Strategy Inc (MSTR) 2025 Q2 法說會逐字稿

Hello, everyone, and good evening. I'm Shirish Jajodia, Corporate Treasurer and Head of Investor Relations at Strategy. I will be your moderator for Strategy's 2025 second-quarter earnings webinar.

大家好，晚上好。我是 Shirish Jajodia，Strategy 的企業財務主管兼投資者關係主管。我將擔任 Strategy 2025 年第二季收益網路研討會的主持人。

Today marks a historic day for strategy and all our investors. We believe this deserves an exciting brand-new format of our earnings call in line with our mission to digitally transform Investor Relations and be the most transparent company in the world. We will start the call with 60-minute presentation approximately.

今天對於策略和我們所有的投資者來說都是歷史性的一天。我們相信，這值得我們採用令人興奮的全新形式的收益電話會議，以符合我們以數位化方式轉變投資者關係並成為世界上最透明的公司的使命。我們將以大約 60 分鐘的演示開始通話。

This time, we have shuffled the order of the presenters. Andrew Kang, will begin first, followed by Michael Saylor and then Phong Le. This will be followed by a 30-minute interactive Q&A session with our four World Street equity analysts and four Bitcoin analysts.

這次，我們打亂了演講者的順序。Andrew Kang 將首先發言，然後是 Michael Saylor 和 Phong Le。隨後，我們將與四位 World Street 股票分析師和四位比特幣分析師進行 30 分鐘的互動問答環節。

Before we proceed, I will read the Safe Harbor statement. Some of the information we provide in this presentation regarding our future expectations, plans, guidance, and prospects may constitute forward-looking statements, including, without limitation, our guidance with respect to 2025 operating income, net income, earnings per share, BTC Yield, and BTC $ Gain, and the hypothetical valuation models contained in this presentation.

在我們繼續之前，我將宣讀安全港聲明。我們在本簡報中提供的一些有關未來預期、計劃、指導和前景的資訊可能構成前瞻性陳述，包括但不限於我們對 2025 年營業收入、淨收入、每股收益、BTC 收益率和 BTC $ 收益的指導，以及本簡報中包含的假設估值模型。

Actual results may differ materially from these forward-looking statements due to various important factors, including the risk factors discussed in our most recent quarterly report on Form 10-Q filed with the SEC on May 5, 2020, and our current report on Form 8-K filed with the SEC on July 7, 2025.

由於各種重要因素，實際結果可能與這些前瞻性聲明有重大差異，包括我們於 2020 年 5 月 5 日向美國證券交易委員會提交的最新 10-Q 表季度報告和我們於 2025 年 7 月 7 日向美國證券交易委員會提交的 8-K 表當前報告中討論的風險因素。

And in the case of our guidance with respect to 2025 operating income, net income, earnings per share, BTC Yield, and BTC $ Gain and the hypothetical valuation models contained in this presentation, each of which is based on assumed bitcoin price at the end of the year the risk that the price of decline as of such date may be substantially different than assumed target price. This could cause our actual results to vary substantially from such guidance and the hypothetical value is generated by such models. So we assume no obligation to update these forward-looking statements, which speak only as of today.

就我們對 2025 年營業收入、淨收入、每股收益、BTC 收益率和 BTC 美元收益的指導以及本演示文稿中包含的假設估值模型而言，每個模型均基於年底假設的比特幣價格，因此，截至該日期的價格下跌風險可能與假設的目標價格存在很大差異。這可能會導致我們的實際結果與此類指導和假設值有很大差異，這些假設值是由此類模型產生的。因此，我們不承擔更新這些前瞻性陳述的義務，這些陳述僅代表今天的觀點。

Also in this presentation, we refer to certain non-GAAP financial measures. Reconciliations are available in our earnings release and the appendix of this presentation, which was issued today and available on our website.

在本簡報中，我們也提到了某些非 GAAP 財務指標。您可以在我們的收益報告和本簡報的附錄中找到對帳訊息，這些報告和附錄已於今天發布並可在我們的網站上查閱。

With that, I will turn the call over to Andrew Kang, CFO of Strategy.

說完這些，我將把電話轉給策略部財務長 Andrew Kang。

Thank you, Shirish. And I'd like to welcome everyone to today's webinar, and thank you for joining what I think will be one of the most important quarterly earnings calls in the history of our company. I'll start with some key highlights from Q2 and year to date.

謝謝你，Shirish。我歡迎大家參加今天的網路研討會，並感謝大家參加這次我認為將是我們公司歷史上最重要的季度收益電話會議之一。我首先會介紹第二季和今年迄今為止的一些主要亮點。

Through July 29, our Bitcoin holdings were 628,791, which now accounts for 3% of all bitcoin ever to be in existence and positions us as the most dominant player in the Bitcoin treasury company space. Our market cap has eclipsed over $112 billion, making Strategy the 96th largest public company in the US. And as part of our expanding and innovative capital markets plan this year, so far, we've launched four listed preferred equity offerings: STRF, STRK, STRD, and STRC with STRC representing the largest IPO in the US so far this year.

截至 7 月 29 日，我們的比特幣持有量為 628,791，佔有史以來比特幣總量的 3%，並使我們成為比特幣財務公司領域最主要的參與者。我們的市值已超過 1,120 億美元，使 Strategy 成為美國第 96 大上市公司。作為我們今年不斷擴展和創新的資本市場計劃的一部分，到目前為止，我們已經推出了四項上市優先股發行：STRF、STRK、STRD 和 STRC，其中 STRC 是今年迄今為止美國最大的 IPO。

And finally, we raised an impressive $18.3 billion in capital year to date, which already accounts for 81% of the total capital we raised in all of last year combined. And we accomplished that in just seven months. So in addition to expanding the depth of Bitcoin back credit instruments to the market, we are raising capital more quickly and more efficiently than we have ever before.

最後，今年迄今為止，我們籌集的資金已達到令人印象深刻的 183 億美元，這已經占到我們去年全年籌集的總資金的 81%。我們僅用七個月就實現了這個目標。因此，除了擴大比特幣回饋信貸工具在市場上的深度之外，我們也比以往更快、更有效地籌集資金。

Now moving on to our EPS results. Q2 '25 stands out as a transformational quarter for strategy driven by two major factors: the substantial appreciation of Bitcoin price between the end of Q1 and Q2 in conjunction with the adoption of FASB's fair value accounting rule at the beginning of this year.

現在來看看我們的每股盈餘結果。2025 年第二季是策略轉型的一個季度，主要受兩大因素推動：第一季末至第二季期間比特幣價格大幅上漲，以及今年初採用 FASB 的公允價值會計規則。

We achieved a record $14 billion in GAAP operating income and $10 billion in net income, reflecting a fully diluted EPS of $32.60 per share for the quarter, the highest in the company's history and what may be among the highest of all S&P 500 companies this quarter.

我們實現了創紀錄的 140 億美元 GAAP 營業收入和 100 億美元的淨收入，反映出本季每股完全攤薄收益為 32.60 美元，這是公司歷史上最高的，並且可能是本季度所有標準普爾 500 指數公司中最高的。

Our results for the first half reflect $8.1 billion in GAAP operating income, $5.7 billion in net income and an EPS of $19.43 per share, also a record high for the company. This sets us up for continued momentum through the remaining second half of the year.

我們的上半年業績反映出 GAAP 營業收入 81 億美元、淨收入 57 億美元，每股收益 19.43 美元，這也創下了公司的歷史新高。這為我們在今年下半年剩餘時間繼續保持強勁勢頭奠定了基礎。

Here, we introduced an important metric, bitcoin per share or BPS. This measures the accretion of bitcoin on a per share basis by calculating the ratio between the company's Bitcoin holdings and its assumed diluted shares outstanding. We are presenting Bitcoin per share using Satoshis where 100 million Satoshis equal 1 Bitcoin.

在這裡，我們引入了一個重要指標，每股比特幣或BPS。透過計算公司持有的比特幣與假定的稀釋流通股之間的比率來衡量每股比特幣的增值。我們以 Satoshis 來表示每股比特幣，其中 1 億 Satoshis 等於 1 比特幣。

In 2021, we achieved a Bitcoin per share of $26,752. The trend in '22 and '23 reflected the end market conditions. However, in '24, we saw a massive increase in our Bitcoin per share of $67,730 on the strong price performance at Bitcoin. This year, the positive performance continues with a year-to-date bitcoin per share of $39,716 as of July 31, close to 60% of what we achieved last year with much of the second half remaining for further execution.

2021 年，我們實現了每股比特幣 26,752 美元。22 年和 23 年的趨勢反映了最終的市場狀況。然而，在 24 年，由於比特幣價格表現強勁，我們的比特幣每股價格大幅上漲至 67,730 美元。今年，我們繼續保持積極表現，截至 7 月 31 日，年初至今的比特幣每股價格為 39,716 美元，接近去年同期的 60%，下半年還有大部分時間有待進一步執行。

In short, our BPS performance shows how Bitcoin treasury model is consistently accumulating more Bitcoin per share, the highest of any Bitcoin treasury company directly and measurably value increasing value for our shareholders.

簡而言之，我們的 BPS 表現表明，比特幣財務模型如何持續累積每股更多的比特幣，這是所有比特幣財務公司中最高的，直接且可衡量地為我們的股東增加了價值。

Beginning in 2020 and over the last 4.5 years, we have increased our cumulative Bitcoin per share to $198,543 as of the end of July and positive growth around BTC Yield across those same years has consistently contributed to our Bitcoin per share outperformance.

從 2020 年開始，在過去的 4.5 年裡，截至 7 月底，我們的累計比特幣每股價格已增至 198,543 美元，而同期 BTC 收益率的正增長也持續推動了我們的比特幣每股價格跑贏大盤。

We have now achieved a BTC Yield of 25% year to date, meeting our initial full year target in the first seven months of the year. Our BTC Gain year to date is 111,894 Bitcoin, fueled by a strong Q1 and Q2 through the IPOs of our credit instruments as well as through disciplined activation of our common stock ATM.

我們今年迄今已實現 25% 的 BTC 收益率，在今年前七個月就達到了我們最初的全年目標。我們今年迄今的 BTC 收益為 111,894 比特幣，這得益於我們信貸工具 IPO 和普通股 ATM 的有序激活，在第一季度和第二季度表現強勁。

In terms of BTC $ Gain, our treasury operations have generated $13.2 billion so far this year closing in on our initial $15 billion full year target. Overall, these results reflect the real incremental value from our ability to strategically manage and maximize our treasury operations showing strong momentum into the second half and supporting the increase in our full year targets that Phong will detail later in the call.

就 BTC 收益而言，今年迄今為止，我們的財務營運已產生 132 億美元的收益，接近我們最初的 150 億美元全年目標。總體而言，這些結果反映了我們策略性地管理和最大化財務運營的能力所帶來的實際增量價值，顯示出下半年的強勁勢頭，並支持了我們全年目標的增長，Phong 將在稍後的電話會議上詳細介紹這一點。

Moving on to our balance sheet. We have added Bitcoin to our balance sheet in every single quarter since August 2020 and 100% of our Bitcoin remain fully unencumbered. We now hold over $74 billion of Bitcoin, which was purchased at a cost of $46 billion or just over $73,000 per bitcoin. Our attractive low-cost basis reflects the benefit of starting our acquisitions over 4.5 years ago, which makes us the most committed and consistent corporate holder of Bitcoin in the world.

繼續我們的資產負債表。自 2020 年 8 月以來，我們每季都會將比特幣添加到我們的資產負債表中，並且我們的比特幣 100% 仍然沒有任何抵押。我們現在持有價值超過 740 億美元的比特幣，購買成本為 460 億美元，即每個比特幣價格略高於 73,000 美元。我們具有吸引力的低成本基礎反映了我們 4.5 年前開始收購的好處，這使我們成為世界上最堅定、最穩定的比特幣企業持有者。

This slide highlights the increase in the value of our digital assets following the adoption of FASB's fair value accounting standard on January 1, 2025. Under fair value accounting as of January 1, we recorded a one-time adjustment of $17.9 billion of our Bitcoin balance sheet and an offsetting $5.1 billion deferred tax liability which increased our total stockholders' equity by $12.7 billion.

本投影片重點介紹了自 2025 年 1 月 1 日採用 FASB 公允價值會計準則以來，我們的數位資產價值的成長。根據截至 1 月 1 日的公允價值會計，我們對比特幣資產負債表進行了一次性調整，金額為 179 億美元，並抵消了 51 億美元的遞延稅負債，這使我們的股東權益總額增加了 127 億美元。

As of June 30, the value of our total digital assets have grown to over $64 billion with a deferred tax liability of $5.9 billion. With our current long-term debt and added preferred equity, our total stockholders' equity stands at $47.5 billion. The change in accounting to fair value now better reflects our Bitcoin market value, improves balance sheet transparency while driving significant growth in shareholder equity.

截至 6 月 30 日，我們的數位資產總價值已成長至 640 多億美元，遞延稅負債為 59 億美元。加上我們目前的長期債務和增加的優先股，我們的股東權益總額達到 475 億美元。會計向公允價值的轉變現在可以更好地反映我們的比特幣市場價值，提高資產負債表透明度，同時推動股東權益的顯著成長。

At the end of Q1, under the new FASB fair value accounting rules and due to the change in the price of Bitcoin between January 1 and March 31, we reported a Q1 unrealized loss of $5.9 billion. However, in Q2, we recognized a dramatic increase in the fair value of our Bitcoin holdings due to the increase of an additional $6.8 billion of Bitcoin to our balance sheet along with the dramatic bitcoin price increase between the first and last day of the quarter, which drove the $14 billion unrealized fair value gain for Q2.

第一季末，根據新的 FASB 公允價值會計規則，並且由於 1 月 1 日至 3 月 31 日期間比特幣價格的變化，我們報告第一季未實現損失為 59 億美元。然而，在第二季度，我們意識到我們持有的比特幣的公允價值大幅增加，因為我們的資產負債表上增加了 68 億美元的比特幣，加上本季第一天和最後一天之間比特幣價格的大幅上漲，這推動了第二季度 140 億美元的未實現公允價值收益。

Quarter to date, we have further increased the total fair value of our Bitcoin holdings to over $74 billion, having added $3.7 billion through capital markets proceeds and also through the change in Bitcoin price since the end of Q3. At current prices, we sit on approximately $6.2 billion in fair value gains so far this quarter which will be finalized on the last day of Q3.

本季迄今為止，我們已將比特幣持有量的公允價值總額進一步提高至 740 億美元以上，其中透過資本市場收益以及自第三季末以來比特幣價格的變化增加了 37 億美元。以當前價格計算，本季迄今我們的公允價值收益約為 62 億美元，將於第三季最後一天最終確定。

Here, we show $8.2 billion in total notional debt across our convertible instruments with a market value of over $12.3 billion. All the two of the converts are in the money with a total weighted average maturity of 4.7 years, giving us flexibility to manage our long-term obligations.

在這裡，我們顯示了可轉換工具的名義債務總額為 82 億美元，市值超過 123 億美元。所有兩筆可轉換債券均為價內債券，總加權平均期限為 4.7 年，這使我們能夠靈活地管理我們的長期債務。

The earliest of the embedded call dates begin in December 2026, and we plan to be strategic in managing our outstanding convert complex. Our current preferred equity outstandings are $6.3 billion, all of which are perpetual and provide stable and long-term capital matched to our long-term strategic asset, Bitcoin.

最早的嵌入式贖回日期從 2026 年 12 月開始，我們計劃採取策略性的方式管理我們未償還的轉換複合體。我們目前未償還的優先股金額為 63 億美元，全部為永久性的，可提供與我們的長期戰略資產比特幣相符的穩定長期資本。

The combination of our large Bitcoin holdings and sizable equity base ensures that both our debt and preferred securities are backed by robust assets and are well fortified. Our $74 billion in Bitcoin Holdings provides $60 billion in surplus balance against the $8 billion in convertible debt and preferred equity obligations and our $126 billion of enterprise value consists of $112 billion in equity on top of our debt and preferred stock.

我們持有的大量比特幣和龐大的股權基礎確保了我們的債務和優先證券均有穩健的資產支持，並且實力雄厚。我們持有的價值 740 億美元的比特幣，為 80 億美元的可轉換債務和優先股債務提供了 600 億美元的盈餘，而我們 1,260 億美元的企業價值包括債務和優先股之上的 1,120 億美元股權。

Our total annualized interest and dividend obligations today stand at $614 million, which consists of $35 million in interest expense on our converts or about 42 basis points weighted average cost. We have $459 million in dividend obligations against our cumulative preferreds, STRF, C and K and an additional $120 million related to our noncumulative preferred stock, STRC.

我們目前的年度利息和股息總額為 6.14 億美元，其中包括 3,500 萬美元的可轉換利息支出，或約 42 個基點的加權平均成本。我們對累積優先股 STRF、C 和 K 負有 4.59 億美元的股息義務，另外還有 1.2 億美元與非累積優先股 STRC 相關的股息義務。

Here, we show that we have more than sufficient access to liquidity to manage our total annual interest and dividend obligations through our proven track record of capital raising activities. Our total annual obligations represent a mere 1.6% of total capital raised in the last 12 months and only 2.3% of total common equity raised in the last 12 months.

在這裡，我們表明，透過我們經過驗證的籌資活動記錄，我們擁有足夠的流動性來管理我們的年度總利息和股息義務。我們的年度總債務僅佔過去 12 個月籌集的總資本的 1.6%，僅佔過去 12 個月籌集的總普通股的 2.3%。

There is also ample daily market liquidity to more than satisfy our annual obligations based on the current average daily trading volumes of our common stock. With $74 billion in Bitcoin Holdings, we are 15 times over collateralized against our current $5 billion in out-of-the-money converts. Our fortress Bitcoin balance sheet provides significant cushion to manage these maturities if needed.

根據我們普通股的當前平均每日交易量，每日市場流動性也充足，足以滿足我們的年度義務。我們持有價值 740 億美元的比特幣，相對於我們目前 50 億美元的價外轉換資產，我們的抵押品數量是 15 倍。如果需要，我們的堡壘比特幣資產負債表可以提供重要的緩衝來管理這些到期債務。

And after covering our out-of-the-money converts of Bitcoin holdings -- at current prices are enough to cover approximately 120 years of our annual preferred dividend needs.

在涵蓋了我們持有的比特幣的價外轉換資產後——以當前價格計算，足以滿足我們約 120 年的年度優先股息需求。

So with that, I will now turn it over to Michael for an update on Bitcoin, our financial products, as well as our BTC credit model.

因此，現在我將把主題交給邁克爾，讓他介紹比特幣、我們的金融產品以及我們的 BTC 信用模型的最新情況。

Thank you, Andrew. And I want to thank everybody for being with me today. So I thought I'd start with a macro overview of the Bitcoin universe. And the first thing that I'll note is we have a very supportive White House and that started with the establishment of bitcoin's strategic reserve but it continues across the board.

謝謝你，安德魯。我要感謝今天與我在一起的所有人。所以我想從比特幣世界的宏觀概述開始。我首先要指出的是，白宮對我們非常支持，這一切始於比特幣戰略儲備的建立，但這項支持在各方面持續進行。

Next. As you can see, we have 12 cabinet members in this administration that are all pro Bitcoin. A year ago, we had 1 cabinet member who was neutral and 11 that were indifferent or uninterested and certainly not supportive. So this is a major change in the political landscape.

下一個。正如你所看到的，我們本屆政府內閣中有 12 名成員都支持比特幣。一年前，我們有 1 名內閣成員持中立態度，另外 11 名內閣成員對此事漠不關心或不感興趣，當然也不支持。因此，這是政治格局的重大變化。

Yesterday, the White House released Crypto Policy Report. It's about 150 pages long. I did a scan. I'm sure some of you have done a scan. The takeaway is that this administration is going to be very enthusiastic in its support of the entire crypto industry and the Bitcoin ecosystem. And in particular, some of the things they're doing include work in the area of taxation to cure unfair tax treatments of digital assets and that includes relief or de minimis digital asset transfers like de minimis Bitcoin payments.

昨天，白宮發布了加密政策報告。大約有150頁長。我做了掃描。我確信你們中的一些人已經做過掃描。關鍵在於，本屆政府將非常熱情地支持整個加密產業和比特幣生態系統。具體來說，他們所做的一些事情包括在稅收領域的工作，以糾正對數位資產的不公平稅收待遇，其中包括減免或最低限度的數位資產轉移，如最低限度的比特幣支付。

And then also includes guidance that digital assets should not be included when calculating CAMT unrealized capital gains taxes or when calculating CAMT minimum taxes. And so we have the support of the administration on this and that was made very precise in writing just yesterday, and this is an excerpt of it. I think this is just very positive for the entire crypto industry and very positive for Bitcoin. And of course, it's very positive for the hundreds of companies that are starting to put crypto assets on their balance sheet.

然後還包括指導，在計算 CAMT 未實現資本利得稅或計算 CAMT 最低稅時不應包括數位資產。因此，我們得到了政府的支持，這一點昨天已經以書面形式非常明確地表達出來，這是其中的摘錄。我認為這對整個加密產業和比特幣來說都是非常有利的。當然，這對數百家開始將加密資產納入資產負債表的公司來說是一個非常積極的消息。

Wall Street has embraced Bitcoin. We've now got 80 ETFs launched, $170 billion of value flowing into these ETFs. These continue to pick up steam and they're growing more powerful day by day. Public companies are capitalizing on bitcoin. This is an extraordinary move. And of course, we're seeing these every day, there's a new announcement whether it's coming from a pure Bitcoin company or whether it's coming from a hybrid or just a random new entrant, but we've now got 950,000 Bitcoin that have been acquired by 160 different listed companies.

