Strategy Inc (MSTR) 2024 Q4 法說會逐字稿

Hello, everyone and good evening. I am Shirish Jajodia, Corporate Treasurer and Head of Investor Relations, at Strategy. I will be your moderator for Strategy's 2024, fourth quarter earnings webinar. Before we proceed, I will read the Safe Harbor statement.

大家好，晚上好。我是 Shirish Jajodia，Strategy 的公司財務主管兼投資者關係主管。我將擔任 Strategy 2024 年第四季收益網路研討會的主持人。在我們繼續之前，我將宣讀安全港聲明。

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, filed with the SEC and our 8-K, filed on January 6, 2025.

我們在今天的電話會議上提供的有關未來預期、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，包括我們向美國證券交易委員會提交的最新 10-Q 報告和 2025 年 1 月 6 日提交的 8-K 報告中討論的風險因素，實際結果可能與這些前瞻性陳述有重大差異。

We assume no obligation to update these forward-looking statements, which speak only as of today. During today's call, we will refer to certain non-GAAP financial measures. Reconciliation 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 strategy.com. (Operator Instructions)

我們不承擔更新這些前瞻性陳述的義務，這些陳述僅代表今日的觀點。在今天的電話會議中，我們將參考某些非公認會計準則財務指標。我們今天發布的收益報告和簡報中提供了顯示 GAAP 與非 GAAP 結果的對帳表，可在我們的網站 strategies.com 上查閱。（操作員指令）

Now, I'll walk you through the agenda for today's call. First Phong Le will cover the business highlights for the fourth quarter and full year of 2024. Second, Andrew Kang will cover the financial results for the fourth quarter and full year of 2024. And then finally, Michael Saylor will provide a strategic review and discuss the recent Bitcoin market updates. And lastly, we will open up to Q&A. With that, I will turn the call over to Phong Le, President and CEO of Strategy.

現在，我將向大家介紹今天電話會議的議程。First Phong Le 將介紹 2024 年第四季和全年的業務亮點。其次，Andrew Kang 將介紹 2024 年第四季和全年的財務表現。最後，Michael Saylor 將提供策略評論並討論最近的比特幣市場更新。最後，我們將開放問答環節。說完這些，我將把電話轉給 Strategy 總裁兼執行長 Phong Le。

Thank you, Shirish. Hello, everyone. I'd like to welcome you all to today's webinar and our first ever earnings call as Strategy. MicroStrategy Incorporated today announced that it is now doing business and Strategy. The MicroStrategy name and logo date back to our incorporation more than three decades ago in 1989.

謝謝你，Shirish。大家好。我歡迎大家參加今天的網路研討會和我們作為策略部門的首次財報電話會議。MicroStrategy Incorporated 今天宣布，目前該公司正在進行業務和戰略業務。MicroStrategy 的名稱和標誌可以追溯到我們三十多年前的 1989 年成立時。

At that time, we positioned ourselves at the forefront of the microcomputer revolution. The term Micro symbolized precision, and our focus on harnessing the power of computing to create business intelligence, that changed how companies operate.

當時，我們把自己定位在微型電腦革命的前沿。「微」一詞象徵著精確，我們專注於利用運算能力來創造商業智能，從而改變公司的運作方式。

There have been significant changes since then, both in the technology industry and to our Strategy. Technology is now ubiquitous and our business strategy and value to our customers is no longer limited to technology. Today, the company is excited to announce its rebrand, a Strategy for the following reasons.

自那時以來，科技產業和我們的策略都發生了重大變化。科技如今無所不在，我們的業務策略和對客戶的價值不再局限於技術。今天，該公司很高興地宣布其品牌重塑策略，原因如下。

One, simplicity, Strategy is a single word, easy to remember and has 40% fewer letters than MicroStrategy. Continuity, since Strategy is the second half of MicroStrategy's historical brand name, it would represent an evolution, but not a complete change or break from our past. And three, ambition. The new name would also reflect our ambition to keep pushing boundaries. For example, we are no longer confined to the past, but we're focused on the big picture driving new innovations and digital capital and business intelligence.

一、簡單。連續性，因為「策略」是微策略歷史品牌名稱的後半部分，它代表著一種演變，但並不是與過去的徹底改變或決裂。第三，雄心。新名稱也反映了我們不斷突破界限的雄心。例如，我們不再局限於過去，而是著眼於推動新創新、數位資本和商業智慧的大局。

So today Strategy is the world's first and largest Bitcoin Treasury Company. The largest independent publicly traded business intelligence company and also a NASDAQ 100 stock.

所以今天 Strategy 是世界上第一家也是最大的比特幣財務公司。最大的獨立上市商業智慧公司，也是納斯達克 100 指數成分股之一。

The brand simplification is a natural evolution of the company, reflecting our focus and broad appeal.

品牌簡化是公司的自然演變，體現了我們的重點和廣泛的吸引力。

The new logo includes a stylized B, signifying the company's Bitcoin strategy and our unique position as a Bitcoin Treasury Company. And our new brands primary color is now orange, which represents Energy, Intelligence and Bitcoin.

新標誌包括一個風格化的“B”，象徵著公司的比特幣策略以及我們作為比特幣財務公司的獨特地位。我們新品牌的主色調現在是橙色，代表能源、智慧和比特幣。

Alongside our rebranding, we're excited to launch the official strategy merchandise store. A reflection of our commitment to our passionate retail shareholders, who take pride in being part of our journey. Just as sports fans proudly represent their favorite teams, our shareholders and employees and customers want to showcase their support for Bitcoin, and for us.

隨著我們的品牌重塑，我們很高興推出官方策略商品商店。這體現了我們對熱情的散戶股東的承諾，他們為成為我們旅程的一部分而感到自豪。就像體育迷自豪地代表他們最喜歡的球隊一樣，我們的股東、員工和客戶也希望展示他們對比特幣和我們的支持。

Our store will feature a curated collection of Strategy apparel, accessories and gear, designed for those who share our vision. You can now visit the store at store.strategy.com. We welcome your feedback and look forward to seeing our community represent strategy with pride.

我們的商店將推出精選的 Strategy 服裝、配件和裝備，專為與我們有共同願景的人設計。現在您可以造訪 store.strategy.com 上的商店。我們歡迎您的回饋，並期待看到我們的社區自豪地代表策略。

Next, I'm also excited to share that we launched a new website strategy.com. As you can see in this slide, it includes a live tracker of various metrics and market data, including share price, performance, market cap, Bitcoin account, trading volume, options, open interest and more.

接下來，我也很高興地告訴大家，我們推出了一個新網站strategy.com。正如您在幻燈片中看到的，它包含各種指標和市場數據的即時追蹤器，包括股價、表現、市值、比特幣帳戶、交易量、選擇權、未平倉合約等。

We believe such a disclosure will provide more transparency and consistency and real time information to our investors and stakeholders. Investors can see both real time data and historical information, such as past Bitcoin purchases in one simple, accessible place.

我們相信這樣的揭露將為我們的投資者和利害關係人提供更透明、一致和即時的資訊。投資者可以在一個簡單、易於訪問的地方查看即時數據和歷史信息，例如過去的比特幣購買情況。

We have many investors and analysts aggregating this information on their own and we thank them for their fastidious work. Now we can provide this information, trusted and governed all in one place.

我們有許多投資者和分析師自行收集這些信息，我們感謝他們的辛勤工作。現在我們可以在一個地方提供這些可信賴且可管理的資訊。

Finally, we've relaunched our software website too, strategysoftware.com. We continue to be at the forefront of innovation, AI powered business intelligence. We're also progressing rapidly with our cloud transition, with a truly cloud native open multi-cloud approach. These are highlighted at our new software website.

最後，我們也重新推出了我們的軟體網站，strategysoftware.com。我們繼續走在創新、人工智慧商業智慧的前沿。我們的雲端轉型也正在快速推進，採用了真正的雲端原生開放多雲方法。這些都在我們的新軟體網站上進行了重點介紹。

To celebrate our new brand, learn more about our innovations in AI, cloud and business intelligence, spend time with our software customers and meet folks on the forefront of Bitcoin for corporations. I invite you all to join us in Strategy world 2025 in Orlando, Florida. Go to our websites to register for this event and I look forward to seeing many of you in Orlando.

為了慶祝我們的新品牌，進一步了解我們在人工智慧、雲端和商業智慧方面的創新，與我們的軟體客戶共度時光，並與企業比特幣前沿的人士會面。我邀請大家參加在佛羅裡達州奧蘭多舉行的 2025 戰略世界會議。請造訪我們的網站註冊參加這項活動，我期待在奧蘭多見到你們。

And if a brand launch was not enough, we've had a very busy quarter since our last earnings call. Here are some highlights. One, we continue to see momentum in migrating existing customers and adding new prospects to our managed cloud platform. In Q4 2024, we saw a 50% year-over-year increase, in current subscription billings and a 48% year-over-year increase, in subscription services, revenues.

如果說品牌發布還不夠的話，那麼自從上次財報電話會議以來，我們經歷了一個非常忙碌的季度。以下是一些亮點。首先，我們繼續看到現有客戶遷移和新客戶向我們的託管雲端平台增加的勢頭。2024 年第四季度，我們看到目前訂閱帳單年增 50%，訂閱服務收入較去年同期成長 48%。

Second, we've adopted FASB's fair value accounting standard for our Bitcoin holdings. And this accounting change will be reflected in our Q1 2025 financials. This will lead to a large onetime cumulative effect; net increase the opening balance of our retained earnings of $12.75 billion in Q1, as our Bitcoin holdings will be revalued from the current carrying value to the market value.

其次，我們對持有的比特幣採用了 FASB 的公允價值會計準則。這項會計變更將反映在我們 2025 年第一季的財務報表中。這將產生一次性巨大的累積效應；由於我們的比特幣持有量將從當前帳面價值重新估價為市場價值，因此第一季我們留存收益的期初餘額將淨增加 127.5 億美元。

We are proud to have contributed to the corporate initiative advocating for the revision of prior reporting standards that categorize Bitcoin as an indefinite lived intangible asset. Three, in December 2024 Strategy was officially included in the NASDAQ 100 Index. As a result, investors in QQQ and other NASDAQ 100 Index funds will receive exposure to our Bitcoin strategy.

我們很榮幸能夠為企業倡議修改將比特幣歸類為無限期無形資產的先前報告標準做出貢獻。三、2024年12月策略正式納入納斯達克100指數。因此，QQQ 和其他納斯達克 100 指數基金的投資者將接觸到我們的比特幣策略。

According to some estimates ETF's tracking the NASDAQ 100, have more than $550 billion, in assets under management.

據估計，追蹤納斯達克 100 指數的 ETF 管理的資產超過 5500 億美元。

We view this as an important milestone in the institutional adoption of Bitcoin. And we're proud to be part of the NASDAQ 100. In December, we welcomed three new members to our board of directors, Brian Brooks, Jane Dietze and Gregg Winiarski. This expansion increases our Board from six to nine members and reinforces our commitment to the highest standards of corporate governance.

