因比特币价格飙升和公司股价上涨，这位企业家逆风翻盘
迈克尔·塞勒在比特币上投下重注，本来可能是一次失败的决策。但他却因为持有的加密货币和MicroStrategy的股票，获得了一大笔意外之财。
据美国证券交易委员会（Securities and Exchange Commission）的申报文件显示，今年以来，MicroStrategy的执行董事长和亿万富翁塞勒，根据去年与公司达成的股份出售计划，通过出售数十万股公司股票，狂赚3.7亿美元。
这还不包括他的巨额账面盈余。截至上周五，塞勒在MicroStrategy持有的股份（不包括股份出售计划中的股份）以及他最近披露的个人持有的比特币数量，总价值约为34.9亿美元。自今年年初以来，这些资产的价值上涨了约60%，相当于增加了10亿美元。自2023年年初加密货币行业开始反弹以来，他的持股和比特币让他的账面财富增长了近30亿美元。
随着跟踪比特币的新交易所交易基金的成立，比特币价格暴涨，屡创新高，自1月以来，MicroStrategy的股价暴涨。该公司的股价在2023年暴涨超过300%以后，今年已经上涨了86%。上周五，公司股价收于约1,174美元，下跌2.8%。与此同时，比特币价格在2024年上涨了46%，自2023年初以来上涨了近300%。
塞勒曾经是加密货币的质疑者，后来变成了加密货币的信徒，他让MicroStrategy变成了比特币成功的代言人。过去四年，该公司收购了价值达数十亿美元的比特币，有时候会使用杠杆。在2020年塞勒担任CEO期间，Microstrategy收购了首批比特币——斥资2.5亿美元，以约12,000美元的平均价格收购了21,454枚比特币。
四年来，经过后来的多次收购，MicroStrategy持有的比特币超过214,000枚，约占当前流通的比特币的1%。按照周六约64,000美元的单价，MicroStrategy持有的比特币价值约为137亿美元。据福布斯统计，塞勒持有公司约12%的股份，因此他的持股加上个人持有的超过17,000枚比特币的价值，在他近40亿美元的净资产中占很大一部分。
MicroStrategy并未立即答复《财富》杂志的置评请求。
但塞勒并非一直这么幸运。在互联网繁荣时期，他通过MicroStrategy一度成为亿万富翁，但后来遭遇了最大的挫折。2000年，MicroStrategy披露其1999年的营收比最初宣称的少了25%。此次会计丑闻让他一天损失了60亿美元——这是24小时内个人损失史上最惨重的一次。当年晚些时候，美国证券交易委员会指控他违反了联邦证券法律，他向该机构支付了800万美元达成和解，但并未认罪。
后来，塞勒对比特币的投资也被一些投资者和分析师认为是疯狂之举。至少研究公司New Constructs的分析师大卫·特雷纳曾在2022年对《财富》杂志表示，塞勒收购比特币是在“严重地错误配置投资者的资本”。
特雷纳当时说道：“如果把塞勒比作疯子，他就是没有商业才能的‘小埃隆·马斯克’。”
这些否定他的人一度被认为是正确的。2021年11月，比特币价格突破之前创下的记录，MicroStrategy赚得盆满钵满（至少在账面上），但后来比特币价格暴跌，公司的策略却适得其反。MicroStrategy是2022年表现最差的大盘股之一，主要原因就是比特币价格下跌。
但塞勒对比特币的热情从未动摇。上个月，塞勒对美国消费者新闻与商业频道（CNBC）表示，比特币将“取代黄金的地位”，成为最常见的保值资产。
现在判断MicroStrategy成为比特币首选代理人的计划将如何发展还为时过早，尤其是今年1月多家有相同目标的现货比特币交易所交易基金获得美国证券交易委员会批准后。
但狂赚数亿美元的塞勒却一点都不担心。
他对美国消费者新闻与商业频道（CNBC）表示：“如果有一家公司可以以低于1%的利率借款10亿美元，来投资你最好的创意，你愿不愿意投资这家公司？”（财富中文网）
翻译：刘进龙
审校：汪皓
MicroStrategy公司执行董事长迈克尔·塞勒。JASON KOERNER—GETTY IMAGES FOR BITCOIN MAGAZINE
迈克尔·塞勒在比特币上投下重注，本来可能是一次失败的决策。但他却因为持有的加密货币和MicroStrategy的股票，获得了一大笔意外之财。
