![\"Strategy\u7684\u6bd4\u7279\u5e01\u6760\u6746\u6e38\u620f\u535a\u5f08\uff1a\u534e\u5c14\u8857\u7a7a\u5934\u72d9\u51fb\uff0c\u5927\u673a\u6784\u6301\u80a1\u62bc\u6ce8\"](\"https:\/\/cdn-img.panewslab.com\/panews\/2025\/05\/16\/images\/9olEDezYCT.png\")
<\/p>\n\u4f5c\u8005\uff1aNancy\uff0cPANews<\/p>\n
\u968f\u7740\u6bd4\u7279\u5e01\u4ef7\u683c\u91cd\u8fd410\u4e07\u7f8e\u5143\u9ad8\u4f4d\uff0c\u4ee5\u53caMSTR\u80a1\u4ef7\u6301\u7eed\u8d70\u9ad8\uff0c\u5e02\u573a\u5bf9\u4e8eStrategy\uff08\u539fMicroStrategy\uff09\u4f30\u503c\u7684\u5206\u6b67\u6b63\u52a0\u901f\u6269\u5927\u3002\u4e00\u65b9\u9762\uff0c\u591a\u5bb6\u5168\u7403\u5927\u578b\u673a\u6784\u6b63\u5728\u6084\u7136\u589e\u6301\u80a1\u7968MSTR\uff0c\u5c06\u5176\u89c6\u4e3a\u95f4\u63a5\u914d\u7f6e\u6bd4\u7279\u5e01\u7684\u91cd\u8981\u91d1\u878d\u5de5\u5177\uff1b\u53e6\u4e00\u65b9\u9762\uff0c\u5176\u9ad8\u5ea6\u6ce2\u52a8\u6027\u4e14\u6df1\u5ea6\u6760\u6746\u5316\u7684\u8d44\u4ea7\u7ed3\u6784\uff0c\u4e5f\u5438\u5f15\u4e86\u534e\u5c14\u8857\u7a7a\u5934\u7684\u72d9\u51fb\u3002\u968f\u7740Strategy\u4e0d\u65ad\u52a0\u7801\u6bd4\u7279\u5e01\u655e\u53e3\uff0c\u5176\u6b63\u6f14\u53d8\u4e3a\u6bd4\u7279\u5e01\u4ef7\u683c\u8d70\u52bf\u7684\u98ce\u5411\u6807\u4e0e\u8d44\u672c\u6760\u6746\u535a\u5f08\u7684\u7126\u70b9\u3002<\/p>\n
\u5728\u8fd1\u671f\u7ebd\u7ea6Sohn\u6295\u8d44\u5927\u4f1a\u4e0a\uff0c\u534e\u5c14\u8857\u4f20\u5947\u7a7a\u5934\u3001\u524d\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406Jim Chanos\u8868\u793a\uff0c\u4ed6\u6b63\u5728\u505a\u7a7aStrategy\u5e76\u540c\u65f6\u4e70\u5165\u6bd4\u7279\u5e01\uff0c\u79f0\u8fd9\u662f\u201c1\u7f8e\u5143\u4e70\u5165\u30012.5\u7f8e\u5143\u5356\u51fa\u201d\u7684\u5957\u5229\u673a\u4f1a\u3002<\/p>\n
\u4ed6\u6307\u51fa\uff0cStrategy\u901a\u8fc7\u9ad8\u6760\u6746\u6301\u6709\u8d8550\u4e07\u4e2a\u6bd4\u7279\u5e01\uff0c\u5f53\u524d\u80a1\u4ef7\u76f8\u8f83\u5b9e\u9645\u6301\u4ed3\u5b58\u5728\u9ad8\u6ea2\u4ef7\u3002\u4ed6\u6279\u8bc4\u5e02\u573a\u4e0a\u51fa\u73b0\u4e00\u6279\u6a21\u4effStrategy\u7684\u516c\u53f8\uff0c\u5411\u6563\u6237\u515c\u552e\u901a\u8fc7\u516c\u53f8\u7ed3\u6784\u8d2d\u4e70\u6bd4\u7279\u5e01\u7684\u6982\u5ff5\uff0c\u5e76\u4ee5\u6b64\u4e89\u53d6\u9ad8\u4f30\u503c\uff0c\u79f0\u8fd9\u79cd\u903b\u8f91\u201c\u8352\u8c2c\u201d\u3002<\/p>\n
