要單獨列出固定收益？因為固定收益是推動 MSTR 走向普遍的最大槓桿因素。當我們這樣做時，當我們正確地進行固定收益時，我們將產生 1.5 倍或兩倍的比特幣回報，這讓每個人都高興，這讓我得到了 8 倍，對嗎？如果你打算做 7 個，你必須認為 88 個是保持健康穩健的原始資產負債表。

Now people are going to say what is pristine mean? Well, it means transparent, it means homogeneous that there is one risk you take. When you invest in MicroStrategy fixed income strategy and it's not the only thing we can do.

現在人們要說什麼是原始的意思？嗯，這意味著透明，意味著你承擔一種風險。當您投資 MicroStrategy 固定收益策略時，這並不是我們唯一能做的事情。

Strategy, there's a risk you take. When you buy our fixed income securities, the risk, the obvious overarching risk is you take Bitcoin risk, right? You're accepting the risk that Bitcoin itself could fail. And if you're not willing to accept a Bitcoin, existential systemic risk, then you probably shouldn't, you know, own any of our securities. Right? Because we're a Bitcoin company, but once you've accepted Bitcoin risk, there's a lot of people in the world, a lot of investors, they'll say to me, Mike, I love Bitcoin.

策略，你要承擔風險。當您購買我們的固定收益證券時，風險，明顯的首要風險是您承擔比特幣風險，對嗎？您正在接受比特幣本身可能失敗的風險。如果你不願意接受比特幣存在的系統性風險，那麼你可能不應該擁有我們的任何證券。正確的？因為我們是一家比特幣公司，但是一旦你接受了比特幣風險，世界上就有很多人，很多投資者，他們會對我說，麥克，我喜歡比特幣。

I believe in Bitcoin. I just can't stand the volatility or I believe in Bitcoin, but I need like a guaranteed, you know, coupon or I believe in Bitcoin, but I can't be marking this to market in my strategy or my strategy doesn't let me do this. So there are a lot of people that will accept that. But after that, they want to know that we're going to execute responsibly. So that means we a straightforward balance sheet. We want you to understand it. It's very, very straightforward.

我相信比特幣。我只是無法忍受波動，或者我相信比特幣，但我需要有保證的優惠券，或者我相信比特幣，但我不能在我的策略中將其標記為市場，或者我的策略不讓我這樣做。所以有很多人會接受這一點。但在那之後，他們想知道我們將負責任地執行。這意味著我們有一個簡單的資產負債表。我們希望你能理解它。這非常非常簡單。

These are our assets, these are our liquid assets, right? We don't want to have complications. The reason we wanted to repay the 28 $500 million senior bond. Too many complications, too many caveats, too many restrictions, and what we've learned over the four years is when we have complications in the balance sheet like the Silvergate loan or like this 28 senior note, those things undermine our ability to serve our common stock shareholders and they undermine our ability to issue converts and they undermine our ability to serve Bitcoin and to do the right thing for the capital market.

這些是我們的資產，這些是我們的流動資產，對吧？我們不想出現併發症。我們想要償還 28 美元 5 億美元優先債券的原因。太多的複雜情況，太多的警告，太多的限制，四年來我們學到的是，當我們的資產負債表出現複雜情況時，例如Silvergate 貸款或28 優先票據，這些事情會削弱我們服務於我們的能力。

So, we are enthusiastic, but we're also very disciplined and, and we know that we need to be viewed as having a pristine balance sheet in the Bitcoin business in the Bitcoin Treasury business. And so, that's why we value that. And then nine and I'll end with this, we're going to promote global adoption of BTC as a treasury reserve asset.

因此，我們充滿熱情，但我們也非常自律，而且我們知道，我們需要在比特幣財務業務中被視為擁有原始的資產負債表。因此，這就是我們重視這一點的原因。然後九點，我將以此結束，我們將促進全球採用比特幣作為國庫儲備資產。

Promoted to countries, promoted to cities, promoted to states, promoted to companies to public companies to promote it to private companies. I speak with public company executives. I speak with private company executives. We sponsor Bitcoin for corporations. Our belief, is that Bitcoin is a solution to the problem that 95% of public companies have and I guess 99% of private companies have, which is they don't have healthy balance sheets.

晉升為國家、晉升為城市、晉升為州、晉升為公司、晉升為上市公司、晉升為私人公司。我與上市公司高層進行了交談。我與私人公司高階主管進行了交談。我們為企業贊助比特幣。我們相信，比特幣可以解決 95% 的上市公司和我猜 99% 的私人公司所面臨的問題，即它們沒有健康的資產負債表。

Bitcoin fixes the balance sheet, it'll bring your stock back to life, it'll bring your options back to life, it'll bring volatile, everybody is negatively polarized to capital. We want to flip the switch and positively polarize them to capital. So unlike a lot of industries where you don't want competitors in our business, we're happy to share the playbook. We're happy to advocate, we'll show you how to do it. Everybody can win. There are no losers on the Bitcoin standard. There are only varying degrees of winners.

比特幣修復了資產負債表，它會讓你的股票重新煥發活力，它會讓你的選擇重新煥發活力，它會帶來波動，每個人都對資本持負面態度。我們希望打開開關，將他們積極地轉向資本。因此，與許多不希望競爭對手參與我們業務的行業不同，我們很樂意分享這項策略。我們很樂意倡導，我們將向您展示如何做到這一點。每個人都可以贏。比特幣標準沒有失敗者。只有不同程度的贏家。

And so with that, I would like to thank everybody for your time and I guess Shirish, let's go to questions.

因此，我要感謝大家抽出寶貴的時間，我想 Shirish，讓我們開始提問吧。

Great.