我們認為這是比特幣機構採用的重要里程碑。我們很榮幸能夠成為納斯達克 100 指數成分股之一。12 月，我們歡迎三位新成員加入董事會，分別是 Brian Brooks、Jane Dietze 和 Gregg Winiarski。此次擴張使我們的董事會成員從六名增加到九名，並加強了我們對最高公司治理標準的承諾。

Each of these distinguished leaders brings a wealth of invaluable experience and expertise in digital assets, capital markets and regulatory matters. And we believe, they will make significant contributions to our Strategy as a Bitcoin Treasury Company. Further strengthening our strategic vision and oversight.

這些傑出的領導者都在數位資產、資本市場和監管事務方面擁有豐富的寶貴經驗和專業知識。我們相信，他們將為我們作為比特幣財務公司的策略做出重大貢獻。進一步加強我們的策略眼光和監督。

Lastly, we conducted a special shareholder meeting in January, where our shareholders voted to increase the authorized Class A common stock to 10.33 billion shares and preferred stock to 1.005 billion shares respectively.

最後，我們在一月召開了一次特別股東大會，股東投票決定將授權的 A 類普通股增加至 103.3 億股，優先股增加至 10.05 億股。

The expanded share count will support the execution of our strategy to raise capital opportunistically and effectively through both equity and fixed income securities, to purchase Bitcoin in a manner that we believe, is advantageous and accretive to our shareholders under the prevailing market conditions.

擴大的股份數量將支持我們實施策略，透過股票和固定收益證券適時有效地籌集資金，以我們認為在現行市場條件下對我們的股東有利和增值的方式購買比特幣。

Moving on to the Bitcoin highlights for 2024, Strategy remains the largest corporate holder of Bitcoin in the world, now holding 471,107 Bitcoins, with a total Bitcoin market value of $46 billion, as of February 2. In the full year 2024, we acquired an additional 258,320 Bitcoin, for a total purchase cost of $22.1 billion, at an average price of $85,447. In 2024, the price of Bitcoin appreciated, spurred notably by the approval of spot Bitcoin exchange traded products or ETPs. Additionally, the pro crypto stance of the new administration led by President Trump, has drawn considerable institutional attention to the asset class.

回顧 2024 年的比特幣亮點，截至 2 月 2 日，Strategy 仍然是世界上最大的比特幣企業持有者，目前持有 471,107 個比特幣，比特幣總市值為 460 億美元。2024 年全年，我們額外收購了 258,320 枚比特幣，總購買成本為 221 億美元，平均價格為 85,447 美元。2024 年，比特幣價格升值，尤其是受到現貨比特幣交易所交易產品或 ETP 批准的刺激。此外，以川普總統為首的新政府支持加密貨幣的立場，吸引了相當多的機構關注這一資產類別。

We believe the introduction and initial success of the spot Bitcoin ETPs, evidenced the growing 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.

我們相信，現貨比特幣 ETP 的推出和初步成功，證明了比特幣作為機構級資產類別的日益成熟，並獲得了更廣泛的監管認可和機構採用。在資本市場方面，我們在推動比特幣策略方面取得了重大進展。

We announced our 21-21 plan into the Q3 earnings call in November, to target raising $21 billion of equity and $21 billion from fixed income securities between 2025 and 2027.

我們在 11 月的第三季財報電話會議上宣布了我們的 21-21 計劃，目標是在 2025 年至 2027 年期間籌集 210 億美元的股權資金和 210 億美元的固定收益證券資金。

We have made progress under our 21-21 plan, much faster than originally anticipated. With rapid and responsible growth in our capital raising, given favorable market dynamics. In the full year 2024, quarter to date, in Q1 2025, we raised $18.8 billion in net proceeds, through our At The Market or ATM Equity Offering program. And raised $6.2 billion, through the issuance of five different tranches of convertible notes.

我們的21-21計劃已經取得進展，比最初預期的要快得多。在有利的市場動態下，我們的融資業務實現了快速且負責任的成長。2024 年全年截至目前，即 2025 年第一季度，我們透過市場或 ATM 股票發行計劃籌集了 188 億美元的淨收益。並透過發行五種不同種類的可轉換票據籌集了 62 億美元。

This makes Strategy the largest issuer of convertible bonds in a single calendar year in the last decade.

這使得 Strategy 成為過去十年中單一日曆年內最大的可轉換債券發行人。

We also raised $584 million gross proceeds, by issuing strike a preferred perpetual stock, last week after filing a shelf registration. We expect to continue issuing innovative fixed income securities and seek to enable our common stock to outperform Bitcoin via intelligent leverage. To manage our overall leverage intelligently, and maintain a healthy and robust balance sheet, we redeemed our $500 million senior secured notes to 2028, and called our $650 million convertible notes to 2025, and $1.05 billion convertible notes to 2027.

上週，在提交了擱置登記後，我們還透過發行優先永久股籌集了 5.84 億美元的總收益。我們預計將繼續發行創新的固定收益證券，並尋求透過智慧槓桿使我們的普通股表現優於比特幣。為了明智地管理我們的整體槓桿率並保持健康穩健的資產負債表，我們贖回了 5 億美元的優先擔保票據至 2028 年，並將 6.5 億美元的可轉換票據贖回至 2025 年，並​​將 10.5 億美元的可轉換票據贖回至 2027 年。

All of our Bitcoin serving as collateral securing our 2028 senior secured notes was released. As illustrated on this slide, our new capital structure includes the issuance of convertible preferred equity for investors, seeking lower volatility and leverage. We believe that our new Perpetual Strike Preferred Stock or STRK, is a complementary addition to our convertible bonds and any future fixed debt instruments we might have. Strategy's unique position allowed us to introduce Strike, which is a form of convertible preferred stock with an embedded perpetual call option, MicroStrategy, our common stock, which has substantial exposure to Bitcoin.

我們所有的比特幣都作為 2028 年優先擔保票據的抵押品，現已被釋放。如本張投影片所示，我們的新資本結構包括向投資者發行可轉換優先股，以尋求降低波動性和槓桿率。我們相信，我們的新永久執行優先股（STRK）是對我們的可轉換債券和我們可能擁有的任何未來固定債務工具的補充。Strategy 的獨特地位使我們能夠推出 Strike，這是一種嵌入永久看漲期權的可轉換優先股，MicroStrategy，我們的普通股，與比特幣有大量關聯。

It's important to note that Bitcoin itself is one of the most volatile and historically high performing commodities available. We created a preferred security convertible, into highly liquid equity, which in turn is issued by a company that holds significant amounts of Bitcoin, a volatile and liquid commodity. To our knowledge Strike is the first preferred equity or convertible preferred equity issued by a company with significant Bitcoin exposure.

值得注意的是，比特幣本身是市場上最不穩定、歷史上表現最好的商品之一。我們創建了一種可轉換為高流動性股票的優先證券，而這種股票又由一家持有大量比特幣（一種波動性大且流動性強的商品）的公司發行。據我們所知，Strike 是一家擁有大量比特幣業務的公司發行的第一支優先股或可轉換優先股。

Its ticker symbol, STRK is the second publicly traded ticker for Strategy. While Strategy aims to issue leveraged equity through which our investors gain exposure to Bitcoin, STRK strike offers an 8% fixed coupon and a perpetual uncapped call option in a publicly traded security.

其股票代號 STRK 是 Strategy 的第二個公開交易股票代號。Strategy 旨在發行槓桿股票，讓我們的投資者接觸比特幣，而 STRK 執行價格提供 8% 的固定票面利率和公開交易證券的永久無上限看漲期權。

This overall capital structure is quite unique and designed to broaden our investor base. The primary objective of introducing Strike was to access an investor base, that is interested in investing in securities with exposure to Bitcoin, but they want lower sensitivity to Bitcoin's volatility and performance, both on the upside and downside.

這種整體資本結構非常獨特，旨在擴大我們的投資者基礎。推出 Strike 的主要目的是吸引投資者，他們對投資與比特幣相關的證券感興趣，但他們希望降低對比特幣波動性和表現的敏感度（無論是上行還是下行）。

We recognize that those investing in MSTR class A common stock, typically seek higher volatility and leverage. But we also saw an opportunity to attract a new class of investors interested in reduced volatility and leverage, they still wanting Bitcoin exposure. As reflected in the snapshot of our capital markets activity, 2024 was a milestone year for Strategy, with over $22 billion raised to fuel our Bitcoin strategy. The pace of our capital raising and Bitcoin acquisition significantly accelerated in Q4 2024, during which we raised $15 billion through equity issuances and $3 billion via convertible deb,t in just under two months.

我們認識到，投資 MSTR A 類普通股的人通常尋求更高的波動性和槓桿率。但我們也看到了吸引新一類投資者的機會，這些投資者對降低波動性和槓桿率感興趣，他們仍然希望投資比特幣。從我們的資本市場活動快照可以看出，2024 年是 Strategy 的里程碑之年，籌集了超過 220 億美元來推動我們的比特幣策略。2024 年第四季度，我們的融資和比特幣收購步伐顯著加快，在此期間，我們透過發行股票籌集了 150 億美元，透過可轉換債務籌集了 30 億美元，僅用了不到兩個月的時間。

To put the scale of last quarter's activities in perspective, prior to last quarter, we had raised $10 billion over 17 quarters, since adopting Bitcoin as a treasury reserve asset in August 2020.

為了更直觀地了解上個季度活動的規模，自 2020 年 8 月採用比特幣作為國庫儲備資產以來，我們在上個季度之前的 17 個季度中已經籌集了 100 億美元。

This remarkable ramp up is not only a testament to Bitcoin's broader adoption and price appreciation, but also to support our diverse investor base, who recognize our ability to execute our Bitcoin strategy with laser focus. Andrew will provide further details on our capital markets and Bitcoin purchase activity.

這一顯著增長不僅證明了比特幣的廣泛應用和價格升值，也支持了我們多元化的投資者群體，他們認可我們專注執行比特幣策略的能力。安德魯將提供有關我們的資本市場和比特幣購買活動的更多詳細資訊。

Last quarter, we developed a new descriptor for what we are, which is the world's first and largest Bitcoin Treasury Company, the acronym being coincidentally BTC. We continue to focus on acquiring more Bitcoin through our capital market activities and we believe that the value proposition of the company is center around centers increasingly on our Bitcoin Treasury strategy.

上個季度，我們對自己的公司有了新的描述，即世界上第一家也是最大的比特幣財務公司，縮寫恰好是 BTC。我們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財務策略上。

We're a publicly traded company that has adopted Bitcoin as a 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.

我們是一家上市公司，採用比特幣作為主要財務儲備資產。透過利用股權和債務融資所得收益以及我們營運產生的現金流，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一系列證券（包括股票和固定收益工具）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 innovational Bitcoin applications and integrating analytics experience with our commitment to digital asset growth.