\u8fc7\u53bb\u4e00\u5e74\uff0cMicroStrategy\u80a1\u4ef7\u4e0a\u6da8\u8d85220%\uff0c\u800c\u6bd4\u7279\u5e01\u4ec5\u4e0a\u6da8\u7ea670%\u3002Chanos\u8ba4\u4e3a\u8fd9\u7b14\u4ea4\u6613\u662f\u89c2\u5bdf\u6563\u6237\u6295\u673a\u884c\u4e3a\u7684\u201c\u6674\u96e8\u8868\u201d\u3002<\/p>\n
Chanos\u662f\u534e\u5c14\u8857\u6781\u5177\u5f71\u54cd\u529b\u7684\u77e5\u540d\u6295\u8d44\u4eba\uff0c\u4f5c\u4e3a\u4e13\u6ce8\u4e8e\u505a\u7a7a\u7b56\u7565\u7684\u5bf9\u51b2\u57fa\u91d1Kynikos Associates\u7684\u521b\u59cb\u4eba\uff0c\u4ed6\u4ee5\u6df1\u5ea6\u7684\u57fa\u672c\u9762\u5206\u6790\u548c\u654f\u9510\u8bc6\u522b\u516c\u53f8\u8d22\u52a1\u9020\u5047\u3001\u5546\u4e1a\u6a21\u5f0f\u7f3a\u9677\u7684\u80fd\u529b\u8457\u79f0\uff0c\u7ecf\u5178\u505a\u7a7a\u6848\u4f8b\u5305\u62ec\u5b89\u7136\u3001WorldCom\u548c\u745e\u5e78\u5496\u5561\u7b49\u3002\u4f46\u8fd1\u5e74\u6765\u4ed6\u4e5f\u56e0\u505a\u7a7a\u7279\u65af\u62c9\u906d\u9047\u4e86\u4e25\u91cd\u4e8f\u635f\uff0c\u90e8\u5206\u57fa\u91d1\u56e0\u6b64\u5173\u95ed\u6216\u8c03\u6574\u7b56\u7565\u3002<\/p>\n
\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u8fd9\u5e76\u975eStrategy\u9996\u6b21\u6210\u4e3a\u77e5\u540d\u7a7a\u5934\u7684\u653b\u51fb\u76ee\u6807\u3002\u53bb\u5e7412\u6708\uff0c\u77e5\u540d\u505a\u7a7a\u673a\u6784\u9999\u6a7c\u7814\u7a76\u5ba3\u5e03\u505a\u7a7aStrategy\uff0c\u5c3d\u7ba1\u5176\u5f53\u65f6\u5bf9\u6bd4\u7279\u5e01\u6574\u4f53\u6301\u770b\u6da8\u6001\u5ea6\uff0c\u4f46\u8ba4\u4e3aMSTR\u5df2\u4e25\u91cd\u504f\u79bb\u6bd4\u7279\u5e01\u57fa\u672c\u9762\u3002\u8fd9\u4e00\u6d88\u606f\u4e00\u5ea6\u5bfc\u81f4MSTR\u77ed\u7ebf\u5927\u8dcc\uff0c\u4f46\u7531\u4e8e\u6bd4\u7279\u5e01\u4e0a\u6da8\u5e26\u52a8\u5e02\u573a\u60c5\u7eea\u4e50\u89c2\uff0c\u4ee5\u53caMSTR\u88ab\u7eb3\u5165\u7eb3\u65af\u8fbe\u514b100\u6307\u6570\u5e26\u6765\u7684\u5e02\u573a\u53ef\u89c1\u5ea6\u548c\u6d41\u52a8\u6027\u63d0\u5347\uff0c\u8fd9\u6b21\u505a\u7a7a\u6700\u7ec8\u672a\u80fd\u6210\u529f\u3002<\/p>\n
