Strategy Inc (MSTR) 2025 Q3 法說會逐字稿

Its presentation starting first with Andrew Kang, followed by Phong Lee and then Michael Saylor. This will be followed by a 30-minutes interactive Q&A session with 4 Wall Street equity analysts and 4 Bitcoin analysts.

演講首先由 Andrew Kang 開始，然後是 Phong Lee，最後是 Michael Saylor。接下來將進行 30 分鐘的互動問答環節，屆時將有 4 位華爾街股票分析師和 4 位比特幣分析師參與。

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 earnings and our KPIs contained in this presentation.

在繼續之前，我將閱讀安全港聲明。本簡報中我們提供有關我們未來預期、計劃、指導和前景的一些資訊可能構成前瞻性陳述，包括但不限於本簡報中包含的有關收益和關鍵績效指標的指導。

Actual results may differ materially from these forward-looking statements due to various important factors, including fluctuations in the price of Bitcoin and the risk factors discussed in our most recent quarterly report on Form 10-Q filed with the SEC on August 5, 2025, and our current report on Form 8-K filed with the SEC on August -- on October 6, 2025. We assume no obligation to update these forward-looking statements, which speak only as of today.

由於各種重要因素，包括比特幣價格的波動以及我們在 2025 年 8 月至 10 月 6 日向美國證券交易委員會提交的當前報告（表格 8-K）中討論的風險因素，實際結果可能與這些前瞻性聲明。我們不承擔更新這些前瞻性聲明的義務，這些聲明僅代表截至今日的觀點。

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

接下來，我將把電話交給 Strategy 的財務長 Andrew Kang。

Thank you, Shirish. I'll start with some highlights for the quarter. We now hold 640,808 Bitcoin or over 3% of all Bitcoin ever to exist. This reinforces the scale and the dominance of our corporate Bitcoin treasury company. We have a market cap of $83 billion, which positions us among top publicly listed companies in the US. And we have four listed preferred securities in the market, STRF, STRK, STRD and STRC with STRCs or Stretch being the largest US IPO of 2025 so far, and all which continue to grow in liquidity and investor interest each and every day.

謝謝你，希里什。我先來介紹一下本季的一些亮點。我們現在持有 640,808 個比特幣，佔比特幣總發行量的 3% 以上。這進一步鞏固了我們公司比特幣金庫的規模和主導地位。我們的市值達到 830 億美元，這使我們躋身美國頂級上市公司之列。我們在市場上推出了四隻上市優先證券，分別是 STRF、STRK、STRD 和 STRC，其中 STRC 或 Stretch 是 2025 年迄今為止美國最大的 IPO，而且所有這些證券的流動性和投資者興趣每天都在持續增長。

We've also raised $19.8 billion in capital year-to-date to acquire more Bitcoin. And our capital markets platform continues to deepen in liquidity and investor interest, and we continue to show positive performance in our Bitcoin metrics, all central to generating long-term shareholder value. Moving on to EPS results.

今年迄今為止，我們還籌集了 198 億美元的資金，用於購買更多比特幣。我們的資本市場平台流動性和投資者興趣持續增強，我們的比特幣指標也持續表現良好，所有這些都對創造長期股東價值至關重要。接下來是每股盈餘（EPS）結果。

Turning to our Q3 2025 GAAP financial results. We reported $3.9 billion in operating income, $2.8 billion in net income and earnings of $8.43 per share. That's a transformative improvement year-over-year, reflecting a strong performance in Bitcoin, the fair value treatment we now have on our Bitcoin and disciplined capital raising activities. This marks our second consecutive quarter of significant positive GAAP earnings and over $8 billion in positive earnings in the last four quarters.

接下來來看看我們 2025 年第三季的 GAAP 財務表現。我們公佈的營業收入為 39 億美元，淨收入為 28 億美元，每股收益為 8.43 美元。這是同比發生的重大進步，反映了比特幣的強勁表現、我們現在對比特幣的公平估值以及嚴謹的融資活動。這標誌著我們連續第二個季度實現了顯著的GAAP盈利，並且在過去四個季度中盈利超過80億美元。

Next slide. Our results for the first 9 months of the year showed $12 billion in GAAP operating income, $8.6 billion in net income and earnings of $27.80 per share, continuing our record-breaking year of performance.

下一張投影片。今年前 9 個月的業績顯示，GAAP 營業收入為 120 億美元，淨收入為 86 億美元，每股收益為 27.80 美元，延續了我們破紀錄的業績年份。

Moving on to Bitcoin per share. Bitcoin per share, as we introduced last quarter, measures the accretion of Bitcoin on a per share basis by calculating the ratio between the company's Bitcoin holdings and assumed diluted shares outstanding here represented in Through October 26, our Bitcoin per share was $41,370 compared to Bitcoin per share of $39,716 as of July 31. We are consistently accumulating more Bitcoin per share each quarter, the highest of any Bitcoin treasury company, creating direct and measurable value for our shareholders.

接下來是每股比特幣的價格。正如我們上個季度所介紹的，每股比特幣價值衡量的是每股比特幣的增值，計算方法是將公司持有的比特幣與假設的稀釋後流通股數量之比。截至 10 月 26 日，我們的每股比特幣價值為 41,370 美元，而截至 7 月 31 日，每股比特幣價值為 39,716 美元。我們每季持續累積更多的每股比特幣，是所有比特幣儲備公司中最高的，為我們的股東創造了直接且可衡量的價值。

Next slide. Since adopting our Bitcoin strategy in 2020, we've consistently increased Bitcoin per share. We began with 56,598 Bitcoin per share in 2020 and as of October 2025, that has grown to 200,197 Bitcoin per share, more than a 3.5 times increase over that period. We've also grown BTC yield year after year through disciplined capital raises and immediate conversion into Bitcoin on our balance sheet, reflecting a 26% BTC yield year-to-date. This sustained growth reinforces our ability to deliver Bitcoin yield to our shareholders through market cycles and by continuously executing on our capital markets and acquisition strategy.

下一張投影片。自 2020 年採用比特幣策略以來，我們持續提高每股比特幣投資額。2020 年，我們每股發行 56,598 枚比特幣，到 2025 年 10 月，每股發行 200,197 枚比特幣，在此期間增長了 3.5 倍以上。我們透過有紀律的資本籌集和資產負債表上立即轉換為比特幣，逐年提高了比特幣收益率，今年迄今的比特幣收益率為 26%。這種持續成長增強了我們透過市場週期以及不斷執行資本市場和收購策略，為股東帶來比特幣收益的能力。

Next slide. Here, we highlight our year-to-date Bitcoin performance metrics versus our full year 2025 targets. Year-to-date, we've achieved a 26% BTC yield compared to our revised full year target of 30%. Our year-to-date BTC gain is 116,555 BTC, up from 88,000 at the end of Q2, reflecting disciplined capital deployment and the strengthening of our Bitcoin balance sheet. Our BTC gain performance translates into approximately $12.9 billion in BTC dollar gain year-to-date compared to our $20 billion full year goal.

下一張投影片。在此，我們將重點介紹我們今年迄今的比特幣業績指標與 2025 年全年目標的對比情況。今年迄今為止，我們的比特幣收益率已達到 26%，而我們修訂後的全年目標為 30%。今年迄今為止，我們的比特幣收益為 116,555 BTC，高於第二季末的 88,000 BTC，這反映了我們嚴謹的資本部署和比特幣資產負債表的增強。今年迄今為止，我們的比特幣收益表現相當於約 129 億美元的比特幣收益，而我們全年的目標是 200 億美元。

Next slide. We now hold 640,808 Bitcoin or $71 billion, purchased at a total cost of $47 billion or an average $74,000 per Bitcoin. And we now hold approximately 3.1% of all Bitcoin that will ever exist. And as in the past, 100% of our Bitcoin remain fully unencumbered.

下一張投影片。我們現在持有 640,808 個比特幣，價值 710 億美元，總購買成本為 470 億美元，平均每個比特幣 74,000 美元。我們現在持有大約佔未來所有比特幣總量的3.1%。與以往一樣，我們100%的比特幣仍然完全沒有受到任何限制。

This next slide highlights the transformation of our balance sheet over the past year and the continued strength we've seen through the third quarter. Year-over-year, digital assets grew from just under $7 billion in Q3 of 2024 to just over $73 billion in Q3 of 2025, driven by both additional Bitcoin acquisitions and the adoption of fair value accounting at the beginning of the year. The accounting change alone added approximately $18 billion to our digital assets and $12.7 billion to total equity at the time of adoption.

下一張投影片重點介紹了我們過去一年資產負債表的變化，以及我們在第三季所看到的持續強勁勢頭。與去年同期相比，數位資產從 2024 年第三季的略低於 70 億美元增長到 2025 年第三季的略高於 730 億美元，這主要得益於比特幣收購量的增加以及年初公允價值會計準則的採用。僅會計變更一項，就在採用該變更時，就為我們的數位資產增加了約 180 億美元，總權益增加了約 127 億美元。

Quarter-over-quarter, digital assets have continued to climb from $64.4 billion in Q2 to $73.2 billion in Q3, alongside steady growth in total equity on our balance sheet, reaching now $58.1 billion at the end of Q3. Overall, fair value accounting has made our balance sheet more transparent for our investors, while execution in introducing innovative digital credit through our preferred equity IPOs this year has continued to expand shareholder equity and reinforce the company's position as the leading Bitcoin treasury company.

與上一季相比，數位資產持續攀升，從第二季的 644 億美元增至第三季的 732 億美元，同時資產負債表上的總權益也穩定成長，截至第三季末達到 581 億美元。整體而言，公允價值會計使我們的資產負債表對投資者更加透明，而今年透過優先股IPO推出創新數位信貸的執行情況，繼續擴大了股東權益，並鞏固了公司作為領先的比特幣財資公司的地位。

Next slide. In Q3, we recognized an increase in our Bitcoin holdings from $64.4 billion at the end of Q2 to $73.2 billion at the end of Q3. This increase was made up of $3.9 billion of fair value gain in our Bitcoin holdings, which was due to the change in Bitcoin price between the first and last day of the quarter and also through the addition of $5 billion of new Bitcoin added to our balance sheet in Q3.

下一張投影片。第三季度，我們的比特幣持股從第二季末的 644 億美元增加到第三季末的 732 億美元。這一增長包括我們比特幣持有量的 39 億美元公允價值收益，這是由於本季第一天和最後一天比特幣價格的變化，以及第三季我們資產負債表上新增的 50 億美元比特幣。

Next slide. As of October 24, our enterprise value was $98 billion with a market cap of $83 billion, which is supported by a Bitcoin net asset value of $71 billion or 72% of total enterprise value. Our $8.2 billion of convertible debt is equal to just 11.6% of our total Bitcoin NAV and the $6.6 billion of prefs represent just 9.3% of our Bitcoin holdings. Our annual dividend and interest obligations totaled $689 million, which is less than 1% of our total Bitcoin, reflecting the efficiency and sustainability of our balance sheet. And our capital structure is built to endure volatility, provide stability, scalability and long-term shareholder confidence.

下一張投影片。截至 10 月 24 日，我們的企業價值為 980 億美元，市值為 830 億美元，這得益於比特幣淨資產價值 710 億美元，佔企業總價值的 72%。我們 82 億美元的可轉換債券僅占我們比特幣總淨資產值的 11.6%，而 66 億美元的優先股僅占我們比特幣持有量的 9.3%。我們的年度股息和利息支出總額為 6.89 億美元，不到我們比特幣總額的 1%，這反映了我們資產負債表的效率和可持續性。我們的資本結構旨在承受波動，提供穩定性、可擴展性和長期股東信心。

Next slide. We continue to have $8.2 billion in total notional debt across our converts with all but 2 that remain in the money with a total weighted average maturity of 4.4 years. The total current notional value of our outstanding preferred equity as of October 24 stands at approximately $6.7 billion, up from $6.3 billion as of July 29.

下一張投影片。我們所有可轉換債券的總名目債務仍為 82 億美元，除 2 隻債券外，其餘債券均處於獲利狀態，總加權平均到期期限為 4.4 年。截至 10 月 24 日，我們未償還優先股的總名目價值約為 67 億美元，高於 7 月 29 日的 63 億美元。

Next slide. Our total annual interest and dividend obligations are $689 million, which consists of $35 million in interest expense on our converts which is about 42 basis points average cost, and we have $522 million in dividend obligations from our cumulative preferreds, STRF, STRC and STRK and an additional $125 million related to our noncumulative preferred STRD. Here, we show 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.

下一張投影片。我們年度利息和股息義務總額為 6.89 億美元，其中包括可轉換債券的 3,500 萬美元利息支出（平均成本約為 42 個基點），以及來自累積優先股 STRF、STRC 和 STRK 的 5.22 億美元股息義務，還有與非累積優先股 STRD 相關的 1.25 億美元義務。在此，我們透過以往的融資活動，證明我們擁有充足的流動資金來管理我們全年的利息和股息支出。

Our total annual obligations represent only about 1.7% of total capital raised in the last 12 months and only about 2.6% of total common equity raised in the last 12 months. As a measure of our strong financial performance, our fixed obligations represent only 6.1% of year-to-date GAAP operating income.

我們的年度債務總額僅佔過去 12 個月籌集的總資本的約 1.7%，僅佔過去 12 個月籌集的總普通股的約 2.6%。從財務表現強勁來看，我們的固定負債僅佔年初至今 GAAP 營業收入的 6.1%。

Next slide. Finally, we are extremely pleased with the IRS interim guidance that was issued on September 30, which now excludes unrealized gains from our Bitcoin holdings from adjusted financial statement income for purposes of Not only does this important clarification directly benefit strategy, but it also paves the way for other corporations to hold and grow Bitcoin on their balance sheets. We are grateful and appreciative for the support of treasury, IRS, Congress and the administration for aligning on the importance of clarifying the specific rule under CAMT and lifting what otherwise would have been an extremely burdensome rule that would have targeted digital assets. and for continuing to support the growth and innovation of the digital asset economy.

下一張投影片。最後，我們對美國國稅局於 9 月 30 日發布的臨時指導意見感到非常滿意，該指導意見現在將我們比特幣持有的未實現收益從調整後的財務報表收入中排除。這項重要的澄清不僅直接有利於我們的策略，而且還為其他公司在其資產負債表上持有和增加比特幣鋪平了道路。我們衷心感謝財政部、國稅局、國會和政府的支持，感謝他們就澄清CAMT具體規則的重要性達成一致，並取消了原本會針對數位資產的極其繁重的規則，同時感謝他們繼續支持數位資產經濟的成長和創新。

I'll now turn the call over to Phong Lee, Strategy's President and CEO. Thank you.

現在我將把電話交給 Strategy 的總裁兼執行長 Phong Lee。謝謝。

Thank you, Andrew. I will go through an update on our capital markets activity, and then I will review the guidance that we provided for 2025. So first, I want to welcome and invite everybody to join us in 4 months in Las Vegas at the Beautiful Wynn Resort for Strategy World 2026 and our fifth annual Bitcoin for corporations. So hopefully, those who are listening or watching this presentation and have been a fan of strategy software or strategy and our Bitcoin strategy can come out and join us.

謝謝你，安德魯。我將介紹我們資本市場活動的最新情況，然後回顧我們為 2025 年提供的指導意見。首先，我謹代表拉斯維加斯美麗的永利度假酒店，歡迎並邀請大家在 4 個月後參加 Strategy World 2026 和我們的第五屆年度企業比特幣大會。所以，希望正在收聽或觀看本次演講，並且一直是策略軟體或策略以及我們的比特幣策略的粉絲的朋友們，都能來加入我們。

So next slide. So taking a step back, we used to compare ourselves to other companies that have Bitcoin on their balance sheet. And as you know, with over 640,000 Bitcoin and nearly over 3.1% or nearly 3.1% of all the Bitcoin effort to be created in the world, we found it best to compare ourselves to the largest corporate treasuries in the world. You'll see here with $71 billion of Bitcoin on our balance sheet, we're fifth when comparing cash and short-term investments and excluding financial services companies. And our aspiration in the next year is to be number 2 and the next 5 to 10 years to be number 1. And so how do we do that?

下一張投影片。所以，退一步講，我們過去常常將自己與資產負債表上列有比特幣的其他公司進行比較。如您所知，我們擁有超過 64 萬個比特幣，佔全球比特幣總產量的近 3.1%，因此我們認為最好將自己與世界上最大的企業金庫進行比較。您可以看到，我們的資產負債表上持有價值 710 億美元的比特幣，在比較現金和短期投資並排除金融服務公司的情況下，我們排名第五。我們明年的目標是成為第二名，未來 5 到 10 年的目標是成為第一名。那我們該如何做到這一點呢？

Next slide. What we've done in the past in the last two years is raise a significant amount of equity and capital through the capital markets. In 2024, we raised $22.6 million and about 27% of that or $6.2 million was from the convertible debt market. Year-to-date this year, we've raised $19.8 billion. And what you can see here is the way we've raised it has changed significantly. We've reduced our convertible debt raises to about 10%, and we've increased our raises through preferreds to $6 billion or about 30%. And that was all happened this year.

下一張投影片。過去兩年，我們透過資本市場籌集了大量的股權和資本。2024 年，我們籌集了 2,260 萬美元，其中約 27%（即 620 萬美元）來自可轉換債券市場。今年迄今為止，我們已經籌集了 198 億美元。您可以看到，我們培養孩子的方式已經發生了顯著變化。我們將可轉換債券的融資規模減少到約 10%，並將優先股的融資規模增加到 60 億美元，約佔 30%。而這一切都發生在今年。

It's really just been since the end of January of 2025 that we've launched our preferred strategy, and it's been very successful so far year-to-date. As we start to reduce our reliance on convertible notes, our plan is to allow those to equitize over time. And based on the earliest potential equitization dates, you'll see here that by 2029, we'll have no more convertible debt on our balance sheet. And instead, what we'll do is we'll start to season the preferred market.