据美国证券交易委员会（Securities and Exchange Commission）的申报文件显示，今年以来，MicroStrategy的执行董事长和亿万富翁塞勒，根据去年与公司达成的股份出售计划，通过出售数十万股公司股票，狂赚3.7亿美元。
这还不包括他的巨额账面盈余。截至上周五，塞勒在MicroStrategy持有的股份（不包括股份出售计划中的股份）以及他最近披露的个人持有的比特币数量，总价值约为34.9亿美元。自今年年初以来，这些资产的价值上涨了约60%，相当于增加了10亿美元。自2023年年初加密货币行业开始反弹以来，他的持股和比特币让他的账面财富增长了近30亿美元。
随着跟踪比特币的新交易所交易基金的成立，比特币价格暴涨，屡创新高，自1月以来，MicroStrategy的股价暴涨。该公司的股价在2023年暴涨超过300%以后，今年已经上涨了86%。上周五，公司股价收于约1,174美元，下跌2.8%。与此同时，比特币价格在2024年上涨了46%，自2023年初以来上涨了近300%。
塞勒曾经是加密货币的质疑者，后来变成了加密货币的信徒，他让MicroStrategy变成了比特币成功的代言人。过去四年，该公司收购了价值达数十亿美元的比特币，有时候会使用杠杆。在2020年塞勒担任CEO期间，Microstrategy收购了首批比特币——斥资2.5亿美元，以约12,000美元的平均价格收购了21,454枚比特币。
四年来，经过后来的多次收购，MicroStrategy持有的比特币超过214,000枚，约占当前流通的比特币的1%。按照周六约64,000美元的单价，MicroStrategy持有的比特币价值约为137亿美元。据福布斯统计，塞勒持有公司约12%的股份，因此他的持股加上个人持有的超过17,000枚比特币的价值，在他近40亿美元的净资产中占很大一部分。
MicroStrategy并未立即答复《财富》杂志的置评请求。
但塞勒并非一直这么幸运。在互联网繁荣时期，他通过MicroStrategy一度成为亿万富翁，但后来遭遇了最大的挫折。2000年，MicroStrategy披露其1999年的营收比最初宣称的少了25%。此次会计丑闻让他一天损失了60亿美元——这是24小时内个人损失史上最惨重的一次。当年晚些时候，美国证券交易委员会指控他违反了联邦证券法律，他向该机构支付了800万美元达成和解，但并未认罪。
后来，塞勒对比特币的投资也被一些投资者和分析师认为是疯狂之举。至少研究公司New Constructs的分析师大卫·特雷纳曾在2022年对《财富》杂志表示，塞勒收购比特币是在“严重地错误配置投资者的资本”。
特雷纳当时说道：“如果把塞勒比作疯子，他就是没有商业才能的‘小埃隆·马斯克’。”
这些否定他的人一度被认为是正确的。2021年11月，比特币价格突破之前创下的记录，MicroStrategy赚得盆满钵满（至少在账面上），但后来比特币价格暴跌，公司的策略却适得其反。MicroStrategy是2022年表现最差的大盘股之一，主要原因就是比特币价格下跌。
但塞勒对比特币的热情从未动摇。上个月，塞勒对美国消费者新闻与商业频道（CNBC）表示，比特币将“取代黄金的地位”，成为最常见的保值资产。
现在判断MicroStrategy成为比特币首选代理人的计划将如何发展还为时过早，尤其是今年1月多家有相同目标的现货比特币交易所交易基金获得美国证券交易委员会批准后。
但狂赚数亿美元的塞勒却一点都不担心。
他对美国消费者新闻与商业频道（CNBC）表示：“如果有一家公司可以以低于1%的利率借款10亿美元，来投资你最好的创意，你愿不愿意投资这家公司？”（财富中文网）
翻译：刘进龙
审校：汪皓
Michael Saylor’s big bet on Bitcoin was supposed to be his downfall. Instead, it has helped him reap a huge windfall from his holdings in the cryptocurrency and in MicroStrategy stock.