\u800c\u8fd1\u671f\uff0c\u9664\u4e86\u5916\u90e8\u505a\u7a7a\u538b\u529b\uff0cStrategy\u9ad8\u7ba1\u8fd1\u671f\u4e5f\u9891\u7e41\u51cf\u6301\u80a1\u4efd\u3002\u636e\u62ab\u9732\uff0c\u62c5\u4efb\u516c\u53f8\u8463\u4e8b\u903e20\u5e74\u7684Jarrod M. Patten\uff0c\u81ea\u4eca\u5e744\u6708\u8d77\u5df2\u7d2f\u8ba1\u629b\u552e\u7ea6520\u4e07\u7f8e\u5143\u80a1\u7968\uff0c\u5e76\u8ba1\u5212\u672c\u5468\u7ee7\u7eed\u51cf\u630130\u4e07\u7f8e\u5143\u3002<\/p>\n
<\/p>\n
\u5c3d\u7ba1\u5982\u6b64\uff0cMSTR\u8fd1\u671f\u80a1\u4ef7\u8868\u73b0\u4f9d\u7136\u575a\u633a\u3002\u636eMSTR-tracker\u6570\u636e\u663e\u793a\uff0c\u76ee\u524dStrategy\u603b\u5e02\u503c\u8fbe\u52301098.2\u4ebf\u7f8e\u5143\uff0c\u5168\u7403\u8d44\u4ea7\u5e02\u503c\u6392\u540d\u7b2c183\u4f4d\u3002\u5176\u4e2d\u4eca\u5e74MSTR\u5df2\u7d2f\u8ba1\u4e0a\u6da8\u7ea637.1%\uff0c\u6da8\u5e45\u4e0d\u4ec5\u8dd1\u8d62\u6bd4\u7279\u5e01\uff0c\u4e5f\u9886\u5148\u4e8e\u5fae\u8f6f\u3001\u82f1\u4f1f\u8fbe\u3001\u82f9\u679c\u4e0e\u4e9a\u9a6c\u900a\u7b49\u79d1\u6280\u5de8\u5934\u3002<\/p>\n
MSTR-tracker\u6570\u636e\u663e\u793a\uff0c\u622a\u81f35\u670816\u65e5\uff0cStrategy\u5171\u6301\u6709568,840\u679aBTC\uff0c\u5e74\u521d\u81f3\u4eca\u7684\u6bd4\u7279\u5e01\u6295\u8d44\u6536\u76ca\u7387\u4e3a15.65%\u3002\u6309\u6700\u65b0\u6570\u636e\u4f30\u7b97\uff0c\u9884\u8ba1\u672c\u5b63\u5ea6\u6bd4\u7279\u5e01\u6bcf\u80a1\u6536\u76ca\uff08EPS\uff09\u8fbe37.82\u7f8e\u5143\u3002<\/p>\n
![\"Strategy\u7684\u6bd4\u7279\u5e01\u6760\u6746\u6e38\u620f\u535a\u5f08\uff1a\u534e\u5c14\u8857\u7a7a\u5934\u72d9\u51fb\uff0c\u5927\u673a\u6784\u6301\u80a1\u62bc\u6ce8\"](\"https:\/\/cdn-img.panewslab.com\/panews\/2025\/05\/16\/images\/U0t71d6qLf.png\")
<\/p>\n
\u4f46\u4e0e\u53ef\u89c2\u7684\u6bd4\u7279\u5e01\u56de\u62a5\u7387\u5f62\u6210\u5bf9\u6bd4\u7684\u662f\uff0c\u53d7\u5230\u4eca\u5e74\u4e00\u5b63\u5ea6\u540e\u671f\u6bd4\u7279\u5e01\u4ef7\u683c\u56de\u64a4\u7684\u5f71\u54cd\uff0cStrategy\u6700\u65b0\u5b63\u5ea6\u7684\u8d22\u52a1\u8868\u73b0\u627f\u538b\u3002\u8be5\u516c\u53f8\u8fd1\u671f\u516c\u5e03\u76842025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8d22\u62a5\u663e\u793a\uff0c\u8425\u6536\u540c\u6bd4\u4e0b\u964d3.6%\u81f31.111\u4ebf\u7f8e\u5143\uff0c\u672a\u8fbe\u5e02\u573a\u9884\u671f\uff0c\u51c0\u4e8f\u635f\u66f4\u662f\u9ad8\u8fbe42.3\u4ebf\u7f8e\u5143\uff08\u6bcf\u80a1\u4e8f\u635f16.49\u7f8e\u5143\uff09\uff0c\u5927\u5e45\u8d85\u51fa\u5e02\u573a\u9884\u671f\u3002<\/p>\n