華爾街已經接受了比特幣。目前我們已經推出了 80 檔 ETF，流入這些 ETF 的價值已達 1,700 億美元。這些活動持續升溫，並且日益強大。上市公司正在利用比特幣獲利。這是一個非同尋常的舉動。當然，我們每天都會看到這些，有新的公告，無論是來自純比特幣公司，還是來自混合型公司或隨機的新進入者，但現在我們已經有 950,000 比特幣被 160 家不同的上市公司收購。

And we look at the trend. We were the first in 2020. There were two at the end of the year, then there were 33, 39, 43. There were 64 last year. And of course, as you look at this trend right now, 160 were not even to the end of 2025 is extraordinary. So we're in hyper growth or hyper adoption phase for Bitcoin as a treasury reserve asset.

我們來觀察一下趨勢。我們是2020年的第一名。年底有 2 個，然後有 33 個、39 個、43 個。去年有 64 人。當然，從目前的趨勢來看，到 2025 年底這一數字還不到 160，這是非常驚人的。因此，我們正處於比特幣作為財政儲備資產的快速成長或高速採用階段。

Companies are racing to get into the Bitcoin 100. You can see there's been competition to track the Bitcoin 100 right now. And generally, any given week, there are 20 or more companies that are acquiring more Bitcoin. Just a few minutes ago, Coinbase announced that they acquired more Bitcoins this quarter, thousands of Bitcoin. So I see very positive trends here.

各公司都在競相進入比特幣 100 強。您可以看到，目前追蹤比特幣 100 的競爭已經存在。通常，每週都有 20 家或更多的公司購買更多的比特幣。就在幾分鐘前，Coinbase 宣布他們本季收購了更多比特幣，數千個比特幣。所以我在這裡看到了非常積極的趨勢。

And each of these companies could in theory acquire just as much Bitcoin or an attempt to acquire just as much bitcoin and dollar value as we have acquired. Obviously, they won't get 3% of the Bitcoin supply, but you can imagine what happens when 100 companies are all competing to acquire as much Bitcoin as possible.

從理論上講，這些公司中的每一家都可以收購與我們一樣多的比特幣，或者試圖收購與我們一樣多的比特幣和美元價值。顯然，他們不會獲得 3% 的比特幣供應量，但你可以想像，當 100 家公司都在競爭以獲取盡可能多的比特幣時會發生什麼。

The analysts are all starting to cover and track Bitcoin and they have outlook for Bitcoin. So if you're going to cover the 160 Bitcoin companies that have been on in our balance sheet, you're going to have to form an opinion about Bitcoin. And so you can see that the average end-of-the-year price forecast of an equity analyst covering MSTR is 168,000. And so keep that in mind, 168,000 by the end of the year, that's the consensus of the analyst community that tracks our stock right now.

分析師們都開始關注和追蹤比特幣，並對比特幣進行了展望。因此，如果您要涵蓋我們資產負債表中的 160 家比特幣公司，您必須對比特幣形成看法。因此，您可以看到，負責 MSTR 的股票分析師對年底價格的平均預測為 168,000。請記住，到今年年底，我們的股票銷量將達到 168,000 輛，這是目前追蹤我們股票的分析師群體的共識。

Technology investors are looking for the next great thing. And everybody, the consensus trade is AI. Everybody knows AI is the next thing. But now they're starting to realize that Bitcoin is also the next thing, and it's being lumped as a technology transformation and a digital disruption. This is really positive because this is going to draw lots of Magnificent 7 investors into our space.

技術投資者正在尋找下一個偉大的事物。各位，共識交易是人工智慧。每個人都知道人工智慧是下一個熱門話題。但現在他們開始意識到比特幣也是下一個熱門話題，它被視為一場技術轉型和數位顛覆。這確實是件好事，因為這將吸引大量《七俠蕩寇志》的投資人進入我們的領域。

Financial regulators are embracing Bitcoin. You see a new positive Bitcoin announcement just about every other day now from all parts of the government. Just a few days ago, the SEC released a memo, allowing an in-kind creation and redemption of Bitcoin ETFs. This is a huge deal. This is going to accelerate the development of the industry. They also loosened restrictions on options trading Bitcoin ETF.

金融監管機構正在擁抱比特幣。現在，幾乎每隔一天，你就會看到政府各部門發布有關比特幣的正面消息。就在幾天前，美國證券交易委員會發布了一份備忘錄，允許實體創建和贖回比特幣ETF。這是一件大事。這將加速該行業的發展。他們也放寬了對比特幣 ETF 選擇權交易的限制。

Paul Atkins just released -- gave a speech and made a number of comments about the digital assets industry. It's great that he's very supportive of innovation, very supportive of the crypto economy, very supportive but you're right to sell custody and this is a welcome development from the SEC.

保羅·阿特金斯剛剛發表了演講，並對數位資產行業發表了一些評論。他非常支持創新，非常支持加密經濟，這很好，但你出售託管權是正確的，這是美國證券交易委員會值得歡迎的發展。

Another welcome development is the guidance that came from William Pulte to Fannie Mae and Freddie Mac, where he said they should prepare their businesses to count cryptocurrency as an asset in the mortgage. This is going to accelerate the institutional adoption of Bitcoin as collateral in the banking industry. There could be no more legitimate driver of the collateralization of credit with Bitcoin than the US Federal Housing Authority.

另一個值得歡迎的進展是威廉·普爾特 (William Pulte) 向房利美和房地美提供的指導，他表示，他們應該做好準備，將加密貨幣視為抵押貸款中的一項資產。這將加速銀行業採用比特幣作為抵押品的機構進程。沒有比美國聯邦住房管理局更合法的推動比特幣信貸抵押的機構了。

Capitol Hill's embracing Bitcoin. There are three bills, one of them, the Genius Act has already been passed. Clarity is coming in September, and the Bitcoin Act allows for the government to acquire 1 million Bitcoin. These are picking up momentum. This is a positive development.

國會山莊正在擁抱比特幣。共有三項法案，其中之一《天才法案》已經通過。9 月情況將會明朗，比特幣法案將允許政府收購 100 萬比特幣。這些正在加速發展。這是一個積極的發展。

US states are also embracing Bitcoin. We've now got three strategic Bitcoin reserves, including one in Texas, just recently that was funded with $10 million. So this is a trend that's growing.

美國各州也正在接受比特幣。我們現在有三個戰略比特幣儲備，其中一個位於德克薩斯州，最近獲得了 1000 萬美元的資助。所以這是一個日益增長的趨勢。

International governments are enthusiastic about Bitcoin, and we're seeing this everywhere in the world with politicians in Ireland and the UK in Pakistan, in UAE and Ukraine, et cetera, all of them making pro Bitcoin moves.

各國政府對比特幣都很熱衷，我們在世界各地都能看到這種情況，愛爾蘭、英國、巴基斯坦、阿聯酋、烏克蘭等國的政治人物都在採取支持比特幣的措施。

The crypto industry has coalesced around Bitcoin. There used to be some conflict two, three years ago. I think the previous administration played the crypto industry against the Bitcoin industry. And now they've come together. And it's pretty clear that Bitcoin is viewed as the foundation of the entire cryptal economy. And we see that as really, really constructive for the growth of the entire industry.

加密產業已經圍繞著比特幣凝聚起來。兩三年前曾發生過一些衝突。我認為前政府讓加密產業與比特幣產業對抗。現在他們已經走到一起了。很明顯，比特幣被視為整個加密經濟的基礎。我們認為這對整個產業的發展確實非常有建設性。

Now I'd like to talk about our financial products and our business. As you can see here on this slide, our company strategy sits between the crypto economy and the traditional finance economy. So the primary asset and the foundation of the crypto economy is Bitcoin, which is worth $2.3 trillion.

現在我想談談我們的金融產品和業務。正如您在這張投影片上看到的，我們的公司策略介於加密經濟和傳統金融經濟之間。因此，加密經濟的主要資產和基礎是比特幣，價值為 2.3 兆美元。

And when I think about the crypto economy, I think about every country on earth and every capitalist on our 24/7, 365 acting rationally in whatever their economic interest is that's being manifested on Saturday night, and that's creating extraordinary performance and extraordinary demand in the underlying collateral, which is BTC.

當我思考加密經濟時，我會想到地球上的每個國家和每個資本家，他們每天 24 小時、每週 7 天、每年 365 天都在理性地行事，無論他們的經濟利益是什麼，這些都在周六晚上得到體現，這為基礎抵押品（即 BTC）創造了非凡的表現和非凡的需求。

However, most of the world is unable to access the crypto economy. And so what we're doing is refining and we're harnessing the power of the Bitcoin asset and we're able to actually refine it into low volatility, low leverage, less risky financial products and then higher volatility, higher leverage financial products. So just like you might refine a barrel of crude oil into kerosene, which would be very, very pure and asphalt, which is not so much, we're basically providing a function that, say, an ETF cannot provide.

然而，世界上大多數國家都無法進入加密經濟。因此，我們正在做的是提煉和利用比特幣資產的力量，我們能夠將其提煉為低波動性、低槓桿、風險較低的金融產品，然後是波動性較高、槓桿較高的金融產品。因此，就像你可以將一桶原油提煉成純度非常高的煤油和瀝青一樣，我們基本上提供了 ETF 無法提供的功能。

You can see IBIT, famous example here in this chart, it basically wraps Bitcoin and it serves up a security flavor of raw Bitcoin to the investment community. We, on the other hand, our offering stepped down elements, convertible bonds, convertible preferred stock, senior fixed stock, junior high yield, preferred stock and of course, this treasury preferred stock in the form of stretch. We're offering those.

您可以在這張圖表中看到 IBIT 這個著名的例子，它基本上包裝了比特幣，並向投資界提供了原始比特幣的安全風格。另一方面，我們提供逐步減少的要素，可轉換債券，可轉換優先股，高級固定股票，初級高收益，優先股，當然還有這種以延長形式的庫存優先股。我們提供這些。

And those, in essence, we're stripping and modifying the duration of the asset and we're also stepping down the volatility of the asset, and we're actually extracting the yield from the asset, which is Bitcoin, and we're serving it to each of these fixed income investors. But the excess yield, excess volatility, excess performance that does not go in those fixed income instruments goes into the MSTR common stock. And then, of course, that feeds to the MSTR based ETFs and the MSTR options.

從本質上講，我們正在剝離和修改資產的期限，我們也在降低資產的波動性，我們實際上是從資產（即比特幣）中提取收益，並將其提供給每個固定收益投資者。但是，這些固定收益工具中未體現的超額收益、超額波動性和超額業績都體現在了 MSTR 普通股中。然後，當然，這會提供給基於 MSTR 的 ETF 和 MSTR 選擇權。

So all of these are different instruments. They're all targeted at a different type of investor. Some of them offer yield, some of them offer return. So let's delve into them a little bit closer.

所以所有這些都是不同的工具。它們都針對不同類型的投資者。其中一些提供收益，一些提供回報。因此，讓我們更深入地研究它們。

First, STRK. STRK has structured Bitcoin. So some people, they don't want high vol, high return Bitcoin. What they want is something with less downside, less risk, less volatility, more certainty. So how do I actually keep the growth but get some yield certainty, strip some of the risk? And the way to do it is with the convertible preferred stock.

首先，STRK。STRK 已經建構了比特幣。所以有些人不想要高波動、高報酬的比特幣。他們想要的是負面影響更小、風險更小、波動性更小、確定性更高的產品。那麼我該如何真正保持成長，同時獲得一定的收益確定性，並消除一些風險呢？實現這一目標的方法就是使用可轉換優先股。

If we look at the spec sheet here, what you can see is that in essence, at $100, a share of STRK offers about $40 worth of equity. So it's like a at that level of 40 delta -- 35 to 40 delta instrument. So you're getting partial upside on MSTR. You're getting a guaranteed 8% dividend and you get a liquidation preference and seniority in the capital structure. So less volatility, less downside articulated yield that you can count on, but you can still keep some of the growth.

如果我們看一下這裡的規格表，你會發現，本質上，以 100 美元的價格計算，一股 STRK 股票的股權價值約為 40 美元。因此，它就像處於 40 delta 水平（35 到 40 delta 儀器）的儀器。因此，您在 MSTR 上獲得了部分好處。您將獲得保證的 8% 股息，並獲得清算優先權和資本結構優先權。因此，波動性較小，您可以依賴的下行明確收益率較低，但仍可保持一定的成長。

What's the market universe for that product? Well, you have growth investors, right? The S&P 500, they've got 9% year-to-date performance, and they've got 1.3% yield. While STRK is 7.5% yield effectively, and it's 34% year-to-date performance. So maybe the S&P index buyer, maybe a Nasdaq 100 index buyer. Between the two of them, there's about $55 trillion in that bucket.

該產品的市場範圍是怎樣的？那麼，你們有成長型投資者，對嗎？標普 500 指數今年迄今的表現為 9%，殖利率為 1.3%。而 STRK 的有效收益率為 7.5%，今年迄今的表現為 34%。因此可能是標準普爾指數買家，也可能是那斯達克 100 指數買家。他們兩人加起來的財富總額約為 55 兆美元。

Then you've got commercial real estate, people that want some yield, but they also want some growth over time. That's another very large bucket, $30 trillion. Then you have hedge funds that give you downside protection, they may or may not give you performance. Oftentimes, they don't outperform the S&P but they purport to be hedges and people like the idea of some structured investment, and that's what hedge funds do.

然後你有商業房地產，人們想要一些收益，但他們也希望隨著時間的推移獲得一些成長。這又是一個非常大的數目，30兆美元。然後你有對沖基金為你提供下行保護，它們可能會或可能不會為你帶來績效。很多時候，它們的表現並不優於標準普爾指數，但它們聲稱是對沖基金，而人們喜歡一些結構化投資的想法，而這正是對沖基金所做的。

And then another target audiences is just Bitcoin investors, maybe someone that doesn't want 55% vol, 55% performance, what they want is they want some guaranteed yield, some downside protection. But they still want to keep some of the upside of Bitcoin. And then that also goes for spot ETFs of Bitcoin.

另一個目標受眾就是比特幣投資者，也許有人不想要 55% 的交易量、55% 的表現，他們想要的是一些保證的收益和一些下行保護。但他們仍然希望保留比特幣的一些優勢。這也適用於比特幣現貨 ETF。

So you can see they are all different pools of capital. The idea of STRK is kind of simple. What if I could have most of the upside of Bitcoin, not so much of the downside and a guaranteed dividend while I'm waiting? And that's very compelling for a lot of people.

所以你可以看到它們都是不同的資本池。STRK 的想法很簡單。如果我在等待期間可以獲得比特幣的大部分上漲空間，而不受太多下跌的影響，並獲得保證的股息，那會怎麼樣？這對很多人來說非常有吸引力。

The second product in our portfolio is STRF. STRF is long-duration senior credit. It's for income-focused investors, they want a premium yield, but they also want senior already and enhanced payment protection.

我們產品組合中的第二個產品是 STRF。STRF 是長期優先信貸。它適用於注重收益的投資者，他們想要獲得溢價收益，但他們也想要優先收益和增強的支付保護。

So here's the term sheet. It's the most senior thing in our capital structure. It's 8x over collateralized. As of the date of the term sheet, it's got an 8.7% yield. There are a lot of investor protections. The dividends are cumulative. If we miss a dividend, there's an escalating penalty provision. And so if you're looking for the most senior form of long duration preferred dividend, this would be it.

這是條款清單。這是我們資本結構中最高級的東西。其抵押額是原來的 8 倍。截至條款清單日期，其收益率為 8.7%。有很多投資者保護措施。股息是累積的。如果我們錯過股息，則會有不斷升級的罰款規定。因此，如果您正在尋找最優先形式的長期優先股息，那就是它了。

And of course, what's the target audience, the target market? Well, there's a $40 trillion capital market, your long-term treasuries, agencies, mortgage-backed securities, investment-grade corporate bonds, municipal bonds. And you can see STRF is yielding double. Basically, it's giving you 8.7% as opposed to 4% or 5%.

當然，目標受眾、目標市場是什麼？嗯，有一個 40 兆美元的資本市場，包括長期國債、機構債券、抵押貸款支持證券、投資等級公司債、市政債券。您可以看到 STRF 的收益翻倍。基本上，它會給你 8.7%，而不是 4% 或 5%。

Third product is STRD, long-duration, high-yield credit, okay? So if you're looking for the maximum high yield, and you want it for -- you want a long commitment, this is it. And you can see it's more junior in the capital structure, but it's still got a BTC rating of 5.1. 5 over collateralization is more than any investment-grade bond we could find in the market. And it's more than mortgage-backed securities, it's more than junk, it's more than private credit.

第三種產品是 STRD，也就是長期高收益信貸，好嗎？因此，如果您尋求最高的收益，並且您想要長期的承諾，那麼就是它了。您可以看到它在資本結構中處於較低水平，但它的 BTC 評級仍然為 5.1。5 的抵押率高於我們在市場上能找到的任何投資級債券。它不僅僅是抵押貸款支持證券，不僅僅是垃圾債券，不僅僅是私人信貸。

So actually, it's 5 times over collateralized is more than just about anything else we would be competing with. But the effective yield is 11.9%. So we've structured this so that it will always have a higher yield than STRF. And for those that understand Bitcoin and went to high yield and they want it for a long period of time, this is how you get it.

因此實際上，它的抵押品金額是其他抵押品的 5 倍，比我們競爭對手的抵押品金額還要多。但實際收益率為11.9%。因此，我們對其進行了結構設計，以便它的收益率始終高於 STRF。對於那些了解比特幣、追求高收益並希望長期持有的人來說，這就是獲得它的方法。

So what's the addressable market? About $2 trillion of high-yield corporate bonds, closed-end funds, preferred stock ETFs, emerging market debt. And you can see, even though we're pretty well overcollateralized versus this other stuff, we're actually also paying a higher yield, right? It's just a better instrument if that's what you're looking for.

那麼潛在市場是什麼？約2兆美元的高收益公司債、封閉式基金、優先股ETF、新興市場債。您可以看到，儘管與其他資產相比，我們的抵押率相當高，但我們實際上支付的收益率也更高，對嗎？如果你正在尋找的話，它就是一種更好的工具。

And then we've got STRC. Our latest IPO, short duration high-yield credit, what I call, strong credit. It's for short duration investors, and that means they want to take one month of interest rate risk, not 10 years, not 20 years, just a month of interest rate risk and they're seeking a stable value, but they want higher yield than a money market.

然後我們得到了 STRC。我們最新的 IPO 是短期高收益信貸，我稱之為強力信貸。它適用於短期投資者，這意味著他們願意承擔一個月的利率風險，而不是 10 年或 20 年，而只承擔一個月的利率風險，他們尋求穩定的價值，但他們希望獲得比貨幣市場更高的收益。

And so we design that for them. It's got a higher BTC rating than STRK or STRD because it comes senior in the capital structure, like 6x over collateralized. It's got an effective yield right now of 9.5%. It pays 9% at par. And who is it targeted at? Well, there's $18 trillion of bank accounts that yield 0 or 0.1% to 4% interest. There's $7.4 trillion in money markets that yield 4.2% interest, there's short-term treasuries, there's corporate commercial paper.

因此我們為他們設計了這個。它的 BTC 評級比 STRK 或 STRD 更高，因為它在資本結構中處於較高位置，例如抵押率超過 6 倍。目前其有效收益率為 9.5%。其票面利率為 9%。它的目標客戶是誰？嗯，有 18 兆美元的銀行帳戶收益率為 0 或 0.1% 至 4%。貨幣市場上有 7.4 兆美元的債券，殖利率 4.2%，有短期國債，有公司商業票據。

What you see is that for the most part, all of the short duration credit is going to be close to SOFR. It's going to be about 420 basis points or less. And that's -- you won't really see a lot more than that. We're offering 950 basis points right now. And of course, at par, it would be 9%.

您會發現，在大多數情況下，所有短期信貸都將接近 SOFR。它將達到約 420 個基點或更低。那就是——你實際上不會看到更多。我們現在提供 950 個基點。當然，以票面價值計算，利率將是 9%。

And so you can see, the idea of this is a high-yield savings account that just pays twice your normal savings account, if you understand and if you believe in Bitcoin. The other appeal of this is there's just a lot of people that do believe in Bitcoin, but they need money for the next 30 days or 90 days or 6 months or a year or 2 years. If you're running a company or a Bitcoin company and you've got a treasury, maybe you can put 20%, 30% of your treasury into cash because you needed to make payroll or do something 6 months out, you would want a stable instrument.

所以你可以看到，這是一個高收益儲蓄帳戶，如果你了解並且相信比特幣，它支付的金額是你普通儲蓄帳戶的兩倍。另一個吸引力在於，很多人確實相信比特幣，但他們需要未來 30 天、90 天、6 個月、1 年或 2 年的錢。如果您經營一家公司或比特幣公司，並且您有一個財務部門，也許您可以將 20% 到 30% 的財務資金存入現金，因為您需要支付工資或在 6 個月後做一些事情，您會想要一個穩定的工具。

But if you could find some Bitcoin back money market type thing, credit instrument that yielded double what you would get from a normal money market, this might be interesting to you. This, of course, is also interesting because it's monthly. And because it's monthly and it's variable with -- it's engineered to be stable.

但是如果你能找到一些比特幣貨幣市場類型的東西，信貸工具，其收益是正常貨幣市場的兩倍，這可能會讓你感興趣。當然，這也很有趣，因為它是月刊。因為它是按月計算的，而且是可變的——它被設計成穩定的。

And also a sort of instrument that's interesting for individuals. It's interesting for retirees. It's interesting for a whole class of people that if you go down the street and you ask 100 people, would you like a one-month instrument that actually pays you 500 basis points more than SOFR? Or a savings account that pays 9.5%? They would generally say yes.

這也是一種令個人感興趣的工具。這對退休人員來說很有趣。這對很多人來說都很有趣：如果你走到街上問 100 個人，你會喜歡一種實際上比 SOFR 多支付 500 個基點的 1 個月期工具嗎？或支付 9.5% 的儲蓄帳戶？他們通常會說是的。

But if you ask them, would you like a 30-year bond or a 20-year bond that pays 9.5%, they might stop and think about it. Like when I ran our corporate treasury, I never wanted to invest in anything with a duration of more than six months. So there are a lot of people with a lot of money. They don't want to take interest rate risk. They don't want to take their -- they don't want a 10-year corporate bond or a 20-year bond.