實際上，我們從 2025 年 1 月底才開始實施我們首選的策略，而且到目前為止，該策略在今年取得了非常成功。隨著我們開始減少對可轉換債券的依賴，我們的計劃是讓這些債券隨著時間的推移逐步轉換為普通股。根據最早可能的股權化日期，您可以看到，到 2029 年，我們的資產負債表上將不再有可轉換債務。相反，我們將開始逐步開拓目標市場。

You'll see through the course of this year through 4 IPOs, and as Andrew had mentioned, the largest IPO coming three months ago with STRC or stretch, we've been able to raise $6.7 billion through the preferred market. And interestingly, as you look at this, a largest portion of that raise has come from the retail market. The initial offering of Strike had about 4% access or raises through retail. And the latest one stretch had about 23% through retail.

今年我們將進行 4 次 IPO，正如 Andrew 所提到的，規模最大的 IPO 是三個月前 STRC 或 Stretch 的 IPO，我們已經透過優先股市場籌集了 67 億美元。有趣的是，仔細觀察就會發現，這部分成長的大部分來自零售市場。Strike 的首次發行中，約有 4% 的份額透過零售通路獲得或增發。而最近這一階段的零售額佔比約為 23%。

Next slide, Shirish. So how do we seize in the market and how do we grow our preferred offerings and raising more capital through our preferred offerings. Three real techniques that you'll see us continue to use. First is distribution. Recently, in the last month, we've seen more brokerages list our preferreds. Robinhood listed each of our four preferreds in the last month, and we've seen significant volume and liquidity through Robinhood. And they listed those as the first ever preferreds on the platform because of demand from other folks that were on Robinhood.

下一張幻燈片，Shirish。那麼，我們如何在市場中搶得先機，如何發展我們的優勢產品，並透過我們的優勢產品籌集更多資金呢？我們會繼續使用三種切實可行的技巧。首先是分配。最近一個月，我們看到越來越多的經紀公司將我們列為首選。Robinhood 上個月上線了我們全部四隻優先股，我們看到透過 Robinhood 的交易量和流動性都顯著提高。由於 Robinhood 平台上的其他用戶有需求，他們將這些股票列為該平台上的首批優先股。

We're also going to continue to distribute through wealth management, broker-dealers, RIAs, Morgan Stanley participated in our latest preferred, which gave us significant access to their wealth management channel, retail customers. And we'll start to work with different banks and financial institutions to explore other types of products, potentially ETF wrappers and structured finance products that have our preferreds underlying them. We're doing more and more in terms of field marketing, industry conferences, leveraged finance events where we seek access to customers and buyers who are interested in credit and debt products.

我們將繼續透過財富管理、經紀交易商、註冊投資顧問 (RIA) 進行分銷。摩根士丹利參與了我們最新的優先合作項目，這使我們能夠廣泛接觸到他們的財富管理管道和零售客戶。我們將開始與不同的銀行和金融機構合作，探索其他類型的產品，例如以我們偏好的資產為基礎的 ETF 證券和結構性融資產品。我們在實地行銷、產業會議、槓桿融資活動等方面投入越來越多的精力，以尋求接觸對信貸和債務產品感興趣的客戶和買家。

We're also doing more and more teach-in, so just feet on the street meeting with financial advisers, brokers, RIAs and family offices. And last is you'll see more digital marketing. You're already seeing us provide some information and advertise some of our preferreds, namely stretch and social media on X. We plan to have even greater presence on YouTube, traditional media potentially, channels like Wall Street Journal and Bloomberg. We continue to use our strategy.com website and our strategy app, which if you have not downloaded it, I suggest you do so and more and more presence on interviews and podcasts.

我們也越來越多地進行實地培訓，直接走上街頭，與財務顧問、經紀人、註冊投資顧問和家族辦公室會面。最後，你會看到更多數位行銷。您已經看到我們提供一些信息，並宣傳我們的一些偏好，即在 X 平台上推廣社交媒體。我們計劃在 YouTube 上，以及可能在傳統媒體上，例如《華爾街日報》和彭博社等管道，擴大影響力。我們將繼續使用 strategy.com 網站和策略應用程式（如果您還沒有下載，我建議您下載），並越來越多地參與採訪和播客節目。

So these are three different ways we'll continue to create distribution and awareness of our credit instruments. The other area of distribution that we are going to look to access with our preferred credit instruments is international expansion. right? Currently, our products are listed on the NASDAQ and our US-based products, US dollar-based products. But there's a significant access to capital that we can get if we were to, as an example, launch a Canadian product on a Canadian exchange in Canadian dollars, launch a European product on a European exchange, euro or potentially other areas of the world like Asia or Latin America also.

所以，我們將透過這三種不同的方式繼續拓展信貸工具的管道並提高公眾意識。我們計劃利用首選信貸工具拓展的另一個分銷領域是國際擴張，對吧？目前，我們的產品在納斯達克上市，我們的美國產品以美元計價。但是，如果我們以例如在加拿大交易所用加元推出加拿大產品，或者以歐元在歐洲交易所推出歐洲產品，或者在亞洲或拉丁美洲等世界其他地區推出歐洲產品，我們就能獲得大量的資金。

And we think by accessing these markets and by providing new products that are similar to our preferred products like Stretch or Stripe that we can access even greater pools of capital to provide more funding for us to ultimately buy more Bitcoin that's accretive to our shareholders. We announced this week on Monday that we have now the first ever published rating of a Bitcoin treasury company by a major credit agency. S&PS a B- issuer credit rating to strategy.

我們認為，透過進入這些市場，並提供與我們首選產品（如 Stretch 或 Stripe）類似的新產品，我們可以獲得更大的資金池，從而為我們提供更多資金，最終購買更多比特幣，這將為我們的股東帶來增值。本週一，我們宣布，我們現在獲得了第一個由主要信用評級機構發布的比特幣國庫公司評級。S&PS 的 B- 發行人信用評等策略。

We think this is a big milestone, not just for strategy and for Bitcoin treasury companies, but a big milestone for Bitcoin in and of itself. There's been a lot of discussion around whether we think this is a good rating or not a good rating. I think it's a solid starting rating. And I think even more importantly, to have a rating, it gives us access to more pools of capital. So what does a B- rating mean? By definition, it means that there's a stable outlook and it reflects the expectation that we'll continue to manage our capital structure prudently and retain that we maintain market access.

我們認為這不僅對策略和比特幣資金管理公司而言是一個重要的里程碑，而且對比特幣本身來說也是一個重要的里程碑。關於這個評分是好是壞，已經有很多討論了。我認為這是一個不錯的初始評分。而我認為更重要的是，獲得評級可以讓我們獲得更多資金。那麼，B級評級意味著什麼？從定義上講，這意味著前景穩定，也反映了我們將繼續審慎管理資本結構並維持市場准入的預期。

We are rated under a structure that's a framework that's called nonbank financial institutions. That's a framework that S&P uses to rate us. And importantly, at this point in time, Bitcoin is we don't get any credit for the Bitcoin on our balance sheet when it comes to our rating, it's deducted from our equity. And this drives negative risk-adjusted capital. So what needs to change for the rating to improve?

我們的評級依據的是一個名為「非銀行金融機構」的框架結構。這是標普用來給我們評級的框架。更重要的是，目前比特幣不會在我們的資產負債表上獲得任何比特幣的信用額度，在評級時，它還會從我們的權益中扣除。而這將導致風險調整後資本為負值。那麼，要提高評分，需要做出哪些改變呢？

Well, one, I think it's appropriate at some point in time that Bitcoin be treated differently and as a capital asset at full credit, and that would require the risk-adjusted capital or the Basel frameworks to change or for S&P to change how they look at capital at Bitcoin as capital. And I think that will start to happen over time. We see already other banks seeing Bitcoin as potential collateral. We've seen the US housing agencies suggest that Bitcoin should be collateral for mortgages. So as that starts to evolve, I think the risk-adjusted capital and the Basel frameworks will start to evolve.

首先，我認為在某個時候，比特幣應該被區別對待，被視為享有完全信用的資本資產。而這需要風險調整資本或巴塞爾框架做出改變，或是需要標普改變他們看待比特幣資本的方式。我認為隨著時間的推移，這種情況會開始發生。我們已經看到其他銀行將比特幣視為潛在的抵押品。我們已經看到美國住房機構建議將比特幣作為抵押貸款的抵押品。因此，隨著這種情況的發展，我認為風險調整資本和巴塞爾框架也將開始發展。

And I think the S&P will evolve in its view on Bitcoin. But it's good to have a stake in the ground. I mentioned the potential equitization of our outstanding convertible debt because these are senior to our preferreds and are at the top of our capital structure in terms of seniority. As these start to roll off, that will start to reduce our maturity risk, and that should also improve our rating. And finally, what we've been doing for the last five years, we've demonstrated strong access to capital markets.

我認為標普500指數對比特幣的看法也會隨之改變。但有立場總是好的。我之所以提到我們未償付可轉換債券可能進行股權化，是因為這些債券的優先級高於我們的優先股，並且就優先級而言，它們在我們資本結構中處於頂端。隨著這些債務開始到期，這將降低我們的到期風險，這也應該會提高我們的評級。最後，在過去的五年裡，我們已經證明了我們能夠有效地進入資本市場。

We demonstrated in 2022, the ability to service our debt during a Bitcoin bear market as we continue to show, improve consistent leadership in this area, we'll start to see a better rating, too. point about getting a rating because we are now S&P rated, it gives us access to larger pools of capital than we had before, right? And the unrated credit market is about $2.8 trillion worldwide. Now we have access to what we call a high-yield rated, right?

我們在2022年證明了我們在比特幣熊市期間償還債務的能力。如果我們持續展現出在該領域持續的領先地位，我們的評級也會隨之提升。獲得評級的關鍵在於，我們現在獲得了標普評級，這使我們能夠獲得比以前更大的資金池，對嗎？全球未評級信貸市場規模約 2.8 兆美元。現在我們可以獲得所謂的高收益評級債券，對吧？

B- is in the high-yield category, which is a market that's about 3 times the size of the existing market that we're in. And over time, our hope is if Bitcoin was to be treated as a true capital on our balance sheet that we would be considered an investment-grade rated company. And when we get to that point, we would be able to access a market that's 11 times what it is today. So in summary, on the S&P rating, I think it's a good starting point, and it's important that we're rated. And I think an agency like a credit agency like S&P validates our company, starts to validate Bitcoin as an asset class, and it's a good starting point for us.

B- 屬於高收益類別，該市場規模約為我們現有市場的 3 倍。隨著時間的推移，我們希望，如果比特幣被視為我們資產負債表上的真正資本，我們將被視為投資級公司。當我們達到那個階段時，我們將能夠進入一個比現在大11倍的市場。總而言之，我認為標普評級是一個好的起點，而且獲得評級對我們來說很重要。我認為像標普這樣的信用評級機構認可我們公司，開始認可比特幣作為一種資產類別，這對我們來說是一個很好的起點。

The other part of S&P, so their index business has also started to embrace crypto. -- right? The S&P 500 has in successive quarters, added Coinbase, then Block, then Robinhood to their index. And we now meet all of the criteria that's required to be in the S&P 500 Index. We're number 131 by market cap of US publicly traded companies. And unlike the NASDAQ 100 that sets its criteria purely by market cap, S&P also has some other criteria. I have to be a US company, US listed, which we are. I have to have a minimum of $23 billion market cap, which we have and 250,000 shares traded each month for 6 months, which we have.

標普的另一部分業務，也就是他們的指數業務，也開始涉足加密貨幣領域了。 ——對吧？標普500指數已連續數季將Coinbase、Block和Robinhood納入其指數。現在，我們已經滿足了加入標普500指數的所有條件。以市值計算，我們在美國上市公司中排名第131名。與納斯達克 100 指數完全以市值作為評判標準不同，標普 500 指數還有其他一些評判標準。我必須是一家美國公司，並且在美國上市，而我們正是如此。我必須擁有至少 230 億美元的市值，而我們已經達到了；並且連續 6 個月每月交易 25 萬股，而我們也達到了。

You have to have a last quarter with positive earnings. We've had two now. And some of the last four quarters have to have positive earnings, which we also have. So now that we meet all the criteria, the question we get often is why are we not included? We don't know exactly, right? This is an S&P 500 process that they don't publish exactly why someone gets added or not. But first of all, we just became eligible in the last quarter and eligibility doesn't mean immediate inclusion, and that's pretty typical.

你必須保證上一季獲利為正。我們已經有兩個了。而且，過去四個季度中必須有一些季度實現正收益，而我們也做到了。既然我們符合所有標準，那麼我們經常被問到的問題是：為什麼我們沒有被納入其中？我們並不確切知道，對吧？這是標普500指數的調整流程，他們不會公佈具體原因來決定是否將某人納入或排除在外。但首先，我們上個季度才獲得資格，而獲得資格並不意味著立即被納入，這種情況很常見。

Many other highly successful companies, Tesla and the ones I mentioned here, Block and Rob were not included in their first quarter of eligibility. But we hope to access the index in $13 trillion of capital that tracks the S&P 500 at some point in time. The other big development that's happened really just in the last 3 months with the passage of the Genius Act and with more and more government related to Bitcoin and related digital assets is big banks further embracing crypto.

許多其他非常成功的公司，包括特斯拉以及我在這裡提到的 Block 和 Rob，在第一季的評選資格中都沒有被納入。但我們希望在某個時候能夠投資於追蹤標普500指數的13兆美元資本規模的指數。過去三個月發生的另一項重大進展是，隨著《天才法案》的通過以及越來越多的政府參與比特幣和相關數位資產，大型銀行進一步擁抱加密貨幣。

Morgan Stanley has dropped their restrictions in which wealth clients can now own crypto funds. In fact, they can solicit Bitcoin-backed securities and including Bitcoin-backed ETFs, and they are recommending as much as, in some cases, 5% to 6% of clients' portfolios owning Bitcoin. They also underwrote our most recent offering, stretch. And as I mentioned earlier, gave us access to the wealth management channel. Citibank recently launched coverage, the first, I'll call it, bulge bracket bank that's launched coverage on our equity, and they also provide now a price target. And they which I think is going to be now custody Bitcoin and other digital assets.

摩根士丹利已取消對財富管理客戶持有加密貨幣基金的限制。事實上，他們可以推銷比特幣支持的證券，包括比特幣支持的 ETF，在某些情況下，他們建議客戶投資組合中 5% 到 6% 的資金持有比特幣。他們也為我們最新的產品 Stretch 提供了贊助。正如我之前提到的，它讓我們得以進入財富管理管道。花旗銀行最近開始對我們的股票進行評級，這是第一家（我稱之為）大型投資銀行開始評級我們的股票，他們現在也給了目標價。我認為他們現在將託管比特幣和其他數位資產。

Societe Generale, which is a large bank in France, which became the first major bank to launch dollar peg stablecoins and even banks like JPMorgan now are allowing Bitcoin and Ether as collateral with their banks. And I mentioned that Citi has launched coverage on strategy, and they've also given a Bitcoin price target, which is a major improvement. And you'll see here of all the banks that are covering us and all the research analysts that are covering us. There's an average price of Bitcoin for 2025 of $156,000, average price at the end of 2026 of $180,000.

法國大型銀行法國興業銀行是第一家推出美元掛鉤穩定幣的主要銀行，甚至像摩根大通這樣的銀行現在也允許使用比特幣和以太幣作為銀行抵押品。我提到花旗銀行已經推出了對策略的評級，也給出了比特幣的目標價格，這是一個重大進步。您可以在這裡看到所有關注我們的銀行和所有關注我們的研究分析師。比特幣在 2025 年的平均價格為 156,000 美元，在 2026 年底的平均價格為 180,000 美元。

You'll also see here strong price targets and ratings on all of the banks that are covering so let me move to 2025 guidance and review the guidance that we provided last quarter and talk through some of the additional guidance that we'll provide this quarter. The first piece is I want to reaffirm the BTC guidance for 2025. This is all assuming a Bitcoin price of $150,000 at year-end, which is based off of the consensus targets that I just reviewed. We have a BTC yield target at the end of the year of 30% and a BTC gain dollar gain target of $20 billion. And we have activities underway to try to achieve those, which include capital raises and such.

您還會看到我們對所有覆蓋銀行的強勁目標價和評級，所以接下來我將展望 2025 年的業績指引，回顧一下我們上個季度提供的指引，並討論一下我們本季度將提供的一些額外指引。首先，我想重申 2025 年比特幣價格指引。以上所有預測都是基於比特幣年底價格為 15 萬美元的假設，而這一價格是基於我剛剛回顧的共識目標。我們設定的比特幣年底收益率目標為 30%，比特幣美元收益目標為 200 億美元。我們正在進行各項活動來實現這些目標，包括籌集資金等等。

As for our earnings guidance, I also want to reaffirm what we communicated three months ago, which is an operating income target of $34 billion, a net income target of $24 billion and an EPS target of $80 at the end of this year, again, all assuming a Bitcoin price of $150,000. Stretch, which we just launched three months ago, I also want to reaffirm the guidance that we've given on how we think about the dividend rate. If the 5-day VWAP of the price of stretch is above $101, we recommend a rate decrease or potentially a follow-on offering.

至於我們的獲利預期，我也想重申我們三個月前公佈的目標，即今年年底營業收入目標為​​ 340 億美元，淨收入目標為​​ 240 億美元，每股收益目標為 80 美元，同樣，所有目標都假設比特幣價格為 15 萬美元。繼三個月前推出的 Stretch 計畫之後，我還想重申我們先前對股利率的看法。如果延期貸款價格的 5 日成交量加權平均價格 (VWAP) 高於 101 美元，我們建議降低利率或考慮後續發行。

If the 5-day VWAP is between $95 and $99, we'd recommend a 25 basis point rate increase to get the price -- to try to get the price of stretch within our target price range of $99 to $101. And if the 5-day VWAP is below $95 at the end of the month, we would recommend a 50 basis point rate increase. And so let me show you what we've done so far since we've launched stretch and what we will update today as far as our dividend for the next month. So as you recall, when we launched the product in July, we launched with a 9% dividend rate. We increased that to 10% in August.