\u4e3a\u7f13\u89e3\u8d22\u52a1\u538b\u529b\u5e76\u8fdb\u4e00\u6b65\u6269\u5927\u5176\u6bd4\u7279\u5e01\u8d44\u4ea7\u655e\u53e3\uff0cStrategy\u6b63\u5728\u52a0\u901f\u63a8\u8fdb\u5176\u8d44\u672c\u8fd0\u4f5c\u6218\u7565\u3002\u672c\u6708\u521d\uff0cStrategy\u5ba3\u5e03\u4e00\u9879\u65b0\u7684210\u4ebf\u7f8e\u5143\u516c\u5f00\u5e02\u573a\u666e\u901a\u80a1\u53d1\u884c\u8ba1\u5212\uff0c\u5e76\u5df2\u5c06BTC\u6536\u76ca\u7387\u76ee\u6807\u4ece15%\u4e0a\u8c03\u81f325%\uff0cBTC\u7f8e\u5143\u6536\u76ca\u76ee\u6807\u4ece100\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3150\u4ebf\u7f8e\u5143\u3002\u7d27\u63a5\u7740\uff0cStrategy\u8fdb\u4e00\u6b65\u5ba3\u5e03\uff0c\u5c06\u63a8\u51fa\u4e00\u9879\u5168\u65b0\u201c42\/42\u8ba1\u5212\u201d\uff0c\u65e8\u5728\u4e24\u5e74\u5185\u7b79\u96c6840\u4ebf\u7f8e\u5143\u7528\u4e8e\u8d2d\u4e70\u6bd4\u7279\u5e01\u3002\u5bf9\u6b64\uff0c\u534e\u5c14\u8857\u5206\u6790\u5e08\u8868\u793a\u652f\u6301\uff0cBenchmark\u548cTD Cowen\u5206\u6790\u5e08\u91cd\u7533\u5bf9\u8be5\u516c\u53f8\u7684\u4e70\u5165\u8bc4\u7ea7\uff0c\u8ba4\u4e3a\u5176\u8d44\u672c\u7b79\u96c6\u7b56\u7565\u5177\u5907\u53ef\u884c\u6027\u3002<\/p>\n
\u4e0e\u5927\u591a\u6570\u516c\u53f8\u80a1\u7968\u5bf9\u5e94\u7740\u516c\u53f8\u4ea7\u54c1\u7684\u5e02\u573a\u9500\u552e\u8868\u73b0\u4e0d\u540c\uff0cStrategy\u80a1\u7968\u7684\u5b9a\u4f4d\u662f\u6bd4\u7279\u5e01\u7684\u201c\u667a\u80fd\u6760\u6746\u201d\u3002\u5176\u521b\u59cb\u4ebaSaylor\u5728\u516c\u53f8\u66f4\u540d\u4e3aStrategy\u5177\u4f53\u8bb2\u8ff0\u4e86\u8fd9\u4e00\u53d9\u4e8b\u3002\u4f20\u7edf\u8d44\u4ea7\uff08\u5982SPDR S&P 500 ETF\u548cInvesco QQQ Trust\uff0c\u5176\u6ce2\u52a8\u6c34\u5e73\u572815-20\u4e4b\u95f4\uff09\u4e0e\u6bd4\u7279\u5e01\uff08\u6ce2\u52a8\u6c34\u5e73\u572850-60\u4e4b\u95f4\uff09\u4e4b\u95f4\uff0c\u8fd9\u5f62\u6210\u4e86\u5927\u7ea645%\u7684\u5dee\u8ddd\u533a\u57df\u3002Strategy\u7684\u666e\u901a\u80a1\u76ee\u6807\u6ce2\u52a8\u6027\u751a\u81f3\u9ad8\u4e8e\u6bd4\u7279\u5e01\u672c\u8eab\uff0c\u65e8\u5728\u8fbe\u523080-90\u7684\u6ce2\u52a8\u6c34\u5e73\uff0c\u540c\u65f6\u901a\u8fc7\u80a1\u6743\u53d1\u884c\u548c\u53ef\u8f6c\u6362\u503a\u5238\u7684\u7ec4\u5408\u4fdd\u6301Saylor\u6240\u79f0\u7684\u201c\u667a\u80fd\u6760\u6746\u201d\u3002<\/p>\n