但如果你問他們，你想要 30 年期債券還是 20 年期、利率為 9.5% 的債券，他們可能會停下來思考。就像當我管理公司財務部時，我從來不想投資任何期限超過六個月的東西。所以有很多人有很多錢。他們不想承擔利率風險。他們不想持有——他們不想要 10 年期的公司債或 20 年期的債券。

What they want is a savings account that gives them double what they can get from their bank and we power that kind of credit with Bitcoin. So here, you can see how these things stack up. We have purposely engineered MSTR to be the most volatile security in our portfolio and engineered STRC to be the least volatile thing in our portfolio and STRK is just after MSTR because it's got that 40% conversion rate. And then STRF and STRD are sort of in the middle.

他們想要的是一個儲蓄帳戶，能給他們銀行存款的兩倍，我們用比特幣來支持這種信貸。在這裡，你可以看到這些東西是如何堆積起來的。我們特意將 MSTR 設計為投資組合中波動性最大的證券，將 STRC 設計為投資組合中波動性最小的證券，STRK 緊隨 MSTR 之後，因為它擁有 40% 的轉換率。然後 STRF 和 STRD 處於中間。

And we can go to the next slide. What we're doing here is we're building out a yield curve for BTC credit. And so what you can see here is that stretch looks like a one-month instrument, it's way pegged to the left. It's like a one-month T-bill. STRD has a Macaulay duration of about 8 to 9, STRF more like almost 11 and STRD getting closer to 14 million.

我們可以進入下一張投影片。我們在這裡所做的是建立 BTC 信貸的殖利率曲線。因此，您可以在這裡看到，拉伸看起來像是一個月份的工具，它固定在左側。它就像一個月期的國庫券。STRD 的麥考利久期約為 8 到 9，STRF 更接近 11，而 STRD 則接近 1,400 萬。

Now those instruments like STRF and STRD, they're perpetual. So as the credit of the company improves as Bitcoin increases in price, as the BTC ratings go up, it's not unlikely that those durations will keep stretching, right, that at some point, if someone thinks that STRF should be yielding 5%, the duration will stretch 20 years. And so they're going to stretch out on the duration curve and that's a function of credit spreads and SOFR and Bitcoin.

現在，像 STRF 和 STRD 這樣的儀器是永久性的。因此，隨著比特幣價格上漲、BTC 評級上升，公司信用也會隨之改善，這些期限繼續延長的可能性並不大，對吧，在某個時候，如果有人認為 STRF 應該產生 5% 的收益率，那麼期限將延長 20 年。因此，它們將延長久期曲線，這是信用利差、SOFR 和比特幣的函數。

STRC, on the other hand, will always be pegged at 1 month. And then what's the opportunity? The opportunity is between 1 year and 10 years. So we're in a position to issue a perpetual preferred instrument, it's a 1-year credit instrument or 3-year or 5-year or 7-year or 10-year and it would be based on STRC, the STRC rate, and it would be precisely exactly 7 years, rolling forward 1 month, just clicking forward. So it always be 7 years out, it would always be 36 months out.

另一方面，STRC 將始終固定在 1 個月。那麼機會是什麼？機會在1年到10年之間。因此，我們可以發行永久性優先工具，它是 1 年期、3 年期、5 年期、7 年期或 10 年期的信用工具，它將基於 STRC，即 STRC 利率，並且恰好是 7 年，向前滾動 1 個月，只需向前點擊即可。因此，它總是超出 7 年，也總是超出 36 個月。

And what's the opportunity for that? Well, there's $30 trillion of medium duration corporate credit, right? So $30 trillion of capital, that's the opportunity. And that means we're in a position to build a perpetual yield curve 1 month, 1 year, 3 years, 5 years, 7 years, 10 years, and then perpetual going out 15 to 20 years or longer.

那麼這個機會是什麼呢？那麼，有 30 兆美元的中期企業信貸，對嗎？所以 30 兆美元的資本就是機會。這意味著我們可以建立 1 個月、1 年、3 年、5 年、7 年、10 年的永久殖利率曲線，然後建立 15 至 20 年或更長時間的永久殖利率曲線。

And what you'll also notice from this chart is that at all parts on this duration curve, we've got higher yield, right? So we're offering higher yield on the short end of the curve. We're offering higher yield in the middle, and we're offering higher yield on the end. That means our credit is stronger, right, longer duration, higher yield.

從這張圖表中您還會注意到，在這條期限曲線的所有部分，我們都獲得了更高的收益率，對嗎？因此，我們在曲線的短端提供更高的收益。我們提供中期更高的收益，我們也提供最終更高的收益。這意味著我們的信用更強，持續時間更長，收益率更高。

What you can see here is that we've also created a much stronger credit from a liquidity point of view. STRD, STRF, and STRK, they're somewhere between 50 and 100 times as liquid as the typical preferred stock. And that's extraordinary, right? When you're trading 30 million to 50 million a day and the typical preferred stock is trading 400,000 a day right? That's amazing.

您可以看到，從流動性的角度來看，我們也創造了更強勁的信貸。STRD、STRF 和 STRK 的流動性大約是典型優先股的 50 到 100 倍。這很了不起，對吧？當您每天交易 3000 萬到 5000 萬美元，而典型的優先股每天交易 40 萬股時，對嗎？太棒了。

But now if you look at STRC, STRC is up in the hundreds of millions of dollars a day, it traded quite extraordinary amount of volume today and yesterday. And so we believe we've created a breakthrough instrument by combining -- by creating a perpetual preferred by not including calls and by not crippling the instruments, we created extraordinary new instruments with STRD, STRF, and with STRC.

但現在如果你看看 STRC，STRC 每天的交易量高達數億美元，今天和昨天的交易量相當大。因此，我們相信，透過結合——透過創建永久優先股，不包括看漲期權，並且不削弱這些工具，我們已經創造了一種突破性的工具，我們利用 STRD、STRF 和 STRC 創造了非凡的新工具。

When we made a variable instrument, we did something no one's ever done. As far as we can see, no one's ever issued a truly variable monthly dividend preferred stock. The floaters that you've heard of, they have a fixed credit spread and they flowed on SOFR. And the others are fixed. We actually created a variable credit spread monthly stock. And we did it with AI.

當我們製造可變儀器時，我們做了一件從未有人做過的事。據我們所知，還沒有人發行過真正可變的月度股利優先股。您所聽說過的浮動利率債券，它們具有固定的信用利差，並以 SOFR 為流動性基礎。其餘的都已修復。我們實際上創建了一個可變信用利差月度股票。我們利用人工智慧做到了這一點。

In fact, all four of these instruments we did with AI, right? The real key to the outperformance of them is we use digital intelligence, and we built them with digital capital. And we're the first company that was ever able to create a new digital security with digital intelligence based on digital capital. And that means that, yes, they're going to have superior yield and they're going to have superior liquidity.

事實上，這四種儀器都是我們用人工智慧製作的，對吧？它們表現優異的真正關鍵在於我們利用數位智能，並用數位資本打造它們。我們是第一家能夠基於數位資本，利用數位智慧創造新型數位安全的公司。是的，這意味著他們將獲得更高的收益率和更高的流動性。

There are also -- they have superior collateral. They're overcollateralized. And you can see here, the worst thing in our portfolio is a 5x collateralization. Well, that's better than the best thing in most other credit portfolios. You won't find very many credit instruments that are 5x overcollateralized and of course, you can see ours range from 5 to 9. And this is a big advantage we have as well.

他們還有優質的抵押品。他們的抵押品過多。您可以在這裡看到，我們投資組合中最糟糕的是 5 倍抵押。嗯，這比大多數其他信貸投資組合中最好的要好。您不會發現許多信用工具的超額抵押率為 5 倍，當然，您可以看到我們的範圍從 5 到 9。這也是我們的一大優勢。

And then if we look at the overall market, we're competing against here ETFs. And you can see, you've got net assets that are in the many, many billions, but the yield handles are 6% to 7% and we're offering 7, 9, 12, 10 and of course, we don't charge any fees. We have higher liquidity. And right now, you can see we have long durations, if you want duration and shorter duration if you want that. And then we've got that opportunity in the middle.

然後，如果我們看一下整個市場，我們會發現我們正在與 ETF 競爭。您可以看到，您的淨資產高達數十億美元，但收益率卻只有 6% 到 7%，我們提供 7%、9%、12%、10% 的利率，當然，我們不收取任何費用。我們的流動性更高。現在，您可以看到，如果您想要持續時間，我們有較長的持續時間，如果您想要較短的持續時間。然後我們就得到了這個機會。

Here's another universe of comparable assets. And what you can see here is that some things have liquidity, but they're under-collateralized like mortgage-backed securities investment-grade bonds and chunk and preferred, they're all collateralized less than 2.5 to 1. And some don't have much liquidity like junk bonds and preferreds, and what we've got is a nice combination of high collateral, long duration, high-yield, large liquidity.

這是另一個可比較資產的世界。您可以看到，有些東西具有流動性，但它們的抵押品不足，例如抵押貸款支持證券、投資等級債券、大額債券和優先債券，它們的抵押品比率均低於 2.5 比 1。有些債券沒有太多的流動性，例如垃圾債券和優先股，而我們擁有的是高抵押品、長期、高收益、高流動性的良好組合。

So that takes us to MSTR. What is MSTR? It's amplified Bitcoin, right? If you want more bitcoin, if you want 2x Bitcoin or 3x or 4x the return and 4x the volatility of Bitcoin, you need a bitcoin backed equity. And we're aiming this for Magnificent 7 investors that they want -- they believe in the digital transformation of capital, right? We aim to be the Amazon of capital markets, right, completely disrupt the business model.

這讓我們想到了 MSTR。什麼是 MSTR？這是放大版的比特幣，對嗎？如果您想要更多的比特幣，如果您想要 2 倍比特幣或 3 倍或 4 倍的回報和 4 倍的比特幣波動性，您需要比特幣支持的股票。我們的目標是讓七雄爭霸的投資者相信資本的數位轉型，對嗎？我們的目標是成為資本市場的亞馬遜，徹底顛覆商業模式。

And you can see it in our metrics, where we're running 101% annualized performance 5 years in a row, right? In 10 days, it will be 5 years. So doubling every year for 5 years, it's hard to say that's a fluke.

您可以從我們的指標中看到，我們連續 5 年實現了 101% 的年化業績，對嗎？再過10天就5年了。因此，五年內每年翻一番，很難說這是僥倖。

And here's another illustration of amplified Bitcoin. You can see bonds are underperforming, real estate's at 6%, Gold is at 10%, R&D S&P is the cost of capital of 14%. The MAG7 doubles that. Bitcoin doubles that, we double Bitcoin, right? And you can see in the last year, it's the same exact thing, right, even more so.

這是比特幣放大的另一個例子。您可以看到債券表現不佳，房地產為 6%，黃金為 10%，研發標準普爾的資本成本為 14%。MAG7 的數值是其兩倍。比特幣將其翻倍，我們將比特幣翻倍，對嗎？你也可以看到，去年的情況完全一樣，甚至更嚴重。

So I want to explain how we amplify Bitcoin, okay? So we start with 199,000 Satoshis a share. And if we have no leverage, if we had no credit strategy, we couldn't issue credit, then 10 years from now, we've got 199,000 Satoshis a share. That's like an ETF. That's a BTC factor of 1.

所以我想解釋一下我們如何擴大比特幣，好嗎？因此，我們從每股 199,000 Satoshis 開始。如果我們沒有槓桿，如果我們沒有信貸策略，我們就無法發行信貸，那麼 10 年後，我們每股將有 199,000 聰。這就像一隻 ETF。BTC 因子為 1。

But if we issue preferred that's equal to 10% of our Bitcoin assets, that's 10% leverage, it turns out that we have 267,000 Satoshis a share at the end of the period because we're not diluting the common stock as rapidly as we're building the Bitcoin. And if we go to 20% leverage, you see you end up with 376,000 Satoshis a share. And now let's go to 30% leverage. So you can see at 30% leverage, we would have 555,000 Satoshis per share.

但如果我們發行相當於我們比特幣資產 10% 的優先股，也就是 10% 的槓桿，那麼到期末我們每股將擁有 267,000 聰，因為我們稀釋普通股的速度不如我們構建比特幣的速度快。如果我們採用 20% 的槓桿，您最終將獲得每股 376,000 聰。現在讓我們來看看 30% 的槓桿率。因此您可以看到，在 30% 的槓桿率下，我們每股將獲得 555,000 聰。

The green bars you see, that is the work that the treasury operation is doing. When people wonder what's the value added of a Bitcoin Treasury Company, it's the ability to create the green bar over the orange bar, and that's a 2.8 BTC factor. That means that -- what does it mean? It means, in essence, you would think that the floor for mNAV for a company that's got this sort of performance is 2.8, right? It's not mNAV, but it's at least the floor. The mNAV of the company should be higher than 2.8.

您看到的綠色長條圖就是財務部門正在進行的工作。當人們想知道比特幣財務公司的附加價值是什麼時，它就是在橙色條上創建綠色條的能力，這就是 2.8 BTC 的因素。那意味著——這是什麼意思？本質上，這意味著您會認為，對於擁有這種業績的公司來說，mNAV 的底線是 2.8，對嗎？它不是 mNAV，但至少是底線。該公司的mNAV應高於2.8。

Now let's delve a little bit deeper into this idea. So I'm going to show you what happens as you increase the leverage in a Bitcoin treasury company like ours. You see if we have 30% leverage and in Bitcoin appreciates at 30% ARR over the time period, you end up with an amplification of 2.8. You're getting 2.8 the bitcoin performance, probably 28 the bitcoin volatility, right?

現在讓我們更深入地探討這個想法。因此，我將向您展示當您增加像我們這樣的比特幣財務公司的槓桿時會發生什麼。你看，如果我們有30%的槓桿，而比特幣在一段時間內以30%的年化收益率（ARR）升值，最終的放大倍率是2.8倍。也就是說，比特幣的表現是2.8倍，波動率大概是28倍，對吧？

And you can see here, as Bitcoin grows faster, the amplification increases. If we hold the leverage cost the Bitcoin grows at 50%, you're at 4.7% lever. And you can also see that if you hold the growth rate of Bitcoin concept but increase the leverage like we're growing bitcoin at 30% a year, but we go to 50% leverage, now we're 7.8 amplified, a BTC factor of nearly 8%. You're getting 8 times the performance of Bitcoin.

您可以看到，隨著比特幣的成長速度加快，放大倍率也在增加。如果我們持有比特幣以 50% 的速度成長的槓桿成本，那麼你的槓桿就是 4.7%。您也可以看到，如果您持有比特幣成長率的概念，但增加槓桿，例如我們以每年 30% 的速度成長比特幣，但我們的槓桿率達到 50%，現在我們放大了 7.8 倍，BTC 係數接近 8%。您將獲得比特幣 8 倍的效能。

In the extreme, if you go to 50% leverage and Bitcoin goes on a tear and grows 50% a year, you're getting 22x performance on the equity versus just holding the ETF. Let's take a different slice of this. If I have Bitcoin growing at 30% a year and my credit improves or the interest rates fall, if SOFR falls to 100 basis points and we're able to reduce our interest -- reduce our dividend rate from 10 to 6, you can see the amplification goes from 2.6% to 3%.

在極端情況下，如果你使用 50% 的槓桿，而比特幣價格飆升，每年增長 50%，那麼與僅持有 ETF 相比，你將獲得 22 倍的股票收益。讓我們從不同角度來看這個問題。如果我的比特幣以每年 30% 的速度成長，而我的信用改善或利率下降，如果 SOFR 降至 100 個基點，並且我們能夠降低我們的利息——將我們的股息率從 10 降至 6，你可以看到放大率從 2.6% 上升到 3%。

And you can see that as the credit improves of the company, the amplification increases and then if we consider the next slide. When you actually combine leverage with credit, if you actually get to 50% leverage and you get -- and the interest rates fall to 5% or if your credit spreads compress to 5%, this equity is providing 9.9 times Bitcoin. So the BTC factor goes almost 10%. And so you can see the blue zone is where you're 2 to 4x Bitcoin and the green zone is just 4 to 20x, it's screaming.

您可以看到，隨著公司信用的提高，放大倍率也會增加，然後我們考慮下一張投影片。當你真正將槓桿與信用結合時，如果你真正達到 50% 的槓桿率，並且利率下降到 5% 或你的信用利差壓縮到 5%，那麼這部分股權提供的是比特幣的 9.9 倍。因此 BTC 因素幾乎達到 10%。因此，您可以看到藍色區域是比特幣的 2 到 4 倍，而綠色區域是比特幣的 4 到 20 倍，這真是令人震驚。

So what is the universe of assets that would be interested in MSTR? Well, it's the S&P 500, it's Nasdaq. It's the MAG7 investors, it's Bitcoin investors. And as you can see, MSTR is outperforming all of those competitors right now. And so if what you want is the Amazon of digital capital, then that's the strategy.

那麼，哪些資產領域會對 MSTR 感興趣呢？嗯，它是標準普爾 500 指數，它是那斯達克指數。他們是 MAG7 投資者，他們是比特幣投資者。如您所見，MSTR 目前的表現優於所有競爭對手。因此，如果您想要的是數位資本的亞馬遜，那麼這就是策略。

Now the question in your mind is can you actually go to 30% leverage or 40% or 50% leverage? So let's look at the credit model. So here we go. This is the existing capital structure, assuming the 40% vol and assuming 0% Bitcoin return. So this is a skeptical outlook for Bitcoin. It's going up 0% forever, and it's going to stay volatile. And what this shows you is that the theoretical credit spread for all of the convertible bonds is investment grade, right?

現在您心中的問題是，您實際上可以達到 30% 或 40% 或 50% 的槓桿率嗎？那麼讓我們來看看信用模型。那麼我們就開始吧。這是現有的資本結構，假設交易量為 40%，假設比特幣回報率為 0%。因此，這對比特幣來說是一個懷疑的觀點。它的漲幅永遠為 0%，並且會保持波動。這顯示所有可轉換債券的理論信用利差都是投資等級的，對嗎？

And the credit of the preferreds looks to be mezzanine with a slight high-yield one. Now you can see their spread premiums across the board here. So even if you're a skeptic and you think Bitcoin is going to 0 or going up 0 forever, and it's volatile, you still got massive spread premiums. These are all underpriced by the market. The risk is misunderstood.

優先股的信用看起來是夾層債，收益略高。現在您可以在這裡看到他們的全面價差溢價。因此，即使你是一個懷疑論者，你認為比特幣的價格將跌至 0 或永遠上漲至 0，而且它具有波動性，你仍然會獲得巨額的價差溢價。這些都被市場低估了。風險被誤解了。

So here, you see what happens if the volatility comes from 40 to 35 and all of a sudden, all of the preferreds become mezzanine quality and credit -- the risk just drops away from the bonds.

所以在這裡，你可以看到如果波動率從 40 降至 35 會發生什麼情況，突然之間，所有的優先股都變成了夾層質量和信用——債券的風險就消失了。

We go to 30. You see pretty much stripped all the risk off the bonds, and you've even got investment-grade credit at the STRF level even assuming a skeptical view of the outlook of Bitcoin. Now let's assume you're not a skeptic. What if you think Bitcoin's as good as the S&P? If Bitcoin goes up 10% a year, even if it stays volatile at 40% vol, every one of these instruments is investment grade, or investment-grade equivalent by our BTC model.

我們去30。你會看到，債券的所有風險幾乎都被剝離了，即使對比特幣的前景持懷疑態度，你甚至可以獲得 STRF 級別的投資級信貸。現在我們假設你不是一個懷疑論者。如果您認為比特幣與標準普爾一樣好怎麼辦？如果比特幣每年上漲 10%，即使其波動率保持在 40%，這些工具中的每一種都是投資級的，或者按照我們的 BTC 模型相當於投資級的。

And if you think that Bitcoin is going up 20% a year, you can see the risk just drops away, and now you've got credit spreads 0 basis points, 5, 8, 9, 14 basis points. So you can see anybody in the world running fixed income that wants [flex] fixed income that has a positive view toward Bitcoin looking at this model, we'll see that these are all really compelling instruments.

如果你認為比特幣每年上漲 20%，你會發現風險就會下降，現在你的信用利差為 0 個基點、5 個基點、8 個基點、9 個基點、14 個基點。因此，你可以看到世界上任何經營固定收益產品的人，如果想要 [flex] 固定收益產品，並且對比特幣持積極態度，那麼從這個模型來看，我們會發現這些都是非常引人注目的工具。

Now what happens if you're a maximalist? If you're a maximalist, you can see the BTC risk drops the basis points, the credit spreads go to nothing. The spread premiums blow out and has the world got a lot of maximus? Yes, there's a lot of people that believe in Bitcoin, they're running fixed income funds, and they have treasuries or how about people that run Bitcoin companies that have treasury?

如果你是極端主義者，那麼會發生什麼事？如果你是極端主義者，你會看到 BTC 風險下降基點，信用利差變成零。利差溢價大幅上漲，世界是否已經獲得大量最大值？是的，有很多人相信比特幣，他們管理固定收益基金，他們有國庫券，或是經營比特幣公司的人有國庫券怎麼樣？

So just because you believe Bitcoin is going to go up forever, it doesn't mean that you can put 100% of your corporate treasury in it for the next four weeks. So we've got a solution to people that are Bitcoin believers, which is pretty compelling right now.

因此，僅僅因為您相信比特幣將永遠上漲，並不意味著您可以在接下來的四周內將 100% 的公司資金投入其中。因此，我們為比特幣信徒提供了一個解決方案，目前解決方案非常引人注目。

Now we've done a pro forma. What happens if we actually equitize all the convertible bonds? So we convert all the convertible bonds to equity, and now we've just got $6 billion of preferred equity. This isn't liability. It's a number coming due. We're never paying back to $6.3 billion. So it's equity as opposed to debt and yet, it's the best form of leverage, right? It's all the benefits of debt leverage, but none of the liabilities of debt leverage.