此外，我們也提供業界領先的人工智慧企業分析軟體，推動我們無所不在的智慧願景。我們利用我們的開發能力來探索創新的比特幣應用程序，並將分析經驗與我們對數位資產成長的承諾相結合。

We believe our combination of operational excellence, our strategic Bitcoin Reserve and our focus on technological innovation, positions 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，透過卓越的營運、策略性的比特幣儲備以及對技術創新的關注，我們將在數位資產和企業分析領域佔據領先地位，為長期價值創造提供獨特的機會。

Since our adoption of our Bitcoin strategy, we've used three primary mechanisms to acquire more Bitcoin. One fixed income securities, we've issued $8.6 billion of total debt, of which $6.2 billion in principal amount of convertible debt is outstanding at an attractive blended cost of debt fixed at 0.56% annually. We also raised $584 million in gross proceeds through perpetual preferred stock, and we will continue seeking to innovate with other fixed income securities offerings.

自從我們採用比特幣策略以來，我們已經使用了三種主要機制來獲取更多比特幣。一項固定收益證券，我們已發行了 86 億美元的總債務，其中 62 億美元的可轉換債務本金尚未償還，債務混合成本極具吸引力，每年固定為 0.56%。我們也透過永久優先股籌集了 5.84 億美元的總收益，並將繼續尋求透過其他固定收益證券發行進行創新。

Common stock issuances. We have issued $21.7 billion, in shares of class A common stock in a manner that we believe to be a creative to existing shareholders, and cash flow from operations. Since August 2020, we've used $836 million of total cash generated by our software operations to purchase Bitcoin.

普通股發行。我們已發行價值 217 億美元的 A 類普通股，我們認為這種方式對現有股東和經營活動產生的現金流量都有利。自 2020 年 8 月以來，我們已使用軟體營運產生的 8.36 億美元現金購買比特幣。

These three capital market levers have allowed us to raise $31 billion of capital and deploy intelligent leverage, to increase our Bitcoin holdings in a manner that we believe has created tremendous shareholder value.

這三個資本市場槓桿使我們能夠籌集 310 億美元的資本並部署智慧槓桿，以我們認為創造了巨大股東價值的方式增加我們的比特幣持有量。

Last quarter, we introduced our 21-21 capital raising plan targeting $42 billion in capital, split equally between equity and fixed income over three years. Since then, supportive macro conditions led us to accelerate the execution of our capital raising plan. We've already raised 80% of our $21 billion equity target and 17% of our fixed income target, while accumulating significant Bitcoin holdings. In 2025, we are shifting our focus more to fixed income issuances, including convertible notes, preferred stock and other securities, designed to provide leverage that benefits our shareholders. As mentioned in the past, our long-term leverage target is 20% to 30% of our Bitcoin holding value.

上個季度，我們推出了 21-21 融資計劃，目標是三年內籌集 420 億美元的資本，平均分配給股票和固定收益。自此以後，有利的宏觀條件促使我們加快實施融資計畫。我們已經實現了 210 億美元股權目標的 80% 和固定收益目標的 17%，同時累積了大量比特幣持有量。2025 年，我們將把重點更多地轉向固定收益發行，包括可轉換票據、優先股和其他證券，旨在提供有利於股東的槓桿。正如過去所提到的，我們的長期槓桿目標是比特幣持有價值的 20％ 到 30％。

We remain flexible and will continue to adapt swiftly to market conditions. Now I'll turn the call over to Andrew, to discuss our financials for the quarter in further detail.

我們保持靈活性並將繼續迅速適應市場狀況。現在我將把電話轉給安德魯，進一步詳細討論本季的財務狀況。

Thank you, Phong. I'll begin with a review of the software results. Then going to further detail on our Bitcoin strategy and those results. On slide 16, you can see in Q4 total software revenues were approximately $121 million, down 3% year over year. Full year 2024, total revenues were approximately $464 million, down 7% year over year.

謝謝你，Phong。我將首先回顧軟體結果。然後進一步詳細介紹我們的比特幣策略和結果。在第 16 張投影片上，您可以看到第四季度的軟體總收入約為 1.21 億美元，年減 3%。2024 年全年總收入約 4.64 億美元，年減 7%。

We fully anticipated product license revenues along with support revenues to decrease in Q4. And our revenue trend continues to reflect the ongoing successful transition of our software business from on premise to cloud. Turning to the cloud results, Q4 subscription services revenues increased 48% year over year, and now make up approximately 20% of total revenues. Full year 2024, subscription services revenues were approximately $106.7 million, reflecting an increase of 32% year over year.

我們完全預期產品授權收入和支援收入在第四季度將會減少。我們的收入趨勢繼續反映出我們的軟體業務從本地到雲端的成功轉型。談到雲端運算業績，第四季訂閱服務營收年增 48%，目前約佔總營收的 20%。2024 年全年訂閱服務收入約 1.067 億美元，較去年同期成長 32%。

The growth in subscription services revenues is a result of the growth in our subscription billings, which also grew by 57% in Q4, to approximately $65 million. Our fourth straight year of quarterly double-digit growth. The strong growth in our subs billings was again driven by both existing customer migrations to the cloud, as well as new customer wins in Q4. And our customer renewal rates continue to remain elevated consistent with prior quarters.

訂閱服務收入的成長源自於我們的訂閱帳單的成長，第四季訂閱帳單也成長了 57%，達到約 6,500 萬美元。我們連續第四年實現季度兩位數成長。我們的訂閱費用的強勁成長再次得益於現有客戶向雲端的遷移以及第四季度新客戶的成長。我們的客戶續約率持續保持與前幾季相同的高點。

We continue to see growth and demand for our cloud platform and Q4 was the strongest quarter of customer migrations to cloud today.

我們持續看到雲端平台的成長和需求，第四季是當今客戶向雲端遷移最強勁的一個季度。

The decrease in product license revenues and support revenues will be offset by growth in subscription services revenues. We expect this trend will continue in 2025 in the short term, but in the long run, cloud subscription services revenues should offset this shift as we fully transition our business to the cloud. Cost of revenues were approximately $34 million, up 21% compared to Q4 of last year, and approximately $130 million for the full year, up 18% year over year. The increase was driven primarily by higher cloud hosting costs, which we expect to continue in future periods, as a direct result of our growing cloud business.

產品授權收入和支援收入的減少將由訂閱服務收入的成長所抵消。我們預計這一趨勢將在短期內持續到 2025 年，但從長遠來看，隨著我們業務完全轉向雲端，雲端訂閱服務收入應該可以抵消這一轉變。營收成本約 3,400 萬美元，較去年第四季成長 21%，全年約 1.3 億美元，較去年同期成長 18%。成長的主要原因是雲端託管成本上升，我們預計未來這一趨勢還將持續，這是我們雲端業務不斷增長的直接結果。

Operating expenses for the software business were approximately $94 million, down 6% compared to Q4 of last year. And full year OpEx was approximately $396 million, which was up 2% year over year.

軟體業務營運費用約 9,400 萬美元，較去年第四季下降 6%。全年營運支出約 3.96 億美元，較去年同期成長 2%。

And lastly, digital asset impairment charges in Q4 were approximately $1 billion and approximately $1.8 billion for the full year. I am happy to announce that Q4 will be the last quarter, where we will recognize an impairment charge on our Bitcoin holdings, as we move to fair value accounting in Q1.

最後，第四季的數位資產減損費用約為 10 億美元，全年約為 18 億美元。我很高興地宣布，第四季度將是最後一個季度，我們將對比特幣持有量確認減損費用，因為我們在第一季轉向公允價值會計。

Now turning to our Bitcoin strategy, Q4 was the most successful quarter of adding Bitcoin on our balance sheet, since the adoption of our Bitcoin Strategic Reserve. We acquired 218,887 Bitcoins from the beginning of the fourth quarter till now for approximately $20.5 billion at an average price of 93,600 per Bitcoin.

現在談談我們的比特幣策略，自從採用比特幣戰略儲備以來，第四季是我們資產負債表上添加比特幣最成功的一個季度。從第四季初到現在，我們以平均每比特幣 93,600 美元的價格收購了 218,887 個比特幣，總價值約 205 億美元。

As of January 24, the company held a total of 471,107 Bitcoins acquired for an aggregate cost of $30.4 billion or approximately $64,511 per Bitcoin. Strategy has added Bitcoin to our balance sheet in every single quarter since August 2020, across 50 plus announcements and 100% of our Bitcoin holdings remain fully unencumbered. As of February 2, 2025, the market value of our Bitcoin holdings was at $46.1 billion, purchased at an aggregate cost of $30.4 billion and an average Bitcoin purchase price of $64,511.

截至 1 月 24 日，該公司共持有 471,107 個比特幣，總成本為 304 億美元，或每個比特幣約 64,511 美元。自 2020 年 8 月以來，策略部門每季都會將比特幣添加到我們的資產負債表中，已發布 50 多次公告，我們 100% 的比特幣持有量仍保持完全不受限制。截至 2025 年 2 月 2 日，我們持有的比特幣的市值為 461 億美元，總購買成本為 304 億美元，平均比特幣購買價格為 64,511 美元。

Beginning with our Q1 2025 reported results, we will reflect the impact of the new FASB fair value accounting rule, for our Bitcoin holdings as part of net income. As a result of the change in accounting rule on January 1, 2025, we recognize a positive cumulative adjustment to the opening balance of our retained earnings of approximately $12.7 billion, which was in large part due to the significant difference between the higher market value of our Bitcoin, compared to the carrying value of the Bitcoin on our balance sheet, as of December 31.

從我們 2025 年第一季報告的結果開始，我們將反映新的 FASB 公允價值會計規則的影響，將我們的比特幣持有量作為淨收入的一部分。由於 2025 年 1 月 1 日會計規則的變化，我們確認留存收益期初餘額累計調整約為 127 億美元，這在很大程度上是由於我們的比特幣市場價值較高，與我們資產負債表上截至 12 月 31 日的比特幣賬面價值相比，存在顯著差異。

We will remeasure the fair value of our Bitcoin holdings on the last day of the first quarter and any difference in the price of Bitcoin at the end of the first quarter, compared to the ending price on December 31, will be recognized as income or loss as part of our GAAP reported net income.

我們將在第一季最後一天重新衡量我們持有的比特幣的公允價值，並且第一季末比特幣價格與 12 月 31 日的期末價格之間的任何差異都將確認為收入或損失，作為我們 GAAP 報告的淨收入的一部分。

Since establishing the record $21 billion common equity ATM program on October 30, of last year, which was in fact the largest in capital markets history, we have issued new shares swiftly, yet extremely prudently, while adapting to the strong market conditions. This chart illustrates the weekly breakdown for the average daily shares issued via our ATM, compared to the overall average daily trading volume for each of those weeks.