偉大的。

Thank you so much, Michael. That was a fantastic session and we went way over our assigned time of one hour. However, what we'll do is we'll take two quick questions. So by the way, thank you to all the viewers. There were 4,000 people who joined in and there are hundreds of questions that we received.

非常感謝你，麥可。那是一次非常棒的會議，我們超出了指定的一個小時的時間。然而，我們要做的是回答兩個簡單的問題。順便說一句，謝謝所有觀眾。有 4,000 人加入，我們收到了數百個問題。

So we'll just take two questions in the interest of time and the first question is for Andrew. Andrew, can you please provide a framework around how you might cover interest expense if we continue to issue convertible or fixed income notes, that might be beyond servicing from the software cash flows.

為了節省時間，我們只回答兩個問題，第一個問題是問安德魯的。安德魯，您能否提供一個框架，說明如果我們繼續發行可轉換或固定收益票據，您將如何支付利息費用，這可能超出了軟體現金流的服務範圍。

Sure. Thanks for the question. This is in the near term, I guess I'd say, I mentioned earlier, we redeemed the 28 notes which was our highest cost debt and by doing so, we reduced our annual cost by about $30 million or about 50% of our debt. So that obviously frees up cash and then your term taking out the 28 also release us from all the covenants.

當然。謝謝你的提問。這是在短期內，我想我會說，我之前提到過，我們贖回了28 張票據，這是我們成本最高的債務，透過這樣做，我們將年度成本減少了約3000 萬美元，即債務的約50% 。因此，這顯然可以釋放現金，然後你的任期取消 28 條也讓我們擺脫了所有契約。

So there may be some opportunities to get created there and, you know, lastly, but probably more importantly, the 2,121 plan. We plan to raise $42 billion of capital and that capital could be used to service interest if needed. So overall, I think, you know, we feel pretty good about our ability to issue new debt, issue new fixed income securities. And we'll look forward to those opportunities in the future.

因此，那裡可能會有一些機會，你知道，最後但可能更重要的是 2121 計劃。我們計劃籌集 420 億美元的資金，如有需要，這些資金可用於支付利息。因此，總的來說，我認為，我們對發行新債務、發行新固定收益證券的能力感到非常滿意。我們將期待未來的這些機會。

Great. And we'll take one question for Michael. Given your ambitious ATM plan. Are you concerned about the control company status? And how do you view it in the long term?

偉大的。我們要問麥可一個問題。鑑於您雄心勃勃的 ATM 計劃。您是否擔心控股公司的狀況？從長遠來看，您如何看待它？

I have a slightly more than 50% of the voting stock right now. And as we raise additional capital, I expect that my voting interest will slip below into the high 40s. If we, if we raise a lot of capital, it might slip into, move into the mid 40s or the low 40s, but I'm not at all concerned about it. First of all, we're going to run this company in partnership with our common stock shareholders and I meet with them routinely.

我現在擁有略高於 50% 的投票權。隨著我們籌集更多資金，我預計我的投票興趣將滑落至 40 左右。如果我們籌集大量資金，它可能會滑入 40 多歲或 40 多歲以下，但我一點也不擔心。首先，我們將與普通股股東合作經營這家公司，我會定期與他們會面。

There's nothing that we're going to do that, they're not going to want us to do. And so, perhaps in order to get over 50% I might have two or three of them join with me on occasion, but I, you know, I actually look forward to that. So, I think our common stock shareholders should know that they are partners and they deserve a say in the company, they'll have a greater say in the company and that's fine.

我們不會這樣做，他們也不會希望我們這樣做。因此，也許為了獲得超過 50% 的支持，有時我可能會邀請兩三個人加入我，但我，你知道，我實際上很期待這一點。所以，我認為我們的普通股股東應該知道他們是合夥人，他們應該在公司中有發言權，他們在公司中有更大的發言權，這很好。

I don't really think there's any, there's any reason that our company can't operate just fine with me having 48% of the vote instead of 52% of the vote. As, you can see our principles, you can see our plan. I think that, substantially I'll have enough voting shares to ensure that the company stays on track, but I'm not at all concerned about issuing additional equity.

我真的不認為有任何理由，我們公司不能在我擁有 48% 的選票而不是 52% 的選票的情況下運作得很好。因為，你可以看到我們的原則，你可以看到我們的計劃。我認為，基本上我將擁有足夠的投票權股份來確保公司保持在正軌上，但我一點也不擔心發行額外的股權。

Thank you, Michael. I think with that, we will conclude the Q&A portion of the webinar and I will hand the call over to Phong for the final closing remarks.

謝謝你，麥可。我想這樣我們就可以結束網路研討會的問答部分，我將把電話交給 Phong 進行最後的閉幕詞。

Look, I want to thank the several thousands of you who attended our earnings call today. I understand it's an elongated session and I appreciate your support and hopefully you've seen from our remarks. We are quite enthusiastic about the future of Bitcoin and the future of MicroStrategy and the potential for value creation for all of our shareholders.

看，我要感謝今天參加我們財報電話會議的數千人。我知道這是一個漫長的會議，我感謝您的支持，希望您從我們的演講中看到了這一點。我們對比特幣的未來、MicroStrategy 的未來以及為我們所有股東創造價值的潛力充滿熱情。

We believe that the Bitcoin Treasury company strategy and the enterprise software strategy is going to create growth and value. So we wish everybody a good quarter, a happy holidays and we look forward to seeing all of you again in 12 weeks. Thank you all.

我們相信比特幣金庫公司策略和企業軟體策略將創造成長和價值。因此，我們祝福大家有個愉快的季度，度過一個愉快的假期，並期待 12 週後再次見到大家。謝謝大家。

Thank you.

謝謝。