現在我們已經完成了形式報表。如果我們實際上將所有可轉換債券股票化，會發生什麼事？因此，我們將所有可轉換債券轉換為股權，現在我們獲得了 60 億美元的優先股。這不是責任。這是一個即將到期的數字。我們永遠不會償還這 63 億美元。所以它是股權而不是債務，但它是最好的槓桿形式，對嗎？它具有債務槓桿的所有好處，但沒有債務槓桿的任何缺點。

So we get the leverage of $6 billion in preferreds. You can see the BTC rating of these things goes through the roof. STRF goes to 70, STRC goes to 20, STRK goes to 15, STRD goes to 12. The BTC risk falls to single double digits, 3 of the 4 are investment-grade credit. One of them is an extremely high-quality mezzanine credit and that is assuming, as you can see that you're a skeptic, and you think Bitcoin is not going to appreciate a single dollar forever, and it's going to stay volatile.

因此我們獲得了 60 億美元優先股的槓桿。您可以看到這些東西的 BTC 評級一路飆升。STRF 達到 70，STRC 達到 20，STRK 達到 15，STRD 達到 12。BTC風險降至個位數，4個中有3個是投資等級信貸。其中之一就是極高品質的夾層信貸，這是假設，正如你所看到的，你是一個懷疑論者，你認為比特幣不會永遠升值一美元，而且它會保持波動。

Now let's look at another model. What if you're an investor or a trader in this case, you think Bitcoin has gone up 10% a year. Now you can see all these instruments are investment grade. Like good, high-quality investment grade, 0 to 15 -- or 0 to 17 basis points.

現在讓我們看看另一個模型。如果你是投資者或交易員，你會認為比特幣一年上漲了 10%。現在您可以看到所有這些工具都是投資等級的。就像優質投資等級一樣，0 到 15——或 0 到 17 個基點。

Now let's do another model. What if we actually went to 30% leverage? What if we issued another like 15, actually 16 to 17, call it, $16 billion to $17 billion worth of preferreds, and we have $22 billion of preferred outstanding against $75 billion in Bitcoin. Well, now you're looking at an overall BTC rating of 3.3%, a leverage of 30%. And even when Bitcoin is volatile, you can see that STRF and STRC are both investment grade and STRK and STRD are pretty high quality, pretty decent quality mezzanine grade even with high volatility.

現在讓我們再做一個模型。如果我們實際上採用 30% 的槓桿率會怎麼樣？如果我們再發行 15 只，實際上是 16 到 17 只，價值 160 億到 170 億美元的優先股，而我們有 220 億美元的優先股未償還，而比特幣的價值為 750 億美元。好吧，現在您正在查看的整體 BTC 評級為 3.3%，槓桿率為 30%。即使比特幣波動較大，你也可以看到 STRF 和 STRC 都是投資級的，而 STRK 和 STRD 的品質相當高，即使波動性很大，夾層級的品質也相當不錯。

Now what happens if I go to 50%? You can imagine maybe not tomorrow or in a year, but over time, Bitcoin's volatility will probably move off of 40% to 30%. The 30-day trailing volatility of bitcoin is less than 30% right now. And so at a 30 BTC ball and a 10% BTC outlook, 3 of these 4 instruments are investment grade.

現在如果我達到 50% 會發生什麼事？你可以想像也許不是明天或一年後，但隨著時間的推移，比特幣的波動性可能會從 40% 降至 30%。目前，比特幣 30 天的波動率不到 30%。因此，在 30 BTC 球和 10% BTC 前景下，這 4 種工具中有 3 種是投資等級的。

STRD is decent grade mezzanine. And so I remind you what happens when you go to 50% leverage. You're looking at BTC factors that go from 4 to 20 or more. So can we actually generate 2, 3, 4, 5, 6 times Bitcoin performance with intelligent leverage? Yes, we can. We just have to be thoughtful about our capital structure and we got to adjust to evolving bitcoin volatility.

STRD 是品質不錯的夾層。因此我提醒你，當你使用 50% 槓桿時會發生什麼。您正在查看的 BTC 因素從 4 到 20 或更多。那我們真的可以透過智慧槓桿產生2、3、4、5、6倍的比特幣效能嗎？是的，我們可以。我們只需要認真考慮我們的資本結構，並適應不斷變化的比特幣波動。

Now with that, I want to pass the floor over to Phong who's going to talk about our capital plan moving forward.

現在，我想將發言權交給 Phong，他將談論我們未來的資本計劃。

Thank you, Michael. I am excited to talk about four things today: one, our capital plan; two, I'll go through our guidance for 2025; three, I'll talk about comparables to MSTR and using that comparables for -- I'll talk through how you should think about valuing MSTR going forward.

謝謝你，麥可。我很高興今天談論四件事：第一，我們的資本計劃；第二，我將介紹我們對 2025 年的指導；第三，我將討論與 MSTR 的可比性，並利用這些可比性——我將討論您應該如何考慮未來對 MSTR 進行估值。

I'll start with our capital plan. As Mike mentioned, our goal is to take Bitcoin to rapid strategy securities and provide it to the largest possible capital base in the world. Folks who are interested in equities, folks who are interested in debt, the largest addressable market and do it with premium returns and premium yields.

我將從我們的資本計畫開始。正如麥克所提到的，我們的目標是將比特幣快速轉化為戰略證券，並將其提供給世界上盡可能多的資本基礎。對股票有興趣的人、對債務有興趣的人、最大的可尋址市場，都透過優質回報和優質收益來實現這一目標。

And so to do so, a few things I'll point out about this slide here. One is our converts represent a fairly small addressable market, $500 billion compared to our preferreds, which represent markets of $90 trillion, $4 trillion, $2 trillion, $3 trillion. And so if you think about how we should address our capital structure going forward, I want to share what the midterm looks like. Mike talked about what would our BTC ratings in our credit profile look if we didn't have convertible bonds in our structure. And that's our plan going forward.

為此，我將在此指出有關這張投影片的幾點。一是我們的轉換債券代表著一個相當小的潛在市場，只有 5,000 億美元，而我們的優先股代表著 90 兆美元、4 兆美元、2 兆美元和 3 兆美元的市場。因此，如果您考慮我們應該如何處理未來的資本結構，我想分享中期的情況。Mike 談到如果我們的結構中沒有可轉換債券，我們的信用狀況中的 BTC 評級會是什麼樣子。這就是我們未來的計劃。

In about three years, we'll be able to equitize and retire some of our convertible bonds. And what remains at the top of our capital structure are STRF and STRC, which you plan to have a BTC rating of 10x plus over time. And that means that there'll be investment-grade equivalents.

大約三年後，我們將能夠公平化並贖回部分可轉換債券。而我們資本結構頂端剩下的是 STRF 和 STRC，您計劃隨著時間的推移，它們的 BTC 評級將達到 10 倍以上。這意味著將會有投資等級的等價物。

STRK will have a BTC rate of 6x-plus which means it's a mezzanine equivalent and STRD, a BTC rating at 3x plus, which means it's a high-yield equivalent. And if you think about it, we'll have a preferred structure, a stack of preferred starting with 4 today. You could see us having more in the future. And that will sit on top of our Bitcoin, which continues to be unencumbered. And our objective is to have encumbered Bitcoin, currently $74 billion and MSTR which is the base of our capital structure, our equity, which today is at $112 billion.

STRK 的 BTC 利率將達到 6 倍以上，這意味著它是一種夾層融資，而 STRD 的 BTC 利率將達到 3 倍以上，這意味著它是一種高收益融資。如果你仔細想想，我們今天就會有一個首選結構，一個從 4 開始的首選堆疊。您將會看到我們將來會擁有更多。它將位於我們的比特幣之上，而比特幣將繼續不受阻礙。我們的目標是抵押比特幣，目前價值 740 億美元，以及作為我們資本結構基礎的 MSTR，我們的股權目前價值 1,120 億美元。

Our objective is to be the largest treasury company in the world, not just the largest big coin treasury company in the world. If you take our Bitcoin holdings and compare it to cash and short-term investments of companies in the S&P 500, we are currently number five today. I could see us being in place by the end of the year or in the next year or so where we're number two and we pass the Magnificent 7, Microsoft, Google and Amazon, great companies.

我們的目標是成為世界上最大的財務公司，而不僅僅是世界上最大的大幣財務公司。如果將我們的比特幣持有量與標準普爾 500 指數公司的現金和短期投資進行比較，我們目前排名第五。我可以預見，到今年年底或明年左右，我們將位居第二，並超過七強、微軟、谷歌和亞馬遜等偉大的公司。

And I'd see us be in a place in 3 to 5 years, where we could surpass Berkshire Hathaway's $348 billion of capital and us having the largest capital base in the world based on Bitcoin.

我認為，在未來 3 到 5 年內，我們的資本規模可以超過波克夏海瑟威的 3,480 億美元，並成為基於比特幣的全球最大資本基礎。

So how are we going to do that? We're going to do that primarily through tapping the preferred markets. You'll see here in the last year, we were able to add $22.6 billion in capital to our capital structure. Year to date, seven months through, we're near close to that $22.6 billion, and you'll see a lot of that has been done through preferred equity, right? Four IPOs in the first seven months of the year have led to about $5.6 billion of capital added.

那我們該怎麼做呢？我們將主要透過開發優先市場來實現這一目標。您會看到，去年我們能夠為資本結構增加 226 億美元的資本。今年迄今為止，已經過去了七個月，我們已經接近 226 億美元，你會看到其中許多是透過優先股完成的，對嗎？今年前七個月的四起 IPO 共帶來約 56 億美元的資本增加。

And so why are we optimistic that preferreds, which have historically been a sleepy underutilized, under-invested market can become the base of our capital structure going forward and our growth going forward? It's really on the back of the success of STRC.

那麼，為什麼我們樂觀地認為優先股這個歷史上一直處於低迷狀態、未充分利用和投資不足的市場可以成為我們未來資本結構和成長的基礎呢？這確實得益於 STRC 的成功。

STRC last week was the largest IPO in the US markets in this entire year. And I'm not talking about just IPOs of preferred securities, I'm talking about all IPOs raised more than fairly well-known companies like CoreWeave, SailPoint, Circle, which is another digital assets company. Raised more than we did with STRD.

STRC 上週完成了今年以來美國市場規模最大的 IPO。我指的不僅是優先證券的 IPO，而是所有融資金額超過知名公司的 IPO，例如 CoreWeave、SailPoint、Circle（另一家數位資產公司）。籌集的資金比我們為 STRD 籌集的資金還多。

So we're starting to see a shift of understanding of what a preferred market can look like, and we're seeing that shift because we're offering what the market demands, right? High yield, highly over-collateralized short-term debt, and so we think this is going to lead to success of opening up the preferred market, but also allowing us to use preferreds on a go-forward basis to raise more capital.

因此，我們開始看到對優先市場理解的轉變，我們看到這種轉變是因為我們提供的是市場所需要的，對嗎？高收益、高度超額抵押的短期債務，因此我們認為這將成功開放優先股市場，同時也允許我們在未來使用優先股來籌集更多資金。

Another extraordinary evolution from last week or a discovery from last week is the retail interest in preferreds. So we went from raising about $153 million and 15% in our previous preferred offering STRD to increasing that retail adoption by 3.7x, $570 million, 23% of the total capital that was raised in STRC was retail as thanks to our partners, Morgan Stanley, Fidelity, and others who were part of that raising.

上週的另一個非同尋常的發展或發現是零售業對優先股的興趣。因此，我們從先前的優先股 STRD 籌集約 1.53 億美元和 15%，到將零售採用率提高 3.7 倍，即 5.7 億美元，在 STRC 籌集的總資本中 23% 來自零售，這要感謝我們的合作夥伴摩根士丹利、富達以及參與此次融資的其他機構。

And so we're seeing demand for a product that we haven't seen before, meaning this is a retail-focused product, but also there's institutionals that will be interested in it. So our fourth time over, fourth time in into the preferred market, we think we'll unlock something that's going to be able to help us with our capital structure.

因此，我們看到了對一種我們以前從未見過的產品的需求，這意味著這是一種以零售為中心的產品，但也有機構對它感興趣。因此，我們認為，這是我們第四次、第四次進入優先股市場，我們將解鎖一些能夠幫助我們改善資本結構的東西。

And how does this look over time with our convertible bonds? You'll see here that through the course of 2029, taking the earliest allowable call date, we should be able to let these equitize over time or we'll be able to call them over time also.

那麼，隨著時間的推移，我們的可轉換債券的情況會如何呢？您將在這裡看到，到 2029 年，以最早允許的贖回日期為準，我們應該能夠讓它們隨著時間的推移而公平化，或者我們也可以隨著時間的推移而贖回它們。

So what's our capital plan and credit strategy on a go-forward basis? There's really four pieces to this. One is we want to make sure that we maintain what we think are reasonable collateral coverage for our preferreds. If you look at STRF and STRC, that means 10x over collateralized STRK and STRD 6x and 3x, respectively. But it doesn't mean that we can't increase the leverage that we have today, as long as we're able to responsibly and thoughtfully address our capital structure.

那麼我們未來的資本計畫和信貸策略是什麼？這實際上有四個部分。一是我們要確保我們維持優先股的合理抵押品覆蓋率。如果你看 STRF 和 STRC，這表示抵押金額分別為 10 倍的 STRK 和 STRD 6 倍和 3 倍。但這並不意味著我們不能增加我們今天的槓桿率，只要我們能夠負責任地、深思熟慮地解決我們的資本結構。

The second and I talked about this, we currently intend to reduce the overall exposure to senior convertible debt outstanding over time. It's a much smaller addressable market and it's a more illiquid market, retail investors cannot partake in convertible bonds and the pricing is less favorable to us. There's larger spread premiums.

第二，我談到了這一點，我們目前打算隨著時間的推移減少未償還的優先可轉換債務的整體風險敞口。這是一個規模小得多、流動性較差的市場，散戶無法參與可轉換債券，定價對我們來說也不太有利。價差溢價較大。

Our preferreds will remain perpetual over time. It's important for us to preserve flexibility and also minimize default risks that we have credit instruments that we don't have to return, we don't have to pay off in two, three, four years. And so we think preferreds are superior.

我們的偏好將隨著時間的推移而保持不變。對我們來說，保持彈性並將違約風險降至最低非常重要，因為我們擁有無需償還的信用工具，也不需要在兩年、三年或四年內還清。因此我們認為優先股較優。

And finally, our goal is to be leading [Assure] on Bitcoin back credit. We're going to do it in a responsible way. We do it in a clear way and we're doing in a very transparent way. And what we've learned over the last five years of having used most of the credit instruments out there, we were -- for margin loans to secured loans to convertible loans, now to preferred. We think we found what is most responsible. And I think we think we've also built a robust market for this.

最後，我們的目標是引領 [Assure] 的比特幣信用回饋。我們將以負責任的方式去做這件事。我們以清晰的方式做這件事，而且我們以非常透明的方式做這件事。在過去五年中使用大多數信貸工具的過程中，我們了解到，我們從保證金貸款到擔保貸款到可轉換貸款，現在到優先股。我們認為我們找到了最主要的罪魁禍首。我認為我們也為此建立了一個強大的市場。

So let's talk about guidance. This is a first for the company. We're going to provide BTC guidance, which we have done in the past. But because of the changes in FASB rules and our ability to take in fair value accounting for Bitcoin, we're able to now also provide GAAP guidance for 2025.

那麼讓我們來談談指引。這對該公司來說尚屬首次。我們將提供 BTC 指導，就像我們過去所做的那樣。但由於 FASB 規則的變化以及我們採用比特幣公允價值會計的能力，我們現在也能夠為 2025 年提供 GAAP 指引。

I'll start with our BTC guidance here, and we start with an assumption of BTC price because it drives our ability to calculate what we think our BTC and our GAAP guidance is and you saw earlier that the consensus is $167,000 by the end of the year for equity analysts that cover strategy. And so we thought we'd be conservative and start with $150,000. It's a BTC price as of the end of 2025.

我將從我們的 BTC 指導開始，我們從 BTC 價格的假設開始，因為它決定了我們計算我們認為的 BTC 和 GAAP 指導的能力，並且您之前看到，對於涵蓋戰略的股票分析師來說，共識是到年底達到 167,000 美元。因此，我們認為我們應該保守一點，從 15 萬美元開始。這是截至 2025 年底的 BTC 價格。

And so when you feed that in, it drives a BTC yield percentage and BTC dollar gain at 30% and $20 billion. That is our guidance for end of year 2025, and that's building off of us starting at 25% through year to date and about $13.2 billion in BTC dollar gain.

因此，當你輸入這些數字時，它將推動 BTC 收益率百分比和 BTC 美元收益達到 30% 和 200 億美元。這是我們對 2025 年底的預測，基於年初至今 25% 的成長速度和約 132 億美元的 BTC 美元收益。

You might look at the 30% in the $20 billion, you might say, hey, that's pretty conservative. Shouldn't it be higher? There's a couple of things to think about. First, we started the year with a BTC yield percentage target of 15%. So we're doubling that number seven months into the year. And we started with the BTC dollar gain target of $10 billion, and we're doubling that seven months in the year. I think for any company that's able to double their targets throughout the course of the year, you would consider that success.

你可能會看到 200 億美元中的 30%，你可能會說，嘿，這相當保守。難道不應該更高嗎？有幾件事需要考慮。首先，我們年初設定的 BTC 收益率百分比目標為 15%。因此，今年第七個月我們的數字就翻了一番。我們最初設定的比特幣美元收益目標是 100 億美元，而今年七個月我們將這一目標翻了一番。我認為，任何一家公司如果能夠在一年內實現目標翻一番，就可以認為是成功了。

The other piece is -- and I'll talk about this a little bit later, as we think about ways to generate BTC yield percentage and BTC dollar gain, there are equity and credit instruments that we can issue, the equity instrument that we issue is MSTR. And I think you've seen with some of the models that Mike some things I'll share later, we think MSTR is undervalued. And so we won't be using the equity ATM as much as we have in the past, and it will be driven very programmatically based on the multiple to NAV, and I'll share that in a little bit.

另一部分是——我稍後會談到這一點，當我們思考如何產生 BTC 收益率百分比和 BTC 美元收益時，我們可以發行股權和信貸工具，我們發行的股權工具是 MSTR。我想你已經從一些模型中看到了 Mike 的一些內容（我稍後會分享），我們認為 MSTR 被低估了。因此，我們不會像過去那樣大量使用股票 ATM，而是會根據資產淨值倍數以程式化的方式進行驅動，稍後我會分享這一點。

Earnings guidance. So this is our GAAP guidance for 2025. You'll see through the first half of the year, we have achieved $8.1 billion in operating income, our guidance is based on a $150,000 bitcoin price. It's $34 billion of operating income by the end of the year.

盈利指引。這是我們對 2025 年的 GAAP 指導。您會看到，透過今年上半年，我們實現了 81 億美元的營業收入，我們的指引是基於 15 萬美元的比特幣價格。截至年底，其營業收入為 340 億美元。

For net income through the first half of the year, we're at $5.7 billion, we think we can increase that more than 4x, $24 billion by the end of the year. And with an earnings per share of $21.60, we think we can achieve an earnings per share of $80 by the end of the year. Some of you might be thinking, are those big numbers? Yes, they are big numbers. How are they relative to the rest of the market? I'll share that in a little bit.

今年上半年的淨收入為 57 億美元，我們認為到年底可以增加 4 倍以上，達到 240 億美元。鑑於每股收益為 21.60 美元，我們認為今年年底每股收益可達 80 美元。你們中的一些人可能會想，這些數字很大嗎？是的，這些數字很大。它們與市場其他部分相比如何？我稍後會分享這一點。

So our equity guidance. I talked about the fact that we think MSTR is undervalued and in some cases, perhaps significantly undervalued. And even though issuing equity anywhere above 1.0x mNAV is accretive to bitcoin yield and bitcoin gain, we will, on a go-forward basis, be more disciplined about how we issue our Microstrategy ATM. And here, I want to provide guidelines to create more transparency with our shareholders. So you don't have to guess when Saylor is going to tap the ATM. You'll know when we're going to utilize the ATM on a go-forward basis.

所以我們的股權指導。我談到了我們認為 MSTR 被低估的事實，在某些情況下，甚至可能被嚴重低估。儘管發行高於 1.0 倍 mNAV 的股票可以增加比特幣收益率和比特幣收益，但從長遠來看，我們將更加嚴格地對待如何發行我們的 Microstrategy ATM。在這裡，我想提供一些指導方針，以便為我們的股東創造更多的透明度。因此您不必猜測 Saylor 何時會使用 ATM。您就會知道我們何時會開始使用 ATM。

So first of all, below 1.0x mNAV, we'll consider issuing credit to actually repurchase shares of Microstrategy. It means we're trading below net asset value. And so it would make sense to be accretive to our shareholder base if we were to issue credit and buyback in this year. The borrower setting for issuing the ATM on a go-forward basis is at 2.5x mNAV. So that means that if you see our mNAV below 2.5x, you would expect we would not issue our MSTR ATM issue more equity for the purposes of buying Bitcoin.

因此，首先，低於 1.0x mNAV 時，我們會考慮發行信用來實際回購 Microstrategy 的股票。這意味著我們的交易價格低於淨資產價值。因此，如果我們今年發行信貸並回購，那麼對我們的股東基礎來說，增值是有意義的。借款人以預付方式發行 ATM 的設定為 2.5 倍 mNAV。因此，這意味著，如果您看到我們的 mNAV 低於 2.5 倍，您會預期我們不會為了購買比特幣而發行更多 MSTR ATM 股權。

We would issue equity below 2.5x mNAV to pay interest on our debt obligations, our convertible notes and also to fund preferred equity dividends. As you saw from Andrew earlier, the mouse that we would have to issue compared to our asset base compare to amounts we've issued in the past and compared to our daily volume are pretty small.