如果 5 天 VWAP 在 95 美元到 99 美元之間，我們建議利率上調 25 個基點，以使價格達到目標範圍 99 美元到 101 美元。如果月底 5 天成交量加權平均價格低於 95 美元，我們建議將利率提高 50 個基點。那麼，讓我向大家展示一下自我們推出 Stretch 計劃以來我們所取得的成就，以及我們今天將更新的下個月股息資訊。您應該還記得，我們​​在7月推出該產品時，股息率為9%。8月我們把這個比例提高到了10%。

And today, we're will increase another 25 basis points our dividend and will be at 10.5% on November 1 paid monthly. The last guidance I want to talk through is something that's new to this group. And Micha will talk about this a little bit more, but this is a pretty unique equity, which is that the dividends are paid return of capital. And if it's tax as a return of capital, it means that it's tax deferred until you sell the underlying asset.

今天，我們將把股息再提高 25 個基點，從 11 月 1 日起達到 10.5%，按月支付。最後我想談的指導原則，對我們這個小組來說，是全新的。Micha 會再詳細談談這一點，但這是一種非常獨特的股權，即股息是資本返還。如果是資本返還稅，則表示稅款會遞延至出售標的資產時繳納。

And so if you hold on to the underlying asset, you can expect that you're paying essentially zero taxes on that. That compares to a qualified dividend, which is at a rate of anywhere between 20% and 35%, depending on the state you live in and the city that you live in, in the US and compared it to an interest income, which is what you would pay on something like a money market or a bank account at 37% to 55%. We call these rock dividends. It's a pretty unique feature and one that I think is not as clear and it may be lost on folks.

因此，如果你持有標的資產，你可以預期你基本上無需為此繳納任何稅款。這與合格股息相比，合格股息的利率在美國介於 20% 到 35% 之間，取決於你居住的州和城市；而與利息收入相比，利息收入是指你在貨幣市場或銀行帳戶等產品上支付的利率，利率為 37% 到 55%。我們稱之為「岩石紅利」。這是一個非常獨特的功能，但我認為它不那麼顯而易見，可能會被很多人忽略。

But when you invest in our preferreds, for the foreseeable future, you can expect rock dividends. And so why do we have ROC dividends? It's fairly unique to our company, which is that we have negative taxable earnings and profits, which is a function of the business that we're in, and it's a function of our intent to buy and hold Bitcoin and not sell Bitcoin, where it's negative from a tax perspective and not engage in activities that will result in significantly positive taxable earnings and profits. And our guidance here is that we expect that this rock treatment continues for the foreseeable future for 10 years or more, and we can impact that guidance, and we can impact our negative E&P with how we run our business.

但是，如果您投資我們的優先股，在可預見的未來，您可以期待獲得穩定的股息。那麼，我們為什麼會有ROC分紅呢？我們公司的情況相當獨特，那就是我們有負的應稅收益和利潤，這與我們從事的業務有關，也與我們打算買入並持有比特幣而不是賣出比特幣的意圖有關，因為從稅務角度來看，賣出比特幣會產生負收益，而且我們也不從事會導致大量正應稅收益和利潤的活動。我們在此給出的指導意見是，我們預計這種岩石處理方式將在可預見的未來持續 10 年或更長時間，我們可以透過經營業務來影響這一指導意見，並影響我們的負面勘探與生產。

So the summary here is that our preferred dividends are tax-free or tax deferred and that we expect that to continue for the foreseeable future. It could be 10 years, it could be more than that.

因此，總而言之，我們的優先股股利是免稅或延稅的，我們預計這種情況在可預見的未來將持續下去。可能是10年，也可能更久。

So with that, I want to hand it over to our Executive Chairman, Michael Saylor.

那麼，接下來我將把發言權交給我們的執行主席麥可·塞勒。

Thank you, Phong, and thanks for joining us today. I'm really excited to talk to you about digital capital and digital credit. So let's go to the first slide. The first point that I want to make is that Bitcoin has emerged as digital capital. What is digital capital? Digital gold. Capital is a long-term store of value, Bitcoin is a store of value.

謝謝你，Phong，也謝謝你今天加入我們。我非常高興能和你們談談數位資本和數位信貸。那我們來看第一張投影片。我想提出的第一點是，比特幣已經成為數位資本。什麼是數位資本？數字黃金。資本是長期價值儲存手段，比特幣也是價值儲存手段。

The US government has embraced Bitcoin as a store of value, and that means every major cabinet member, and I'm showing them here. And of course, the decision that America is going to be the Bitcoin superpower is an endorsement along with the President's point that you don't ever sell your Bitcoin.

美國政府已經接受比特幣作為價值儲存手段，這意味著每個重要的內閣成員都接受了比特幣，我在這裡向他們展示了這一點。當然，美國將成為比特幣超級大國的決定，也印證了總統的觀點：永遠不要出售你的比特幣。

Let's go to the next slide. Wall Street has embraced Bitcoin as digital capital. Now you've got 1.5 million Bitcoin held by the spot ETFs, about $170 billion worth. The most successful ETF in the history of Wall Street is IBIT. And IBIT has explosively grown even in the past few months. The daily liquidity in BIT is now approaching $4 billion or more a day. Open interest in BE has gone to more than $50 billion in open interest. And so this is wildly successful. Next, Public companies we're the first public holder about a year ago, there were 60.

我們來看下一張投影片。華爾街已將比特幣視為數位資本。現在現貨 ETF 持有 150 萬枚比特幣，價值約 1,700 億美元。華爾街史上最成功的ETF是IBIT。在過去的幾個月裡，IBIT 實現了爆炸性成長。目前BIT的每日流動資金已接近或超過40億美元。BE的未平倉合約已超過500億美元。因此，這項技術取得了巨大的成功。接下來是上市公司，我們是第一批公眾股東，大約一年前，有 60 家。

Now there are 200-plus publicly listed companies holding Bitcoin. That's more than 1 million Bitcoin, and it's about $116 billion in value. I've got a few metrics here on this slide that show just the scale of the Bitcoin market. It's a $2.3 trillion market cap. It's $58 billion of daily liquidity, $76 billion in BTC open interest in the derivatives market, and it's backed by 26 gigawatts of power. That's 26 full-on nuclear reactors. It's -- and the hash rate keeps going up. We're now up to 1,100 exahash.

現在已有超過200家上市公司持有比特幣。那相當於超過100萬枚比特幣，價值約1,160億美元。這張投影片上有一些指標，可以顯示比特幣市場的規模。它的市值高達2.3兆美元。它擁有 580 億美元的每日流動性，衍生性商品市場中 760 億美元的比特幣未平倉合約，並由 26 吉瓦的電力支持。那相當於26座全功能核反應器。而且哈希率還在持續上升。我們現在的算力已經達到 1100 exahash。

And you have 30% of all voters in the United States that are registered of the registered voters that are crypto holders the industry crypto is $3.9 trillion, and there's 700 million crypto users and of course, 300 million Bitcoin holders. So this is a global movement at this point. Bitcoin is the capital asset at the center of the entire crypto industry. And it is traded on 1,000 exchanges. Next. Now what do you do with digital gold?

美國所有選民中有 30% 是註冊選民，而這些註冊選民中有 30% 是加密貨幣持有者。加密貨幣產業市值達 3.9 兆美元，擁有 7 億加密貨幣用戶，當然，還有 3 億比特幣持有者。所以，這已經成為一場全球性的運動了。比特幣是整個加密貨幣產業的核心資本資產。它在1000個交易所交易。下一個。那麼，你該如何處理數位黃金呢？

Well, what do you do with gold? You issue credit on gold. For 300 years, the Western world ran on gold-backed credit. Bitcoin is digital gold. What we've realized is that the killer application of digital capital is digital credit. And strategy enables a wide variety of securities based on that digital capital. What you can see here is that the baseline is digital capital in an ETF wrapper, and it's got a 53% annual -- 53% return on average for the past five years. And the volatility is 38% right now. Now what we have done is created 4 digital credit instruments that strip the volatility and extract or distill the performance out of B.

那麼，你如何處理黃金呢？你以黃金作為抵押發放信貸。300年來，西方世界一直依靠黃金擔保的信貸運作。比特幣是數位黃金。我們已經意識到，數位資本的殺手級應用是數位信貸。而策略可以基於這種數位資本，建構各種各樣的證券。您可以看到，基準是採用 ETF 封裝的數位資本，過去五年的平均年化報酬率為 53%。目前波動率為 38%。現在我們創建了 4 種數位信用工具，它們消除了波動性，並從 B 中提取或提煉出了業績。

So Strike's volatility is 28%, and it gives you a 9% effective yield and some upside. Stride's volatility is 16. It gives you a 13% effective yield. Strike's volatility is 14%, and we extracted a certain type of risk or we're mitigating I'm stripping off a bunch of risk. We're extracting a yield. We're damping the volatility. And the largest piece or the greatest piece of financial engineering we've performed is stretch, which has converted that 38% volatility into 8% and extracted that effective yield of 10%.

所以Strike的波動率為28%，可帶來9%的有效收益率和一定的上漲空間。Stride的波動率為16。它能為你帶來13%的有效產量。Strike 的波動率為 14%，我們消除了某種風險，或者說我們正在減輕風險，我正在剝離大量風險。我們正在提取產量。我們正在抑制市場波動。而我們所做的最大或最偉大的金融工程就是拉伸，它將 38% 的波動性轉化為 8%，並提取了 10% 的有效收益率。

And of course, as you can see, since we damped the volatility, there is sort of a conservation of energy or a conservation of volatility in the thermodynamic universe. And so where does the volatility go? It goes to the equity. So the volatility that we strip off of BTC accrues to MSTR. And of course, the performance and the opportunity that we strip off of BTC also accrues to MSTR. So what you see here is a fairly straightforward financial engineering exercise. We are a structured finance company, and we are starting with a blob of high energy capital, long duration, highly volatile, high performance. We are engineering out different durations, different volatilities, different risk profiles, different performance profiles.

當然，正如你所看到的，由於我們抑制了波動性，熱力學宇宙中存在某種能量守恆或波動性守恆。那麼，波動性會流向哪裡呢？這筆錢計入股權。因此，我們從比特幣中剔除的波動性會增加到 MSTR 中。當然，我們從 BTC 中剝離的性能和機會也歸 MSTR 所有。所以你在這裡看到的其實是一個相當簡單的金融工程練習。我們是一家結構性融資公司，我們從一大筆高能量、長期限、高波動性、高回報的資本開始。我們正在設計不同的持續時間、不同的波動性、不同的風險狀況、不同的績效表現。

We're even transforming it from the BTC currency into the USD or to different currencies. And that is the exercise. Next. Now this chart shows the economic landscape we work in. Here, you see Bitcoin's performance of 53% over five years, almost double the MAG 7. You can see gold performed 15% a year. It's slightly edged out the S&P at 14%. S&P is the conventional cost of capital. Real estate is underperforming the S&P dramatically in this time frame, only up 6% a year.

我們甚至可以將其從比特幣兌換成美元或其他貨幣。這就是練習內容。下一個。這張圖表展示了我們所處的經濟環境。這裡可以看到比特幣五年來的表現為 53%，幾乎是 MAG 7 的兩倍。你可以看到黃金每年表現為15%。它的漲幅略高於標普500指數，為14%。標普是傳統的資本成本指標。在此期間，房地產市場的表現遠遜於標普500指數，年均漲幅僅6%。

Money market instruments, those short duration treasuries in the US, on average, have provided 3% performance a year and mid-dated to long-dated bonds are minus 3%. Strategies equity is plus 83%. And of course, all of our financial engineering is based upon taking advantage of a lower cost of equity and a lower cost of credit and then using that in order to acquire Bitcoin, which then accrues to the benefit of the equity holders. Let's go to the next slide. So let's look at our products, Strike.

貨幣市場工具，即美國的短期國債，平均每年殖利率為 3%，而中長期債券的殖利率為 -3%。策略權益收益為+83%。當然，我們所有的金融工程都是基於利用較低的股權成本和較低的信貸成本，然後利用這些成本來獲取比特幣，從而使股權持有者受益。我們來看下一張投影片。那麼讓我們來看看我們的產品，Strike。

Strike is structured Bitcoin. It's convertible preferred. So it has some upside via the equity component at 33% of Strike is equity. It has some dividend, an 8% dividend at par right now an effective yield of 9.1% and then Strike pays ROC dividends, which means they're tax deferred as you step down your basis. And so the tax equivalent adjusted yield is 21.6%.

Strike 是結構化的比特幣。敞篷車更受歡迎。因此，由於33%的Strike是股權部分，它有一定的上漲空間。它有一些股息，目前以面額計算的股息率為 8%，有效收益率為 9.1%，而且 Strike 也支付 ROC 股息，這意味著隨著你降低成本基礎，這些股息可以延稅。因此，經稅務調整後的等效收益率為 21.6%。

How do you get to that? Well, you take the cost of strike, you subtract the equity component and then you look at the effective yield of the remainder and then you look at the tax adjusted effective yield, and you end up getting to 21.6%. So this is a misunderstood security, but it's got very compelling offers because on one hand, it's an indefinite a perpetual duration call option on the stock and it's also a perpetual dividend.

如何才能達到那個目的？嗯，你先算出罷工成本，減去股權部分，然後算出剩餘部分的實際收益率，再算出經稅調整後的實際收益率，最終得出 21.6%。所以這是一種被誤解的證券，但它具有非常吸引人的吸引力，因為一方面，它是股票的無限期永久看漲期權，另一方面，它也是永久分紅。

So if you're a very long-term investor that wants the best of both worlds, some upside some income and if you want risk stripped away, well, we've got a BTC rating of 5.2, which means that Bitcoin could fall by 80% and you would still over-collateralized.

所以，如果您是一位希望兩全其美的長期投資者，既想獲得一些收益，又想盡可能降低風險，那麼我們給出了 5.2 的 BTC 評級，這意味著即使比特幣下跌 80%，您仍然會獲得超額抵押。

If you bought Bitcoin and it fall by 80%, you lose 80% of your money. If you buy this and Bitcoin falls by 80%, you still keep your money, right? It's a principal protection. And so down here at the bottom, I've got a table and you can see the effective yield of the things that Strike competes against or 1% to 4%. And so this is a very unique thing. It's really -- it's higher yield, more upside longer duration than alternative investments.

如果你買了比特幣，它下跌了 80%，你就會損失 80% 的錢。如果你買了這個，比特幣下跌了 80%，你還是能保住你的錢，對吧？這是主要保障措施。所以，在最下面，我有一個表格，你可以看到 Strike 所競爭的產品的有效收益率，也就是 1% 到 4%。所以這是一件非常獨特的事情。確實如此——與其他投資相比，它的收益率更高、上漲空間更大、期限更長。

And let's go to the next slide. Stride is our second credit instrument. This is long-duration, high-yield credit. The effective yield is 12.5% and that makes the tax equivalent yield nearly 20%, 19.9%. It's still 4.8 times over collateralized, so Bitcoin can still fall by 75%, you're still over-collateralized.

接下來我們來看下一張投影片。Stride 是我們的第二個信貸工具。這是長期、高收益的信貸。實際收益率為 12.5%，這意味著稅收等效收益率接近 20%，即 19.9%。你的抵押物仍然是比特幣的 4.8 倍，所以即使比特幣下跌 75%，你的抵押物仍然充足。

And it's got a duration of 8 years, which is a duration. But really, what you're getting is you're getting the 10% dividend at par perpetually forever. And so if you compare it to the universe of competes against, the effective yield on most high-yield corporate bonds of 6%, and they're taxable 6.2%, leverage loans are 6.8%. They're taxable as normal income.

它的持續時間為 8 年，這是一個持續時間。但實際上，你得到的是永遠以面額獲得 10% 的股息。因此，如果將其與所有競爭對手進行比較，大多數高收益公司債的有效收益率為 6%，而應稅收益率為 6.2%，槓桿貸款的收益率為 6.8%。這部分收入需要以正常收入納稅。

Preferred stock, ETF 6.2%; emerging market debt, 5.6%. So the effective yield of Stride is double, but the tax equivalent yield Stride is triple. And so you get triple tax equivalent yield with more collateral coverage. This, again, is a misunderstood instrument, but if you're seeking maximum cash flows, right, and if you trust Bitcoin minimally and you trust the company, then this is a very interesting opportunity for you.

優先股，ETF 收益率 6.2%；新興市場負債收益率 5.6%。因此，Stride 的實際收益率是原來的兩倍，但 Stride 的稅收等效收益率是原來的三倍。因此，在更高的抵押品覆蓋率下，您可以獲得三倍的稅收等效收益。這又是一種被誤解的工具，但如果你追求的是最大現金流，而且你對比特幣本身以及這家公司都抱有最低限度的信任，那麼這對你來說是一個非常有趣的機會。

The next instrument is Strife, STRF. While that's long-duration senior credit it's cumulative, and it's got more protections because there are penalties of the company wherever to suspend a dividend, but -- and it's also more highly collateralized, the BTC rating of 7.5 and also $7.50 a Bitcoin for every dollar of Strife outstanding, the effective yield is 9.1% because it trades above par, and the tax equivalent yield is 14.4%.

下一個樂器是 Strife，STRF。雖然這是長期高級信貸，但它是累積性的，並且有更多保護措施，因為公司暫停派息會受到處罰，而且——它的抵押品也更多，BTC 評級為 7.5，每發行 1 美元的 Strife 債券可獲得 7.50 美元的比特幣，有效收益率為 9.1%，因為它的交易價格高於面值，稅收收益率為 14.4%。

So when you look at this against comparable assets, the effective yield is double, the tax equivalent yield is triple and the collateral coverage is 2 times to 3 times more. This has got a duration of 11 years. It's a longer duration. What that means is that if interest rates move up or move down, there's going to be more volatility on this.

因此，與可比資產相比，實際收益率是其兩倍，稅收等效收益率是其三倍，抵押品覆蓋率是其 2 到 3 倍。這項計劃持續了11年。持續時間較長。這意味著，如果利率上升或下降，該市場的波動性將會更大。

If you believe interest rates are going to dive, then this is a great thing. You would like a long duration instrument. If you believe that interest rates are going to go up, then that would be the opposite. You probably wouldn't.