自去年 10 月 30 日設立創紀錄的 210 億美元普通股 ATM 計劃（實際上是資本市場歷史上規模最大的計劃）以來，我們在適應強勁的市場狀況的同時，迅速而又極其謹慎地發行新股。此圖表顯示了每週透過我們的 ATM 發行的日均股票數量與每週總體日均交易量的比較。

You'll note that, while we have sold $16.7 billion of common equity, since announcing our new ATM program, that activity accounted for only a very modest 2.9% of the total average daily trading volume of MSTR for the entire period.

您會注意到，雖然自從宣布新的 ATM 計劃以來，我們已出售了價值 167 億美元的普通股，但這項活動僅佔 MSTR 整個期間日均交易總量的 2.9%。

We continuously monitor Bitcoin price, MSTR share price as well as overall trading volumes in a programmatic and disciplined manner to sell shares through our ATM and execute sales in a manner, we believe that does not impact the overall market price of MSTR.

我們以程序化和規範的方式持續監控比特幣價格、MSTR 股價以及整體交易量，透過我們的 ATM 出售股票並以我們認為不會影響 MSTR 整體市場價格的方式執行銷售。

Now turning to our treasury operations, we had one of our most impactful quarters from a capital markets execution perspective. In Q4, we issued a new $3 billion convertible note in November, which was upsized and well received by the market.

現在談談我們的財務運營，從資本市場執行的角度來看，這是我們最具影響力的季度之一。第四季度，我們於 11 月發行了新的 30 億美元可轉換債券，該債券規模擴大並受到市場好評。

The notes due December 2029 had a 0% coupon and 55% conversion premium, reflecting a conversion price of approximately $672 per share.

2029 年 12 月到期的票據票面利率為 0%，轉換溢價為 55%，轉換價格約為每股 672 美元。

As in the past, the net proceeds from the new convert were used to acquire additional Bitcoin. In Q1 we called for the redemption of our $1.05 billion 2027 convertible notes. As the notes were substantially in the money, we expect most holders will elect to convert their notes into shares of our class A common stock on, or, prior to the redemption date.

與過去一樣，新轉換的淨收益用於購買額外的比特幣。在第一季度，我們要求贖回價值 10.5 億美元的 2027 年可轉換票據。由於這些票據實質上是價內資產，我們預期大多數持有人將選擇在贖回日或之前將其票據轉換為我們的 A 類普通股。

We believe this creates capacity for additional intelligent leverage for our balance sheet in the form of new fixed income instruments. After the redemption of our 2027 convertible notes, our nearest debt maturity is now more than three years away and not until late 2028.

我們相信，這將以新的固定收益工具的形式為我們的資產負債表創造額外的智慧槓桿能力。在我們贖回 2027 年可轉換票據之後，我們最近的債務到期日還有三年多的時間，要到 2028 年底。

And the remainder of our scheduled debt maturities are evenly spread over several years out to 2032, with a weighted average scheduled debt maturity of approximately five years. Under our current capital structure, we now have $6.2 billion of unsecured convertible debt outstanding, with a blended interest rate of approximately 0.56%, with staggered stated maturities beginning in December 2028 through June 2032.

我們剩餘的預定債務到期日平均分佈在 2032 年前的幾年內，加權平均預定債務到期日約為五年。在我們目前的資本結構下，我們現在有 62 億美元的無擔保可轉換債務未償還，混合利率約為 0.56%，分階段到期，從 2028 年 12 月到 2032 年 6 月。

Last quarter, we filed a $21 billion equity at the market program, which was the single largest ATM program ever filed in the US. As of February 2, we issued $16.7 billion of common equity under this program and approximately $4.3 billion of capacity remains available under the shelf.

上個季度，我們提交了一項價值 210 億美元的市場股權計劃，這是美國有史以來提交的最大的 ATM 計劃。截至 2 月 2 日，我們根據該計劃發行了價值 167 億美元的普通股，目前仍有約 43 億美元的可用產能。

This slide outlines the key terms of Strike, our newly issued perpetual convertible preferred stock. We successfully raised $584 million in gross proceeds through the issuance of 7.3 million shares, at an offering price of $80 per share. We expect that the security will be listed on NASDAQ, under the ticker STRK beginning on February 6.

本投影片概述了我們新發行的永久可轉換優先股 Strike 的主要條款。我們以每股 80 美元的發行價發行 730 萬股，成功籌集了 5.84 億美元的總收益。我們預計該證券將於 2 月 6 日開始在納斯達克上市，股票代號為 STRK。

Looking ahead, we have the flexibility to explore an ATM shelf registration for issuing additional Strike shares, similar to our common stock ATM program. Strike represents the next step in the evolution of our capital structure, expanding the range of investment opportunities for investors with varying risk profiles. And, it complements our equity and existing convertible bonds offering exposure to Bitcoin through MSTR with lower volatility and leverage.

展望未來，我們可以靈活地探索 ATM 擱置註冊以發行額外的 Strike 股票，類似於我們的普通股 ATM 計劃。Strike 代表了我們資本結構演變的下一步，擴大了具有不同風險狀況的投資者的投資機會範圍。而且，它對我們的股票和現有的可轉換債券進行了補充，透過 MSTR 以較低的波動性和槓桿率提供了對比特幣的投資。

We continue to maintain significant debt coverage with $47 billion in Bitcoin holdings, against just $3 billion in out of the money convertible debt or approximately 15 times coverage. We have been asked how we evaluate our leverage targets. We measure leverage risk not against our Bitcoin cost base, but rather our debt coverage ratio which remains exceptionally strong.

我們繼續保持可觀的債務覆蓋率，持有 470 億美元的比特幣，而價外可轉換債務僅 30 億美元，約佔債務覆蓋率的 15 倍。我們被問到如何評估我們的槓桿目標。我們衡量槓桿風險的標準不是比特幣的成本基礎，而是我們的債務覆蓋率，比率依然非常強勁。

Our current leverage ratio remains below our long term target range of 20% to 30% which we provide capacity to expand our capital structure, prudently and based on market conditions. In 2025, our focus will be on opportunities to raise additional fixed income securities, while preserving flexibility to raise equity and maintaining a healthy debt coverage ratio.

我們目前的槓桿率仍低於 20％ 至 30％ 的長期目標範圍，我們有能力根據市場情況審慎地擴大我們的資本結構。2025 年，我們將專注於籌集更多固定收益證券的機會，同時保留籌集股本的靈活性並維持健康的債務覆蓋率。

Similarly, we believe we have substantial coverage to meet the dividend obligations for Strike shareholders. The 8% fixed dividend on 7.3 million Strike shares, results in an annual cash need of approximately $58 million. Even if netting out the $3 billion in out of the money converts our Bitcoin holdings leaves us with $44 billion of coverage, more than enough to cover Strike dividends, if needed.

同樣，我們相信我們有足夠的能力滿足 Strike 股東的股利義務。730 萬股 Strike 股票的固定股利為 8%，導致每年的現金需求約 5,800 萬美元。即使扣除我們持有的比特幣中的 30 億美元，我們仍有 440 億美元的保障，如果需要的話，足以支付 Strike 股息。

This slide illustrates our approach to intelligent leverage and the mechanisms available to increase or decrease it. Our outstanding debt and preferred stock, together account for approximately 8% of our market capital and approximately 15% of our Bitcoin asset value.

這張投影片說明了我們的智慧槓桿方法以及增加或減少智慧槓桿的機制。我們的未償債務和優先股合計約占我們市值的 8% 和比特幣資產價值的 15%。

Currently, we are below our long term leverage target of 20% to 30%, and we believe we have capacity to lever up by issuing new convertible debt or fixed income securities. Conversely, deleveraging can occur through debt repayment or conversion to equity issuing common equity, as well as a Bitcoin price appreciates, which naturally lowers leverage as the market value of our holdings increase.

目前，我們的長期槓桿率低於 20% 至 30% 的目標，我們相信我們有能力透過發行新的可轉換債券或固定收益證券來提高槓桿率。相反，去槓桿可以透過償還債務或轉換為發行普通股的股票來實現，而且比特幣價格升值，隨著我們持有的資產的市場價值增加，槓桿率自然會降低。

Our leverage ratio declined in Q4 2024 and quarter to date in Q1 2025, due to the combination of these deleveraging factors. As we strategically increase our leverage ratio in 2025, we expect enhanced benefits for common shareholders through a higher BTC yield and elevated volatility, both of which drive long term value.

由於這些去槓桿因素的綜合作用，我們的槓桿率在 2024 年第四季和 2025 年第一季迄今有所下降。隨著我們在 2025 年策略性地提高槓桿率，我們預計普通股股東的利益將透過更高的 BTC 收益率和更高的波動性獲得增強，這兩者都將推動長期價值。

Today, we are introducing two new KPIs, BTC Gain and BTC $ Gain.

今天，我們推出兩個新的 KPI，BTC 收益和 BTC $ 收益。

BTC Gain is defined as a number of Bitcoins held by the company at the beginning of a period multiplied by the BTC Yield for the same period. This metric quantifies in Bitcoin terms, our BTC Yield for the quarter. For the full year 2024, Our BTC Gain was 140,538 Bitcoins. Calculated by multiplying the 74.3% BTC Yield to our starting balance of 189,150 Bitcoin. Taking the year end Bitcoin price of 93,400, our BTC $ Gain for 2024, would be calculated as $13.1 billion.

BTC收益定義為公司在一定期間內持有的比特幣數量乘以同一時期的BTC收益率。該指標以比特幣來量化我們本季的 BTC 收益率。2024 年全年，我們的 BTC 收益為 140,538 個比特幣。計算方法是將 74.3% 的 BTC 收益率乘以我們的起始餘額 189,150 比特幣。以年底比特幣價格 93,400 計算，我們 2024 年的 BTC 收益將達到 131 億美元。

It is worth noting that the BTC Gain and BTC $ Gain metrics, are not gains in the traditional financial context. They're also not measures of return on investment or measures of income generated by our treasury operations or Bitcoin holdings. And BTC $ Gain does not represent the fair value gain on our Bitcoin holdings.

值得注意的是，BTC 收益和 BTC $ 收益指標並不是傳統金融背景下的收益。它們也不是衡量投資回報率或我們的財務營運或比特幣持有量所產生的收入的指標。BTC$ Gain 並不代表我們持有的比特幣的公允價值收益。

Our BTC Yield in 2024 of 74.3%, surpassed the annual BTC Yield in all of the previous years, as well as our initial target of 6% to 10% this year.

我們的 2024 年 BTC 收益率為 74.3%，超過了前幾年的年度 BTC 收益率，也超過了我們今年 6% 至 10% 的初始目標。

We can't predict the price of Bitcoin nor can we predict broader equity and debt capital market conditions. However, we are confident that our Bitcoin Treasury strategy will continue to generate value and are revising our targets for 2025, to achieve a minimum of 15% BTC Yield and a $10 billion BTC $ Gain for 2025.