我們將發行低於 2.5 倍 mNAV 的股票來支付我們的債務利息、可轉換票據以及為優先股股息提供資金。正如你之前從安德魯那裡看到的，與我們的資產基礎相比，與我們過去發行的金額相比，與我們的每日交易量相比，我們必須發行的貨幣數量非常小。

When we get to 2.5x mNAV and up to 4x mNAV, we will opportunistically issue Microstrategy equity to acquire Bitcoin. And to give you a sense, 2.5x mNAV to 4x mNAV, that's about $600 to $1,000 of MSTR price. That would be the implied price. When we get above 4x mNAV above $1,000, which is our view, the minimum that our equity should really be traded at, we'll start to actively and more aggressively issue Microstrategy to acquire Bitcoin.

當我們達到 2.5 倍 mNAV 和高達 4 倍 mNAV 時，我們將機會發行 Microstrategy 股權來收購比特幣。為了讓您了解，2.5 倍 mNAV 到 4 倍 mNAV 相當於 MSTR 價格約 600 美元到 1,000 美元。這就是隱含價格。當我們的資產淨值達到 4 倍以上，超過 1,000 美元時（我們認為這是我們股票真正應該交易的最低價格），我們將開始積極、更積極地發行微策略來收購比特幣。

So hopefully, that provides some more transparency on our equity guidance. I also want to issue some more STRC credit guidance and clarify and provide more details into what we talked about last week when we launched STRC. And hopefully, this will also provide more transparency and take some of the guesswork out of how we're going to handle STRC.

所以希望這能為我們的股權指導提供更多的透明度。我還想發布更多 STRC 信貸指導，並澄清並提供更多有關我們上週啟動 STRC 時所討論內容的細節。希望這也能提供更多的透明度，並消除我們如何處理 STRC 的一些猜測。

So at the end of every month, we will issue guidance or we'll propose a rate structure for the next month. And so what we'll do is at the end of the month, hypothetically, let's say, August 31, if the five-day VWAP is less than $95 for STRC, we'll recommend to our Board and our pricing committee at 50 basis points or more rate increase.

因此，每個月末，我們都會發布指導或提出下個月的費率結構。因此，我們的做法是，假設在月底，比如說 8 月 31 日，如果 STRC 的五天 VWAP 低於 95 美元，我們就會向董事會和定價委員會建議將利率提高 50 個基點或更多。

If the five-day VWAP be between $95 and $99, we recommend a 25 basis points rate increase and if we're trading within our target price range, $99 to $101, we won't take any action unless the Fed has changed the overnight rate on SOFR to -- and then we may change our rate accordingly.

如果五天交易量加權平均利率 (VWAP) 在 95 美元至 99 美元之間，我們建議加息 25 個基點；如果我們的交易價格在目標價格區間 99 美元至 101 美元之間，我們不會採取任何行動，除非美聯儲將 SOFR 隔夜利率調整為——屆時我們可能會相應地調整利率。

And if we're trading above $101, then at the end of the month, we'll recommend a rate decrease or will issue a snap follow-on offering. So this is more clarity on how we think about our credit.

如果我們的交易價格高於 101 美元，那麼在月底，我們將建議降低利率或發行快速後續債券。因此，這讓我們更加清楚地了解了我們如何看待我們的信用。

So let's have some fun and let's talk about comparables. And how do you think about our GAAP net income? How do you think about our GAAP EPS compared to other companies in the S&P 500 universe? So let's start with our operating income, right?

因此，讓我們找點樂子，討論可比性。您如何看待我們的 GAAP 淨收入？與標準普爾 500 指數中的其他公司相比，您認為我們的 GAAP EPS 如何？那我們就從營業收入開始吧，對嗎？

Our GAAP operating income target and guidance for the end of the year is $34 billion. That would make us the number nine company in the US in terms of operating income, bigger than household names like Walmart or AT&T or Pfizer, not quite as big yet some companies that are very well known in the MAG7 beta, Amazon, Nvidia, Microsoft.

我們今年底的 GAAP 營業收入目標和指引值為 340 億美元。這將使我們成為美國營業收入排名第九的公司，比沃爾瑪、AT&T 或輝瑞等家喻戶曉的公司還要大，但不如 MAG7 測試版中一些非常知名的公司，如亞馬遜、Nvidia、微軟。

Now what's interesting here is although we're the number nine operating income company, the market cap that we have is number 96. So all of the companies that I just mentioned that we have more operating income than Walmart, AT&T, Comcast, we actually have a smaller valuation then. And if you look at the market caps of companies above us, there are multiples, 10, 20, 30, 40x bigger than this.

有趣的是，儘管我們的營業收入公司排名第九，但我們的市值卻排名第 96。因此，我剛才提到的所有公司的營業收入都比沃爾瑪、AT&T、康卡斯特高，但我們的估值實際上要低。如果你看一下我們上方的公司的市值，你會發現它們的市值比這個高出 10 倍、20 倍、30 倍甚至 40 倍。

Now let's look at net income. Similarly ranked against the S&P 500, we would be the number 13 company in terms of net income. And in terms of market cap, again, 96. Let's look at the P/E multiple of the S&P 500 universe. And this is fairly staggering when you look at these numbers.

現在我們來看看淨收入。同樣與標準普爾 500 指數排名一樣，我們在淨收入方面排名第 13 位。就市值而言，同樣是 96。讓我們來看看標準普爾 500 指數的本益比。當你看到這些數字時，你會覺得相當震驚。

We have a P/E multiple of 4.7x. There are only five companies in the S&P 500 universe that have a lower P/E multiple than us. So on the one hand, we're capitalized on the most innovative technology and capital asset in the history of mankind. In the other hand, we're possibly the most misunderstood and undervalued stock in the US and potentially in the world.

我們的本益比為4.7倍。在標普500指數成分股中，只有五家公司的本益比低於我們。因此，一方面，我們利用了人類歷史上最具創新性的技術和資本資產。另一方面，我們可能是美國乃至全世界最被誤解和低估的股票。

So let's look at us versus financial services companies, right? And maybe this is a different picture, not really. Number four, in terms of estimated net income for 2025 behind great companies like JPMorgan and Berkshire Hathaway and Bank of America. Number 17 in terms of market cap and number 104 in terms of our P/E multiple and our valuation.

那麼讓我們來看看我們與金融服務公司之間的區別，對嗎？這或許是一幅不同的畫面，但事實並非如此。排名第四，以 2025 年預計淨收入計算，僅次於摩根大通、波克夏海瑟威和美國銀行等優秀公司。就市值而言，我們排名第 17 位；就本益比和估值而言，我們排名第 104 位。

What about top crypto companies? Our estimated net income of $24 billion is nearly double of that of Tether, which is a great digital asset and stable coin company and far and beyond other similar crypto companies, Block, Coinbase, Circle, Riot, MARA.

那麼頂級加密貨幣公司呢？我們估計的 240 億美元淨收入幾乎是 Tether 的兩倍，Tether 是一家出色的數位資產和穩定幣公司，遠遠超過其他類似的加密貨幣公司，如 Block、Coinbase、Circle、Riot、MARA。

What about Bitcoin treasury companies? And in this case, we switched to a BTC metric, which is BTC dollar gain. You'll see here, not surprisingly, our $13 billion target for 2025 is more than 13x that of the number two bitcoin treasury company in terms of BTC dollar gain, MetaPlanet, and far and away above some of the other folks in this space.

那麼比特幣財務公司怎麼樣呢？在這種情況下，我們切換到 BTC 指標，即 BTC 美元收益。您會發現，毫不奇怪，我們 2025 年 130 億美元的目標是 BTC 美元收益排名第二的比特幣財務公司 MetaPlanet 的 13 倍以上，並且遠遠超過該領域的其他一些公司。

And I'll remind you here of publicly listed companies ranked by Bitcoin, we are more than 10x the next closest company, Marathon, and there have been a lot of other Bitcoin treasury companies that have arisen over time, and we're supportive of all of them, but they're not close to us in terms of BTC stock.

在這裡我要提醒大家，按比特幣排名的上市公司中，我們比排名第二的 Marathon 公司高出 10 倍以上，而且隨著時間的推移，還出現了許多其他比特幣財務公司，我們支持所有這些公司，但就 BTC 股票而言，它們與我們並不接近。

And if you look across all of our other performance metrics, whether it be annualized return, BSE return, the size of the options market, our options open interest, we also ranked number one. And so there are a lot of sort of number one superlatives with the company. And our view is we're still misunderstood and still undervalued, which is why we spend this time with these types of activities and investor relations activities, communications.

如果你看一下我們所有的其他績效指標，無論是年化報酬率、BSE 報酬率、選擇權市場規模或我們的選擇權未平倉合約，我們也都排名第一。因此，該公司擁有許多一流的卓越成就。我們的觀點是，我們仍然被誤解和低估，這就是為什麼我們花時間進行這些類型的活動和投資者關係活動、溝通。

So let's think about what a hypothetical valuation could be and potentially should be if we were better understood and Bitcoin treasury companies who are better understood. Attrition additional valuation model, let's say, let's take your earnings and multiply it by a P/E multiple, and you might look at things like earnings growth, margins and efficiency industry and market the company is in what's its competitive position as innovating products?

因此，讓我們思考一下，如果我們能夠更好地理解，並且更好地理解比特幣財務公司，那麼假設的估值可能是什麼，並且可能應該是什麼。損耗附加估值模型，假設我們將您的收益乘以本益比，您可能會考慮收益成長、利潤率和效率產業以及公司在創新產品方面的競爭地位？

Are they managing their balance sheet well? Do they have a strategic vision? Do they have leaders that have a track record of execution and how is your Investor Relations? And that's how you might look at it traditionally. The Bitcoin treasury company is not too different. You would take the equivalent of earnings, a Bitcoin dollar gain or BTC dollar gain, you multiply it by a multiple.

他們的資產負債表管理得好嗎？他們有戰略眼光嗎？他們的領導者是否擁有優秀的執行力？您的投資人關係如何？這就是您可能從傳統角度看待它的方式。比特幣財務公司也是如此。您將獲得等值的收益，即比特幣美元收益或 BTC 美元收益，然後將其乘以倍數。

You add the value that Bitcoin on its balance sheet, and then you would base it on things like [net] earnings growth but BTC $ Gain growth, the scale and liquidity of the company. What is it doing in the capital markets? What kind of credit products is it creating? Is it using intelligent leverage? What are the banking channel partners that it has? Is it innovating in the product? What is the capital structure? What might be the credit rating and similarly, does it have a strategic vision?

你把比特幣的價值加到其資產負債表上，然後根據諸如[淨]收益增長但 BTC 美元收益增長、公司規模和流動性等因素來計算。它在資本市場上做什麼？它正在創造什麼樣的信貸產品？它是否使用智慧槓桿？它有哪些銀行通路夥伴？產品有創新嗎？資本結構是怎麼樣的？信用評級可能是什麼？同樣，它是否具有策略眼光？

Does it have a management team with a track record of execution? And how is Investor Relations? Is it communicating transparently what's happening with the company?

它是否擁有一支具有良好執行記錄的管理團隊？投資人關係怎麼樣？它是否透明地傳達了公司正在發生的事情？

And so I'll remind you here, if you take a look again at the P/E multiple, the average P/E multiple of our company -- sorry, of the S&P 500 companies is about 24x compared to us at 4.7x. And our addressable market compared to Bitcoin and compared to Bitcoin ETFs but also compared to a lot of the S&P 500 companies is large. Our market, or people who are buying equity, $35 trillion MSTR, STRK and a $60 trillion credit market for STRF, STRK, STRD, STRC. This is 30x bigger than a traditional market that BTC commodities would address.

所以我要提醒大家，如果你再看一下本益比，我們公司——抱歉，是標準普爾 500 指數成分股公司——的平均本益比約為 24 倍，而我們只有 4.7 倍。而且，與比特幣、比特幣 ETF 以及許多標準普爾 500 指數成分股公司相比，我們的目標市場規模都很大。我們的市場，或購買股票的人，有 35 兆美元的 MSTR、STRK 和 60 兆美元的 STRF、STRK、STRD、STRC 信貸市場。這比 BTC 商品所涉及的傳統市場大 30 倍。

So let's take this valuation and let's think about what this might mean for our equity, if we were to think about the valuations that may be the hypothetically other companies are getting. So on top of a $24 billion earnings, this is a traditional valuation. And let's say you take a 10x to 40x multiple with 24x right in between those two.

因此，讓我們考慮一下這個估值，並思考一下這對我們的股權意味著什麼，如果我們考慮其他公司可能獲得的估值。因此，除了 240 億美元的收益之外，這是一個傳統的估值。假設您取 10 倍到 40 倍的倍數，而 24 倍剛好介於這兩者之間。

The 24x multiple would mean a $600 billion valuation for Strategy of the company, which would mean that we're about 5x undervalued, right? The range of a 10x multiple might say it's $240 billion. So we're 50% undervalued or $960 billion, nearly $1 trillion if we get a valuation equivalent to some of the best performing companies out there like in Nvidia.

24 倍的本益比意味著該公司 Strategy 的估值為 6,000 億美元，這意味著我們被低估了約 5 倍，對嗎？10 倍的倍數範圍可能是 2,400 億美元。因此，我們的估值被低估了 50%，或者說低估了 9,600 億美元，如果我們的估值與 Nvidia 等一些表現最好的公司相當，那麼我們的估值將接近 1 兆美元。

What about if you were to take a Bitcoin treasury approach to the valuation? You would take a $20 billion of BTC dollar gain take a multiple of 10x to 40x on that, also using a similar multiple structure, add the $75 billion BTC NAV, and you get to a $575 billion valuation, maybe a range of, again, $250 billion to $900 billion.

如果您採用比特幣財務方法進行估值會怎樣？你可以獲得 200 億美元的 BTC 美元收益，將其乘以 10 倍到 40 倍，同樣使用類似的乘數結構，加上 750 億美元的 BTC 資產淨值，你就會得到 5750 億美元的估值，可能再次達到 2500 億美元到 9000 億美元的範圍。

And if you're following along, you're doing the math, you would say that that range should mean that multiple to net asset value, the NAV of MSTR hypothetically could be 2.5x which was at the low end, which is the floor for which we've set to issue equity to 4x, which is the middle range here, which is where we would start to more aggressively issue equity to buy Bitcoin to as much as 12, right? If you believe that our multiple should be similar to 1 of -- some of the top-performing tech companies in the world.

如果您一直在關注，並且進行計算，您會說該範圍應該意味著資產淨值的倍數，MSTR 的資產淨值假設可能是 2.5 倍，這是低端，這是我們設定的發行股權的底線，為 4 倍，這是中間範圍，這是我們開始更積極地發行股權以購買比特幣的倍數達到 12，對數達到 12，對數嗎？如果您相信我們的本益比應該與世界上一些表現最好的科技公司的本益比相似。

So then you ask yourself, well, if our multiple really should be hypothetically looking at some of those valuation models, 2.5 to 12x, why should we be trading at a premium to bitcoin NAV to spot bitcoin ETPs? And this is where Mike talked about the first thing is we can utilize intelligent leverage. We've cracked the code of preferred equity, which is perpetual, which is high yield, which is overcollateralized. And with STRC, which is short duration and attracting a retail market.

那麼你會問自己，如果我們的倍數真的應該假設是 2.5 到 12 倍的估值模型，那麼為什麼我們應該以高於比特幣資產淨值的價格交易以現貨比特幣 ETP？這就是麥克談到的第一件事，我們可以利用智慧槓桿。我們已經破解了優先股的密碼，它是永久性的、高收益的、超額抵押的。且 STRC 期限較短，對零售市場具有吸引力。

And if we can use these types of instruments, we can amplify the credit quality, we can issue intelligent leverage. Bitcoin can't do that [spot the cones] can't do that. We also have an options advantage. We've created options market because of the volatility of our equities and because of the leverage we've created through our convertible bonds and through our preferred notes and you'll see here, Strategy alone has $100 billion in open interest compared to over $2 trillion asset class Bitcoin, which has 5 times less of an options market and spot bitcoin ETPs, we have more than 3 times the size of an options market.

如果我們可以使用這些類型的工具，我們就可以提高信貸質量，我們可以發行智慧槓桿。比特幣做不到這一點[發現錐體]做不到這一點。我們還擁有選擇優勢。我們創建選擇權市場是因為我們股票的波動性，以及我們透過可轉換債券和優先票據創造的槓桿作用，你會在這裡看到，僅策略一項就有 1000 億美元的未平倉合約，相比之下，超過 2 萬億美元的資產類別比特幣的期權市場規模只有其 5 倍，而現貨比特幣 ETP 的期權市場規模是其 3 倍多。

The third thing here is we have access to passive flows, right? Our inclusion in the Nasdaq 100 and the MSCI Russell 1000 today, hopefully, S&P 500 at some point in time means that passive flows of capital are coming into MSTR even for those who are not Bitcoin Maxis or Bitcoin initiated and even for those who aren't MSTR initiated.

第三件事是我們可以獲得被動流，對嗎？我們今天被納入納斯達克 100 指數和 MSCI 羅素 1000 指數，希望在某個時間點被納入標準普爾 500 指數，這意味著即使對於那些不是比特幣 Maxis 或比特幣發起人的人來說，甚至對於那些不是 MSTR 發起人的人來說，被動資本流正在進入 MSTR。

You see that when you look at our largest shareholder, Vanguard. Vanguard is investing in a strategy primarily through passive ETFs. And of course, the spot Bitcoin ETP and bitcoin don't have access to those passive flows.

當你看看我們最大的股東先鋒集團時，你就會看到這一點。先鋒集團主要透過被動型 ETF 來實施投資策略。當然，現貨比特幣 ETP 和比特幣無法獲得這些被動流量。

And the last piece is institutional access. We have access to an extremely large addressable market because institutions who can only invest in equity, a $35 trillion market or can only invest in credit, a $6 trillion market, can't for the most part, invest in spot bitcoin ETPs and can't for the most part, invest in Bitcoin. And those are much smaller markets.

最後一點是機構准入。我們可以進入一個極為龐大的潛在市場，因為那些只能投資股票（35 兆美元市場）或只能投資信貸（6 兆美元市場）的機構，大多無法投資現貨比特幣 ETP，也大多無法投資比特幣。而這些市場的規模就小得多。

So hopefully, you've seen through the course of this presentation, there are a lot of reasons why we think we're undervalued or we're misunderstood. And I think people will start to understand over time, and it's still early.

所以希望您透過本次演講了解到，我們認為自己被低估或誤解的原因有很多。我認為隨著時間的推移人們會開始理解，但現在還為時過早。

So I'm going to summarize with our BTC principles. We've shared these before, but hopefully, these are starting to come into even more of a stark understanding of what is MSTR, what are our preferreds? What is our credit strategy and what is strategy all about? And what are we trying to do?

所以我將用我們的 BTC 原則來總結。我們之前已經分享過這些，但希望這些能讓人們更清楚地了解什麼是 MSTR，什麼是我們的偏好？我們的信用策略是什麼？策略到底是什麼？我們想做什麼？

One, we buy and hold BTC, definitely, exclusively and securely. It means we're not going to sell, things were not going to diversify into other crypto assets and other digital assets. And it means a big focus of us is how do we secure a bitcoin, how do we custody our bitcoin. And we spend a lot of time thinking and a lot of resources thinking about how to make sure we're holding our Bitcoin securely.

第一，我們購買並持有 BTC，絕對、獨家且安全。這意味著我們不會出售，也不會多角化發展到其他加密資產和其他數位資產。這意味著我們關注的重點是如何保護比特幣、如何保管我們的比特幣。我們花了大量的時間和資源來思考如何確保我們安全地持有比特幣。

Second, we're prioritizing MSTR common stock with a long-term value creation. When we think about long term, we're talking about 5 to 10 years out. So a lot of the actions we take today or tomorrow or last week or last month are all about how do we make sure we create value for our MSTR shareholders for 5 years, for 10 years from now, right? And that's important to us.

其次，我們優先考慮具有長期價值創造能力的 MSTR 普通股。當我們考慮長期時，我們談論的是5到10年後的情況。因此，我們今天、明天、上週或上個月採取的許多行動都是為了確保在未來 5 年、10 年為我們的 MSTR 股東創造價值，對嗎？這對我們很重要。

And third, we treat all investors with respect, consistency, and transparency. And that includes our convertible holders, that includes our preferred note holders, that includes derivatives that are on top of MSTR. It's important for us to think about the entire ecosystem of Strategy, the entire ecosystem of Bitcoin too. And the transparency is important to us. This is why we're providing guidance on BTC KPIs today on GAAP metrics today on how we think about utilizing our MSTR ATM and how we think about our STRC credit.

第三，我們尊重、一致、透明地對待所有投資者。其中包括我們的可轉換債券持有人、優先票據持有人以及 MSTR 之上的衍生性商品。對我們來說，思考整個戰略生態系統、整個比特幣生態系統都很重要。透明度對我們很重要。這就是為什麼我們今天要根據 GAAP 指標提供有關 BTC KPI 的指導，說明我們如何考慮利用我們的 MSTR ATM 以及我們如何考慮我們的 STRC 信用。

One thing you'll note when I talk about mNAV, you have a very easy way to see how we calculate mNAV, right? MNAV is basically based on our enterprise value which is our Bitcoin net asset value plus the outstanding debt and plus the outstanding preferreds on our balance sheet. We show all of those metrics on our strategy.com website. You can download the strategy app and you can track our mNAV, and that's the number that will be utilizing to determine when and how we issue MSTR.