如果你認為利率將會大幅下降，那麼這是一件好事。你想要一個持續時間長的樂器。如果你認為利率將會上升，那麼結果就恰恰相反。你可能不會。

Now let's go on to Stretch. Stretch is the highest degree of financial engineering we've engaged in because with Stretch, our goal was to strip the volatility, strip the compress the duration, convert the BTC into a pure USD yield and then offer that to the investor. So right now, Stretch is 10.4% effective yield, but that's a tax equivalent yield of 16%. It's just slightly under 6 times over collateralized, and of course, it's the lowest volatility.

現在我們來做伸展運動。Stretch 是我們迄今為止參與的最高級別的金融工程，因為我們的目標是透過 Stretch 消除波動性、壓縮久期，將比特幣轉換為純美元收益，然後將其提供給投資者。所以目前，Stretch 的實際收益率為 10.4%，但稅收等值收益率為 16%。它的抵押物略低於 6 倍，當然，它的波動性也是最低的。

Our goal with Stretch is we want to give everybody something that's competitive with the money market that pays you 10.4% that is tax deferred. If you walk down the street and you say to someone, do you want a convertible bond? Not sure.

我們推出 Stretch 的目標是，為每個人提供與貨幣市場競爭的產品，該產品可為您帶來 10.4% 的收益，並且可以延稅。如果你走在街上，問路人：“你想要可轉換債券嗎？”沒有把握。

Do you want a 20-year cryptobond, not sure. Do you want a crypto junk bond? Not sure. Would you like a bank account that pays you a 10% tax deferred? Yes. Yes, everybody wants a bank account that pays them 10% tax deferred, right? Why wouldn't you, right?

你想買20年期的加密債券嗎？我不確定。你想買加密貨幣垃圾債券嗎？沒有把握。您是否想要一個可以享有10%稅務遞延收益的銀行帳戶？是的。是的，誰不想擁有一個可以享有10%稅收遞延的銀行帳戶呢？為什麼不呢，對吧？

And so this is -- to be clear, it's not a bank account, it's not even a money market. But we are structuring it to compete with that source of funds. That's what we call treasury credit. It's for corporate treasurers. It's for your family treasury. It's the money, the money that you probably need to spend in the next 12, 24, 36 months.

所以說清楚點，這不是銀行帳戶，甚至不是貨幣市場。但我們正在對其進行結構調整，使其能夠與該資金來源競爭。這就是我們所說的國庫信貸。這是為企業財務主管準備的。這是為了充實你的家庭金庫。就是錢，是你未來 12、24、36 個月內可能需要花的錢。

If you didn't need the money for four years or more, I would say, you probably ought to go look at buying Bitcoin. If you don't need the money for a decade, you buy a Bitcoin, it's a better deal. But if you need the money in four months or eight months or two years or you have 30% of your working capital, it's stable, that's a treasury obligation.

如果你四年或更長時間內不需要這筆錢，我會建議你考慮購買比特幣。如果你十年內都不需要這筆錢，那麼買比特幣會比較划算。但如果你需要在四個月、八個月或兩年內獲得這筆錢，或者你的營運資金有 30% 處於穩定狀態，那麼這就是國庫債務。

And right now, your options aren't great. So here, we're offering 10.4% effective yield, but 16% tax equivalent yield. If you look at bank accounts, they yield nothing. Money markets are 4% in the US. So this is 4 times better, 4 times better than the tax equivalent yield of a money market.

而現在，你的選擇並不多。因此，我們提供的實際收益率為 10.4%，但稅收等效收益率為 16%。如果你查看銀行帳戶，你會發現一無所獲。美國貨幣市場收益率為4%。所以這比貨幣市場基金的稅收等值收益率高出 4 倍。

Now you'll note, it's more volatile, right? The money markets managed to get down to less than 1% or about approximately 1% volatility. We're still 8% volatility and I think that's in some part because we're still seasoning. And so we are going to continue to work to get this volatility down below 8% to 7% to 6%. We got to 5% about a week ago. We don't know how low we can get it, but our goal is to make it the least volatile of our credit instruments.

現在你會注意到，它的波動性更大，對吧？貨幣市場波動率降至1%以下，或波動率約1%。我們目前的波動率仍然為 8%，我認為這在一定程度上是因為我們仍在適應階段。因此，我們將繼續努力，將波動率降至 8% 以下，再降至 7% 或 6%。大約一週前，我們達到了5%。我們不知道利率能降到多低，但我們的目標是使其成為我們所有信貸工具中波動性最小的。

Let's go to the next slide. Phong spoke about return on capital. The point that I want to make is ROC dividends have been around this is settled tax law since 1910. Return on capital has been around since 1910. You'll find hundreds of companies that have issued dividends that are return of capital. You'll find oil pipelines, natural gas companies, real estate companies, et cetera. We just happen to have a very compelling business model.

我們來看下一張投影片。Phong談到了資本報酬率。我想指出的是，ROC股利自1910年以來就已存在，這是一項既定的稅法。資本回報率的概念自 1910 年以來就已經存在。你會發現數百家公司發放的股利都是資本回饋。你會發現石油管道、天然氣公司、房地產公司等等。我們恰好擁有一個非常有吸引力的商業模式。

The treasury business model allows us to have much greater visibility to return of capital than if you were just a REIT or you're a gas pipeline or something. And so the difference really is it's 0% upfront dividend tax rate versus 20 to 30 or 30 to 55. And if you got your money in a money market and you live in California and New York City, it's a pretty heavy tax load.

與房地產投資信託基金、天然氣管道公司或其他類似公司相比，財務業務模式使我們能夠更清楚地了解資本回報情況。因此，真正的區別在於，它的股息預付稅率為 0%，而其他稅率為 20% 至 30% 或 30% 至 55%。如果你把錢投資在貨幣市場基金裡，而你又住在加州或紐約市，將面臨相當沉重的稅負。

And so presumably, New Yorkers or San Francisco dwellers when they start to look at this, are going to find it to be pretty compelling. The fact that we expect this to continue for the next 10 years means that we're not just announcing that this quarter is a return of capital. We're expecting the next 40 quarters to be return to capital, and I think that's a pretty material thing.

因此，可以推測，紐約人或舊金山居民在開始關注此事時，會發現它相當有吸引力。我們預計這種情況將持續未來 10 年，這意味著我們不僅僅是在宣布本季是資本返還。我們預計未來 40 個季度將實現資本回報，我認為這是一件非常重要的事情。

Let's go to the next slide. Now all of those credit instruments have one impact, they amplify our Bitcoin exposure. So right now, strategy has 11% leverage, 21% amplification, okay? Amplification is the leverage that comes from debt plus the improved performance that comes from equity. Our goal, our target as a company is to drive leverage to 0.

我們來看下一張投影片。現在所有這些信貸工具都有一個共同的影響，那就是它們會放大我們對比特幣的風險敞口。所以目前策略具有 11% 的槓桿率和 21% 的放大效應，懂嗎？放大效應是指債務帶來的槓桿作用加上權益所帶來的績效提升。我們公司的目標是將槓桿率降至 0。

When we equitize the convertible bonds and if we don't issue any more bonds and we don't intend to, leverage will go from 11% to 9% to 7% to 5% to 3% to 1% to 0. So our leverage is going to 0. Our target for amplification is to drive the amplification to 30%. So we're going to drive amplification up and drive leverage down. And of course, here, you can see on this chart, if we run at a 30% amplification level, what naturally happens is your 200,000 per share become 560,000 per share over 10 years.

當我們把可轉換債券轉換為股票，並且不再發行任何債券（我們也不打算再發行），槓桿率將從 11% 降至 9% 降至 7% 降至 5% 降至 3% 降至 1% 降至 0%。所以我們的槓桿率將變成 0。我們的目標是將放大倍率提高到 30%。所以我們要提高放大倍率，降低槓桿。當然，正如您在這張圖表中看到的，如果我們以 30% 的放大倍率運行，自然而然地，每股 20 萬元將在 10 年內變成每股 56 萬元。

That's a BTC factor of 2.8. That means that we actually perform 2.8 times better than an ETF. That is the source of the premium and the equity. That is the value that's being created by the treasure -- the digital treasury model. And of course, the value creation is a function of the amplification.

這相當於比特幣的2.8倍。這意味著我們的實際表現比ETF好2.8倍。這就是溢價和權益的來源。這就是數位寶庫模式所創造的價值。當然，價值創造是放大效應的函數。

When you increase leverage, you increase risk. But when you increase amplification, you just increase value creation. So if we get to 30% amplification and we may very well go to 35% or 40% amplification, because we're doing it with digital credit and digital credit doesn't have the risk profile of debt.

增加槓桿，就會增加風險。但是，當你提高放大倍率時，你只會增加價值創造。所以如果我們能達到 30% 的放大倍率，而且我們很可能會達到 35% 或 40% 的放大倍率，因為我們使用的是數位信貸，而數位信貸沒有債務的風險特徵。

Let's go to the next slide. We are at a historic point, we're kind of at an inflection point, we believe. Our multiple to NAV, mNAV has been trending down and has been trending down over time as the Bitcoin asset class matures, as the volatility decreases. The volatility, by the way, is decreasing in part because the growth of companies like ours, the maturation of the Bitcoin treasury industry, it's decreasing because of the success of it's decreasing because the derivatives market onshore has grown dramatically.

我們來看下一張投影片。我們認為，我們正處於一個歷史性的時刻，一個轉捩點。我們的 NAV 倍數和 mNAV 一直呈下降趨勢，隨著比特幣資產類別的成熟和波動性的降低，這種下降趨勢也持續下去。順便說一句，波動性正在下降，部分原因是像我們這樣的公司的發展，比特幣國庫行業的成熟，波動性正在下降，因為國內衍生性商品市場取得了巨大增長。

The derivatives market and IBIT has gone from $10 billion to $50 billion. And so people are using those derivatives to damp volatility, and that's very good for the asset class, it's very good for the industry. In the near term, it's resulted probably in some pressure on our mNAV. But we think that over time, as the credit investors start to understand the appeal of digital credit, they're going to want to buy more, and we're going to sell more and issue more credit and as the equity investors start to appreciate the uniqueness of the Bitcoin treasury model. And especially, the uniqueness of our company and our ability to issue digital credit worldwide at scale, we think that, that's going to drive an appreciation of the equity.

衍生性商品市場和 IBIT 已從 100 億美元成長到 500 億美元。因此，人們正在使用這些衍生性商品來降低波動性，這對資產類別和產業來說都非常有利。短期來看，這可能會給我們的 mNAV 帶來一些壓力。但我們認為，隨著時間的推移，隨著信貸投資者開始了解數位信貸的吸引力，他們會想要購買更多，而我們將出售更多，發行更多信貸；同時，隨著股權投資者開始欣賞比特幣國庫模式的獨特性，我們也會這樣做。尤其值得一提的是，我們公司的獨特性以及我們在全球大規模發行數位信貸的能力，我們認為這將推動股權升值。

Next slide. Why am I so enthusiastic about digital credit? Well, there are 7 innovations in digital credit that make it better than traditional credit. So I'm going to take you through the 7 things.

下一張投影片。我為什麼對數位信貸如此熱情？數位信貸領域有 7 項創新，使其優於傳統信貸。接下來我將帶你了解這7件事。

First of all, traditional credit, like a mortgage, well, it's built on a depreciating house or depreciating warehouse or a traditional credit. It's built on collateral that's a depreciating asset. A bunch of fiat currency, a corporate product, a corporate service, a corporate warehouse, a bunch of hardware, a data center full of NVIDIA chips that are depreciating with useful life, that is collateral, which is collapsing.

首先，傳統的信貸，例如抵押貸款，是建立在不斷貶值的房屋、不斷貶值的倉庫或傳統的信貸之上的。它是建立在貶值資產抵押品之上的。一堆法定貨幣、一件企業產品、一項企業服務、一個企業倉庫、一堆硬體、一個裝滿英偉達晶片的資料中心（這些晶片會隨著使用壽命的延長而貶值），這些都是抵押品，而這些抵押品正在崩潰。

It makes it hard to pay a higher yield when you have a depreciating asset. But our collateral is Bitcoin, it's digital capital. And Bitcoin is an appreciating asset. So whereas $10 billion of warehouses are most valuable, the day they're built. $10 billion of Bitcoin is only going to get more valuable, not less valuable. And so that digital capital is the first big innovation.

當資產貶值時，很難支付更高的收益率。但我們的抵押品是比特幣，它是數位資本。而且比特幣是一種增值資產。所以，價值100億美元的倉庫在建成之日價值最高，而價值100億美元的比特幣只會越來越值錢，不會貶值。因此，數位資本是第一項重大創新。

Next, the second innovation is we're replacing traditional risk with digital risk. Traditional risk, it's opaque, it's heterogeneous, it's discrete. You own 8,700 houses or you own you're exposed to a portfolio of 47 junk bond issuers. And maybe they're fine, but then there's a tariff or there's a trade war or there's a competitive change or maybe there's a strike or maybe an airplane crashes or there's a COVID lockdown.

其次，第二個創新點是我們將傳統風險替換為數位風險。傳統風險是不透明的、異質的、離散的。你擁有 8700 套房產，或者你持有 47 家垃圾債券發行機構的投資組合。也許他們一切都好，但隨後可能會出現關稅、貿易戰、競爭格局變化、罷工、飛機墜毀或新冠疫情封鎖。

Whenever you have these kind of conventional real-world issues, you have a discrete explosion of risk, a forest fire an earthquake or a change in a political regime or a change in tax rates or a change in customs duties. So traditional risk is opaque, it's heterogeneous, it's discrete.

每當遇到這類常規的現實世界問題時，就會出現風險的突發性爆發，例如森林火災、地震、政治體制變革、稅率變化或關稅變化。因此，傳統風險是不透明的、異質的、離散的。

On the other hand, digital risk is transparent, it's homogeneous, it's continuous. You can go to our website and we update the risk model every 15 seconds. And so it is completely continuous. We update the price of Bitcoin. We update the volatility of Bitcoin on a continuous basis. We update the BTC ratings.

另一方面，數字風險是透明的、同質的、持續的。您可以造訪我們的網站，我們每 15 秒更新一次風險模型。因此，它是完全連續的。我們更新比特幣價格。我們會持續更新比特幣的波動性數據。我們更新了比特幣評級。

You can plug in your statistical models into them. And of course, all the risk is based upon the year outlook of BTC ARR, BTC vol, BTC price and BTC rating. So digital risk is something where you don't have to wait for a year for a credit rating agency to publish a new report to tell you whether your favorite airline or your favorite restaurant chain is riskier or less risky. With digital risk, you can literally plug into the website and you can recalibrate and calculate your risk every 15 seconds on Saturday morning, and that's a big upgrade.

你可以將你的統計模型匯入其中。當然，所有風險都基於比特幣年度經常性收益 (ARR)、比特幣交易量、比特幣價格和比特幣評級的年度展望。因此，數位風險是指你無需等待一年才能等到信用評級機構發布新的報告，就能知道你最喜歡的航空公司或你最喜歡的連鎖餐廳的風險是更高還是更低。借助數位風險管理，您可以直接登入網站，每隔 15 秒（週六早上）重新校準併計算您的風險，這是一個很大的進步。

Now there's a third innovation in digital credit. Our third innovation is we don't just -- all credit is not created equal. We don't just issue debt. Debt is credit. Bank deposits are credit. When a bank takes your money, they're creating credit and your bank account pays you whatever they pay you.

現在，數位信貸領域又出現了第三項創新。我們的第三項創新是──並非所有的功勞都一樣。我們不僅僅是發行債券。債務即信貸。銀行存款屬於信貸。當銀行收取你的錢時，他們就創造了信用，而你的銀行帳戶會將他們支付給你的金額回饋給你。

When you put money in a money market, it's credit. Of course, junk bonds, sovereign debt, mortgage-backed bonds, they're credit, but their debt. And debt and deposits or liabilities, they amplify risk. If there's a run on the bank, people withdraw their deposits, right. You're going to have a collapse of the entire banking system.

當你把錢投入貨幣市場時，那就是信用。當然，垃圾債券、主權債務、抵押貸款支持債券，它們都是信用，但它們是債務。債務、存款或負債都會加劇風險。如果發生擠兌，人們就會提取存款，對吧。整個銀行體系將會崩潰。

When the debt comes due, when your three-year note comes due, when you get to month 34, everybody goes crazy and loses their mind because the capital is getting called away from you, right? If you have a bad quarter in the 12th quarter and you've got four-year debt, you amplify risk, the equity collapses people go crazy.

當債務到期時，當你的三年期票據到期時，當你到了第 34 個月時，每個人都會瘋狂，失去理智，因為你的資金要被收回了，對吧？如果第 12 季業績不佳，而你背負著四年債務，風險就會放大，股票價格暴跌，人們會陷入瘋狂。

What we've done is use preferred equity. It's not debt. Some of those people think, okay, well, it's a liability. It's equity. It's actually counted as -- preferred equity is equity on the balance sheet, it's not debt. It's an asset, not a liability. And so therefore, it mitigates risk.

我們所做的就是利用優先股。這不是債務。有些人認為，好吧，這確實是一種負擔。這是公平。實際上，優先股在資產負債表上屬於權益，而不是債務。這是資產，不是負債。因此，它可以降低風險。

How does it mitigate risk? Well, I mean, the first obvious way of mitigate risk is when you sell $1 billion of bonds, you have to pay them back in 5 years or 7 years or 3 years. When you sell $1 billion of preferred stock, you never pay it back. So there's $1 billion of refinance risk that just goes away.

它如何降低風險？嗯，我的意思是，降低風險的第一個顯而易見的辦法是，當你出售 10 億美元的債券時，你必須在 5 年、7 年或 3 年內償還這些債券。當你出售價值 10 億美元的優先股時，你永遠不需要償還這筆錢。這樣一來，就有了10億美元的再融資風險消失了。

The second way that it mitigates risk is that the dividends are approved by the Board, they're not coupons. You miss $1 million of coupon payments, you're in default. Whereas if you're short $1 million of a dividend payment, you can suspend $1 million, you're not in default. So you could think about preferred equity is permanent capital and shock absorbers to the business model of the company. And therefore, digital credit based on preferred equity is dramatically better than digital credit or credit that's based upon debt or deposits.