我們無法預測比特幣的價格，也無法預測更廣泛的股權和債務資本市場狀況。然而，我們相信我們的比特幣財務策略將繼續創造價值，並正在修改我們的 2025 年目標，以實現 2025 年至少 15% 的 BTC 收益率和 100 億美元的 BTC 收益。

We will continue to consider the full spectrum of financing options and explore creative capital markets, transactions and untapped pools of capital, to execute this strategy effectively and prudently. We plan to remain disciplined in the use of both the ATM and other capital raising alternatives. Doing so in a way to achieve our BTC Yield and BTC $ Gain targets.

我們將繼續考慮各種融資選擇，探索創新的資本市場、交易和尚未開發的資本池，以有效、審慎地執行此策略。我們計劃在使用 ATM 和其他融資替代方案時保持紀律。這樣做是為了實現我們的 BTC 收益和 BTC $ 收益目標。

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

再次感謝您今天的寶貴時間以及對 Strategy 的持續支持。現在我將電話轉給邁克爾，請他發表評論。

Thank you. I appreciate the opportunity to address you all today. I'd like to talk about the development so far. Why don't we start with the last 12 months in the Bitcoin marketplace? I think starting from January of 2024, with the approval of the spot Bitcoin ETFs, we had an excellent year of institutional adoption.

謝謝。我很高興今天有機會向大家發表演說。我想談談目前的發展。我們為什麼不從比特幣市場過去 12 個月的情況開始呢？我認為從 2024 年 1 月開始，隨著現貨比特幣 ETF 的批准，我們迎來了機構採用的極好的一年。

I would say Wall Street adoption of those ETFs has been extraordinary. There's now something on the range of $140 billion of capital, that's flowed into spot Bitcoin ETFs around the world. We saw this transition of fair value accounting in 2024. We've got a Bitcoin President, we've got a pro Bitcoin cabinet. We've seen an end to the war on crypto. We've got 250 plus pro crypto legislators in Congress. We've seen the repeal of SAB 121, which had an effect of preventing banks from being able to consider, banking Bitcoin.

我想說華爾街對這些 ETF 的採用非常出色。目前，已有約 1,400 億美元的資金流入全球現貨比特幣 ETF。我們在 2024 年看到了公允價值會計的轉變。我們有一位比特幣總統，我們有一個支持比特幣的內閣。我們已經看到加密戰爭的結束。國會中有 250 多名支持加密貨幣的立法者。我們已經看到 SAB 121 被廢除，結果是銀行無法考慮銀行業務比特幣。

We've got a lot of enthusiasm around the Strategic Bitcoin Reserve Act. And, we've seen a dramatic increase in Bitcoin Standard Companies. Companies like MARA, Riot, Semler, Metaplanet, Colar are all beginning to adopt Bitcoin as a treasury reserve asset.

我們對《戰略比特幣儲備法案》非常熱衷。而且，我們看到比特幣標準公司的數量急劇增加。MARA、Riot、Semler、Metaplanet、Colar 等公司都開始採用比特幣作為財政儲備資產。

And there's just been a consistent increase in Bitcoin awareness throughout mainstream media and throughout the traditional investor community, over the last 12 months.

過去 12 個月，主流媒體和傳統投資者群體對比特幣的認知度持續提升。

Next slide, I want to say a few words about our Strategy rebrand. We have become a global brand. People recognize Strategy in South America, in Europe, in Asia, all across the world, all across the US. And so this is very logical development, Strategy is easier to say, easier to spell, easier to find, easier to remember.

下一張幻燈片，我想談談我們的策略品牌重塑。我們已經成為一個全球品牌。人們在南美洲、歐洲、亞洲、世界各地以及整個美國都認可《戰略》。這是非常合乎邏輯的發展，策略更容易說，更容易拼寫，更容易找到，更容易記住。

I've been 30 years in the business and I can't tell you how many times I've heard someone refer to MicroStrategy's, and get the plural wrong and spell it wrong. And I think that this particular instantiation and elegant and evolution of our brand is going to allow us to reach a much broader group of customers, investors and partners. And I also think it ties our identity much more closely to Bitcoin and all of the positive aspects of the Bitcoin network in the world. And so I think this is going to be very, very helpful for us in communication.

我已經在這個行業工作了 30 年，我都記不清有多少次聽到有人提到 MicroStrategy 時，會用錯複數或拼寫錯誤。我認為，我們品牌的這種特殊實例、優雅和演變將使我們能夠接觸到更廣泛的客戶、投資者和合作夥伴群體。我還認為它將我們的身分與比特幣以及世界上比特幣網路的所有積極方面更加緊密地聯繫在一起。所以我認為這對我們的溝通非常非常有幫助。

Next slide. Our performance is driven by Bitcoin. And as you can see, since we adopted Bitcoin as our primary treasury reserve asset, we've been able to generate annualized performance of approximately 110% a year, which is really extraordinary in the history of the capital markets. Over that time period, bonds are minus 5%, gold and real estate between 6% and 8%. ARR. The hurdle rate really is the S&P index which is about 14%. If you want to beat it, you pick the top seven companies, the magnificent seven, you could almost double it. You could get 29%.

下一張投影片。我們的表現由比特幣推動。正如你所看到的，自從我們採用比特幣作為我們的主要財政儲備資產以來，我們每年的年化業績已經達到了約 110%，這在資本市場的歷史上確實是非凡的。在此期間，債券殖利率下降 5%，黃金和房地產殖利率下降 6% 至 8%。到達。最低收益率實際上是標準普爾指數，約 14%。如果你想打敗它，你就選擇排名前七的公司，那七強公司，你幾乎可以將其翻倍。您可以獲得 29%。

Bitcoin has outperformed that by a factor of two. And of course, we've been able to outperform Bitcoin by intelligently levering Bitcoin.

比特幣的表現比高出兩倍。當然，透過智慧地利用比特幣，我們已經能夠超越比特幣。

Next, this slide just illustrates that one of the results is that MicroStrategy outperformed every stock in the S&P 500. So this is as of February 4, yesterday, my birthday, it's a nice birthday present.

接下來，這張投影片僅說明結果之一是 MicroStrategy 的表現優於標準普爾 500 指數中的每一隻股票。這是截至 2 月 4 日，昨天，我的生日，這是一個很好的生日禮物。

We continually benchmark ourselves against every company in the S&P 500, every single day and we're always considering this. But, as you can see, it's not close, we're dramatically outperforming the strategy of every other company in the S&P 500 with our Bitcoin strategy.

我們每天都會不斷地將自己與標準普爾 500 指數中的每一家公司進行對比，並且我們始終在考慮這一點。但是，正如你所看到的，我們並沒有落後，我們的比特幣策略遠遠超過了標準普爾 500 指數中其他所有公司的策略。

Next one. Here, you can see at the end of the day, if you just bought Bitcoin, you would outperform 99% of the S&P 500. So Bitcoin as pure digital capital is a very compelling investment idea. The magnificent seven is outperforming 94% of the S&P 500. And of course, the index is outperforming 62%.

下一個。在這裡，你可以看到，最終如果你剛剛購買了比特幣，你的表現將勝過 99% 的標準普爾 500 指數。因此，比特幣作為純數位資本是一個非常引人注目的投資想法。這七隻股票的表現優於標準普爾 500 指數中的 94%。當然，該指數的表現優於 62%。

And the message here really is many companies are struggling to outperform the index and it's time to consider a Bitcoin Strategy.

這裡傳達的訊息實際上是，許多公司都在努力超越指數，現在是時候考慮比特幣策略了。

Next, well as you know, the secret of course, to that Strategy isn't just performance, it's also the volatility. Volatility is a measure of energy. And as you can see, Strategy is the most volatile stock out of the S&P 500 universe. So we don't hide from it, we're quite proud of it. We engineer the business in order to stay volatile.

接下來，如您所知，該策略的秘訣當然不僅在於效能，還在於波動性。波動性是能量的量度。正如您所看到的，策略性股票是標準普爾 500 指數成分股中波動性最大的股票。所以我們並不迴避它，我們對此感到非常自豪。我們對業務進行設計以保持波動性。

Conventional wisdom is to strip volatility from a publicly traded company, strip it from the balance sheet, strip it from the P&L. MicroStrategy has embraced volatility. And, not only do we pursue it with Bitcoin, but we pursue it with our leverage strategies to actually get a volatile that's greater than the native Bitcoin volatility.

傳統觀點是，將波動性從上市公司中剝離，將其從資產負債表中剝離，將其從損益表中剝離。MicroStrategy 已經接受了波動性。而且，我們不僅利用比特幣來追求這一目標，還利用我們的槓桿策略來追求這一目標，以真正獲得比比特幣原生波動率更高的波動性。

There's a result of that volatility and the result is liquidity and optionality. As you can see here, We have the largest open options interest of any company in the S&P 500 universe as a measure of market capital. And you can see we're number two in liquidity as a measure of, or divided by market capital. So, we've established a fairly intense capital structure. It's fast money, it's hot money. And, it's that way by design.

波動性會產生結果，並帶來流動性和可選性。正如您所看到的，作為市值衡量標準，我們擁有標準普爾 500 指數成分股公司中最大的未平倉選擇權權益。您可以看到，以流動性衡量（或按市值劃分）我們的排名第二。因此，我們已經建立了相當密集的資本結構。這是快錢，這是熱錢。這是設計使然。

Next, one of the results is we have the largest deepest options pool in the Bitcoin universe. And you can see that our options are trading by a factor of more than five versus IBIT. And we'll continue to pursue this strategy, we think this gives us an advantage.

其次，結果之一是我們擁有比特幣領域中最大、最深的選擇權池。您可以看到，我們的選擇權交易價格比 IBIT 高出五倍以上。我們將繼續推行這項策略，我們認為這會為我們帶來優勢。

Next, that optionality and that volatility ofcourse is a benefit in the convertible bond market. You can see here that the pointed performance of our convertible bonds is 75% versus Bitcoin's performance of 64% during the same time frame.

其次，可選性和波動性當然是可轉換債券市場的優勢。您可以在這裡看到，在同一時間段內，我們的可轉換債券的預期表現為 75%，而比特幣的表現為 64%。

So our convertible bonds are unique if you wanted to get Bitcoin exposure, but you wanted to get the credit assurances of a bond and or the volatility characteristics of a bond, MicroStrategy is unique. We were the largest convertible bond issuer in 2024. We think we have an advantage in this market because we have one of the great use of proceeds for a convertible bond.