當我談論 mNAV 時，您會注意到一件事，您可以透過非常簡單的方式了解我們如何計算 mNAV，對嗎？MNAV 基本上是基於我們的企業價值，即我們的比特幣淨資產價值加上未償還債務以及資產負債表上的未償還優先股。我們在strategy.com網站上展示了所有這些指標。您可以下載策略應用程式並追蹤我們的 mNAV，我們將利用該數字來確定何時以及如何發行 MSTR。

Third, our structure. We structure MSTR to outperform Bitcoin via intelligent leverage. You've heard about that. You've seen slides that we shared and how we are outperforming the coin 1.5 to 2 times at certain times, and that's our goal, is to continue to outperform bitcoin.

第三，我們的結構。我們建立 MSTR 以透過智慧槓桿超越比特幣。你已經聽過了。您已經看到了我們分享的幻燈片，以及我們如何在某些時候超越比特幣 1.5 到 2 倍，這就是我們的目標是繼續超越比特幣。

Fifth, we'll acquire Bitcoin continually with the goal of achieving positive BTC yield. And we continue to do that. And so that is one of our most important KPIs when we think about issuing equity, issuing credit to acquire in Bitcoin.

第五，我們會持續收購比特幣，目標是實現BTC的正收益。我們將繼續這樣做。因此，當我們考慮發行股票、發行信貸以獲取比特幣時，這是我們最重要的 KPI 之一。

Sixth, we're going to grow rapidly and responsibly subject to market dynamics. Growing BTC dollar gain is important to us, just like growing EPS is to a traditional company. And so we're going to look at ways to do that fast and responsibly.

第六，我們將根據市場動態快速、負責任地發展。增加 BTC 美元收益對我們來說很重要，就像增加 EPS 對傳統公司一樣。因此，我們將尋找快速且負責任地實現這一目標的方法。

Seventh, we're going to issue innovative fixed income securities backed by Bitcoin. Hopefully, you've seen throughout this presentation, you saw last week with STRC, right? We're using AI to come up with ideas that nobody has before. We're disrupting the traditional capital markets. We're disrupting the preferred markets, and we're doing so by providing the market consumers and institutions what they want, right? And so we're really trying to create digitally transformed AI-generated capital instruments to fix the market that exists today, make it out.

第七，我們將發行以比特幣為支撐的創新固定收益證券。希望您已經看到了本次演示，就像上週在 STRC 中看到的那樣，對嗎？我們正在利用人工智慧來提出以前沒有人想過的想法。我們正在顛覆傳統的資本市場。我們正在顛覆優先市場，而我們這樣做是為了向市場消費者和機構提供他們想要的東西，對嗎？因此，我們確實在嘗試創建數位轉型的人工智慧資本工具來修復現有的市場並實現其目標。

Eighth, we're going to maintain a healthy, robust pristine balance sheet. We're thinking about BTC rating. We're creating new credit metrics for the Bitcoin world, and our importance there is to maintain a pristine balance sheet. So we're going to continue to focus on that.

第八，我們將維持健康、強勁的資產負債表。我們正在考慮 BTC 評級。我們正在為比特幣世界創建新的信用指標，我們的重要性在於維持完美的資產負債表。因此我們將繼續關注這一點。

And finally, number nine, we're going to promote global adoption of BTC as a treasury reserve asset. We've been doing that since five years ago with Bitcoin for corporations. We outsourced our initial Bitcoin treasury up which back then was really just about buying and holding Bitcoin. As we learn to leverage our company through intelligent leverage, we've been very open about convertible bonds, secured notes, margin loans and the preferreds. And we're going to continue to do that.

最後，第九點，我們將推動全球採用 BTC 作為財政儲備資產。我們從五年前就開始為企業提供比特幣服務了。我們將最初的比特幣財務管理外包出去，當時的管理實際上只是購買和持有比特幣。當我們學會透過智慧槓桿來提升公司槓桿率時，我們對可轉換債券、擔保票據、保證金貸款和優先股持非常開放的態度。我們將繼續這樣做。

We think that the more bitcoin treasury companies to enter the market, the better. We don't think of them as competitors. We think of them as peers. And ultimately, our goal is to advocate for, to provide advice for, to work with nation states all around the world to work with companies all around the world to work investors all around the world. So people understand Bitcoin better and to improve Bitcoin and to improve the company and to improve the world.

我們認為，越多的比特幣財務公司進入市場越好。我們並不認為他們是競爭對手。我們認為他們是同齡人。最終，我們的目標是倡導、提供建議，與世界各地的民族國家合作，與世界各地的公司合作，與世界各地的投資者合作。這樣人們就能更理解比特幣，改進比特幣，改進公司，改善世界。

So that's our presentation. Thank you all very much, and I'm now going to hand it over to Shirish Jajodia who will facilitate a new form of Q&A, first time we've ever done this.

這就是我們的演示。非常感謝大家，現在我將把時間交給 Shirish Jajodia，他將以一種新的形式主持問答，這是我們第一次這樣做。

Thank you, Phong. We are now going to proceed to the interactive live Q&A section of our webinar. I would invite all of our analysts to come on video now, and we look forward to hearing your questions. We'll go one at a time. I will call your names and then you can direct your question to the management team.

謝謝你，Phong。我們現在將進入網路研討會的互動現場問答部分。我邀請我們所有的分析師現在上視頻，我們期待聽到您的問題。我們一次走一個。我會叫你們的名字，然後你們可以向管理團隊提出問題。

First, we will begin with Lance Vitanza, our research analyst from TD Bank.

首先，我們先來談談道明銀行 (TD Bank) 的研究分析師 Lance Vitanza。

Let me see if I can get two and if I can. The first is, at some point, does concentration of Bitcoin holdings at a single corporation impede adoption of Bitcoin as a store of value, let alone other potential monetary functions, such as medium of exchange or unit of account? And if so, when might that point realistically come for Strategy? Is that 5 years out? Is it 10 years out? Is it longer? Is it shorter? Or is it just the wrong question?

讓我看看我是否可以得到兩個，以及是否可以。首先，在某種程度上，比特幣持有量集中在一家公司是否會阻礙比特幣作為價值儲存手段的採用，更不用說其他潛在的貨幣功能，例如交換媒介或記帳單位？如果確實如此，那麼戰略何時才能真正實現這一點呢？那是五年後嗎？已經是 10 年之後了？還有更長的嗎？更短嗎？或者這只是一個錯誤的問題？

I'm sure everybody's got an opinion, but I'll start. I think we're accelerating institutional adoption, but we're also accelerating the adoption of Bitcoin just like BlackRock is accelerating adoption of Bitcoin because we're channeling new forms of capital into the ecosystem. And you couldn't -- there's a whole set of capital that wouldn't come into the ecosystem if they don't have an investment-grade, creditworthy counterparty to trade with.

我相信每個人都有自己的看法，但我先開始吧。我認為我們正在加速機構採用，但我們也在加速比特幣的採用，就像貝萊德正在加速比特幣的採用一樣，因為我們正在將新形式的資本引入生態系統。你不可能——如果沒有投資等級、信譽良好的交易對手，一大堆資本就不會進入這個生態系統。

So we don't really think there's any number. We're up to 3% of the system. I mean, it's getting exponentially harder. I've said before, it feels to me like if we get to 5%, Bitcoin is going to be $1 million a coin, and if we get to 7.5%, it's going to be $10 million or some ridiculous amount. If it does get to $10 million a coin, and if we do get to 7.5%, that will mean that 93% of all the Bitcoin is held by somebody else somewhere and that will cause an explosion of innovation in the rest of the world.

所以我們並不認為有任何數字。我們佔了系統的 3%。我的意思是，事情變得越來越難。我之前說過，我覺得如果我們達到 5%，比特幣的價格就會達到每枚 100 萬美元，而如果我們達到 7.5%，價格就會達到 1000 萬美元或某個荒謬的數額。如果每枚比特幣的價格真的達到 1000 萬美元，如果達到 7.5%，那就意味著 93% 的比特幣被其他人持有，這將引發世界其他地區的創新熱潮。

For all we know, right, the harder we try to acquire it, the more it will decentralize to other places because you're going to see an explosion of other innovation because everybody else that's not BlackRock or not us or not whatever is going to have all this bitcoin that's valued at millions and millions of dollars of coin.

就我們所知，我們越努力去獲取它，它就越會分散到其他地方，因為你會看到其他創新的爆炸式增長，因為除了貝萊德、我們或其他任何人之外的所有人都會擁有價值數百萬美元的比特幣。

And then just as a follow-up, and Phong, you touched on this. You've been actively encouraging other public companies to follow a Strategy fit step and create their own Bitcoin treasury models. Are you worried that you may have been too successful in making that pitch? And at what point does the plethora of public Bitcoin treasury companies or PBTC, as I like to call them, at what point does that become a problem for you either in terms of access to capital or potential for bad actors, et cetera?

然後作為後續問題，Phong，您提到了這一點。您一直在積極鼓勵其他上市公司採取適合策略的步驟並創建自己的比特幣財務模型。您是否擔心自己在這次推銷中可能過於成功了？那麼，在什麼時候，大量的公共比特幣財務公司或 PBTC（我喜歡這樣稱呼它們）會成為您的問題，無論是在獲取資金方面，還是在潛在的不良行為者等方面？

I can start. I don't think we get to that point. I think the positive of more Bitcoin treasury companies is creating knowledge. As you can see, we're quite understood. And so the more companies there are, the more analysts will cover them, more retail investors get involved, the more institutional investors will get involved in more large banks. And the more there is just knowledge about, for example, how to value at the corn Treasury company. And I think we're pretty far from understanding that.

我可以開始了。我認為我們還沒有達到那個程度。我認為更多比特幣財務公司的積極意義在於創造知識。正如您所見，我們非常理解。因此，公司越多，關注它們的分析師就越多，參與的散戶投資者就越多，參與大型銀行的機構投資者就越多。還有更多的知識，例如，關於如何對玉米財務公司進行估值。我認為我們還遠遠沒有理解這一點。

Second piece, if they're all buying Bitcoin, Bitcoin price is going to go up, which causes our bitcoin net asset value to go up, which caused our equity to go up, which caused our ability to raise more capital. I don't think we're even close to a place where this capital markets and the credit markets for Bitcoin are saturated. I think we're in the first inning of a nine-inning game. And I think more and more access will occur.

第二點，如果他們都購買比特幣，比特幣價格就會上漲，這會導致我們的比特幣淨資產價值上漲，進而導致我們的股權上漲，進而導致我們能夠籌集更多資金。我認為我們甚至還未接近比特幣資本市場和信貸市場的飽和狀態。我認為我們正處於九局比賽的第一局。我認為訪問量會越來越大。

And I think they're all getting started. Look, a lot of these Bitcoin treasury companies are markets that will be very difficult for us to access. Bitcoin Treasury Company in India, Bitcoin treasury company in Sweden and Brazil. So I think they're all added, they're all accretive right now. And I think they all have their own niche strategy and look, they're not really close to us in size, right, the place at which they can issue innovative preferred securities might be two, three, four, five years out. So even if they did, it's going to take a while. But I think they're great.

我認為他們都已經開始行動了。你看，很多比特幣財務公司都是我們很難進入的市場。印度的比特幣財務公司、瑞典和巴西的比特幣財務公司。所以我認為它們現在都增加了，都增加了。我認為他們都有自己的利基策略，而且看起來，他們的規模與我們相差甚遠，他們發行創新優先證券的時間可能還需要兩年、三年、四年或五年。所以即使他們這麼做了，也需要一段時間。但我認為他們很棒。

And I would say we're not -- the Bitcoin companies aren't competing with each other. We're competing against 20th-century credit instruments for the part. If you think about the fundamentals, you're competing against corporate bonds and preferred stocks, liquid bonds or liquid preferred stocks and liquid credit that is generating normally a 400, 500 basis points yield. And all these BTC companies are in a position to create digital credit that generates 400 basis points more than the risk-free rate in all their own markets.

我想說的是，比特幣公司之間並沒有互相競爭。我們正在與 20 世紀的信用工具競爭。如果你考慮基本面，你正在與公司債和優先股、流動性債券或流動性優先股和流動性信貸競爭，這些通常會產生 400、500 個基點的收益率。所有這些 BTC 公司都能夠創造比其所有市場無風險利率高出 400 個基點的數位信貸。

And that's $100 trillion -- hundreds of trillions of dollars. So the real competition is between the credit instruments that come out of the BTC ecosystem versus the credit instruments that are backed by real or yen or euros or rubles or naira or dollars or whatever the other source of credit is. So that's another way of saying we're all very cooperative. The more of us there are, the more of those capital markets we can provide a digital solution to.

這就是 100 兆美元——數百萬億美元。因此，真正的競爭是 BTC 生態系統中產生的信用工具與以雷亞爾、日圓、歐元、盧布、奈拉、美元或其他信用來源支持的信用工具之間的競爭。換句話說，我們都非常合作。我們的人越多，就能為越多的資本市場提供數位化解決方案。

And then the other point, coming back to your first question, is if you want to sell $100 billion worth of investment-grade credit insurance companies or pension funds that are conservative in the United States, you're going to need a big Bitcoin treasury company to do it. And if you want to sell an equivalent type of credit in Germany, you're going to need a German operation or a Japanese operation to do it in Tokyo.

然後回到你的第一個問題，另一點是，如果你想出售價值 1000 億美元的美國保守型投資級信用保險公司或退休基金，你將需要一家大型比特幣財務公司來做這件事。如果你想在德國銷售同等類型的信貸，你將需要一家德國公司或日本公司在東京開展業務。

So what's really happening is the digital transformation of credit-type assets, they were either backed by some currency derivative or some kind of -- what backs a junk bond like the effort of a struggling company is what backs a junk bond. And we're replacing that with something better and different and so companies at all scales are needed. You need a monster Bitcoin treasury company in Japan. You need a big one in France, a big one in Germany. But there's always going to be home court advantages and national champions.

因此，真正發生的是信貸類資產的數位轉型，它們要麼由某種貨幣衍生品支持，要麼由某種——支持垃圾債券的東西，例如陷入困境的公司的努力，就是支持垃圾債券的東西。我們正在用更好、不同的東西來取代它，因此需要各種規模的公司。你需要在日本建立一家龐大的比特幣財務公司。你需要一個法國的大的，一個德國的大的。但主場優勢和全國冠軍總是存在的。

And the way that we all cooperate is we're all competing for the same 450 bitcoin a day. And once you bought the 450 Bitcoin, the price of Bitcoin has got to move up, increasing the collateral value of everyone in the ecosystem. And as the collateral value increases, and the other thing we're doing is we're dampening the volatility.

我們大家的合作方式就是每天爭奪相同的 450 比特幣。一旦你買了 450 比特幣，比特幣的價格就會上漲，從而增加生態系統中每個人的抵押品價值。隨著抵押品價值的增加，我們正在做的另一件事就是抑制波動性。

As we increase the collateral value and damp the volatility, the BTC risk in numbers plunge, the leverage increases. And you can imagine you can create a lot more of this BTC backed credit which is just a very positive feedback loop. And so we're in a virtuous competition or a virtuous cooperative cycle with any company that's capitalized on a Bitcoin standard anywhere in the world.

隨著我們增加抵押品價值並抑制波動性，BTC 風險數量下降，槓桿率上升。你可以想像你可以創造更多由 BTC 支持的信用，這只是一個非常正面的回饋循環。因此，我們與世界上任何地方利用比特幣標準的公司都處於良性競爭或良性合作的循環中。

Thank you, Lance. Next, I will invite Lyn Alden.

謝謝你，蘭斯。接下來，我將邀請 Lyn Alden。

So Strategy navigated the 2022 [bear] market successfully. And so my question is going to relate to stress testing as it relates to these midterm BTC ratings. Given the strategies credit products are backed more by asset and capital access than operating cash flows, are there certain Bitcoin bear market assumptions or thresholds, either such as in terms of drawdown magnitudes or lengths of time where capital markets might become inconducive for new capital issuance that you're planning for as you design these forward leverage ratios and for your overall capital structure?

因此，戰略成功引領了 2022 年的熊市。因此，我的問題與壓力測試有關，因為它與這些中期 BTC 評級有關。鑑於信貸產品策略更多地由資產和資本獲取而非經營現金流支持，是否存在某些比特幣熊市假設或閾值，例如在提款幅度或時間長度方面，資本市場可能不利於新資本發行，而您在設計這些遠期槓桿率和整體資本結構時正是為此而規劃的？

I think that if we equitize the convertible bonds and we go to all preferreds, you can imagine, for example, you have $100 billion of bitcoin, you have $50 billion of preferred and an extreme -- like the extreme case, a 50% leverage case. And if that $50 billion was a debt liability coming due in 3 years, that would be a lot of risk. And if it was a debt liability coming due in 25 years, it would be less risk, but it'll still be something.

我認為，如果我們將可轉換債券公平化，並轉向所有優先股，你可以想像，例如，你有 1000 億美元的比特幣，你有 500 億美元的優先股和一個極端情況——比如極端情況，50% 的槓桿情況。如果這 500 億美元是三年後到期的債務，那麼風險就大了。如果這是一筆 25 年後到期的債務，風險就會小一些，但還是會有影響。

But if it's actually equity, if it's $50 billion preferred equity at number comes due, and so now you have a different kind of risk. In that particular case, bitcoin can draw down 80% and you're fine. It can draw down 90%. So I actually think if you look at our structure, as we migrate to preferreds, we end up with this very, very robust antifragile capital structure where the principal never comes due, and then you have to ask the question, well, where is the liability?

但如果它實際上是股權，如果到期的是 500 億美元的優先股，那麼現在你就面臨不同類型的風險。在這種特殊情況下，比特幣即使下跌 80% 也不會有什麼問題。它可以減少90％。因此，我實際上認為，如果你看一下我們的結構，當我們轉向優先股時，我們最終會得到這種非常非常強大的反脆弱資本結構，其中本金永遠不會到期，然後你必須問這個問題，那麼，負債在哪裡？

And the liability is in the dividend, you noticed when Andrew showed the liabilities, she showed you three tranches. He showed you the interest liability, the cumulative liabilities, and the noncumulative liabilities. That's because the interest has got to be paid or you're in default.

負債是在股息中，你會注意到，當安德魯展示負債時，她向你展示了三個部分。他向您展示了利息負債、累積負債和非累積負債。這是因為必須支付利息，否則你就違約了。

The cumulative doesn't have to be paid. But if you don't -- if you suspend it, it accumulates, so it's still a liability. And then the noncumulative, you could suspend it, and it isn't a liability.

累計的就不用繳了。但如果你不這樣做——如果你暫停它，它就會累積，所以它仍然是一種負債。然後是非累積的，你可以暫停它，它不是一種負債。

So when you add all that up, you imagine that you've got $50 billion and you have -- even if you had a 10% dividend, that means you're down to $5 billion, so on $100 billion of assets, you've got $5 billion of dividend liabilities, but some of them are more collapsible than others of them. S you say to yourself, well, what happens if Bitcoin falls 95%?

因此，當你把所有這些加起來時，你想像你有 500 億美元，而且你有——即使你有 10% 的股息，這也意味著你的資產減少到 50 億美元，所以在 1000 億美元的資產中，你有 50 億美元的股息負債，但其中一些比其他的更容易崩潰。你會問自己，如果比特幣下跌 95% 會發生什麼事？

You'd still meet those liabilities, most likely. You might in a 95% drawdown, you might suspend something, but you can see for the most part, no one really contemplates more than the 80% extreme craze case of the crypto -- well, I guess the crypto 1 is like 75% or something, you 6,000 to 16,000, I guess, was like the peak trough for 80%. I think that our structure is smooth, and we wouldn't miss a single dividend payment on an 80% drawdown. On a 90% to 95% drawdown.

很有可能，您仍然會承擔這些責任。您可能會在 95% 的下跌中暫停某些操作，但您可以看到，在大多數情況下，沒有人真正考慮過超過 80% 的加密貨幣極端熱潮情況 - 好吧，我猜加密貨幣 1 就像 75% 左右，我猜 6,000 到 16,000 就像是 80% 的峰谷。我認為我們的結構是順暢的，在 80% 的虧損情況下我們不會錯過任何一筆股息支付。虧損 90% 至 95%。

In theory, you might suspend something for a little bit of time, but you would eventually get back current on it. So I think in terms of robustness, it's pretty robust. And if you compare it to the fragility of a conventional bank, we're -- think about the leverage we've got in order to generate our earnings. We've got maybe 1.2 leverage, typical banks got 10 20x leverage to get their earnings. So this model is orders of magnitude less risky than a conventional banking model. Phong, Andrew, do you guys something to add on that?

理論上，您可能會暫停某件事一小會兒，但最終會重新回到當前狀態。所以我認為就穩健性而言，它是相當穩健的。如果你將其與傳統銀行的脆弱性進行比較，我們會想一想我們為了創造收益所採用的槓桿作用。我們的槓桿率大概是 1.2，而典型的銀行則需要 10 到 20 倍的槓桿率來獲得收益。因此，該模式的風險比傳統銀行模式低幾個數量級。Phong、Andrew，你們這還有什麼要補充的嗎？

I can add, Lyn, we've had the benefit of being a Bitcoin treasury company for 5 years. We went through a crypto and turned 2022 with a much more fragile debt structure and capital structure. We had a Silvergate margin loan that was Bitcoin backed. We had a secured note that had onerous causes. And so we learned a lot from -- and at that point in time, our most pristine debt were our convertible amounts.

我可以補充一點，Lyn，作為一家比特幣財務公司，我們已經受益 5 年了。我們經歷了加密貨幣時代，到了 2022 年，債務結構和資本結構變得更加脆弱。我們有一筆由比特幣支持的 Silvergate 保證金貸款。我們有一張有擔保的票據，但原因繁重。因此，我們從中學到了很多東西——在那個時候，我們最純淨的債務是可轉換金額。

And now I think we're much more prepared for a bit clean drawdown because over time, we won't have -- we already don't have secured notes. We don't have a margin loan. Over time, we may not have convertible notes. And to Mike's point, we will be relying on perpetual preferred notes that don't ever come due. So I think we learned a lot during this period of time, and we hope to share that with everybody out there.