降低風險的第二種方法是，股利是由董事會批准的，而不是票息。如果你錯過了 100 萬美元的優惠券付款，你就違約了。但是，如果你少付了 100 萬美元的股息，你可以暫停支付 100 萬美元，你不會違約。所以你可以把優先股看成是公司的永久資本和商業模式的避震器。因此，基於優先股的數位信貸比基於債務或存款的數位信貸或信貸要好得多。

The fourth innovation is, we didn't just issue preferred equity, we issued perpetual preferred equity. Sometimes banks or issuers issue equity, which has got a three-year life or a five-year life for a refinance option or a call option or a put option that creates some sort of refinance risk or withdrawal risk.

第四項創新是，我們不僅發行了優先股，也發行了永續優先股。有時銀行或發行人會發行股票，其期限為三年或五年，用於再融資選擇權、買權或看跌期權，從而產生某種再融資風險或撤回風險。

But when you have a perpetual equity, it is permanent capital, right? Your bank might have $100 billion that's overnight money. Someone can take the $100 billion away from them. You have $100 billion of debt at your airline, it's going to be taken away from you in 3 to 5 years. When we have $100 billion of preferred equity, we have it forever, like forever 1,000 years. It just goes on and on and on.

但是，如果擁有永續權益，那就是永久資本，對吧？你的銀行可能有1000億美元的隔夜資金。有人可能會把他們那1000億美元奪走。你的航空公司負債1000億美元，這筆錢將在3到5年內被收回。當我們擁有 1000 億美元的優先股時，我們就永遠擁有它，就像永遠擁有 1000 年一樣。就這樣沒完沒了地持續下去。

Perpetual life. When you have permanent capital, you can make indefinite investments. We can buy Bitcoin to hold for 100 years, if we have capital for 100 years. When you have a 5-year junk bond, you can't make a decision that's going to -- the truth is you have to have decisions that are no longer than like 2 or 3 years because you have to keep rolling them because of the refinance and the withdrawal risk. So the perpetual life of the instruments is the fourth big innovation.

永生。當你擁有永久資本時，你就可以進行無限期的投資。如果我們有足夠資金維持100年，我們就可以購買比特幣並持有100年。當你持有 5 年期垃圾債券時，你不能做出任何可能造成損失的決定——事實上，你必須做出不超過 2 或 3 年的決定，因為你必須不斷展期，以應對再融資和贖回風險。因此，儀器的永續使用壽命是第四個重大創新。

The fifth big innovation is that we took these securities public. This is public credit. A lot of times, people sell their credit instruments by a 144A offerings to a private market. It's like I sold it to 50 investors and they're traded over the counter. Those are illiquid. They're unbranded.

第五項重大創新是我們將這些證券上市了。這是公共信用。很多時候，人們透過 144A 發行將自己的信用工具出售給私人市場。就像我把它賣給了 50 位投資者，然後在場外進行交易一樣。這些產品流動性差。它們沒有品牌識別。

Can anybody name the 17th tranche of bank credit sold by one of the large banks in the US. They have CUSIP numbers. They're traded on Bloomberg's between 37 counterparties and they all know each other. So it's unbranded, it's illiquid, it's local, it's very difficult to buy it even if you wanted to buy it. You would need a professional money manager to even find it for you or buy it for you.

有人能說出美國某大型銀行發行的第17批銀行信貸的名稱嗎？它們都有CUSIP編號。它們在彭博交易所進行交易，交易對手有 37 家，而且他們彼此都認識。所以它是無品牌產品，流動性差，是本地產品，即使你想買也很難買到。你需要專業的理財經理才能幫你找到或購買它。

When you do, there would be 300 basis point credits or bid spreads, very big spreads. The thing traded last two weeks ago. That's the problem with private credit. Public credit like SDRC, it's liquid. I mean it traded nearly $100 million today in the market. It's branded, it's got a name, Stretch. It's global. You can buy it if you're in the UK from your retirement account. It's easy to access.

這樣做的話，就會出現 300 個基點的買賣價差，價差非常大。兩週前交易的那件東西。這就是私人信用的問題所在。像SDRC這樣的公共信貸，流動性很強。我的意思是，它今天在市場上的交易額接近1億美元。它有品牌，它有名字，叫 Stretch。它是全球性的。如果你在英國，你可以用你的退休帳戶購買。它很容易獲取。

You can buy it on Robinhood. You can buy it on Schwab. And so public securities become public brands. And if you're going to buy a credit instrument, what would you rather have a credit instrument that's traded by 12 funds in Italy that know each other or would you rather have a credit instrument that's held by tens or hundreds of thousands of investors worldwide that I'll refer to it by the name Stretch.

你可以在 Robinhood 上購買。你可以在嘉信理財（Schwab）上購買。因此，上市證券就變成了公眾品牌。如果你要買一種信用工具，你寧願選擇由義大利 12 家彼此認識的基金交易的信用工具，還是選擇由全球成千上萬的投資者持有的信用工具（我稱之為 Stretch）。

And if it ever gets mispriced or it gets undervalued, they're going to leap in and they're going to put lots of money behind it. When we did the IPO of Stretch, we priced it at $90, we said we're targeting par $100. There were individual investors that bought $250 million of that instrument, $250 million, right? The value of a public security, a public credit instrument, is if someone goes wacky, crazy and decides they want to misprice it, there are people that will walk in and they'll buy $50 million or $100 million or $500 million to fix the market because they can. That does not happen in private credit markets. And so public branded global securities are just better.

如果它的價格出現偏差或被低估，他們就會蜂擁而至，投入大量資金。當初我們對 Stretch 進行 IPO 時，定價為每股 90 美元，我們當時的目標是達到每股 100 美元的面值。有個人投資者購買了價值 2.5 億美元的該工具，2.5 億美元，對吧？公共證券，即公共信用工具的價值在於，如果有人精神錯亂，決定操縱其價格，就會有人走進來，購買 5000 萬美元、1 億美元甚至 5 億美元來操縱市場，因為他們有能力這樣做。這種情況不會發生在私人信貸市場。因此，上市的全球品牌證券較好。

Let's go to the next innovation. Digital creation. Ask yourself, how long does it take for a bank to create $1 billion worth of home mortgages? How long does it take to issue thousand $100 million loans? It's very difficult. It's very -- it's slow, it's expensive, it's labor intensive.

讓我們來看看下一項創新。數位創作。捫心自問，一家銀行需要多長時間才能發放價值 10 億美元的房屋抵押貸款？發放數千筆1億美元貸款需要多長時間？這非常困難。它非常——速度慢、成本高、勞力密集。

So the creation of traditional credit is very hard. The reason that you have banks with 37 floor buildings that have 27,000 people in them is because the creation of credit is expensive and difficult. On the other hand, we can create $1 million of credit, $10 million of credit, $100 million of credit or $1 billion of credit in 60 seconds on any given trading day.

因此，建立傳統信用體系非常困難。銀行之所以擁有 37 層樓高的摩天大樓，容納 27,000 名員工，是因為創造信貸既昂貴又困難。另一方面，在任何交易日，我們可以在 60 秒內創造 100 萬美元的信貸、1000 萬美元的信貸、1 億美元的信貸或 10 億美元的信貸。

It's all automated. It's efficient, it's instant. So digital creation makes this completely scalable, right? We have a very scalable business model. And you can understand why if someone wanted to buy $10 billion of commercial credit backed by airplanes, it's kind of hard to create the airplanes to back to $10 billion. You can't just create the airplanes in 60 seconds. But we can buy $10 billion a Bitcoin to back $10 billion of digital credit, and we can do it contemporaneous with the demand. So that's the sixth advantage of digital credit.

一切都是自動化的。它高效便捷，立竿見影。所以數位化創作讓這一切變得完全可以規模化，對吧？我們擁有極具擴展性的商業模式。你可以理解，如果有人想購買價值 100 億美元的以飛機為抵押的商業信貸，那麼要製造出價值 100 億美元的飛機是非常困難的。你不可能在60秒內造出這些飛機。但我們可以用 100 億美元購買 1 個比特幣來支援 100 億美元的數位信用，而且我們可以在需求出現時同時購買。所以，這就是數位信貸的第六個優勢。

Let's go to the last point. The last point is traditional credit is taxable whether it's fully taxable as a debt instrument or it's partially taxable as a qualified dividend. Digital credit is tax deferred income, right? We pay ROC dividends. We pay ROC dividends because of the business model because we have digital capital as the underlying asset because we have a digital treasury company and a digital treasury company business model, we pay ROC dividends and ROC dividends are profound competitive advantage for the credit issuer and for the credit investor.

我們來看最後一點。最後一點是，傳統信貸是需要繳稅的，無論是作為債務工具完全徵稅，還是作為合格股息部分徵稅。數位信貸屬於延稅收入，對嗎？我們支付ROC股息。我們支付 ROC 股息是因為我們的商業模式，因為我們擁有數位資本作為基礎資產，因為我們擁有一家數位財資公司和數位財資公司的商業模式，我們支付 ROC 股息，而 ROC 股息對於信貸發行人和信貸投資者來說是巨大的競爭優勢。

Let's go on. Next slide. Here, you can see the value of the Bitcoin treasury model. We have created a flywheel. It's a scalable, tax-efficient fixed income generator. You issue digital equity and digital credit that's tax deferred. We pay dividends on that credit, they're tax deferred. We purchase Bitcoin with those proceeds, and we hold it indefinitely, that's tax deferred, right?

我們繼續。下一張投影片。在這裡，你可以看到比特幣國庫模型的價值。我們製造了一個飛輪。它是一種可擴展、節稅的固定收益產生器。您發行可延稅的數位股權和數位信貸。我們會就該筆信貸支付股息，而且股息是延期納稅的。我們用這些收益購買比特幣，並無限期持有，這樣可以延稅，對吧？

So it's a triple tax deferred business model, scalable, new, never been seen in the history of the capital markets. That's why it will take people a while to get their head around it, but it really is a beautiful instrument once you understand it.

所以這是一個三重延稅商業模式，可擴展，新穎，在資本市場歷史上從未出現過。所以人們需要一段時間才能理解它，但一旦你理解了它，它確實是一種非常優美的樂器。

Let's go to the next slide. This digital treasury model allows us to create a digital credit factory. If you look at the company, what we're doing is we're manufacturing USD yield for credit investors and we're delivering them that yield in the form of ROC dividend. So we're generating tax deferred dividend yields in USD, and they're giving us capital.

我們來看下一張投影片。這種數位國庫模式使我們能夠創建一個數位信貸工廠。如果你仔細觀察這家公司，你會發現我們正在為信貸投資者創造美元收益，並以 ROC 股息的形式向他們提供這種收益。因此，我們獲得了以美元計價的延稅股息收益，而他們則為我們提供了資金。

We are then buying Bitcoin with that capital. So we are funding the crypto economy. So the crypto economy is a 750 million people that are growing by millions every day that believe in pure global finance and they're engaged in everything under the sun and 1,000 exchanges. So we fund that economy, and they return to us Bitcoin. And Bitcoin is 121 million-th of all of the capital in that economy.

然後我們用這筆資金購買比特幣。所以，我們其實是在為加密經濟提供資金。所以，加密經濟擁有 7.5 億人口，而且每天還在以數百萬的速度成長，他們相信純粹的全球金融，並參與到各種各樣的活動中，涉及 1000 多個交易所。所以我們為這個經濟體提供資金，而他們則以比特幣的形式回報我們。而比特幣僅佔該經濟體全部資本的1.21億分之一。

And so the credit investors get their yield, we get our Bitcoin and then we're shipping and delivering BTC yield to the equity investors. So the equity investors want to outperform Bitcoin. And so the equity investors get amplified BTC exposure, which you can quantify via BTC yield. The credit investors, they get their USD yield.

這樣一來，信貸投資者獲得了收益，我們獲得了比特幣，然後我們將比特幣收益交付給股權投資者。所以股票投資者希望獲得比比特幣更好的收益。因此，股權投資者獲得了更大的比特幣曝險，這可以透過比特幣收益率來量化。信貸投資者可以獲得美元收益。

The equity investors, they're getting tax deferred growth. The credit investors get tax deferred dividends. It all creates a very powerful feedback loop. And our long-term forecast as Bitcoin outperforms the S&P, I expect it will go up 30% over a year for the next 20 years. So we're generating BTC NAV growth, and we're generating operating income and that is tax deferred. And so it's a very powerful business model once you understand it.

股權投資者可以獲得稅收遞延成長。信貸投資者可獲得延稅股利。這一切形成了一個非常強大的回饋循環。由於比特幣的長期表現優於標普500指數，我們預期未來20年比特幣將每年上漲30%。因此，我們實現了比特幣淨值成長，也實現了營運收入，而且這些收入是可以延稅的。所以，一旦你了解它，它就變成了一種非常強大的商業模式。

Let's go to the next slide. If you want to quantify ROC dividends a little bit better. If you actually have a $100 instrument, $100 credit instrument that pays you 10% at par. If you reinvest those dividends every quarter, and it's a taxable dividend or it's a taxable coupon at 37% tax rate, and that's what a bond would be or a money market or a corporate bond or a junk bond, you're going to have $187 at the end of the 10 years.

我們來看下一張投影片。如果您想更精確地量化 ROC 收益。如果你實際上有一張面值 100 美元的票據，一張面值 100 美元的信用票據，按面值支付你 10% 的利息。如果你每季將這些股息再投資，並且它是應稅股息或按 37% 的稅率徵稅的票息（例如債券、貨幣市場基金、公司債券或垃圾債券），那麼 10 年後你將得到 187 美元。

If you get that payment in a qualified dividend and you pay a 20% tax rate, you're going to have $221 at the end of the 10 years, so it's 18% more. And of course, if you receive those dividends as ROC dividends and reinvest the ROC dividends every quarter for 10 years, you're going to end up with $269 at the end of the period, that's 44% more.

如果你以合格股息的形式獲得這筆款項，並且以 20% 的稅率繳納稅款，那麼 10 年後你將得到 221 美元，比之前多 18%。當然，如果您以 ROC 股息的形式收到這些股息，並在 10 年內每季將 ROC 股息再投資，那麼到期末您將獲得 269 美元，比之前多 44%。

So clearly, ROC dividends are compelling for the investor, and they get more compelling as you live in a higher tax jurisdiction, and as the tax rates go up, they get even more compelling.

因此很明顯，ROC 分紅對投資者來說很有吸引力，而且隨著你居住在稅收較高的地區，ROC 分紅的吸引力也會越來越大，稅率越高，ROC 分紅的吸引力就越大。

Let's go to the next slide. So digital credit opportunities, how do you break this down?

我們來看下一張投影片。那麼，數位信貸機會究竟該如何劃分呢？

Next, this is Stretch versus every other credit instrument in the United States on average. While you can see a Stretch is offering 16.5% tax equivalent yield, the hottest thing in traditional credit is private credit, it's 7.6%; investment-grade bonds, 4.7%; money markets, 4.1%; commercial paper, 3.9%; your bank account, 40 basis points.

接下來，我們將比較 Stretch 與美國所有其他信貸工具的平均表現。雖然您可以看到 Stretch 提供了 16.5% 的稅收等效收益率，但傳統信貸中最熱門的是私人信貸，收益率為 7.6%；投資級債券為 4.7%；貨幣市場為 4.1%；商業票據為 3.9%；您的銀行帳戶為 40 個基點。

So what you can see is stretches offering more than double anything in the traditional credit market, but it looks sort of like 4 times better in the US Let's think about all the digital credit instruments. What you see here is that digital credit is simply superior to conventional credit like the worst instrument or the lowest yielding instrument we have, STRF, Strife, a tax equivalent yield of 14.4%, it's double the best thing in the traditional credit market. Stretch is quadruple, Stride is 5 times what you'll get from a money market; and Strike is even higher after you adjust for the equity component.

所以你可以看到，信用卡提供的利率是傳統信貸市場的兩倍多，但在美國，情況似乎要好4倍。讓我們想想所有的數位信貸工具。您可以看到，數位信貸明顯優於傳統信貸，例如我們擁有的最差或收益最低的工具——STRF（Strife），其稅收等效收益率為 14.4%，是傳統信貸市場中最佳產品的兩倍。Stretch 是貨幣市場基金的四倍，Stride 是貨幣市場基金的五倍；在調整權益成分後，Strike 甚至更高。

So you can see these numbers are off the charts, and it's going to take a while for credit investors and for the market in general to adjust and digest this, but we believe the digital credit is the killer app of digital capital, and we believe that the most compelling business model is a digital treasury company built on digital capital issuing digital credit, and this chart shows you why.

所以你可以看到這些數字已經超出了圖表範圍，信貸投資者和整個市場都需要一段時間來調整和消化這些數字，但我們相信數字信貸是數字資本的殺手級應用，我們相信最引人注目的商業模式是建立在數字資本基礎上發行數字信貸的數字財資公司，這張圖表向你展示了原因。

Now this is the US. The US has the highest risk-free rates in the Western world. So let's look at the next chart. What I'm showing you here is the Stretch rate, it's our short duration sort of 1-month adjusting credit instrument versus the 1-month rate for the US dollar and then let's look at the currency in Australia, it's 3.5%; Canadian 1-month rate is 2.7%; Korean won, 2.5%; European, 1.9% and falling; Singapore, 1.4% JPY; the yen is 50 basis points; and the Swiss franc is negative.

這就是美國。美國擁有西方世界最高的無風險利率。接下來我們來看下一張圖表。我在這裡向您展示的是展期利率，這是我們短期（類似1個月）調整信用工具的利率，與美元1個月利率進行比較。然後我們來看看澳元，利率為3.5%；加幣1個月利率為2.7%；韓元為2.5%；歐元為1.9%且正在下降；新加坡元為1.4%；日元為50個基點；瑞士法郎為負值。

So what you might take away from this is that we have an opportunity not just in the US, but in the Middle East and Great Britain in Australia and Canada and Korea and everywhere in Europe, in Singapore, in Japan and in Switzerland, and we're studying each of these markets, and we're thinking very hard because we can create a digital credit instrument in Great British pound or in Canadian or in euros or in Swiss franc.