因此，如果您想獲得比特幣投資，但又想獲得債券的信用保證和/或債券的波動性特徵，那麼我們的可轉換債券是獨一無二的，MicroStrategy 是獨一無二的。我們是 2024 年最大的可轉換債券發行人。我們認為我們在這個市場上具有優勢，因為我們擁有可轉換債券收益的絕佳用途之一。

If you're going to issue a convertible bond, you want high volatility in order to issue the bond, but you want to take the use of proceeds and reinvest it in a high volatility asset, which is what Bitcoin is. And so by issuing a bond and issuing very volatile securities and then buying back a volatile commodity, we're able to maintain a scalable business and continue to go back to the market over and over again.

如果你要發行可轉換債券，你需要高波動性來發行債券，但你希望利用收益並將其再投資於高波動性資產，這就是比特幣。因此，透過發行債券和發行波動性很大的證券，然後回購波動性很大的商品，我們能夠維持可擴展的業務，並持續回到市場。

Next, and so on the margin, you can see MicroStrategy's outperforming all major assets. All major asset classes and the S&P, and we're so enthusiastic about this. We've decided that we would go ahead and memorialize this and create a strategy.com website. And if you go to our strategy.com website, you'll see, you're able to actually track MicroStrategy's performance against the magnificent seven, against these asset classes every single day in real time.

接下來，按照利潤率計算，您可以看到 MicroStrategy 的表現優於所有主要資產。所有主要資產類別和標準普爾，我們對此都感到非常興奮。我們決定繼續紀念此事並創建一個strategic.com網站。如果你造訪我們的strategy.com網站，你會看到，你實際上可以每天即時追蹤微策略相對於這七大資產類別的表現。

And so our goal is to help educate the investment community. So they actually understand, but the characteristics of Bitcoin and the characteristics of MicroStrategy versus all the other investment options in that investment universe. Next, you'll see on the strategy.com website, a dashboard and you'll see all sorts of interesting KPIs, that are being maintained in real time, what you can see here is a snapshot, is we've got an annualized return of 110% over the year versus 59% for Bitcoin.

因此，我們的目標是幫助教育投資界。所以他們實際上了解，但是比特幣的特點和 MicroStrategy 的特點與該投資領域中所有其他投資選擇的特點相比。接下來，您將在 strategies.com 網站上看到一個儀表板，您會看到各種有趣的 KPI，它們都在即時維護，您在這裡看到的是一個快照，我們的年化回報率為 110%，而比特幣的年化回報率為 59%。

You can see our options market is 5.6 X as big as the next largest Bitcoin options market. We will continue to track metrics that aren't always easy for people to get, like daily trading volume, or, daily trading volume as percentage of market capital, or give you every single day, real time performance of our convertible bonds versus Bitcoin.

您可以看到我們的選擇權市場是第二大比特幣選擇權市場的 5.6 倍。我們將繼續追蹤那些人們並不總是能輕易獲得的指標，例如每日交易量，或每日交易量佔市值的百分比，或者每天為您提供我們的可轉換債券相對於比特幣的即時表現。

And our implied volatilities and our historic volatilities. And so I'm really enthusiastic to see what people think of this. The website, it's kind of a tailormade and another way, which is you can very easily snapshot the website and you can create graphics and snapshot them and share them and or use them in your analysis.

以及我們的隱含波動率和歷史波動率。因此我非常熱切地想知道人們對此有何看法。該網站是一種量身定制的網站，另一種方式是，您可以非常輕鬆地快照網站，您可以創建圖形並快照它們並共享它們或在您的分析中使用它們。

And we think this is kind of a first, I'm not really aware of another public operating company that published a live website with so many different interesting investment analytics, looking at the universe of investment assets. Next, looking forward to 2025, there's a set of catalysts that I think are bullish. I think all of the focus on constructing a digital assets framework that's taking place at the SEC and in the Senate and in the House and within the administration, I think this is a great thing for Bitcoin and the entire crypto asset class in general.

我們認為這在某種程度上是首創的，我並不知道還有哪家上市公司發布即時網站，提供如此多不同的有趣的投資分析，以查看投資資產領域。接下來，展望 2025 年，我認為有一系列利好的催化劑。我認為，美國證券交易委員會、參議院、眾議院和政府內部都在致力於建立數位資產框架，我認為這對比特幣以及整個加密資產類別來說都是一件好事。

I think there'll be a lot of enhancements to Bitcoin ETFs, the end kind create redemptions. I think you'll see. a deeper, richer options market for a lot more spot ETFs. I think, you'll see other ETFs coming along that give people the ability to take on different types of Bitcoin exposure. I think all of those are good things for the asset.

我認為比特幣 ETF 將會有許多增強，最終實現贖回。我想你會看到。為更多現貨 ETF 提供更深層、更豐富的選擇權市場。我認為，你會看到其他 ETF 的出現，讓人們有能力承擔不同類型的比特幣投資。我認為所有這些對於資產來說都是好事。

I think you'll see a continued move toward more banking support for Bitcoin, the repeal of SAB 121 opened that door. But I think we'll see more and more support from a supportive set of regulators, and as the banks start to take a fresh look at supporting Bitcoin, it's going to be good for the asset class.

我認為你會看到銀行繼續加強對比特幣的支持，SAB 121 的廢除打開了這扇大門。但我認為我們將看到越來越多來自監管機構的支持，隨著銀行開始重新審視對比特幣的支持，這將有利於這個資產類別。

We'll continue to see more corporate adoption of Bitcoin. Every month, we hear about another company that's adopting Bitcoin as a treasury asset and of course, the existing companies like like Metaplanet, MARA are intensifying their Bitcoin acquisitions and their Bitcoin financing and capital markets related activities. This is only going to be good for Bitcoin, the network and Bitcoin the asset class.

我們將繼續看到更多企業採用比特幣。每個月，我們都會聽說有另一家公司採用​​比特幣作為財務資產，當然，像 Metaplanet、MARA 這樣的現有公司正在加強其比特幣收購以及與比特幣融資和資本市場相關的活動。這只會對比特幣、比特幣網路和比特幣資產類別有利。

We also see good signs of institutional adoption. It's becoming more normal, we're seeing people talk about 1% to 3% allocations of a portfolio to Bitcoin. We're seeing Bitcoin pop up as an agenda item and more and more mainstream investor conferences. I'm being invited to lots and lots of mainstream investor conferences and a year ago, two years ago, this wasn't so common.

我們也看到了機構採用的良好跡象。這變得越來越正常，我們看到人們談論將投資組合中的 1% 到 3% 分配給比特幣。我們看到比特幣成為議程項目並出現在越來越多的主流投資者會議中。我被邀請參加許多主流投資人會議，而一年前、兩年前，這種情況還不太常見。

But what's clear is that Bitcoin is on the radar of global investors and mainstream institutional investors and everyone's starting to think they need to form an opinion, they need to get up to speed on this and they need to figure out what their strategy is going to be.

但很明顯的是，比特幣已經引起了全球投資者和主流機構投資者的關注，每個人都開始認為他們需要形成一個觀點，他們需要加快步伐，他們需要弄清楚他們的策略是什麼。

So, Bitcoin global adoption is accelerating. The events of November 5, created a supportive political regime in the United States. But the regulators in Europe, Singapore, in the Middle East and South America, even in Hong Kong and China, they all look to the regulators in Washington DC to take their cue. And so there's a wave of political support which is, spreading around the globe for Bitcoin. All of these things are going to be positive catalyst for awareness adoption investment in the coming 12 months

因此，比特幣的全球應用正在加速。11月5日發生的事件在美國建立了支持性的政治體制。但歐洲、新加坡、中東和南美，甚至香港和中國的監管機構都希望華盛頓特區的監管機構能夠採取相應的措施。因此，比特幣得到了全球範圍的政治支持。所有這些都將成為未來 12 個月內提高認知採納投資的積極催化劑

Next, so our strategy with regard to MSTR, we want that to be the high leverage, high volatility equity in the Bitcoin ecosystem. And we will continue to pursue an intelligent leverage via our convertible bond strategies, via our preferred stock strategies, via opportunistic capital markets strategies, in order to generate that leverage and that performance for the Bitcoin Maxi investors.

接下來，我們關於 MSTR 的策略是，我們希望它成為比特幣生態系統中的高槓桿、高波動性股權。我們將繼續透過可轉換債券策略、優先股策略和機會資本市場策略來追求智慧槓桿，為比特幣 Maxi 投資者創造槓桿和績效。

Our convertible debt strategy will continue. We will, as we have done selectively refinance various debt instruments when they're no longer providing effective leverage for our common stock shareholders, and when they're no longer interesting for the convertible debt investors, we'll replace them with a new issuance of convertible debt.

我們的可轉換債務策略將會持續下去。正如我們已經做過的那樣，當各種債務工具不再為我們的普通股股東提供有效的槓桿作用時，當它們不再引起可轉換債務投資者的興趣時，我們將選擇性地對各種債務工具進行再融資，屆時我們將通過發行新的可轉換債務來取代它們。

And we think there's a lot of opportunity for us to refinance our existing convertible debt and to expand our convertible debt structure in order to create intelligent leverage. We've got a very good partnership with a convertible bond market and,we look forward to continuing it with them.

我們認為，我們有很多機會為現有的可轉換債務進行再融資，並擴大我們的可轉換債務結構，以創造智慧槓桿。我們與可轉換債券市場建立了非常好的合作夥伴關係，我們期待繼續與他們合作。

The third area, Strike is the convertible preferred stock market. There are people that want large fixed income, large dividends and so Strike is an 8% dividend yield. They wouldn't get that need met by a convertible bond. And so this draws in those that are interested in that income.

第三個領域，Strike是可轉換優先股市場。有些人想要大量的固定收益和豐厚的股息，因此 Strike 的股息殖利率為 8%。可轉換債券無法滿足他們的這種需求。這吸引了那些對收入感興趣的人。

If you wanted to put an instrument that generated a consistent income into a retirement account, or into a tax deferred account, then this is something very interesting. There's a large pool of investors that have fixed income funds and they need to invest in fixed income instruments. There are other investors that are invested in preferred stocks, there are other investors that are interested in Bitcoin upside, but they would like some principal, or downside protection. And there are some that, if we look at volatility, Bitcoin is a 50 to 60 Vol asset and MicroStrategy is targeting higher an 80 or 90 Vol.

如果你想把一種能產生穩定收入的工具放入退休帳戶或延稅帳戶中，那麼這是非常有趣的事情。有大量投資者擁有固定收益基金，他們需要投資固定收益工具。還有其他投資者投資了優先股，還有其他投資者對比特幣的上漲感興趣，但他們想要一些本金或下行保護。如果我們看一下波動性，有些人認為比特幣是一種波動率為 50 到 60 的資產，而 MicroStrategy 的目標是波動率為 80 或 90。

And on the other hand, there's a large pool of investors that invest in QQQ and SPY, and they are around 15 volt, 15 to 20 Vol. And so between 15 Vol and 60 Vol, that's a big, big area where if you can create an instrument that has more volatility than say, a typical preferred stock or a typical diversified portfolio of high yield bonds, then that's going to appeal to a new class of investors. There are a lot of investors that kind of want that kind of volatility. They may not want the extreme leverage of MicroStrategy. They might not even want the raw unvarnished volatility of an IBIT or BTC.