現在我認為我們已經為徹底的提款做好了更充分的準備，因為隨著時間的推移，我們將不會——我們已經沒有擔保票據了。我們沒有保證金貸款。隨著時間的推移，我們可能不再有可轉換票據。正如麥克所說，我們將依賴永遠不會到期的永久優先票據。所以我認為我們在這段時間學到了很多東西，我們希望與大家分享。

And of course, the point is we did survive the 80% drawdown with a much weaker capital structure. So this capital structure is bulletproof compared to that one. So I think we're good to 90%. And if it goes below 90%, then we'll shuffle a few things around. It will be colorful.

當然，重點是我們確實在資本結構較弱的情況下度過了 80% 的下跌。因此，與那種資本結構相比，這種資本結構是堅不可摧的。所以我認為我們已經達到 90% 了。如果低於 90%，那麼我們將對一些事情進行調整。將會色彩繽紛。

Great. Thank you. Next, I'll invite [Samsung] (inaudible).

偉大的。謝謝。接下來，我將邀請[三星]（聽不清楚）。

Sure. First, just a quick comment. 0.15 by end of year is very conservative. But I didn't you have to use it or providing -- but my question is, the preferred shares, they have a BTC/credit rating ranging somewhere between 3% to 9% or 5% to 9%. How effective are those preferred at generating yield assuming we have periods of crab market, like it seems after a 1.25x increase in bitcoin price, you might have to wait time before you buy again? And in what conditions would you increase that or relax it a bit to go above 9% or above 10?

當然。首先，我只想簡單評論一下。年底的 0.15 是非常保守的。但我並不要求你必須使用它或提供——但我的問題是，優先股的 BTC/信用評級在 3% 到 9% 或 5% 到 9% 之間。假設我們經歷一段螃蟹市場時期，那麼這些偏好在產生收益方面有多有效，就像比特幣價格上漲 1.25 倍後，你可能需要等待一段時間才能再次購買？在什麼情況下您會將其提高或放寬一點以超過 9% 或超過 10？

One of the interesting things is, right now, you can see from all of our credit models, the credit is all undervalued. Like the marketplace doesn't appreciate the credit very much. So over the next 36 months, you would think that the drivers of our credit strategy will be education of the market, just getting out and talking to people and educating them on our credit models is a big plus. The more -- every time we do an IPO, you've noticed the first IPO was a little bit smaller than this or more difficult than the second. The second was easier.

有趣的是，現在，您可以從我們所有的信用模型中看到，信用都被低估了。好像市場不太重視信用。因此，在接下來的 36 個月裡，您可能會認為我們的信貸策略的驅動力將是市場教育，只需走出去與人們交談並向他們介紹我們的信貸模式就是一大優勢。每次我們進行 IPO 時，你都會注意到第一次 IPO 的規模比這次小一點，或比第二次更困難。第二個比較容易。

The third was double that. The fourth was more than double that. So every time we go back to the market, we educate more people, we're educating credit rating agencies. And as the world's view of Bitcoin as collateral evolves, that makes it easier. So as a general trend, the direction of travel is the world is getting more comfortable with Bitcoin back credit, and that makes our strategy easier.

第三個是這個數字的兩倍。第四次是第二次的兩倍多。因此，每次我們回到市場，我們都會教育更多的人，我們也在教育信用評級機構。隨著世界對比特幣作為抵押品的看法不斷演變，這變得更加容易。因此，總體趨勢是，世界對比特幣信用背書越來越感到滿意，這使得我們的策略變得更容易。

Let's assume the Bitcoin Chop sideways. The negative is that the collate value doesn't go up. But the positive is, if you actually look at the trailing 30-day BTC vol, it's low, it was like 20 the other day. So when the market chop sideways, the volatility of Bitcoin falls. And you can see one of the most important drivers in Black Scholes and the important driver in our risk model is volatility.

我們假設比特幣橫盤整理。缺點是整理價值不會上升。但積極的一面是，如果你實際看一下過去 30 天的 BTC 交易量，它很低，前幾天是 20。因此，當市場橫盤整理時，比特幣的波動性就會下降。您可以看到，Black Scholes 中最重要的驅動因素之一以及我們風險模型中的重要驅動因素是波動性。

So we're kind of winning when Bitcoin is surging up because we've got a lot of collateral on a high BTC rating. But we're also winning. You'll be -- if you go and you play with our model and you crank (inaudible) from 40 to 35 to 30 and I just showed you an example it goes to -- it falls 10 points, stuff that looks like it's high yield becomes investment grade.

因此，當比特幣飆升時，我們就算是贏家了，因為我們在較高的 BTC 評級上獲得了大量抵押品。但我們也正在獲勝。你會 — — 如果你去玩我們的模型，並且你把（聽不清楚）從 40 調到 35 再調到 30，我剛才給你舉了一個例子，它會 — — 它下降 10 個點，看起來高收益的東西變成了投資級。

And so I think our credit strategy might benefit from Bitcoin trading sideways for a while in a counterintuitive way, and for the most part, we're not -- we're really competing against a bunch of people that don't know, like the Wall Street Journal is running an ad, high-yield savings accounts, you get 3.6% interest from such and such bank and there's a world of people that are -- by the way, if SOFR falls, if the Fed changes policy, those banks will be yielding 2%.

因此，我認為我們的信貸策略可能會受益於比特幣在一段時間內以違反直覺的方式橫盤交易，而且在大多數情況下，我們不會——我們實際上是在與一群不知道的人競爭，比如《華爾街日報》正在播放的廣告，高收益儲蓄賬戶，你可以從某銀行獲得 3.6% 的利息，還有很多人——順便說 2%，你可以從某銀行獲得 3.6% 的利息，還有很多人——順便說 2%。

Your bank account will be 2% or 1.5%. And we're out there educating the retail market that they're something better than that. And I think that our credit strategy right now is primarily driven by educating institutional buyers educating retail buyers, educating credit rating agencies and having the world embrace Bitcoin as good collateral and at the point that JP Morgan and somebody else starts to accept its good collateral then I think people come back and look at our credit and they rerate it and they say, oh, actually, it doesn't deserve a 600 basis point credit spread.

您的銀行帳戶將是2%或1.5%。我們正在向零售市場宣傳他們的產品比那更好。我認為，我們目前的信貸策略主要是透過教育機構買家、教育散戶買家、教育信用評級機構，讓世界接受比特幣作為良好的抵押品，當摩根大通和其他機構開始接受比特幣作為良好的抵押品時，我認為人們會回過頭來審視我們的信用，重新評級，然後說，哦，實際上，它不值得 600 個基點的信用利差。

It should be a 200 basis points credit spread. So I think I think that all of those dynamics actually overwhelm whatever the price action is bitcoin in the next 24 months to 36 months. Any of the other guys have something to add?

它應該是200個基點的信用利差。所以我認為，所有這些動態實際上都會壓倒未來 24 個月到 36 個月比特幣的價格走勢。其他人還有什麼要補充的嗎？

Heads you win, tails you in.

正面你就贏，反面你就輸。

I think the important point is when Bitcoin is highly volatile, it's very good for our equity. And when Bitcoin people go, oh, what happens with Bitcoin is not volatile? And what they don't realize is if you take that credit model I showed you and you crank in 20 ball and all of a sudden we fall to 20 or 25 ball, you can go to 90% leverage. Because the credit looks like investment grade at 90% leverage, bearing in mind, by the way, that banks that are issuing preferred stocks we compete against, there 20 levered, right?

我認為重要的一點是，當比特幣波動性很大時，這對我們的股權非常有利。當人們談論比特幣時，哦，比特幣不波動怎麼辦？他們沒有意識到的是，如果你採用我向你展示的信用模型，你投入 20 球，然後突然降至 20 或 25 球，你的槓桿率可以達到 90%。因為信貸看起來像是槓桿率為 90% 的投資等級，順便說一句，請記住，與我們競爭的發行優先股的銀行的槓桿率為 20%，對嗎？

They have $20 of a liability for every dollar of equity and they're paying 5% or 6% yield, and we're offering a and we're not. So really, this all comes down to educating the 20th century market about why this bitcoin back credit is better. And that's a fundamental thing that overwhelms, I think the near-term volatility or lack of volatility or price change in BTC itself.

他們每一美元的股權都有 20 美元的負債，他們支付 5% 或 6% 的收益率，而我們提供的卻不是。所以實際上，這一切都歸結為向 20 世紀的市場解釋為什麼比特幣回饋信用更好。我認為這是一個壓倒性的基本因素，它決定了 BTC 本身的短期波動性或缺乏波動性或價格變化。

Next, I'll invite Brian Dobson, our research analyst (inaudible) Street.

接下來，我將邀請我們的研究分析師 Brian Dobson（聽不清楚）Street。

So the Trump administration has made some very positive regulatory changes for Bitcoin if you had your way, taking a big picture view, what would be the next area of improvement for regulators?

因此，如果川普政府能按照你的意願對比特幣做出一些非常積極的監管改變，從宏觀角度來看，監管機構下一步需要改進的領域是什麼？

Yes. My opinion is it would be beneficial to the market if they nail down the digital assets taxonomy, under what circumstances can you tokenize the security? What's the digital security if they can clarify a digital commodity what's an asset without an issuer versus a digital token if they could clarify token asset class dynamics, what can I create a token -- and is it less than a security and different than a commodity I think there's a lot of murkiness around all that.

是的。我的觀點是，如果他們確定數位資產分類法，這將對市場有利，在什麼情況下可以標記證券？如果他們能夠澄清數位商品，那麼數位證券是什麼？如果他們能夠澄清代幣資產類別動態，那麼什麼是沒有發行人的資產？如果他們能夠澄清代幣資產類別動態，那麼數位代幣是什麼？我可以創建什麼代幣？ ——它是否低於證券水平，並且與商品有何不同？我認為所有這些都存在著很多模糊之處。

They're supposed to be dealing with the Clarity Act in September. I think that will create a very rich framework for the entire crypto industry. And I think absent that, there's going to be a lot of confusion about the dip between tokens and commodities and securities and who can issue what and how long it takes and in the ideal world, 40 million business will be able to issue a token in four hours for $40.

他們應該在九月處理《清晰度法案》。我認為這將為整個加密產業創建一個非常豐富的框架。我認為，如果沒有這一點，人們就會對代幣、商品和證券之間的區別產生很多困惑，例如誰可以發行什麼以及需要多長時間，在理想世界中，4000 萬家企業將能夠在四小時內以 40 美元的價格發行一個代幣。

And in the current world, it takes you a year to issue a public security, minimal, maybe two or three years and $40 million and we might end up in a world where we're halfway -- half in the middle, which is, oh, yes, it only takes 6 months, and it only takes $2 million to create a quasi half not security, on the way to being a crypto commodity, but not really for the next two years. And if that's the case, you won't have really achieved the full potential of the industry. And so I think that we've still got a lot of uncertainty around that needs to be resolved.

在當今世界，發行公共證券至少需要一年時間，可能需要兩三年時間和 4000 萬美元，我們最終可能會處於一個半途而廢的世界——一半在中間，哦，是的，只需要 6 個月，只需要 200 萬美元就可以創建一個準半非證券，成為加密商品，但實際上不是在未來兩年內。如果真是這樣，你就沒有真正發揮出這個產業的全部潛力。因此我認為我們仍然有很多不確定性需要解決。

Yes. Great. And then just as a quick follow-up. You've had some very successful offerings this year. Could you share any kind of feedback that you've gotten from the buy side regarding those offerings? And what kind of securities could we see the firm offering in the future in addition to the ones already on offer?

是的。偉大的。然後只是進行快速跟進。今年你們推出了一些非常成功的產品。能否分享一下買方對這些產品的回饋？除了已經發行的證券外，未來我們還會看到該公司發行哪些類型的證券？

Phong or Andrew or Shirish, you guys want to start?

Phong 或 Andrew 或 Shirish，你們想開始嗎？

I would -- I can jump in there. I would say that we launched our first perpetual preferred early this year. And there was a lot of I would say, analysis and price discovery and just trying to get an understanding of that innovative instrument. I think ever since then, we've shown a track record of growing demand on every subsequent IPO -- we've seen institutional demand increase deal over deal. We've seen retail demand increase transaction over transaction.

我會——我可以跳進去。我想說的是，我們在今年年初推出了第一支永續優先股。我想說的是，有很多分析和價格發現，只是為了嘗試了解這種創新工具。我認為從那時起，我們在每次後續 IPO 中都顯示出需求不斷增長的記錄——我們看到機構需求一樁接一樁地增加。我們看到零售需求逐筆增加。

We've also seen high net worth individual demand. And so I think what we're doing is we're providing opportunities to different aspects of the market that haven't existed before. And I expect that there will be more interest. STRC just recently got listed on NASDAQ. I think it's the most innovative treasury -- Bitcoin treasury security out there. I think we'll start to see more retail demand, more institutional demand. So I would expect that those existing securities will continue to season and mature and grow.

我們也看到了高淨值人士的需求。所以我認為我們正在做的是為市場中以前不存在的不同方面提供機會。我期望人們會更有興趣。STRC 最近剛在納斯達克上市。我認為這是最具創新性的財政——比特幣財政證券。我認為我們將開始看到更多的零售需求和更多的機構需求。因此我預計這些現有證券將繼續成熟和成長。

And as for other types of opportunities, other offerings, I think we continue to focus on this preferred equity segment, we have opportunities to take our existing type structures and deploy them internationally. That's something we've talked about in the past, the different markets in different currencies. And then we sort of -- we're building out a bit of a Bitcoin treasury yield curve.

至於其他類型的機會、其他產品，我認為我們將繼續專注於這個優先股領域，我們有機會利用現有的類型結構並將其部署到國際上。這是我們過去討論過的問題，不同貨幣的不同市場。然後我們——我們正在建立一條比特幣國債殖利率曲線。

And right now, we've got long duration. We've got short duration and as everyone knows, there's maturities everywhere in between. So I think we have a lot of opportunity to grow and potentially explore new areas as well.

現在，我們已經有很長的持續時間了。我們的期限很短，而且眾所周知，期限到處都是。所以我認為我們有很多成長機會，並且有可能探索新的領域。

Thank you. Next, I'll invite Preston (inaudible).

謝謝。接下來，我將邀請普雷斯頓（聽不清楚）。

Congrats on the amazing results. I think you guys are at a really monumental point right now, especially considering you guys have been exercising the strategy since 2020. The performance has been in excess of that of NVIDIA and you become of a size that are possible for people on Wall Street to really kind of ignore where you're at right now and what you're doing.

恭喜您取得如此驚人的成果。我認為你們現在正處於一個非常重要的時刻，特別是考慮到你們自 2020 年以來一直在實施這項策略。你們的表演已經超越了 NVIDIA，而且你們的規模已經大到華爾街的人們可能真的會忽略你們現在的處境和你們在做什麼。

And if I was just going to try to like capture what that is, it's your arbitraging the difference between Bitcoin's annualized return of, call it, 45% versus the 10% that you're paying out in the preferred market for a 35% delta. Well, you just mentioned that one of your biggest challenges is the education side with institutional investors. I think from the outsider's perspective, they're looking at what you're doing and they're looking at all this preferred issuance and they're saying, oh my God, there's so much perpetual drag that's going to be on this company that's going to bog it down.

如果我只是想嘗試捕捉其中的差別，那就是你對比特幣 45% 的年化回報率與你在優先市場為 35% 的 delta 支付的 10% 之間的差額進行套利。嗯，您剛才提到，您面臨的最大挑戰之一是與機構投資者的教育方面。我認為從局外人的角度來看，他們正在觀察你所做的事情，他們正在觀察所有這些優先股的發行，他們會說，哦天哪，這家公司將面臨如此多的永久性拖累，這將使其陷入困境。

And if Bitcoin goes down 50%, it's going to have all these types of issues, which, by the math, is just not true. But how are you -- what are the steps that you're taking to kind of overcome this education burden that continues to persist and continues to be a problem in the Bitcoin space in general? Yes, that's all I thought.

如果比特幣下跌 50%，就會出現所有這些類型的問題，但從數學上講，這並不正確。但是您如何——您將採取什麼措施來克服這種持續存在並繼續成為比特幣領域普遍問題的教育負擔？是的，我就是這麼想的。

Phong, do you want to start on that one?

Phong，你想從這個開始嗎？

Yes. I'll start with Andrew mentioned, in January of this year, we started working on strike, and we had to educate every investment banker and every convertible note banker and every preferred banker and it was like a knock-down, drag-out two-month process, all of our accounts, all of our attorneys. And then we issued stretch six months later in about two weeks, and everybody gets it. And that's the process. That's the process to educate people and we're going to go out there.

是的。我先從安德魯提到的開始，今年 1 月，我們開始罷工，我們必須對每一位投資銀行家、每一位可轉換票據銀行家和每一位優先銀行家進行培訓，這是一個長達兩個月的漫長過程，涉及我們所有的帳戶、所有的律師。然後我們在大約兩週內發布了六個月的延長期，每個人都收到了。這就是整個過程。這就是教育人的過程，我們將會去那裡。

Mike is very well known for all the podcast he does, right? I'm becoming more public. All of you are doing an amazing job out there. It's a process. But the more people figure out, the faster it goes. And most -- like we're selling preferreds, not of people who've never been heard of a preferred right? And we sold almost $600 million of preferreds to retail investors who just see a 9% dividend yield twice as much as what a money market gives you 10x over -- more than 10x over collateralized and they're like, oh, it's overnight money.

麥克因其所做的所有播客而聞名，對嗎？我變得越來越公開。你們所有人都在做著出色的工作。這是一個過程。但弄清楚的人越多，進展就越快。而且大多數——就像我們出售優先股，而不是從未聽說過優先股的人的優先股，對嗎？我們向散戶投資者出售了近 6 億美元的優先股，這些投資者看到的 9% 的股息收益率是貨幣市場提供的 10 倍以上的兩倍——超過抵押品的 10 倍，他們會覺得，哦，這是隔夜錢。

So I'm going to take the money that I was going to use to send my kids to college 6 months from now or whatever it is, I'm going to put it in there, sit it there, get 10% and then use it 6 months from now. I mean, innovative products will start to sell themselves, but I think there's a market out there and it's the stuff that Jeff and (inaudible) and everybody is doing, this is how the word gets out, is viral. That's why we're doing this Investor Relations digitally transforming Investor Relations. That's why we have you all here. People will learn.

因此，我打算把原本要在 6 個月後或其他時間用來送孩子上大學的錢存入帳戶，存起來，獲得 10% 的利息，然後在 6 個月後使用它。我的意思是，創新產品會開始自我銷售，但我認為那裡有一個市場，這就是傑夫和（聽不清楚）以及每個人都在做的事情，這就是這個詞傳播出去的方式，是病毒式的。這就是我們進行投資者關係數位轉型的原因。這就是我們邀請你們來這裡的原因。人們將會學習。

The great thing is good product it's not much different than the iPhone, right? A great product when someone first looks at, I may not realize how great it is. Two months later, it sells itself by word of mouth. And I think people will get educated and bankers are making fees. We're the largest IPO this year. Guess who makes money off of IPOs? Bankers. Guess what bankers like? Making money. So they figure this out pretty quickly. right? So I do think the market will figure their so.

很棒的產品，和 iPhone 沒有太大差別，對吧？當人們第一次看到一款出色的產品時，可能並沒有意識到它有多出色。兩個月後，該產品透過口耳相傳而暢銷。我認為人們會受到教育，銀行家也會收取費用。我們是今年規模最大的首次公開發行 (IPO)。猜猜誰從 IPO 賺錢了？銀行家。猜猜銀行家喜歡什麼？賺錢。所以他們很快就解決了這個問題。對嗎？所以我確實認為市場會弄清楚這一點。

And I think it starts with us, it starts with you. It start becomes the banking community, the retail tool.

我認為這從我們開始，從你們開始。它開始成為銀行界、零售業的工具。

I think if I could add to that, Yes, I think the product is important. To Fang's point, it's not we're selling preferred stocks, the people that never heard of a preferred we're selling a Bitcoin back preferred to people that have never heard of Bitcoin that don't even know what Bitcoin is. And we're even selling it to people that are afraid of Bitcoin. But if you walk down the street and you say, would you like a high-yield bank account that pays double what your bank is currently paying.

我想如果我可以補充一點，是的，我認為產品很重要。正如方先生所說，我們並不是向那些從未聽說過優先股的人出售優先股，而是向那些從未聽說過比特幣、甚至不知道比特幣是什麼的人出售比特幣優先股。我們甚至將其出售給那些害怕比特幣的人。但是如果你走在街上說，你想要一個高收益的銀行帳戶，其支付的金額是你的銀行目前支付金額的兩倍。

The answer is going to be 99%. Yes. The only question is, do I trust you, right? Do I like you? The car flies, it's an electro hover car and it flies, do you want one? Well, if my neighbor's got 1 and a look safe then it looks like I want one. So what we found is the key is to package the product. And then we've got to build the distribution channel with the banks, and then we've got to build digital education. So you can't knock on doors, you got to actually upload content.

答案是 99%。是的。唯一的問題是，我信任你嗎？對嗎？我喜歡你嗎？這輛車會飛，這是一輛電動懸浮車，而且會飛，你想要一輛嗎？好吧，如果我的鄰居有 1 個，而且看起來很安全，那麼看起來我也想要一個。因此我們發現關鍵在於包裝產品。然後我們必須與銀行建立分銷管道，然後我們必須建立數位教育。所以你不能敲門，你必須實際上傳內容。

So we've taken to -- now we upload video content directly to hundreds of thousands of people which is another thing. And conferences, right? These Bitcoin treasury company conferences, one part of education is helping companies become Bitcoin treasury companies and figure out what it means to catalyze on Bitcoin and how to issue BTC back credit. Another marketing strategy and education strategy, Preston, would be outreach to the credit rating agencies and the creation of credit models.