所以，你可以從中了解到，我們不僅在美利堅、中東、英國、澳洲、加拿大、韓國、歐洲各地、新加坡、日本和瑞士都有機會，我們正在研究每個市場，並且非常認真地思考，因為我們可以創建以英鎊、加幣、歐元或瑞士法郎計價的數位信用工具。

So we create the currency we want. We put the appropriate amount of risk on it. we strip away the duration and then we start selling pure yield. That is the compelling use case. And so are we on a mission Yes. We're on a mission. We're on a mission to basically give everybody a bank account that yields 10% or in this case, a money market that yields 16.5% tax equivalent, right?

於是我們創造了我們想要的貨幣。我們承擔了適當的風險。我們剔除了久期，然後開始出售純收益。這就是它令人信服的應用場景。是的，我們也是肩負使命。我們肩負著一項使命。我們的目標是讓每個人都能擁有一個收益率為 10% 的銀行帳戶，或者在這個例子中，一個收益率相當於稅收收益 16.5% 的貨幣市場帳戶，對吧？

We want to change people's view toward money, change their view toward credit. And it's not very complicated to figure out why you might want to do it, and I don't think it will be complicated for people to figure out why they might want to own these instruments.

我們想改變人們對金錢的看法，改變他們對信用的看法。弄清楚你為什麼想這樣做並不複雜，而且我認為人們也很容易明白他們為什麼想擁有這些樂器。

Next slide. Let me just end with an observation. We're in the business of creating digital equity by harnessing digital capital and using the digital capital to create digital credit instruments. So the equity MSTR is digital equity. If you want amplified BTC because you kind of want to enhanced exposure to digital capital and you want exposure to digital credit, then you would buy the equity. The price you'll pay is 62 It will be very volatile.

下一張投影片。最後，我想補充一點看法。我們的業務是透過利用數位資本來創造數位股權，並利用數位資本來創建數位信貸工具。所以，MSTR 股權就是數位股權。如果你想要獲得放大版的比特幣，因為你想要增加對數位資本和數位信貸的曝險，那麼你就會購買股權。你將支付的價格是 62，價格波動會非常劇烈。

Now the next option you have is Bitcoin. And so let's look at that. If what you want is to strip away the counterparty risk and the currency risk, right, and you want a long-term store value, you don't buy the equity, you buy BTC, and that's 42.

接下來你可以選擇比特幣。那麼，讓我們來看看。如果你想消除交易對手風險和貨幣風險，對吧？而且你想要長期的價值儲存，那你不買股票，而是買比特幣，價格是 42。

Now what if you want a mixture of upside and quarterly income, you would buy Strike 28 If you just want to maximize your cash flows, then you would buy STRD, 16 And if your idea is you want the highest seniority and the greatest degree of investor protection, then you would go to Strife and you get a lower one.

如果你想要兼顧上漲空間和季度收益，你可以購買 Strike 28。如果你只想最大化現金流，那麼你可以購買 STRD 16。如果你想要最高的優先權和最大程度的投資者保護，那麼你可以選擇 Strife，它會給你較低的優先權。

And then the final option, of course, is -- if you're looking for stability, simplicity and minimal volatility, you go to a treasury credit instrument, which is SDRC, Stretch. And when you put all these things on the same chart, I think it becomes pretty clear what we're doing and why we're doing it.

當然，最後一個選擇是——如果您追求穩定性、簡單性和最小的波動性，您可以選擇國債信用工具，即 SDRC 或 Stretch。當你把所有這些事情放在同一張圖表上時，我認為我們很清楚地知道我們在做什麼以及我們為什麼要這樣做。

And every one of these instruments is aimed at a different type of investor. We couldn't create the credit without the equity and without the capital. And of course, they're all reflective, right? The more credit we sell, the better it is for BTC and for the equity. And as the equity appreciates, that's good for the credit, and that's good for BTC and as Bitcoin appreciates, that's good for the credit, that's good for the equity. So it's a very elegant business. We're very blessed and we feel honored to have the opportunity and couldn't be more excited about it.

每一種投資工具都針對不同類型的投資者。沒有股權和資本，我們就無法創造信貸。當然，它們都具有反光性，對吧？我們出售的信貸越多，對BTC和股權就越有利。隨著股權升值，這對信貸有利，對比特幣有利；隨著比特幣升值，這對信貸有利，對股權也有好處。所以，這是一家非常優雅的企業。我們感到非常幸運和榮幸能有這樣的機會，對此我們感到無比興奮。

Let's go to the next slide. So what I would say here is if you're not sure what you want, and you've listened to me so far, then you want Stretch, right? For those people that aren't sure what they think about Bitcoin or how they feel about the company or digital credit or anything, right, the simplest idea is 10.5% dividends paid monthly for those who like money, that's simple.

我們來看下一張投影片。所以我想說的是，如果你還不確定自己想要什麼，而且你一直聽我講，那你想要的是 Stretch，對吧？對於那些不確定自己對比特幣的看法，或者對這家公司、數位信用或其他任何事物的感覺的人來說，最簡單的想法就是每月支付 10.5% 的股息，這對於那些喜歡錢的人來說就很簡單。

You like money, you trust the company, but you don't understand anything else, you collect 10.5% dividends, they're tax deferred, they're paid monthly, tell your friends.

你喜歡錢，你信任這家公司，但你對其他一切都不了解，你可以獲得 10.5% 的股息，這些股息可以延期納稅，按月支付，告訴你的朋友。

And I'll just end with our last slide, which is our principles, and I want to remind everybody, our principles are to buy Bitcoin, hold Bitcoin, treat all our investors with respect, prioritize the equity, generate positive yield, innovate with fixed income securities, maintain a healthy robust balance sheet, promote global adoption of BTC as a treasury reserve asset. And I want to thank everybody for your time and also for your support. We couldn't do it without you. Thank you.

最後，我將以最後一張投影片結束，這是我們的原則。我想提醒大家，我們的原則是：購買比特幣，持有比特幣，尊重所有投資者，優先考慮股權，創造正收益，在固定收益證券方面進行創新，保持健康穩健的資產負債表，促進比特幣在全球範圍內作為國庫儲備資產得到廣泛應用。我還要感謝大家抽空，也感謝大家的支持。沒有你們，我們做不到。謝謝。

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

謝謝你，麥可。現在我們將進入網路研討會的互動問答環節。我想邀請所有參與問答環節的嘉賓進行視訊連線，我們期待聽到你們的問題。我們一個一個來。我會叫到你們的名字，你們可以向管理團隊提問。

For the first question, I would like to invite Andrew Harte, our research analyst from BTIG. Andrew?

對於第一個問題，我想邀請BTIG的研究分析師Andrew Harte。安德魯？

Hey Jim, thanks for having me on. I appreciate all the details in the presentation as always. So a lot of our investor questions are focused on the company's ability to pay dividends, especially as the preferred equity strategy continues to grow. Can you just shed some additional color and light on plans to fund those dividends? And then if there was a period where the mNAV compressed or was even below 1 times, how could that plane potentially change?

嗨，吉姆，謝謝你邀請我來。一如既往，我很欣賞簡報中的所有細節。因此，投資人提出的許多問題都集中在公司支付股息的能力上，尤其是在優先股策略持續成長的情況下。能否再詳細說明一下這些股利的資金籌措計畫？那麼，如果 mNAV 壓縮甚至低於 1 倍，飛機可能會如何變化？

Yeah, I can cover this one. And Andrew talked about this a little bit earlier. Right now, our dividends and interest on our convertible notes totaled $689 million annually and our primary strategy when our mNAV is above 1 is to fund that through ATM issuances.

是的，我可以回答這個問題。安德魯之前也稍微談到這一點。目前，我們可轉換債券的股息和利息總額每年為 6.89 億美元，當我們的 mNAV 高於 1 時，我們的主要策略是透過 ATM 發行債券來籌集資金。

And just to remind everybody, in the last 12 months, we've issued about $27 billion of equity, which means that that's about the $650 million-or-so, it's about 2.6% of how much equity we've raised. So we clearly have the ability to raise equity to cover our dividend payments and our interest.

提醒大家一下，在過去的 12 個月裡，我們發行了約 270 億美元的股權，這意味著這大約 6.5 億美元，約占我們籌集股權總額的 2.6%。因此，我們顯然有能力籌集股權來支付股利和利息。

Now the big question is what happens when it becomes dilutive to shareholders to issue equity and when we're below 1 times and NAV or if we go below 1 times, what would we do? And there are other things that we've explored and talked about, we would -- we could sell equity derivatives. We could sell bitcoin derivatives, and we could sell high basis Bitcoin to cover our dividend needs for our preferreds.

現在最大的問題是，當發行股票會稀釋股東權益，或者當我們的市淨率低於 1 倍時，我們該怎麼辦？我們也探討和討論過其他一些事情，例如——我們可以出售股票衍生性商品。我們可以出售比特幣衍生性商品，也可以出售高基差比特幣來滿足我們優先股的股利需求。

What's important when we do those things, and we've talked about it, is we want to preserve the rock dividends on our preferreds, so we'd have to do them in ways that are avoid positive tax E&P right? We wouldn't do things like sell equity or Bitcoin derivatives that would cause our E&P to be above zero. We are able to sell high basis Bitcoin potentially at a loss and cause negative E&P and offset that with other Bitcoin that would cause positive E&P. We wouldn't sell the software business.

當我們做這些事情的時候，重要的是（我們也討論過），我們希望保留優先股的股息，所以我們必須以避免產生正稅收盈餘和利潤的方式來做這些事情，對吧？我們不會做出售股票或比特幣衍生品之類的事情，以免我們的勘探與生產淨利潤超過零。我們能夠以高基差出售比特幣，可能會虧損，導致負盈虧，然後用其他比特幣來抵消虧損，從而產生正盈虧。我們不會出售軟體業務。

I know there are questions about that because that would cause income and positive E&P. And so we want to preserve the rock dividends, the preferable tax deferred treatment of our preferreds. So those are some of the things that we would do in that scenario. We don't anticipate that scenario, but we do have plans in place.

我知道這方面有一些疑問，因為這會帶來收入和正的盈餘和利潤。因此，我們希望保留優先股的股息，以及優先股享有的稅收遞延優惠待遇。所以，在那種情況下，我們會採取這些措施。我們預計不會發生這種情況，但我們確實有相應的計劃。

Thank you. For the next question, I'd like to invite Pierre Rochardt.

謝謝。下一個問題，我想邀請皮埃爾·羅查特。

Hey, thank you for organizing this and thank you for the invitation. It was mentioned that there would be marketing and advertising around the preferreds. What do you anticipate that expense looking like and what the return on investment would be for those efforts?

嘿，謝謝你組織這次活動，也謝謝你的邀請。據稱，將圍繞這些優選產品進行行銷和廣告宣傳。您預計這筆費用會是多少？這些投入的回報會是多少？

I can cover that. We're just starting to get into this. Actually, you saw one of our advertisements for those who like money Stretch, right? And so we'll start to experiment with paid advertising on platforms like an X or YouTube.

我可以負責這件事。我們才剛開始接觸這個領域。實際上，你看過我們為喜歡理財的人做的廣告，對吧？因此，我們將開始在 X 或 YouTube 等平台上嘗試付費廣告。

I think whatever the expenses it would be quite minimal compared to the increased inflows that we hope to drive into our preferreds, right? And I think we've gone through in the past we're able to raise an incremental $1 billion in our preferred. We immediately turn around by Bitcoin, and that's immediately accretive to Bitcoin yield and Bitcoin per share.

我認為無論支出多少，與我們希望吸引到我們偏好的投資中的資金流入相比，都將是微不足道的，對吧？我認為，根據我們過去的經驗，我們能夠額外籌集 10 億美元的優先股資金。我們立即轉向比特幣，這將立即提高比特幣收益率和比特幣每股價格。

I don't expect we're going to spend a ton of money upfront to all experiment, see what are the right channels and what causes what causes people to wake up and understand the Bitcoin credit machine that we have.

我不認為我們會預先投入大量資金進行各種試驗，看看哪些管道是正確的，以及什麼能讓人們醒悟過來，理解我們所擁有的比特幣信貸機制。

And then in addition to just digital marketing, we're out meeting with investors, meeting with potential investors quite a bit now. And I think there's just an about a feet on the street between Mike, myself, Andrew, Sharish, CJ and the entire team.

除了數位行銷之外，我們現在也經常與投資者和潛在投資者會面。我覺得麥克、我、安德魯、沙裡什、CJ 和整個團隊之間，在街上大概只有一英尺的距離。

Yeah, I would just piggyback on that by saying I just spent a lot of time in the Schwab studios and recording content to go on the Schwab network. I was in Vegas at Money 2020. I was in Austin at a credit conference. I'll be in Naples, Palm Beach. Got a big road show throughout the Middle East for 1.5 weeks coming up. So there's a lot of outreach. We get invited to speak at a lot of conferences.

是的，我還要補充一點，我最近花了很多時間在 Schwab 工作室錄製內容，準備在 Schwab 網路上播出。我當時在拉斯維加斯參加了2020年的Money大會。我當時在奧斯汀參加一個信貸會議。我會在內普爾斯和棕櫚灘。接下來一周半將在中東地區進行大型巡迴演出。所以有很多宣傳推廣工作要做。我們經常受邀在各種會議上發言。

We also get invited to speak on television, right? So some of the better marketing channels is just go on Bloomberg, go on Fox, go on CNBC. And I think that the difference between what we're doing now and what we're doing a year ago is a year ago, people said, well, what is Bitcoin, is it going away and can you sell me on Bitcoin?

我們也會被邀請上電視節目演講，對吧？所以一些比較好的行銷管道就是上彭博社、福斯新聞頻​​道、CNBC。我認為我們現在所做的事情與一年前所做的事情之間的區別在於，一年前，人們會問，什麼是比特幣？它會消失嗎？你能向我推銷比特幣嗎？

Now we're beyond the Bitcoin going away. Everybody has embraced it as digital gold. Now when we go on Bloomberg or Fox or CNBC, we're saying, Stretch, it's 10.5% dividend tax deferred. You might want to check it out. So we have -- by the way, you know how I used to say it takes like 1,000 hours to understand Bitcoin or 100 hours to figure this out. It doesn't take that many hours to figure out that some of that yields 10.5% tax deferred is better than your existing money market or bank account.

現在我們已經過了比特幣會消失的階段了。大家都把它視為數位黃金。現在，當我們在彭博社、福克斯新聞或CNBC上看到這些報道時，我們會說，Stretch，這是10.5%的股息稅收遞延。你或許想看看。所以我們有——順便說一句，你知道我以前常說，要理解比特幣需要 1000 個小時，而要弄清楚這件事只需要 100 個小時。不用花太多時間就能明白，有些收益率為 10.5% 且可延稅的投資比你現有的貨幣市場帳戶或銀行帳戶要好。

So we've got simpler messages, and we're taking them to every channel. We will try We don't think we can sell the Bitcoin message in 30 seconds to 70-year-old conservative traditional retirees. But we do think that we can sell Stretch in 15 seconds or 30 seconds to military retirees live happily ever after. And we know this anecdotally because it's happening everywhere we go, everybody we talk to.

所以我們採用了更簡潔的訊息，並且正在透過各種管道進行傳播。我們會嘗試。但我們認為無法在 30 秒內向 70 歲保守的傳統退休人士推銷比特幣的概念。但我們認為，我們可以在 15 秒或 30 秒內將 Stretch 賣給退伍軍人，讓他們從此過著幸福快樂的生活。我們之所以知道這一點，是因為我們無論走到哪裡，無論與誰交談，都會遇到這種情況。

It's the simplest product for us to explain. It's hard to sell convertible bonds, it's hard to sell 30-year crypto bonds, it's hard to sell Bitcoin to the rank and file. But everybody wants a bank account that pays 10% that you don't have to pay tax on. So we're going to work every possible marketing channel in order to get the word out.

這是我們最容易解釋的產品。可轉換債券很難賣出去，30 年期加密貨幣債券很難賣出去，比特幣也很難賣給一般民眾。但每個人都想要一個能帶來 10% 利息收入且無需繳稅的銀行帳戶。所以我們將利用一切可能的行銷管道來宣傳推廣。

And the good news there is we're getting an avalanche of request to speak. Everybody wants to talk to us now. right? So just around the time that everybody wants to interview us, everybody wants to talk to us, we have the simplest message, you can put it in 30 seconds. And so it's a very exciting time for marketing.

好消息是，我們收到了大量的演講邀約。現在每個人都想跟我們說話，對吧？所以就在大家都想採訪我們、大家都想和我們交談的時候，我們想傳達一個最簡單的訊息，你可以在 30 秒內說完。因此，對於行銷而言，這是一個非常令人興奮的時代。

Thank you, Pierre. For the next question, I'd like to invite Mark Palmer, our research analyst from Benchmark.

謝謝你，皮埃爾。下一個問題，我想邀請來自 Benchmark 的研究分析師 Mark Palmer。

Yeah, thanks and thanks for taking my questions. We have already seen the beginnings of consolidation within the digital asset treasury space. Is there a circumstance under which strategy would step into the market as an acquirer of a Bitcoin treasury company that was trading at a materially lower mNAV in a transaction that would be, by definition, accretive as a means of accelerating its acquisition of Bitcoins?

好的，謝謝，也謝謝你回答我的問題。我們已經看到數位資產財資領域開始出現整合的跡象。是否存在這樣一種情況：一家比特幣國庫公司以遠低於其市值（mNAV）的價格進行交易，從而加速其比特幣的獲取，而這種交易本身就具有增值效應？

I'll give my opinion, and then Phong can chime in. We've done 84 acquisitions of Bitcoin, and every one of them was homogeneous transparent, and you could instantly calculate whether it's accretive or dilutive and they were general all accretive.

我先發表一下我的看法，然後 Phong 也可以補充。我們已經完成了 84 次比特幣收購，每一次收購都非常透明，你可以立即計算它是增值還是稀釋，而它們總體上都是增值。

And our focus is to do high-speed transparent digital transactions and sell digital credit and buy Bitcoin. And we think that it's a big advantage of the company that the business model is so transparent, predictable, clear. Because the business model is predictable, that makes it easy for the equity analysts to make their decisions.