另一方面，有大量投資者投資 QQQ 和 SPY，他們的波動率約為 15 伏，15 至 20 伏特。因此，在 15 波動率和 60 波動率之間，這是一個很大的區域，如果你可以創建一種比典型的優先股或典型的高收益債券多元化投資組合波動性更大的工具，那麼這將吸引新一類的投資者。很多投資者都想要這種波動。他們可能不想要 MicroStrategy 的極端槓桿作用。他們甚至可能不想要 IBIT 或 BTC 的原始、未經修飾的波動性。

But Strike appeals to a new group, a different return profile, a different volatility profile and yet Strike is very special because it's perpetual a dividend, right? Like it will continue, it's we're not going to call it, right. So the idea of a perpetual dividend is very interesting. And the other thing is it's a perpetual call option or perpetual conversion option. So for very long range investors that are either looking for the perpetual dividend, or the perpetual conversion, this is just a totally new part of the market. We're enthusiastic to see what happens. It creates tremendous optionality for us.

但是 Strike 吸引了新的群體、不同的回報特徵、不同的波動性特徵，而且 Strike 非常特殊，因為它是永久性的紅利，對嗎？就像它會繼續一樣，我們不會稱之為，對吧。因此，永久股息的想法非常有趣。另一件事是它是一種永久看漲期權或永久轉換期權。因此，對於尋求永久股息或永久轉換的長期投資者來說，這只是市場的一個全新部分。我們非常熱切地想看看接下來會發生什麼。它為我們創造了巨大的可選性。

And of course, at the bottom of this chart, you can imagine when we have not issued a fixed coupon instrument recently, we did have a fixed bond, the 28 Note was a fixed coupon corporate bond, but we repaid that. But looking forward, we think that there's probably a spot in our capital structure where we could just issue a fixed coupon type preferred without a conversion, and that would be even 1/4 class of investors.

當然，在這張圖表的底部，你可以想像當我們最近沒有發行固定票券工具時，我們確實有固定債券，28 期票據是固定票息公司債券，但我們已經償還了。但展望未來，我們認為，在我們的資本結構中可能存在一個點，我們可以只發行固定票息類型的優先股，而無需轉換，這甚至可以覆蓋 1/4 類投資者。

So we will continue to be very thoughtful and strategic about this. I mean, sometimes people wonder, well, why do you choose to issue equity instead of a convert? Well, if we don't like the premium that the equity is fetching, we don't issue much and if we like the premium, we like the liquidity, we would issue more. So if we stop issuing for some reason, the probably the reason is we just don't think it's that accretive for our shareholders. And at any given time, whether or not the best thing for the shareholders is equity issuance or convertible debt issuance or preferred stock issuance or repayment or refinancing.

因此，我們將繼續對此進行深思熟慮並採取策略性措施。我的意思是，有時人們會感到疑惑，為什麼選擇發行股票而不是轉換股票？好吧，如果我們不喜歡股票的溢價，我們就不會發行太多，如果我們喜歡溢價，我們喜歡流動性，我們就會發行更多。因此，如果我們因為某種原因停止發行，可能的原因是我們認為這不會為我們的股東帶來增值。並且在任何時候，對股東來說最好的事情是發行股票、發行可轉換債券、發行優先股、償還或再融資。

It's really a function of the capital markets and it's a function of all of the intelligent leverage ratios and the BTC Yield that we can generate, the BTC Gain that we can generate, for a certain amount of capital we might raise. And we have very sophisticated models. We calculate this every minute of the day, right? Not every day, every minute of the day, sometimes every second of the day. So we're very thoughtful and we're very considerate about this. And I think the most important thing for us is we keep our options open and we develop variety of different options for capital raising.

它實際上是資本市場的功能，也是所有智慧槓桿率和我們可以產生的 BTC 收益的功能，以及我們可以籌集的一定數量的資本可以產生的 BTC 收益。我們有非常複雜的模型。我們每天每分鐘都在計算這個，對嗎？不是每天，不是每天每一分鐘，有時每天每一秒。所以我們對此非常深思熟慮並且非常考慮周全。我認為對我們來說最重要的是我們保持開放的選擇，並開發各種不同的融資選擇。

Our view is that Strike is actually a creative and it's a benefit to Bitcoin it's a benefit to MSTR, it's a benefit to the convertible bonds and it's a benefit to Strike shareholders themselves. So think of a quad reflexive type strategy, everything we're doing is with the thought of the impact on every other part of the capital structure and the entire Bitcoin ecosystem.mAnd we will continue to be very thoughtful in how we pursue this.

我們的觀點是，Strike 實際上是一種創造性，它對比特幣有益，對 MSTR 有益，對可轉換債券有益，對 Strike 股東本身也有益。因此，考慮一下四重反身型策略，我們所做的一切都是考慮到對資本結構的其他部分和整個比特幣生態系統的影響。

Next, a snapshot of our capital structure. As of yesterday, we had a bit more than $100 billion in equity market capital. And so we've got a $94 billion equity market cushion, over our fixed income liabilities. And ofcourse, you could see about a $39 billion Bitcoin cushion, over our fixed income liabilities. So we've got a very strong capital structure. We've led with equity in order to create a very strong cushion. But that puts us in a great position to lever up and to continue to raise capital and take a leadership role in this marketplace.

接下來，我們來看看我們的資本結構。截至昨天，我們的股票市場資本略高於 1000 億美元。因此，我們的股票市場緩衝金額超過固定收益負債。當然，你可以看到，在我們的固定收益負債之上，有大約 390 億美元的比特幣緩衝。因此，我們擁有非常強大的資本結構。我們以股權為主導，以建立非常強大的緩衝。但這使我們處於有利地位，可以繼續籌集資金並在這個市場上佔據領導地位。

Next, a few words about BTC Yield and BTC Gain. First of all, we had a target of 6% to 10% for BTC Yield. At this point, we believe for the 2025 calendar year, we can set that target to 15%. So we're adjusting the target up. And what is BTC Yield? BTC Yield is our accretion of Bitcoin per share.

接下來，簡單談談 BTC 殖利率和 BTC 收益。首先，我們的 BTC 收益率目標是 6% 到 10%。目前，我們相信到 2025 年，我們可以將該目標設定為 15%。因此我們正在上調目標。那麼 BTC 報酬率是多少呢？BTC 收益是我們每股比特幣的增值。

If we were a spot ETF, there would be no BTC Yield. If we were to sell equity at the net asset value at a 0% premium to the underlying Bitcoin, there would be no BTC Yield. If we were to sell equity at a discount to our net asset value, there would be a negative BTC Yield. So when we're generating BTC Yield, it's because we're engaged in what we believe are creative capital markets transactions.

如果我們是現貨 ETF，就不會有 BTC 收益。如果我們以高於基礎比特幣 0% 的溢價出售淨資產價值的股票，就不會產生 BTC 收益率。如果我們以低於淨資產價值的價格出售股權，那麼 BTC 收益率就會為負。因此，當我們產生 BTC 收益時，是因為我們從事的是我們認為具有創造性的資本市場交易。

If we're selling the equity at 150% premium to the underlying assets, it's a much larger yield. If it's a 250% premium, it would be even larger on a given capital basis. As a general rule, the fixed income instruments have a much higher premium to underlying assets than does the straight equity. And so, if we're issuing a convertible bond at a high premium, then, for a given amount of capital we raise the BTC Yield would be higher.

如果我們以高於基礎資產 150% 的價格出售股票，那麼收益就會更大。如果溢價率為 250%，那麼在給定的資本基礎上，溢價率會更高。一般來說，固定收益工具相對於基礎資產的溢價比一般股票高出許多。因此，如果我們以高溢價發行可轉換債券，那麼對於給定的資本量，我們籌集的 BTC 收益率會更高。

People wonder what's the significance of BTC Yield? If you think of it, it's not the investment gain from just holding the Bitcoin. If we just hold $50 billion of Bitcoin and it goes up 20% next year, there's a $10 billion type investment gain. That's the same gain that an ETF would have. However, when we issue $20 billion worth of new capital or new securities, and we do it in an effective 100% premium to the underlying assets, half of that is an accretion. And so that's like a $10 billion BTC Gain or it's a $10 billion divided by the amount of Bitcoin we have by 50. So that would look like a 20% type BTC Yield.

人們想知道BTC收益率的意義是什麼？如果你仔細想想，這並不是只持有比特幣就獲得的投資收益。如果我們持有價值 500 億美元的比特幣，明年它上漲 20%，那麼就會有 100 億美元的投資收益。這與 ETF 的收益相同。然而，當我們發行價值 200 億美元的新資本或新證券時，我們以高於基礎資產 100% 的價格進行發行，其中一半是增值。所以這相當於 100 億美元的 BTC 收益，或者說是 100 億美元除以我們擁有的比特幣數量再除以 50。所以這看起來像是 20% 類型的 BTC 收益率。

So the more intelligently we operate the treasury operations and the more creatively we do that, the higher that BTC Yield will be. And so you could think of BTC Yield as a percentage measure of the value that we're creating for the shareholders from Intelligent Treasury operations. And people talk about and they wonder about the premium to underlying assets and what's merited. Well, I would say figure out what multiple you want to put on the business and then take that multiple, multiply it by the BTC Yield. [Multi take a] multiple times 15%.

因此，我們對財務業務的營運越聰明、越有創造力，BTC 收益率就會越高。因此，您可以將 BTC 收益率視為我們透過智慧財務營運為股東創造的價值的百分比指標。人們談論並思考基礎資產的溢價以及其應得的價值。好吧，我想說的是，先弄清楚你想在業務上投入多少倍數，然後取這個倍數，乘以 BTC 收益率。 【多取一】多倍15%。

That's actually a reasonable target for the premium that ought to set on time, that the company ought to get over and above its underlying assets. If you, believe in a 10 multiple, you multiply 10 times, 15% and have 150% premium. If you had a lower multiple, if you thought we would only do this once and never again, you would multiply one times 15% and say they're going to get a 15% BTC awards and never again.

這實際上是一個合理的目標，即公司應該按時設定超出其基礎資產的溢價。如果您相信 10 倍，您將乘以 10 倍，即 15%，並獲得 150% 的溢價。如果您的倍數較低，如果您認為我們只會這樣做一次並且永遠不會再這樣做，您會將其乘以 15%，並說他們將獲得 15% 的 BTC 獎勵，並且永遠不會再這樣做。

But of course, that multiple could be anything and we leave it to our investors to decide what the multiple should be. But, the right way to think about BTC Yield is a multiple of BTC Yield is the premium that a Bitcoin treasury company should get over and above its underlying Bitcoin assets.