因此，我們現在將影片內容直接上傳給數十萬人，這是另一回事。還有會議，對吧？這些比特幣財務公司會議，教育的一部分是幫助企業成為比特幣財務公司，並弄清楚在比特幣上催化意味著什麼以及如何發行BTC回信用。普雷斯頓的另一個行銷策略和教育策略是聯繫信用評級機構並創建信用模型。

And what I just covered here in my voluminous comments, which took too long was I talked about an equity level, right? I laid out an equity model. What is -- how do you create leverage and mNAV of 2, 3, 4, 5 and then I also lay out a credit model rooted in statistics and then we share that with the world. We hope and source it. And so I think that's part of it.

我剛才在大量評論中花了太長時間討論公平水平，對嗎？我制定了一個股權模型。什麼是——你如何創造 2、3、4、5 的槓桿和 mNAV，然後我還設計了一個基於統計數據的信用模型，然後我們與世界分享。我們希望並找到它。所以我認為這是其中的一部分。

And then I think the other part of it is the outreach to investors. And that means going to a lot of investment conferences and uploading a lot of investor content. And you can see an evolution in our presentations, like the 1 today, we're spending a lot of time identifying the total addressable market for short 1-month duration credit investors versus high-yield five-year duration credit investors.

然後我認為另一部分是接觸投資者。這意味著要參加很多投資會議並上傳大量投資者內容。您可以從我們的演示中看到變化，例如今天的演示，我們花費了大量時間來確定短期 1 個月期限信貸投資者與高收益 5 年期限信貸投資者的總目標市場。

And so we started thinking about that, and we've broken down the markets in Japan, the markets all across Europe, the markets in the US. And to Andrew's point, the question is, do we want to sell a particular instrument in 6 different currencies? Do we want to sell the same instrument, but at 1-year, 3-year and 5-year tenors? Do we do we want to package a convertible instrument? And it all comes down to understanding the customer.

因此我們開始思考這個問題，並對日本市場、整個歐洲市場和美國市場進行了細分。對於安德魯的觀點，問題是，我們是否想用 6 種不同的貨幣來出售某種特定的工具？我們是否想出售同一種工具，但期限分別為 1 年、3 年和 5 年？我們是否想包裝一個可轉換儀器？而這一切都歸結於對客戶的了解。

It turns out that the investors are all different, and they're different everywhere, and there's many, many channels to reach them. So I don't think there's one answer, but I think that the success of Bitcoin is getting people's attention. And I think I think that when you give them a compelling product they want, that gets their attention. And then pretty soon, you get like the money magazines and the financial reporters of the world.

事實證明，投資者各不相同，而且每個地方的投資者都不同，而且有很多管道可以接觸到他們。所以我認為沒有唯一的答案，但我認為比特幣的成功正在引起人們的注意。我認為，當你給他們一個他們想要的引人注目的產品時，就會吸引他們的注意。很快，你就會像世界各地的財經雜誌和財經記者一樣。

If Wall Street Journal is going to write an article about high-yield bank accounts that give you 380 basis points, then presumably at some point, the Wall Street turn will write about stretch type securities that give you 900 basis points. And I think that we got to let the market do its thing.

如果《華爾街日報》要寫一篇關於可給你 380 個基點的高收益銀行帳戶的文章，那麼大概在某個時候，華爾街就會轉而寫一篇關於可給你 900 個基點的延伸型證券的文章。我認為我們必須讓市場發揮作用。

You should go on Preston's Pod.

你應該去普雷斯頓的吊艙。

Thank you, Preston. Next, I'll invite Mark (inaudible) from Benchmark.

謝謝你，普雷斯頓。接下來，我將邀請 Benchmark 的馬克（聽不清楚）。

One of the really attractive elements of Bitcoin is the fact that it is trustless that you can look at the Bitcoin blockchain and know what transactions had occurred on it. Along those lines, we have seen at least 1 company move toward proof of reserves as part of their Bitcoin treasury strategy insofar as you're looking to get incremental trust from investors as you build out your capital strategy would proof of reserves be an element that would make sense for the company at this point?

比特幣真正吸引人的元素之一是它是無需信任的，你可以查看比特幣區塊鏈並了解其上發生了哪些交易。沿著這個思路，我們已經看到至少有一家公司將儲備證明作為其比特幣財務戰略的一部分，因為當您在製定資本戰略時希望獲得投資者的增量信任時，儲備證明是否是目前對公司有意義的一個因素？

Phong, do you want to take that?

Phong，你想拿走這個嗎？

No, I think you can take this one, Mike.

不，我認為你可以接受這個，麥克。

Okay. We're studying it, and we're working on responsible ways that we can provide that transparency and we're considering it in the context of our audits and our own security issues and controls. And the scale of our operation. We just had a famous example of a concern, which is 80,000 Bitcoin got transferred to Galaxy, who then sold them and everybody in the world knew that the bitcoin was moving and they knew where it went to and they knew who was dealing with it and they knew when it happened, and it created a massive dislocation in the market, like $3,000, $4,000 dislocation and people lost their minds.

好的。我們正在研究它，我們正在努力以負責任的方式提供這種透明度，我們正在根據我們的審計和我們自己的安全問題和控制來考慮它。以及我們的營運規模。我們剛剛舉了一個著名的令人擔憂的例子，即 80,000 比特幣被轉移到 Galaxy，然後 Galaxy 將其出售，世界上每個人都知道比特幣正在移動，他們知道比特幣去了哪裡，他們知道誰在處理它，他們知道什麼時候發生，這造成了市場的巨大混亂，比如 3,000 美元、4,000 美元的混亂，人們失去了理智。

We would like to not be in a situation where a routine custody reshuffling creates the same degree of chaos and dislocation because when you're a large multinational, you do a lot of stuff for a lot of different reasons. And if everybody on Twitter is an X is obsessing over every time something moves from wallet to wallet B for any particular reason.

我們希望不要出現例行的監護權重新調整造成同樣程度的混亂和錯置的情況，因為當你是一個大型跨國公司時，你會因為很多不同的原因做很多事情。如果 Twitter 上的每個人都是 X，那麼每當有東西因為某種原因從錢包轉移到錢包 B 時，他們就會非常關注。

It could be, let's say, counterproductive. So as we would always point out, you can't really hold the security unless you trust the auditor, trust the management team, trust the Board of Directors and trust the processes and then the auditor's job is to audit the assets and the liabilities and then make sure that there are no site agreements, no related party transactions and nothing else we would undermine the integrity of that audit. So that's a much higher degree of transparency in the capital markets than simply publishing a single-wallet address.

可以說，這可能適得其反。因此，正如我們一直指出的那樣，除非您信任審計師、信任管理團隊、信任董事會並信任流程，否則您無法真正持有證券，而審計師的工作是審計資產和負債，然後確保沒有場地協議、沒有關聯方交易，也沒有任何其他會破壞審計完整性的事情。因此，這比簡單地發佈單一錢包位址具有更高的資本市場透明度。

So I think that at some point, if we can find a way to do it in a way that doesn't introduce other operational security issues, we're open to it. It's just -- it's a complicated thing that we need to consider very carefully.

因此我認為，在某個時候，如果我們能夠找到一種不會引入其他操作安全問題的方法，我們就會接受它。這只是——這是一個複雜的事情，我們需要非常仔細地考慮。

I do get the irony of people wanting to access Bitcoin for is decentralized, transparent nature and then buying Bitcoin back securities through a US public company. But what we do and what we provide and up a bit coin and we laid out is with MSTR we provide superior performance through intelligent leverage with our preferreds, we provide the ability to get pretty good dividend yields with a lot of downside protection. And part of the price of that is you're working with a US public company that has been going behind it. And we have 15 people working on this.

我確實明白其中的諷刺之處：人們想要利用比特幣的去中心化和透明特性，然後透過一家美國上市公司回購比特幣證券。但是，我們所做的、我們提供的以及一些硬幣以及我們所製定的 MSTR 是我們透過優先股的智慧槓桿提供卓越的性能，我們能夠獲得相當不錯的股息收益率，並提供大量的下行保護。而這樣做的代價之一就是你要與一家一直在背後支持你的美國上市公司合作。我們有 15 個人致力於此事。

Could you imagine if we had to take to a way to where improve for reserves, you wouldn't get stretched. You wouldn't get a strike, you wouldn't get strike, you wouldn't get all this other product innovation. That's where we're focusing our energy right now. But it's not lost on us that we could find ways to do something to improve the transparency.

你能想像如果我們必須採取一種方法來改善儲備，你就不會感到捉襟見肘嗎？你不會受到打擊，你不會受到打擊，你不會得到所有其他產品創新。這就是我們現在集中精力的地方。但我們並沒有忘記，我們可以找到方法來提高透明度。

That's why we do these earnings calls. That's why we do all these conferences, right? We do want to be a transparent company. That's very important to Bitcoin. And maybe we can get to a way we can do provide proof of reserves without exerting a ton of energy and without creating a security risk for the company and for ourselves.

這就是我們召開這些收益電話會議的原因。這就是我們舉辦所有這些會議的原因，對嗎？我們確實想成為一家透明的公司。這對比特幣來說非常重要。也許我們可以找到一種方法來提供儲備證明，而不需要耗費大量的精力，也不會對公司和我們自己帶來安全風險。

I was just going to add, we've been a public company for 27 years. Our internal controls process is robust. We have two big audit firms that we interact with. So if you want to think about other people use, we have two of the big four that look at our information and our data and our tie outs on a quarterly and annual basis. So while they might not be out there publicly, I think you take into account what Michael and Phong said, we are one of the longest-standing other companies out there, and we rely on our mature internal controls process internally as well as our external big four audit firms.

我只是想補充一下，我們已經上市公司 27 年了。我們的內部控制流程非常健全。我們與兩家大型審計公司有合作。因此，如果您想考慮其他人的使用情況，我們有四大巨頭中的兩家按季度和年度查看我們的資訊、數據和連接情況。因此，儘管他們可能沒有公開露面，但我認為你會考慮到 Michael 和 Phong 所說的，我們是目前歷史最悠久的公司之一，我們依靠成熟的內部控制流程以及四大會計師事務所的外部控制流程。

Very good points. Thank you. Great. Jeff Walton, you're up next. We saved you for the last.

非常好的觀點。謝謝。偉大的。傑夫沃爾頓，下一個輪到你了。我們把你留到最後。

Great. Everybody could ask all the questions before I went. That's perfect. Thanks for having me. Honored to be here. And my question is very similar to Lins, but a little bit different framework. Given that Bitcoin and MSTR volatility is near multiyear lows, and strategy has historically targeted a 20% to 30% leverage ratio during the convertible bond era.

偉大的。在我離開之前，每個人都可以問所有問題。那很完美。謝謝你的邀請。很榮幸來到這裡。我的問題與 Lins 的問題非常相似，但框架略有不同。鑑於比特幣和 MSTR 波動性接近多年低點，且可轉換債券時代的歷史策略目標是 20% 至 30% 的槓桿率。

How does Strategy team now think about future volatility leverage? And do you anticipate revisiting your leverage framework, reflecting the difference in preferred leverage characteristics and understanding the goal of retiring the convertible bond data liabilities?

策略團隊現在如何看待未來的波動槓桿？您是否計劃重新審視您的槓桿框架，反映優先槓桿特徵的差異並了解解除可轉換債券資料負債的目標？

What I would say is 20% to 30% leverage is appropriate if you have a mix of bonds or mostly bonds on your balance sheet. But if you if you eliminate the bonds, which come due for cash, if they're not in the money, and you replace them with a preferred equity, then clearly, it's reasonable to go beyond 20% to 30% and you could look at 30% to 50%. We don't -- I don't think it's appropriate to say we've changed the target range now because we still have $8.3 billion of convertible bonds.

我想說的是，如果您的資產負債表上有多種債券或大部分是債券，那麼 20% 到 30% 的槓桿率是合適的。但是，如果你取消那些到期以現金支付的債券，如果它們沒有價值，你就用優先股來代替它們，那麼顯然，超過 20% 到 30% 是合理的，你可以考慮 30% 到 50%。我們不——我認為現在說我們改變了目標範圍是不合適的，因為我們仍然有 83 億美元的可轉換債券。

But what I think is, over time, as we go to a preferred credit strategy, then the world opens up, and we can take on more leverage and the amount of leverage we can take on will be a function of the credit instruments. If we go to pure -- for example, if you were a noncumulative credit, you could even take more leverage than cumulative credit rate. So the nature of the credit instrument will determine that. And then the volatility of bitcoin we'll also determine that if you're at 50 (inaudible), you have a different view towards what that should be versus a 30 (inaudible).

但我認為，隨著時間的推移，當我們採用優先的信貸策略時，世界就會開放，我們可以承擔更多的槓桿，而我們可以承擔的槓桿數量將取決於信貸工具。如果我們採用純粹的——例如，如果你是非累積信貸，你甚至可以比累積信貸利率採取更多的槓桿。因此，信用工具的性質將決定這一點。然後，我們也會確定比特幣的波動性，如果你處於 50（聽不清楚），你對它應該是什麼的看法與 30（聽不清楚）不同。

So I think those will be part of our calculus each year for the next 10 years, and we will evolve. I don't know if we'll evolve quarter-by-quarter, but we'll probably evolve year by year, and we generally do. And as for the volatility in the stock, I think the volatility is going to come back. We're going to see a lot more performance and volatility in the MSTR stock for a couple of reasons.

所以我認為這些將成為我們未來十年每年計算的一部分，我們將會不斷發展。我不知道我們是否會逐季度發展，但我們可能會逐年發展，而且我們通常都是這樣做的。至於股票的波動性，我認為波動性將會回歸。由於以下幾個原因，我們將看到 MSTR 股票的表現和波動性大幅提升。

One, the equity guidance we gave, if we take a more programmatic disciplined view toward using the MSTR ATM, then I think there'll be more volatile in the equity because now there'll be more value in out-of-the-money calls and things, right? If you thought the company was going to sell MSTR at $500, you probably wouldn't want to buy a $600 call option, right? So I think that our equity guidance will probably be very positive the options market and for the shorter-term traders that have an impact.

首先，根據我們提供的股票指導，如果我們以更有計劃、更嚴謹的態度對待使用 MSTR ATM，那麼我認為股票的波動性會更大，因為現在價外看漲期權和其他東西的價值會更高，對嗎？如果您認為該公司將以 500 美元的價格出售 MSTR，那麼您可能不想購買 600 美元的看漲期權，對嗎？因此，我認為我們的股票指導可能會對選擇權市場和短期交易者產生非常積極的影響。

And then I think that the acceleration, the transformation from bonds to preferred will also have a positive impact. And then I think the acceleration of our credit strategy via the preferred ATM will have another impact. And I think the wildcard here, Jeff, is I think that stretch is our iPhone moment. I really think that if you think about products we have, if I walk, I literally show people that the convertible bonds are mispriced and trading 40% cheap.

然後我認為加速從債券到優先股的轉變也會產生正面的影響。然後我認為透過首選 ATM 加速我們的信貸策略將產生另一個影響。傑夫，我認為這裡的未知數是，我認為那段延伸是我們的 iPhone 時刻。我真的認為，如果你考慮我們擁有的產品，如果我走的話，我實際上會向人們展示可轉換債券的定價是錯誤的，而且交易價格便宜了 40%。

And then I show you there's an 800 basis point unjustified spread premium and people blink and nothing happens. And then nothing happens because nobody can buy that stuff, right? So the convertible bonds clearly were not our iPhone. And on the other hand, STRD, STRF, and STRK our breakthrough revolutionary instruments but they're complicated and they're long duration and if I saw a retiree who said, what do you have? and I said, well, you can get 5% yield or 5% more than your bank account if you buy STRF.

然後我向你展示了 800 個基點的不合理利差溢價，人們卻視而不見，什麼也沒發生。然後什麼事也沒發生，因為沒人能買到這些東西，對嗎？所以可轉換債券顯然不是我們的 iPhone。另一方面，STRD、STRF 和 STRK 是我們的突破性革命性儀器，但它們很複雜，而且持續時間很長，如果我看到一位退休人員說，你有什麼？我說，好吧，如果你購買 STRF，你可以獲得 5% 的收益，或比你的銀行帳戶多 5%。

And if it was trading 122 and then it dropped to $1.16 the next week, the person would be really pretty anxiety ridden because having 5% or 10% change in the principal when you're getting a 5% credit spread isn't really a consumer thing, right? That's too much a roller coaster for them.

如果交易價格為 122 美元，而下週跌至 1.16 美元，那麼人們就會非常焦慮，因為當你獲得 5% 的信用利差時，本金發生 5% 或 10% 的變化實際上並不是一件消費者能做的事情，對嗎？這對他們來說太像坐雲霄飛車了。

So I think that the idea of a consumer product is, what's the product that you can offer anybody any day of the week for the next 10 years regardless of what the stock is trading at, if the stock is trading at 10 mNAV, or 1 mNAV, right? That's an MSTR equity roller coaster. And if Bitcoin all of a sudden ranges up to 500,000 and someone saying, well, should I buy this instrument or not? It's like there's a roller coaster.

所以我認為消費品的理念是，無論股票交易價格是多少，如果股票交易價格為 10 mNAV 或 1 mNAV，那麼你可以在未來 10 年內每週的任何一天向任何人提供什麼產品，對嗎？這就是 MSTR 股權過山車。如果比特幣的價格突然飆升至 50 萬美元，有人會問，我是否應該購買這種工具？就像坐雲霄飛車一樣。

But if I'm saying that we've stripped down to a one-month duration and a pace 500 basis points above your bank account, it's always going to be trading hopefully in our range. It's all -- we're going to hope and expect it trades around 100 plus or minus 1/4 or something and it's always paying more than your bank account and if people see that and they see liquidity, then in theory, I don't know why you can't sell.

但如果我說我們已經將期限縮短至一個月，並將利率調高至比您的銀行帳戶利率高出 500 個基點，那麼它總是有望在我們的範圍內交易。一切——我們希望並預期它的交易價格在 100 左右，上下浮動 1/4 左右，而且它支付的金額總是超過你的銀行帳戶，如果人們看到這一點，並且看到了流動性，那麼從理論上講，我不知道為什麼你不能賣出。

If you walk down the street and you ask 100 people, do you want high-yield bank account, 99 of 10 say yes. I know you said, do you want this 100-year long Bitcoin back senior junior instrument, like 1, 2, 3, 5 out of 10 or 5 of them might try to figure it out. And I know that's a long-winded answer, but the point is if there's infinite demand for stretch, if it works, right, and we can't declare that we can't declare it season until 30, 40, 50 days after we've launched it.

如果你走在街上並問 100 個人，你是否想要高收益銀行帳戶，那麼 99 個人都會回答是。我知道你說過，你想讓這個長達 100 年的比特幣回歸高級初級工具嗎，例如 10 個人中有 1 個、2 個、3 個、5 個或 5 個可能會嘗試弄清楚。我知道這是一個冗長的答案，但重點是，如果對拉伸有無限的需求，如果它有效，那麼我們不能宣布，我們不能在推出它之後的 30、40、50 天內宣布它是季節。

But if stretch actually hits its par and it trades with low volatility and then you could, in theory, sell infinite $100 billion of it $200 billion of it, right? And you could use that to have any amount of leverage you want -- and then the question of how much leverage do you want is really going to be a question of how rapidly does Bitcoin price appreciate and with what volatility and then how rapidly do we roll out of the convertible bonds.

但如果拉伸實際上達到了其標準，並且交易波動性較低，那麼理論上你可以無限地出售 1000 億美元或 2000 億美元，對嗎？你可以使用它來獲得你想要的任何數量的槓桿——那麼你想要多少槓桿的問題實際上是比特幣價格升值的速度有多快、波動性有多大，以及我們推出可轉換債券的速度有多快。

And then how rapidly do we get embraced by institutional investors and credit rating agencies. And those are all things that we don't know in the future. But if you take all that in its entirety, wouldn't you think that the performance and the volatility is coming back into the equity, we've got a plan for it, right? We've got 3 or 4 different ways to get there and maybe time will just do it for us.

那我們又會以多快的速度受到機構投資人和信用評等機構的青睞呢？這些都是我們未來不知道的事。但是如果你把這一切都考慮進去，你不認為股票的表現和波動性又會回歸到股票中嗎？我們已經為此制定了計劃，對嗎？我們有三、四種不同的方法可以到達那裡，也許時間會幫我們做到。

Torque adjusted.

扭矩已調整。

Fully torque Bitcoin. Do we have any other questions?

完全扭矩比特幣。我們還有其他問題嗎？

Excellent. So thank you, everyone, for staying with us for more than two hours. This was awesome. This concludes the Q&A portion of our webinar I would like to thank all of our analysts for their questions and the audience for staying with us. We had thousands of people watch it live and join us on different mediums. I would now like to turn the call over to Phong for the final closing remarks.

出色的。所以，感謝大家與我們在一起兩個多小時。這太棒了。我們的網路研討會的問答部分到此結束，我要感謝所有分析師提出的問題以及觀眾的關注。有數千人透過不同的媒介觀看了現場直播並加入我們。現在我想把電話交給 Phong 做最後的總結發言。

Thanks, Shirish. Thanks, Mike. Thanks to Andrew. Thanks to all the analysts that joined us. Thanks to Bitcoin Magazine and Bitcoin for Corporations for cohosting this event. Thanks to the tens of thousands of people that watched us and your enthusiasm for Bitcoin and for Strategy and for enterprise software strategy.

謝謝，Shirish。謝謝，麥克。感謝安德魯。感謝所有加入我們的分析師。感謝比特幣雜誌和比特幣企業共同舉辦此活動。感謝數以萬計的觀眾關注我們，感謝你們對比特幣、策略和企業軟體策略的熱情。

We wish everybody a good quarter and look forward to seeing you all again in 12 months, if not sooner. Thanks, everyone. Have a good evening.

我們祝大家有個愉快的季度，並期待在 12 個月後甚至更早的時候再次見到大家。謝謝大家。祝您晚上愉快。