我們的重點是進行高速透明的數位交易，出售數位信用併購買比特幣。我們認為，該公司的商業模式如此透明、可預測、清晰，是其一大優點。由於商業模式具有可預測性，因此股票分析師很容易做出決策。

And it also makes it easy for the credit analysts to assess the credit quality. So generally, we don't have any plans to pursue M&A activity even if it would look to be potentially accretive. It might be, but there's just a lot of uncertainty and these things tend to stretch out 6 to 9 months or a year and an idea that looks good when you start, it might not still be a good idea six months later, and it can be very distracting for the management team, while you're either integrating or pursuing those things.

而且，這也方便了信貸分析師評估信貸品質。因此，即使併購活動看起來有可能帶來收益，我們通常也沒有任何進行併購活動的計劃。也許是這樣，但存在著許多不確定因素，而且這些事情往往會持續 6 到 9 個月甚至一年，一個想法在開始時看起來不錯，但六個月後可能就不是好主意了，而且在整合或推進這些事情的過程中，會非常分散管理團隊的注意力。

So our management team is laser-like focused on selling the 4 credit instruments that we have and then expanding the reach of our digital credit instruments internationally, and, of course, improving the quality of our balance sheet, equitizing in convertible bonds, those are all the things that we're very excited about.

因此，我們的管理團隊正全力以赴地銷售我們現有的 4 種信貸工具，然後擴大我們的數位信貸工具在國際上的覆蓋範圍，當然，還有提高我們資產負債表的質量，發行可轉換債券，這些都是我們非常興奮的事情。

As an operating company, the great thing about operating company is, yes, you have the option sometime in the indefinite future to do something. And if you're walking down the street, and there's $1 billion and you can bend over and pick it up for a $0.05. You have the option to do it. And I don't think we would ever say we would never, never, never ever. But what we would say is the plan, the strategy, the focus is sell digital credit, improve the balance sheet, buy Bitcoin and communicate that to the credit and the equity investors. Phong, do you have anything to add on that?

作為一家營運公司，經營公司的好處在於，是的，你可以在未來某個不確定的時間選擇做些什麼。如果你走在街上，看到10億美元，你可以彎腰花5美分把它撿起來。你可以選擇這麼做。而且我認為我們永遠不會說我們永遠、永遠、永遠都不會。但我們想說的是，我們的計劃、策略和重點是出售數位信貸、改善資產負債表、購買比特幣，並將這些資訊傳達給信貸和股權投資者。Phong，你還有什麼要補充的嗎？

No, I don't have anything to add. I would generally agree with what you said. We've been a software company for nearly 30 years or over 30 years. And software technology M&A is very difficult. There's always something hiding behind what you actually think you purchase. And I think that I would say that the same thing is about acquiring the Bitcoin treasury companies .

不，我沒有什麼要補充的。我基本上同意你的觀點。我們是一家軟體公司，已經有近30年或超過30年的歷史了。軟體技術領域的併購非常困難。你以為自己買的東西背後，總是隱藏著一些東西。我認為，收購比特幣金庫公司也是如此。。

And just one more question. With regard to your intention to tap international markets from a capital raising perspective, is the idea that you would effectively market the same for perpetual preferred instruments that you currently have, but just to different markets around the world? Or would you be designing new instruments that were specific to those geographies?

最後一個問題。關於您打算從籌資角度開拓國際市場，您的想法是將您目前擁有的永續優先股有效地推向世界各地不同的市場嗎？或者您會設計專門針對這些地區的全新樂器嗎？

It will be the latter. We will design if we're going into Canada, we would design an instrument that's denominated in Canadian CAD and we would offer it to Canadian investors on a Canadian exchange. So it will be a native product because if you're the investor there, you don't want to take currency risk. And if we go into Europe, we would create a euro-denominated instrument, so -- and we would offer something that represents everything we've learned from the first four credit instruments.

應該是後者。如果我們要進軍加拿大市場，我們會設計一種以加幣計價的金融工具，並在加拿大交易所向加拿大投資者提供。所以它將是一款本土產品，因為如果你是那裡的投資者，你不想承擔貨幣風險。如果我們進入歐洲市場，我們將創建一個以歐元計價的工具，這樣——我們將提供一種代表我們從前四個信貸工具中學到的一切的東西。

If we can improve it, we would. But primarily, the Europeans want a euro currency instrument in Europe and every international investor does. What we've discovered is a lot of European investors, they can buy the American instruments. So if they wanted a US dollar-based treasury credit instrument, they would buy Stretch. And so they can already get to it.

如果可以改進，我們會改進的。但最重要的是，歐洲人希望歐洲擁有歐元貨幣工具，所有國際投資者也都希望如此。我們發現，很多歐洲投資者都能購買美國金融工具。因此，如果他們想要一種以美元計價的國債信用工具，他們就會購買 Stretch。所以他們現在已經可以做到這一點了。

In fact, one of the more pleasant surprises I learned is we accumulated a ton of European and British investors in 2020 because they could buy MSTR and they couldn't buy Bitcoin. So our digital credit instruments are already global. If you want US dollar credit instruments, then you're already buying them globally.

事實上，我得到的比較令人驚訝的發現之一是，我們在 2020 年累積了大量的歐洲和英國投資者，因為他們可以購買 MSTR，但買不到比特幣。因此，我們的數位信貸工具已經是全球性的了。如果你想要美元信用工具，那麼你已經在全球範圍內購買它們了。

We think the big unlock is that we can create a digital credit in any currency. We can take JPY risk or we can take euro, we can solve that problem. And there's people that will buy $1 billion of something if they don't have to take the currency risk and they'll buy nothing if they have to take the currency risk. So our job is to bridge that capital divide. And so when we do it, we'll do it with a native instrument and a native currency on a native exchange that is going to be presumably the most compelling credit instrument in that capital market that anybody has ever seen.

我們認為最大的突破在於我們可以用任何貨幣創造數位信用。我們可以承擔日圓的風險，也可以選擇歐元，我們可以解決這個問題。有些人如果不用承擔匯率風險，就會購買價值 10 億美元的某種商品；但如果必須承擔匯率風險，他們就什麼都不買。所以我們的任務就是要彌合這種資本鴻溝。因此，當我們這樣做時，我們將使用本土工具和本土貨幣在本土交易所進行交易，這很可能成為資本市場有史以來最具吸引力的信貸工具。

Thank you, Mark. For the next question, I would like to invite Natalie Brunnell.

謝謝你，馬克。下一個問題，我想邀請娜塔莉·布魯內爾來回答。

Thank you so much for including me. Beyond Bitcoin price action, can you identify 2 or 3 very specific challenges that are serving as headwinds for the growth and performance of strategy and even the Bitcoin treasury industry more broadly? And what actions can be taken to overcome those?

非常感謝你們邀請我參加。除了比特幣價格走勢之外，您能否指出 2 到 3 個非常具體的挑戰，這些挑戰正在阻礙策略的成長和表現，甚至對更廣泛的比特幣資金管理產業造成不利影響？那麼，可以採取哪些措施來克服這些困難呢？

I think Phong highlighted some of them in the discussion of S&P credit ratings issues, right? The fact that Bitcoin is not viewed as capital by the traditional credit ratings industry. So I think the view of Bitcoin as -- and the collateral value of Bitcoin and the traditional views under Basel rules, under the rules that govern our banking system, our insurance companies and our credit rating agencies I think that, that's a structural thing.

我認為 Phong 在討論標普信用評級問題時重點提到了其中一些問題，對吧？比特幣不被傳統信用評級行業視為資本這一事實。所以我認為，比特幣作為抵押品的價值，以及巴塞爾協議下的傳統觀點，以及管理我們銀行體系、保險公司和信用評級機構的規則，我認為這是一種結構性問題。

Like when when FASB didn't allow you to recognize gains, but they made you recognize losses, you didn't have -- and you had indefinite intangible accounting, that was pretty crippling. I think that we fixed that, and I think that fixing capital risk rules will be a big one.

就像當 FASB 不允許你確認收益，卻要求你確認損失時，你沒有——而且你還有不確定的無形資產會計處理，這非常不利。我認為我們已經解決了這個問題，而且我認為完善資本風險規則將是一項重大舉措。

I think the second is banking acceptance, custody and credit banks issuing credit on Bitcoin. So we're hearing rumors and we've heard that a number of major banks in the US in the first half of 2026 will start to buy Bitcoin, sell Bitcoin, custody Bitcoin and issue credit and margin lines against the native Bitcoin asset.

我認為第二點是銀行接受、託管和信貸銀行向比特幣發放信貸。我們聽到一些傳言，說美國的一些大型銀行將在 2026 年上半年開始購買比特幣、出售比特幣、託管比特幣，並以比特幣這種原生資產為抵押發放信貸和保證金。

That will be great for them, that will be great for Bitcoin, that will be great for us. That will accelerate adoption. And so I would say neither of these are things that I would ask for government help for, like we don't need a law to fix it. What we do need to do is lobby the banks, lobby the insurance companies, maybe I should replace that word would educate, educate the banks, educate the insurance companies, educate the credit rating agencies, and then finally, educate the traditional fixed income investor, the retiree and the corporate treasurer, educate them that they're actually now is a better option.

那對他們來說是好事，對比特幣來說是好事，對我們來說也是好事。這將加速普及應用。所以我覺得這兩件事都不需要政府的幫助，我們不需要立法來解決這個問題。我們現在需要做的，是遊說銀行，遊說保險公司，或許我應該把“遊說”這個詞換成“教育”，教育銀行，教育保險公司，教育信用評級機構，最後，教育傳統的固定收益投資者、退休人員和公司財務主管，讓他們明白，現在實際上是一個更好的選擇。

And so I think that's what we need to do in order to grow the industry right now and that's going to be our focus over the next few years.

所以我認為，為了發展這個產業，我們現在需要這樣做，這也是我們未來幾年的重點。

Thanks, Natalie. For the next question, I would like to invite Brian Dobson, research analyst from Clear Street.

謝謝你，娜塔莉。下一個問題，我想邀請 Clear Street 的研究分析師 Brian Dobson 來回答。

Yeah. So you received a credit rating, and I agree that that's a very important first step to opening doors at pension funds and insurance companies. I know it's very early days, but are you already having conversations with those investors? And if so, what's the feedback?

是的。所以你獲得了信用評級，我同意這是打開退休基金和保險公司大門的非常重要的第一步。我知道現在還為時過早，但你們是否已經開始與這些投資者進行洽談了？如果屬實，回饋如何？

And then as a second part to that question, would you have the preferreds and converts rated separately? I mean I think a lot of investors will probably just inferccc instrument ratings from the general company rating. But what are your thoughts on that?

那麼，作為該問題的第二部分，您是否會將優先股和轉換股分別進行評級？我的意思是，我認為很多投資者可能會直接從公司整體評級推斷出工具評級。你對此有何看法？

I can start on that, Brian. We had, before we received a rating, conversations with large institutions, insurance companies, pension funds that said that they could not easily, without a significant capital penalties, invest in an unrated instrument and that they are quite interested in the structure of what we provided, but just couldn't do it.

我可以著手做這件事，布萊恩。在我們獲得評級之前，我們曾與大型機構、保險公司、退休基金進行過交流，他們表示，如果不支付巨額資本罰款，他們很難投資未經評級的工具，而且他們對我們提供的產品結構非常感興趣，但就是無法進行投資。

So that was why we went and pursued a rating with the major rating agencies, one of the reasons. So I do think this opens up doors to some of the categories that you just mentioned before. And I think it's not going to be an avalanche like tomorrow, but as we go out and market it and Mike has discussions and I and Andrew all go out in the market when we start talking to these folks, I think their thought process will certainly change over time.

所以，這就是我們尋求與主要評級機構進行評級的原因之一。所以我認為這為你之前提到的一些類別打開了大門。我認為這不會像明天那樣出現雪崩式的爆發，但隨著我們進行市場推廣，麥克會進行討論，我和安德魯也會一起到市場上去和這些人交談，我認為隨著時間的推移，他們的想法肯定會發生改變。

Yeah. And then I just wanted to follow up on an earlier question about selling into Asia and Europe. Both of those markets represent -- or have rather unique regulatory hurdles. I guess how far along are you in those markets?

是的。然後，我想就之前提出的關於向亞洲和歐洲銷售產品的問題進行補充說明。這兩個市場都存在——或者說具有相當獨特的監管障礙。我想問您在這些市場中進展到什麼程度了？

We're pretty far along. And you're right, but that's part of the reason why we need to create products that are very specific. What exchange, is it retail focused, is that institutional focused, is it regulated, is it unregulated, what is the tax regime?

我們已經取得了相當大的進展。你說得對，但這正是我們需要創造非常具體產品的原因之一。它是什麼交易所？是面向零售客戶的還是面向機構客戶的？是受監管的還是不受監管的？稅制是怎樣的？

Look, what we've done since the beginning of the year with preferreds as we went uphill against a market that wasn't familiar with a Bitcoin-backed perpetual preferred with a return of capital tax structure and it took us 9 months and we were able to raise $6.5 billion or $6 billion, right?

你看，從年初到現在，我們一直在努力發行優先股，當時市場對比特幣支持的永續優先股（具有資本返還稅收結構）並不熟悉，我們花了 9 個月的時間，籌集了 65 億美元或 60 億美元，對吧？

And because we did that, I think we sort of cornered this market for a good period of time. I think our ability to go understand the regulatory structures, the tax structure is it's harder than in the US. But once we've broken through that, that creates a competitive moat for us to be able to offer products that clearly are superior to what's out there. So we welcome the challenge, I guess, is what I'd say.

正因為我們這樣做，我認為我們在相當長的一段時間內壟斷了這個市場。我認為我們理解監管結構和稅收結構的能力比美國要差。但一旦我們突破了這個障礙，就能為我們創造競爭優勢，使我們能夠提供明顯優於市場上現有產品的產品。所以，我想說，我們樂於接受挑戰。

Great, excellent, thanks a lot.

太好了，非常感謝。

Thanks, Brian. For the next question, I would like to invite Adam Livingston.

謝謝你，布萊恩。下一個問題，我想邀請亞當·利文斯頓來回答。

Thanks so much for having me. Congrats on the great quarter and the credit rating. The Japanese Bitcoin treasury company has recently announced a share buyback program with the intention of being able to strategically deploy buybacks at times that would increase Bitcoin per share for the equity holders. Would Strategy ever consider adopting a similar program as a means to increase Bitcoin exposure for shareholders if MSTR ever trades below a 1 times mNAV?

非常感謝你們的邀約。恭喜你們取得了出色的季度業績和信用評級。這家日本比特幣儲備公司最近宣布了一項股票回購計劃，目的是在能夠增加每股比特幣價值的時機進行策略性回購，為股東帶來收益。如果 MSTR 的交易價格低於 1 倍市淨率，Strategy 是否會考慮採用類似的計劃來增加股東的比特幣風險？

Phong, do you want to start?

Phong，你想先開始嗎？

Yeah, I'll start with that. I don't think there is anything that we wouldn't do that would create incremental Bitcoin yield, that increase more been per share for our shareholders and preserves our ROC dividends for our preferred holders, right?

好的，我就從這裡開始。我認為，只要能增加比特幣的收益率，提高股東的每股盈餘，並保障優先股持有人的 ROC 分紅，我們什麼都願意做，對吧？

And so we have an open buyback authorization already. We've done it a long time ago. I think the last buyback we did was 2018-or-so. It's not our primary strategy, but it's an option if we would go down that path. Mike, do you want to add anything?

因此，我們已經獲得了公開的回購授權。我們很久以前就做過這件事了。我記得我們上一次進行股票回購大概是2018年左右。這不是我們的主要策略，但如果我們要走這條路，這也是一個選項。麥克，你還有什麼要補充的嗎？

Yes. I would say we're open-minded toward a variety of options. Right now, our preference is to grow the capital base. But if it was compelling enough, we would look at it.

是的。我認為我們對各種選擇都持開放態度。目前，我們的首選是擴大資本基礎。但如果夠吸引人，我們會考慮的。

Thank you so much, appreciate it.

非常感謝，感激不盡。

Thanks, Adam. We have two more questions to go. So for the next one, I will invite Lance Vitanza, our research analyst from TD Cowen.

謝謝你，亞當。我們還有兩個問題要問。接下來，我將邀請來自 TD Cowen 的研究分析師 Lance Vitanza。

Thanks guys. The 30% BTC yield target for 2025, I'm surprised you maintained it given the recent decel in Bitcoin accumulation. Getting to 30%, which seem to require you to raise at least another couple of billion dollars, and we only have two months left in the year, you're not going to get there on ATMs alone. Are you currently contemplating a big underwritten transaction perhaps in an overseas market? Is that sort of how you get to the 30%?

謝謝各位。我對你們堅持2025年比特幣收益率達到30%的目標感到驚訝，考慮到最近比特幣累積速度放緩。要達到 30% 的目標，似乎至少需要再籌集幾十億美元，而今年只剩下兩個月了，單靠 ATM 機是無法實現的。您目前是否正在考慮進行一項大型承銷交易，例如在海外市場？這就是達到30%的方法嗎？

Yeah, we need to raise roughly $2 billion in a nondilutive fashion to our -- of capital. And you've seen us do that at a quick pace in a short period of time. We have two months left to go. And so we'll be racing and we'll see what we can accomplish, right? We're always working, always trying new things, developing new things and this credit factory that Mike talks about, we're very bullish on.

是的，我們需要以不稀釋股權的方式籌集約 20 億美元來充實我們的資本。你們也看到了，我們在短時間內以極快的速度完成了這項工作。還剩兩個月時間。所以我們會展開角逐，看看我們能取得怎樣的成績，對吧？我們一直在努力，一直在嘗試新事物，開發新事物，對於麥克所說的信貸工廠，我們非常看好。

Obviously, we can't say exactly what we're going to do when, but it's two good months, 60 days, right before the holidays.

顯然，我們不能確切地說我們什麼時候要做什麼，但那是在假期前的兩個月，也就是 60 天。

Great. And for the last question, I will invite Ben Werkman from Strike.