\u867d\u7136\u6709\u7a7a\u6295\u72d9\u51fb\uff0c\u540c\u6837\u4e5f\u6709\u4e0d\u5c11\u5927\u578b\u7684\u673a\u6784\u6295\u8d44\u8005\u5bf9Strategy\u7684\u7b56\u7565\u4e70\u5355\uff0c\u8fd1\u671f\u673a\u6784\u6295\u8d44\u8005\u5bf9Strategy\u7684\u62bc\u6ce8\u4e5f\u8ba9\u5e02\u573a\u4fe1\u5fc3\u589e\u5f3a\u3002Fintel\u6570\u636e\u663e\u793a\uff0c\u8fc4\u4eca\u4e3a\u6b62\uff0c\u5171\u67091487\u5bb6\u673a\u6784\u6301\u6709Strategy\u80a1\u7968\uff0c\u5408\u8ba1\u6301\u80a11.39\u4ebf\u80a1\uff0c\u5f53\u524d\u603b\u4ef7\u503c\u7ea6\u4e3a551.75\u4ebf\u7f8e\u5143\u3002<\/p>\n
Citadel Advisors\u662f\u5168\u7403\u6700\u5927\u7684\u5bf9\u51b2\u57fa\u91d1\u4e4b\u4e00\u300213F\u6587\u4ef6\u663e\u793a\uff0c\u622a\u81f3\u4eca\u5e74\u7b2c\u4e00\u5b63\u5ea6\uff0cCitadel Advisors\u5171\u6301\u6709\u7684MSTR\u80a1\u7968\u4ef7\u503c\u8d8566.9\u4ebf\u7f8e\u5143\uff0c\u7ea62322\u4e07\u80a1\uff0c\u662fStrategy\u6700\u5927\u80a1\u4e1c\u4e4b\u4e00\u3002<\/p>\n
\u622a\u81f32025\u5e74Q1\uff0c\u5168\u7403\u6700\u5927\u7684\u516c\u52df\u57fa\u91d1\u7ba1\u7406\u516c\u53f8\u4e4b\u4e00Vanguard Group\u6301\u6709\u7ea62058\u4e07\u80a1MSTR\uff0c\u4ef7\u503c\u8d8559.3\u4ebf\u7f8e\u5143\u3002<\/p>\n
Susquehanna International Group\u662f\u5168\u7403\u77e5\u540d\u5bf9\u51b2\u57fa\u91d1\u516c\u53f8\u3002\u622a\u81f32025\u5e74\u7b2c\u4e00\u5b63\u5ea6\uff0c\u8be5\u516c\u53f8\u6301\u6709\u7684MSTR\u80a1\u7968\u4ef7\u503c\u8d85\u8fc757.3\u4ebf\u7f8e\u5143\uff0c\u7ea61988\u4e07\u80a1\u3002<\/p>\n
13F\u6587\u4ef6\u663e\u793a\uff0c\u622a\u81f32025\u5e74Q1\uff0c\u5168\u7403\u9876\u7ea7\u5bf9\u51b2\u57fa\u91d1\u4e4b\u4e00Jane Street\u6301\u6709\u8d851600\u4e07\u80a1MSTR\uff0c\u4ef7\u503c\u63a5\u8fd146.3\u4ebf\u7f8e\u5143\u3002<\/p>\n
\u636eCapital International\u4eca\u5e74Q1\u63d0\u4ea4\u768413F\u6587\u4ef6\u663e\u793a\uff0c\u8be5\u673a\u6784\u6301\u6709\u8fd11468\u4e07\u80a1MSTR\uff0c\u4ef7\u503c\u7ea642.3\u4ebf\u7f8e\u5143\u3002<\/p>\n
\u622a\u81f3\u4eca\u5e74\u7b2c\u4e00\u5b63\u5ea6\uff0c\u5168\u7403\u89c4\u6a21\u6700\u5927\u7684\u8d44\u7ba1\u5de8\u5934\u4e4b\u4e00BlackRock\u6301\u6709\u7ea61442\u4e07\u80a1MSTR\uff0c\u4ef7\u503c\u8d85\u8fc741.5\u4ebf\u7f8e\u5143\u3002<\/p>\n
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