但當然，這個倍數可以是任意值，我們把決定權留給我們的投資者。但是，正確思考 BTC 收益率的方式是 BTC 收益率的倍數是比特幣財務公司應獲得的超出其基礎比特幣資產的溢價。

Why? Because if we just stopped engaging in treasury operations, if all we did was become a holding company and we didn't do any more capital raise ever, then we're just watching the Bitcoin go up or go down based upon the underlying Bitcoin performance, which is just like an ETF. And so, that's BTC Yield for you. Some people have a hard time with that, which is why we've introduced BTC Gain. BTC Gain, I think of is the amount of Bitcoin we captured in a nondilutive fashion.

為什麼？因為如果我們停止從事財務運營，如果我們所做的只是成為一家控股公司，並且不再進行任何資本籌集，那麼我們就只能看著比特幣根據底層比特幣的表現上漲或下跌，這就像一隻 ETF。這就是 BTC 收益。有些人對此感到困難，這就是我們推出 BTC Gain 的原因。我認為 BTC 收益是我們以非稀釋方式捕獲的比特幣數量。

If we actually are engaging capital markets activities at a premium, we're selling $100 million worth of equity back by 50 million of Bitcoin, we've captured a $50 million gain. That's the way we think of it. If we sold $100 million of equity back by 100 million of Bitcoin, we'd be capturing a $0 BTC Gain. And if we were stupid enough to sell $100 million of equity back by 200 million of Bitcoin, we would actually generate $100 million BTC Loss. So obviously, we won't be doing that.

如果我們實際上以溢價參與資本市場活動，我們將以 5000 萬比特幣的價格賣出價值 1 億美元的股權，從而獲得 5000 萬美元的收益。我們就是這麼想的。如果我們以 1 億美元比特幣的價格賣出 1 億美元的股權，我們將獲得 0 美元的 BTC 收益。如果我們愚蠢到用 2 億比特幣賣掉 1 億美元的股權，我們實際上會產生 1 億美元的 BTC 損失。顯然，我們不會這樣做。

But the power of a BTC Gain is it's a way to quantify the shareholder value creation of the treasury operation in BTC terms every quarter, or on a deal-by-deal basis, or on a year-by-year basis.

但 BTC 收益的力量在於它是一種以 BTC 為單位量化財務營運每季、逐筆交易或逐年創造的股東價值的方式。

And you can see here, our target is to generate $10 billion worth of BTC $ Gains in the 2025 calendar year. If we didn't engage in treasury operations, that would be zero. If we engaged in neutral treasury operations with no accretion, no dilution, that would still be zero, we would expand our capital base, but we wouldn't generate a BTC Gain. So BTC Gain is that measure of value creation, doesn't go through the P&L, you won't see it as an investment gain.

您可以在這裡看到，我們的目標是在 2025 日曆年產生價值 100 億美元的 BTC 收益。如果我們不從事財務運營，這個數字就為零。如果我們從事中性的財務運作，沒有增值，沒有稀釋，那仍然為零，我們會擴大我們的資本基礎，但不會產生 BTC 收益。因此，BTC 收益是價值創造的衡量標準，不經過損益表，您不會將其視為投資收益。

It really is due to intelligent Bitcoin acquisition activities. But we have introduced this in order to make it easier for shareholders to understand the business. So if you're wondering, well, how do I think about the business? I think the Bitcoin Treasury Operation, if it's able to create $10 billion of BTC Gains, it's worth a multiple of that. And of course, you can put the multiple on the operation. Whatever you want could be 10, could be 20 it could be 30 could be one, it's up to you, but take that multiple multiply it by BTC $ Gain, that's what we think the operation is worth.

這確實歸功於智慧的比特幣收購活動。但我們引入這一點是為了讓股東更容易了解業務。所以如果你想知道，那麼，我如何看待這項業務？我認為，如果比特幣財政業務能夠創造 100 億美元的 BTC 收益，那麼它的價值將是這個數字的數倍。當然，您也可以在操作上添加倍數。您想要的可以是 10，可以是 20，可以是 30，可以是 1，這取決於您，但是將該倍數乘以 BTC $ 收益，這就是我們認為該操作的價值。

Then you can go ahead and add the Bitcoin Treasury to it. And that gets you to a value for the enterprise. So with that, we've created these two simple ideas. Our target of the management team is to generate $10 billion of BTC Gains this year. And our target is to generate 15% BTC Yield this year, through our treasury operations.

然後您可以繼續將比特幣金庫添加到其中。這會為你帶來企業價值。因此，我們提出了這兩個簡單的想法。我們管理團隊的目標是今年創造 100 億美元的 BTC 收益。我們的目標是今年透過財務營運實現 15% 的 BTC 收益率。

And next. I think I would just like to thank everybody for your support. And at this point, I'd like to pass the forward to Shirish for some questions from the audience.

接下來。我想我只是想感謝大家的支持。現在，我想將演講稿交給 Shirish，以便回答聽眾的一些問題。

Great.

偉大的。

Thank you, Michael.

謝謝你，麥可。

We are going to jump into the questions now. And the first question is for Andrew, this is about the Strike deal, say the question is like congrats on the successful capital raise through Strike convertible preferred. And the question is, could you please elaborate on the flexibility for the Strike dividend to be paid out in cash or in common stock? And how do you plan to fund the dividends going forward?

我們現在開始討論問題。第一個問題是問安德魯的，關於 Strike 交易，比如說祝賀他透過 Strike 可轉換優先股成功籌集資金。問題是，您能否詳細說明 Strike 股息以現金還是普通股支付的靈活性？您以後打算如何支付股利？

Sure. Thanks for the question, I guess first off, it's worth just saying again, we believe Strike is an extremely creative tool to raise capital. And yet today, it's just a pretty small part of our tool chest, so to speak, compared to our ATM and our converts. I guess in terms of meeting the obligations, we will not need to rely solely on cash from operations. We will use all of our capital sources to pay these dividends, including primarily the ATM.

當然。感謝您的提問，首先，值得再說一遍，我們認為 Strike 是一種極具創意的籌集資金的工具。然而今天，與我們的 ATM 和轉換器相比，它只不過是我們工具箱中相當小的一部分。我想，就履行義務而言，我們不需要只依賴經營現金。我們將利用所有資本來源來支付這些股息，主要包括 ATM。

I guess it's worth noting too, but we raised over $20 billion in capital, since the beginning of Q4. You really need to compare that to the $14 million ish in, the quarterly dividend payments for Strike. So, it's just our ability to raise capital relative to the obligation on Strike is in [inex] compared to what we need to pay. So look, I think we have lots of capacity and lots of flexibility to cover the dividends. And I also think that our ability to raise capital in the future should increase as well as our market cap continues to increase. And so overall, I think we are very comfortable in our ability to pay these in perpetuity.

我想這也是值得注意的，自第四季初以來，我們已經籌集了超過 200 億美元的資金。您確實需要將其與 Strike 的季度股息約 1400 萬美元進行比較。因此，與我們需要支付的金額相比，我們籌集資本的能力相對於 Strike 的義務而言是 [inex]。所以，我認為我們有足夠的能力和彈性來支付股息。而且我還認為，隨著我們市值的不斷增加，我們未來籌集資金的能力也會增強。所以總的來說，我認為我們有足夠的能力永久支付這些款項。

Thank you, Andrew.

謝謝你，安德魯。

We are actually over the allocated time for this call. So we will take one final question for Michael.

事實上，我們已經超出了本次通話的分配時間。因此，我們將向麥可回答最後一個問題。

And that is regarding the tax issue. So what are the company's latest thoughts on the taxes on unrealized capital gains and what steps are being taken to mitigate this risk and what are the implications if this tax issue becomes effective at some point in the future?

這就是有關稅收的問題。那麼，公司對於未實現資本利得稅的最新想法是什麼？

Good question. We've been in dialogue with the IRS on this matter and we're also in dialogue with members of the cabinet and with supporters on Capitol Hill and the Senate and the House. We don't think that there's any broad-based support for the idea of an unrealized capital gains tax on crypto assets for large corporate holders. So, we don't expect over time that this will come to much. But having said all that in the event that there was an unrealized capital gains tax on corporate holders, we see it as a second order impact. It shouldn't affect our convertible bond strategy, our fixed income strategy, our equity strategies, it would be a nuisance that it would somewhat slow down our growth rate.

好問題。我們就此事與美國國稅局進行了對話，我們也在與內閣成員以及國會山莊、參議院和眾議院的支持者進行對話。我們認為，對大型企業持有者徵收加密資產未實現資本利得稅的想法並沒有得到廣泛支持。因此，我們並不認為隨著時間的推移，這種情況會發生很大變化。但話雖如此，如果公司股東存在未實現資本利得稅，我們認為這是二階影響。它不應該影響我們的可轉換債券策略、固定收益策略和股票策略，但它會在一定程度上減慢我們的成長率，從而帶來麻煩。

But at the end of the day, we're arbitraging equity and debt capital markets where the cost of capital is 5% to 15% and the volatilities were 5 to 15 against Bitcoin with performance of 60 ball. And so whether or not we're arbitraging 60 versus 10, or 55 versus 10, or 52 versus 10 doesn't really much change the business strategy, might just slightly slow down our growth rate and we remain confident that we'll manage this issue.

但最終，我們在股票和債務資本市場進行套利，其中資本成本為 5% 到 15%，相對於比特幣的波動率為 5 到 15，表現為 60 球。因此，無論我們進行 60 對 10 套利，還是 55 對 10 套利，還是 52 對 10 套利，都不會對業務策略產生太大影響，可能只會稍微減緩我們的成長率，但我們仍有信心解決這個問題。

Great.

偉大的。

Thank you, Michael.

謝謝你，麥可。

So thank you everyone for your questions. Hopefully, we addressed a lot of those over the course of the call today. This concludes the Q&A portion of the webinar. We would like to thank the 10,000 plus unique attendees that joined our call live today and I will now turn the call over to Phong for closing remarks.

感謝大家的提問。希望我們在今天的通話中能夠解決很多問題。網路研討會的問答部分到此結束。我們要感謝今天現場參加我們電話會議的 10,000 多位獨立與會者，現在我將把電話交給 Phong 作結束語。

Thank you, Shirish. I want to thank everyone who joined us today and as always, we really do appreciate all of your support. Hopefully, you're as excited as we are about our enterprise software strategy, our Bitcoin strategy and our strategy in general. We look forward to seeing you again in 12 weeks and hopefully we'll see a lot of you in Orlando at Strategy World 2025 in early May.

謝謝你，Shirish。我要感謝今天加入我們的每個人，一如既往，我們非常感謝你們所有人的支持。希望您和我們一樣對我們的企業軟體策略、比特幣策略以及整體策略感到興奮。我們期待 12 週後再次見到您，並希望我們能在 5 月初在奧蘭多舉行的 2025 年戰略世界大會上見到您。

Thanks and have a good evening.

謝謝，祝您晚上愉快。