偉大的。最後一個問題，我將邀請 Strike 的 Ben Werkman 來回答。

Thank you, Sheri, and thank you guys for taking my question. Over the last 12 months, Strategy has been extremely successful at building the capital base and expanding the balance sheet using primarily equity in the IPOs from the preferred markets. And over that 12 months, you saw MSTR underperformed Bitcoin in a fairly significant manner. Do you guys view the strategic priorities moving forward as focusing more on increasing amplification and less on expanding the balance sheet? And how is this past year informed our go-forward strategy and how you might prioritize the preps over the common equity moving forward?Thank you.

謝謝Sheri，也謝謝各位回答我的問題。在過去的 12 個月裡，Strategy 主要透過優先股市場的 IPO 股權融資，成功地建立了資本基礎並擴大了資產負債表。在過去的 12 個月裡，MSTR 的表現明顯遜於比特幣。你們認為未來的策略重點是更專注於提升影響力而不是擴大資產負債表嗎？過去一年的經驗如何影響我們未來的策略？您認為未來應該優先考慮準備工作還是普通股？謝謝。你。

Yeah, that's an open-ended question. So I'll start and then Phong or Andrew may have something to add. Yes, clearly, with equity, I would say if you're going to own Bitcoin four-year a longer time horizon, if you're going to own amplified Bitcoin, a company that aims to be more volatile than Bitcoin, you can't have a lower time horizon. So you probably need a longer time horizon.

是的，這是一個開放式問題。那我先開始，然後 Phong 或 Andrew 可能會補充一些內容。是的，很明顯，就股權而言，如果你打算持有比特幣四年以上，也就是更長的時間跨度，那麼如果你打算持有 Amplified Bitcoin（一家旨在比比特幣波動性更大的公司），你的投資期限就不能太短。所以你可能需要考慮更長的投資期間。

So we manage the company such that we think 10 years from now, we're going to create an insane amount of shareholder value and that doesn't mean we're looking for 10-year payoffs, we're generally thinking if it doesn't return what we expected within four years, we'd be very disappointed. But we never do anything where we demand to get the payback in four months.

因此，我們對公司的管理理念是，我們認為 10 年後，我們將創造巨額的股東價值，但這並不意味著我們追求 10 年的回報，我們通常認為，如果四年內沒有達到我們預期的回報，我們會非常失望。但我們從來不會要求在四個月內償還。

And so we don't have a four-month time horizon or even a year time horizon. And we think that generally, I would say if your time horizon is 12 weeks, you should own the STRC, right? You really should go to the short end of the risk curve and the short end of the duration curve because that one we're trying to strip volatility away.

因此，我們沒有四個月的時間跨度，甚至沒有一年的時間跨度。我們認為，一般來說，如果你的投資期限是 12 週，那麼你應該持有 STRC，對吧？你真的應該選擇風險曲線和久期曲線的短端，因為我們試圖消除波動性。

And if your time horizon is 10 years and if you are a Bitcoin Maxi, then maybe you like the equity or you like Bitcoin. The credit instruments, I would say, if we wanted to raise the max amount of capital, then we could do two things that we don't do. One thing we could do is we could just open up the ATM, and we could sell stock at any mNAV, any week all the time. And what you've seen is we don't do that.

如果你的投資期間是 10 年，而且你是比特幣狂熱者，那麼你可能喜歡股票或你喜歡比特幣。我認為，如果我們想透過信貸工具籌集到最大額度的資金，那麼我們可以做兩件我們現在沒有做的事情。我們可以做的一件事就是打開自動櫃員機，隨時隨地以任何淨資產值出售股票。而你們也看到了，我們並沒有那樣做。

After the red sweep, when there was a massive enthusiasm, we would sell $1 billion or $2 billion or $3 billion of stock, like $1 billion in a week or $2 billion in a week. And so you see we're not shy when the market is strong and the premiums are high. We would go very hard, but you see a lot of weeks where we sell nothing. And we could have sold $1 billion of equity a week.

在紅色浪潮席捲全球之後，市場熱情高漲，我們拋售了價值 10 億美元、20 億美元或 30 億美元的股票，例如一周內拋售 10 億美元或 20 億美元。所以你看，當市場強勁、溢價高企時，我們並不畏懼。我們會非常努力，但你會看到很多周我們一件也賣不出去。我們原本每周可以出售價值 10 億美元的股票。

We chose not to sell any equity. If the equity is weak and it's crashing, it's almost certain. In fact, it is certain we're not the ones doing it. right? We're watching, right? Because our view is we only sell into strength and we only sell in the strength when we like the premium. So we have actively decided we don't want to maximize capital by selling equity.

我們選擇不出售任何股權。如果股市疲軟且正在崩盤，那幾乎是必然的。事實上，可以肯定的是，這件事不是我們做的，對吧？我們都看著呢，對吧？因為我們的觀點是，我們只在強勢時賣出，而且只在我們認為溢價合理時才會賣出。因此，我們已經明確決定不透過出售股權來實現資本最大化。

And then I think the other thing is just like we could raise $1 billion of equity in a few days if we wanted to. I could also pick up the phone and I could raise $1 billion overnight in debt. If I just said we wanted to do a pipe deal with a debt investor, I would have 12 firms over the weekend and by Monday morning, we could have raised $2 billion, $3 billion, $4 billion, $5 billion, $6 billion, they would be licking their chops and delighted to give us the capital.

而且我覺得還有一點，如果我們想的話，幾天之內就能籌到 10 億美元的股權。我也可以拿起電話，一夜之間就能籌到 10 億美元的債務。如果我只是說我們想和債務投資者達成一項管道交易，那麼週末就會有 12 家公司來找我們，到週一早上，我們就能籌集到 20 億美元、30 億美元、40 億美元、50 億美元、60 億美元，他們會垂涎三尺，樂意給我們提供資金。

They would want to be senior to all the other creditors in the capital structure. And what they would do is they would underline the creditworthiness of the preferred instruments that we actually want to sell. So you could just assume with our $75 billion of capital right now, we've already chosen not to raise $20 billion or $30 billion. We could be $100 billion, but we'd be $100 billion in the risk profile, the leverage wouldn't be 11% and the leverage would go up.

他們希望在資本結構中優先於所有其他債權人。他們會強調我們真正想要出售的優選工具的信譽度。所以你可以假設，以我們目前擁有的 750 億美元資本，我們已經選擇不再籌集 200 億美元或 300 億美元。我們可能擁有 1,000 億美元的資產，但風險狀況也只有 1,000 億美元，槓桿率不會是 11%，槓桿率還會上升。

And so we actively decided that we don't want to generate leverage, right? We're literally on a path to drive leverage down. We're also on a path, we've decided we don't want to do deals that don't have positive BTC yield. But more importantly, we're on a mission. The mission is to create the digital credit market. So I think the company has two speeds.

所以，我們主動決定不產生槓桿，對吧？我們正在切實地走上降低槓桿率的道路。我們也正在走一條路，我們已經決定不再進行沒有正比特幣收益的交易。但更重要的是，我們肩負著一項使命。我們的使命是創建數位信貸市場。所以我認為這家公司有兩種速度。

Well, maybe more than two speeds. When we're coasting, when the credit markets don't offer us anything compelling and the equity markets aren't compelling, we are coasting. And in my mind, I think that, that is a $75 billion company growing 30% a year for the next 20 years. So that is in idle. And then I -- for those of you who know me, know I believe in the hippocratic oath, do no harm.

嗯，或許不只兩種速度。當我們處於觀望狀態，信貸市場和股票市場都無法提供任何有吸引力的機會時，我們就處於觀望狀態。在我看來，那是一家市值 750 億美元的公司，未來 20 年每年成長 30%。所以這是空閒狀態。然後我──認識我的人都知道，我相信希波克拉底誓言，不作惡。

And so the risk-free rate, the rate -- the company is going to get to 30% a year for 20 years if we take no risk. So how do -- what can we do where we feel like it's worthwhile? And of course, if we sell credit, we can take that 30% to 40% or to 50%, but we have an agenda here. The agenda is not to artfully manage the balance sheet.

因此，無風險利率，也就是利率——如果我們不承擔任何風險，公司將在 20 年內每年獲得 30% 的利率。那麼，我們該如何做──我們可以做些什麼來讓自己覺得值得呢？當然，如果我們出售信貸，我們可以把佣金提高到 30% 到 40% 甚至 50%，但我們有自己的目的。我們的目標不是巧妙地管理資產負債表。

And it's like if you told me, well, you could issue $10 billion of junk 5 to 7 years and roll them every year and roll them every quarter, and you could pursue a credit strategy based on debt that gets you a lot more capital and you're continually rolling it and you would do that with 144A offerings. We could like fire up a $2 billion 144A offering next week and we just got to do it.

這就好比你告訴我，你可以發行 100 億美元的 5 到 7 年期垃圾債券，每年展期，每季度展期，你可以採取基於債務的信貸策略，從而獲得更多資本，並且不斷展期，而你可以通過 144A 發行來實現這一點。我們下週就可以啟動 20 億美元的 144A 證券發行，我們必須這麼做。

But the point is we don't want to be the revolutionary company that adopted digital capital that grew the company with conventional traditional credit. We want to be the revolutionary company that discovered digital capital that then went on to discover and found the digital credit market. And when you're just rolling a bunch of 5- to 7-year bonds and when you're opportunistic, then you're careening toward the future with an advantage.

但關鍵是，我們不想成為那種採用數位資本並依靠傳統信貸發展壯大的革命性公司。我們希望成為發現數位資本，進而發現並創立數位信貸市場的革命性公司。當你大量購買 5 至 7 年期債券，並且善於把握機會時，你就能帶著優勢衝向未來。

I want MSTR to stand for a monster. We want to create a monster company. We don't want to careen toward the future with an advantage. We don't want to be the talented fighter that kind of wins and loses and mostly wins and is a little bit slopping on discipline. We want to create the digital credit instruments that are 2 times to 4 times better than everything in the $300 trillion market, and we want to eat the world, right?

我希望 MSTR 代表怪物。我們想打造一家巨頭公司。我們不想帶著優勢橫衝直撞地奔向未來。我們不想成為那種有天賦但勝負參半、勝多負少，而且在紀律方面有些鬆懈的拳擊手。我們想要創造出比市值 300 兆美元的市場上的所有產品都好 2 到 4 倍的數位信貸工具，我們想要征服世界，對吧？

And we want to sell $100 billion of them. And after we sell $10 billion, then $20 billion, then $40 billion, then $80 billion. When people go, well, aren't you levered? We want to say, Well, actually, our leverage is zero. What? Wait, what? We have 30% amplification, but we don't have $100 billion of debt. We have $100 billion of equity that happens to actually amplify the common equity, let me educate you on a new way to build the company.

我們想賣出價值1000億美元的產品。然後我們賣出100億美元，再賣出200億美元，再賣出400億美元，再賣出800億美元。當人們問：“你不是被槓桿化了嗎？”我們想說，實際上，我們的影響力是零。什麼？等等，什麼？我們擁有 30% 的放大倍率，但我們沒有 1000 億美元的債務。我們擁有 1000 億美元的股權，這恰好可以放大普通股的價值，讓我來向你介紹一種新的公司建設方式。

So I would say you want to boil that down. It's a very disciplined growth strategy. We would rather coast and have a bulletproof balance sheet and a $75 billion company growing 30% a year than to stretch for capital or stretch for some kind of yield, but undermine the balance sheet and take on credit risk because someone says, I'll give you $10 billion tomorrow, and it's senior to STRC, we just created volatility and we crumble the credit of the instrument that is going to provide a comfortable retirement to 1 billion people.

所以我覺得你應該要把這個問題簡化一下。這是一個非常嚴謹的成長策略。我們寧願保持穩健的資產負債表和750億美元的公司規模，每年增長30%，也不願為了籌集資金或追求某種收益而冒險，損害資產負債表並承擔信用風險，僅僅因為有人說“我明天給你100億美元”，而且這筆錢的優先級高於STRC，我們就製造了市場波動，並損害了將為10億人提供舒適的工具將為10億人提供舒適的工具。

I don't want to be the dude that made a good trade that made $25 billion or made $50 billion by trading Bitcoin by using cheap corporate money. We don't want to be the company the main $25 billion or $50 billion or a Hail Mary or maybe we lost it by whatever borrowing money however we can get it to buy Bitcoin.

我不想成為那種利用廉價的企業資金透過比特幣交易賺取 250 億美元或 500 億美元的人。我們不想成為那家投資 250 億美元或 500 億美元，孤注一擲，或因為借錢而損失慘重的公司，無論我們能不能籌到錢來購買比特幣。

We want to be the company that provided a comfortable retirement to 1 billion people and changed the world, right? We want to change the monetary system. I want everybody to get up in America and say, I'm not getting paid 10% tax deferred from my bank or from my money market. That's not fair. That's an abomination I'm going to tell all my friends -- I'm so mad about it. I'm going to go tell my 100 people that I know.

我們希望成為一家能夠為10億人提供舒適退休生活並改變世界的公司，對嗎？我們想要改變貨幣體系。我希望每個美國人都能站出來說：我的銀行帳戶或貨幣市場帳戶不會給我 10% 的稅收遞延支付。這不公平。這簡直太令人髮指了，我要告訴我的所有朋友——我對此非常憤怒。我要去告訴我認識的100個人。

They only need to pull their money out of the money market, they need to buy Stretch, and we want to be in a position where we can accommodate that demand. And so what you have is the money that comes easy is always the money that comes with strings attached. And I've learned that over 35, 40 years, and I think the people in the Bitcoin treasury market they're learning it now.

他們只需要把錢從貨幣市場撤出來，他們需要購買 Stretch，而我們希望能夠滿足這種需求。所以，來之不易的錢總是附帶條件的。在過去的35到40年裡，我逐漸明白了這一點，我認為比特幣國庫市場的人們現在也逐漸明白這一點。

The easy money is the toxic money. What you really want is you want to create a revolutionary new product that solves a problem for $300 trillion of investors and for billions of people. And you know what, when we sell $1 billion worth of digital credit, they're giving us the money forever, and we're taking no credit risk, but the quid pro quo is we're giving them 10% tax deferred, right?

輕鬆賺來的錢往往是有毒的錢。你真正想要的是創造一款革命性的新產品，為價值 300 兆美元的投資者和數十億人解決問題。你知道嗎，當我們出售價值 10 億美元的數位信貸時，他們會永遠給我們錢，我們也不會承擔任何信用風險，但作為交換，我們要給他們 10% 的稅收延期，對吧？

And so I would rather pay 10% tax deferred and get the money forever, than pay 5% and and get the money in the form of a junk bond and pay a taxable 5% coupon, even if you wanted to give it to me. And then, you can see the obvious reason why the world's full of 50,000 companies that will give you the 5% taxable.

因此，我寧願支付 10% 的稅後延期付款並永遠獲得這筆錢，而不是支付 5% 的稅後延期付款，然後以垃圾債券的形式獲得這筆錢，並支付 5% 的應稅票息，即使你想把這筆錢給我。然後，你就能明白為什麼全世界有 5 萬家公司會給你 5% 的應稅所得了。

How many companies are in the world that will give you 10% gleefully, enthusiastically as a ROC dividend and then do everything in their power to actually issue more dividends. So for us, the credit is the product, right? The aspiration or the offering is a comfortable retirement to everybody who's a credit investor. That's the offering. If we can do it by selling equity, we will, but when the equity is dilutive, we won't.

世界上有多少家公司會興高采烈、熱情地給你 10% 的 ROC 分紅，然後竭盡全力發放更多分紅？所以對我們來說，信用就是產品，對吧？對所有信貸投資者來說，其願景或目標就是舒適的退休生活。這就是我們提供的服務。如果可以透過出售股權來實現，我們會這樣做；但如果股權會稀釋股權，我們就不會這樣做。

And we won't do debt because debt is a conventional credit idea. It's a 20th century idea. I think I laid out with my seven differentiators for digital credit, we think that digital credit is an inversion of everybody's value system. Every other credit issuer in the world gets up and says, how do I cripple the credit and pay you the lowest coupon and maximize the advantages to my company?

我們不會舉債，因為舉債是傳統的信用方式。這是20世紀的想法。我認為我已經闡述了數位信貸的七個差異化因素，我們認為數位信貸顛覆了每個人的價值體系。世界上其他所有信貸發行機構都會站起來說，我該如何削弱信貸，支付你最低的票息，並最大限度地為我的公司謀取利益？

And we get up every day and say, how do we create the greatest credit instrument that pays the highest tax equivalent cash flows that's going to be best for the buyer, right, for the investor? So that's the answer to your question, hopefully.

我們每天起床都會問自己，如何創造最強大的信貸工具，支付最高的稅收等值現金流，這對買方和投資者來說才是最好的？希望這就是你問題的答案。

Thank you. Excellent. So this concludes the Q&A portion of the webinar. I would like to thank all of our analysts for their questions and all the attendees for tuning in live. We had over 25,000 people across YouTube, X Livestream and the Zoom webinar. So thank you all for joining in. And I will now turn the call over to Phong for the closing remarks.

謝謝。出色的。網路研討會的問答環節到此結束。我要感謝所有分析師提出的問題，以及所有觀看直播的與會者。我們在 YouTube、X Livestream 和 Zoom 網路研討會上吸引了超過 25,000 人參與。感謝大家的參與。現在我將把電話交給 Phong，請他作總結發言。

I also want to thank the analysts for joining us and being on video and asking the questions. I want to thank everybody who watched us our earnings call and all of our supporters and all our shareholders out there. And I invite you all to join us in Las Vegas, February 23 through 26 at the Resort. And for everybody else, have a great holiday season, and we'll see you in 3 months in our next earnings call. Thank you.

我還要感謝各位分析師的參與、視訊通話和提問。我要感謝所有收看我們財報電話會議的人，感謝我們所有的支持者和股東。我誠摯邀請各位於2月23日至26日蒞臨拉斯維加斯度假村，與我們共襄盛舉。祝其他各位節日快樂，我們3個月後在下次財報電話會議上再見。謝謝。