So far this year, the billionaire executive chairman of MicroStrategy has made $370 million by selling hundreds of thousands of company shares through a stock-sale plan struck with the company last year, according to filings with the Securities and Exchange Commission.
But that doesn’t include his massive paper profits. As of Friday, the combination of Saylor’s total MicroStrategy shares (excluding those in the stock-sale plan) and his last revealed count of personal Bitcoin were worth approximately $3.49 billion. Since the start of this year, that’s a gain of about 60%, or upwards of $1 billion. And since the start of 2023—when the crypto sector began rebounding—his shares and Bitcoin holdings have given him approximate paper gains of just under $3 billion.
The value of MicroStrategy’s stock has exploded since January as Bitcoin soared to new highs in part due to the launch of new exchange-traded funds that track the token. MicroStrategy’s shares are up 86% after soaring more than 300% in 2023. Shares closed down 2.8% at about $1,174 on Friday. Meanwhile, Bitcoin is up 46% in 2024 and has leapt nearly 300% since the start of 2023.
Saylor, the once-crypto skeptic turned believer, has made MicroStrategy into a proxy for Bitcoin’s success. Over the past four years, the company bought up billions of dollars worth of the token, sometimes using leverage. While he was CEO in 2020, Microstrategy bought its first Bitcoin tokens—spending $250 million to buy 21,454 at an average price of about $12,000 each.
Four years and multiple purchases later, MicroStrategy owns more than 214,000 Bitcoin, about 1% of all tokens in circulation. At Saturday's price of about $64,000 per Bitcoin, MicroStrategy’s holdings are worth about $13.7 billion. Because Saylor owns about 12% of the company’s shares, his stock holdings plus his personal stash of more than 17,000 Bitcoin factor in majorly to his net worth of just under $4 billion, according to Forbes.
MicroStrategy did not immediately respond to Fortune’s request for comment.
But Saylor hasn’t always been this lucky. After he became a billionaire through MicroStrategy during the dot-com boom, Saylor faced his biggest obstacle. In 2000, MicroStrategy disclosed that its revenue from 1999 was 25% less than it had originally claimed. The accounting scandal cost him $6 billion in one day—the most any single person had ever lost in the span of 24 hours up to then. The SEC accused him of violating federal securities laws later that year, and he settled the charges, paying $8 million to the agency without admitting wrongdoing.
Later, Saylor’s Bitcoin moves were also seen by investors and analysts as crazy. At least one analyst, David Trainer of research firm New Constructs, told Fortune in 2022 that Saylor was “grossly misallocating his investors’ capital,” with his Bitcoin purchases.
“In terms of madmen, Saylor is ‘Elon Junior,’ without the business talent,” Trainer said at the time.
For a while it seemed as if the naysayers were right. After making a killing for MicroStrategy (at least on paper) when Bitcoin hit its previous high point in November 2021, the company’s approach backfired when Bitcoin prices plummeted. MicroStrategy was one of the worst performing large-cap stocks of 2022, largely because of falling Bitcoin prices.
Still, Saylor never wavered in his dedication. Last month, Saylor told CNBC that Bitcoin was “going to eat gold,” replacing it as the most common store of value.
It may still be too soon to tell how MicroStrategy’s plan to be the go-to proxy for Bitcoin will fare, especially after several spot Bitcoin ETFs meant to do the same thing were approved by the SEC in January.
Yet Saylor, with his newly minted millions, isn’t worried in the slightest.
“Is there any company in the world that you wouldn’t like to invest in that could borrow $1 billion at less than 1% interest to invest in your best idea?” he told CNBC.
