{"id":7643,"date":"2026-10-05T22:48:28","date_gmt":"2026-10-05T14:48:28","guid":{"rendered":"https:\/\/www.zgwlgc.com\/?p=7643"},"modified":"2026-10-05T22:48:28","modified_gmt":"2026-10-05T14:48:28","slug":"iosg%ef%bc%9a%e4%b8%8a%e5%b8%82%e5%85%ac%e5%8f%b8%e6%96%b0%e7%83%ad%e6%bd%ae%ef%bc%8c%e5%8a%a0%e5%af%86%e8%b4%a7%e5%b8%81%e5%82%a8%e5%a4%87%e7%bb%8f%e6%b5%8e%e6%a8%a1%e5%9e%8b%e5%a4%a7%e8%a7%a3","status":"publish","type":"post","link":"https:\/\/www.xztj168.com\/?p=7643","title":{"rendered":"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784"},"content":{"rendered":"<p>\u4f5c\u8005\uff5cMario Chow @IOSG<\/p>\n<h3>\u5f15\u8a00<\/h3>\n<p>\u622a\u81f3 2025 \u5e74\u4e2d\uff0c\u8d8a\u6765\u8d8a\u591a\u7684\u4e0a\u5e02\u516c\u53f8\u5f00\u59cb\u5c06\u52a0\u5bc6\u8d27\u5e01\uff08\u5c24\u5176\u662f\u6bd4\u7279\u5e01\uff09\u7eb3\u5165\u516c\u53f8\u91d1\u5e93\u8d44\u4ea7\u914d\u7f6e\u4e2d\uff0c\u53d7\u5230\u4e86 Strategy\uff08$MSTR\uff09\u6210\u529f\u6848\u4f8b\u7684\u542f\u53d1\u3002\u4f8b\u5982\uff0c\u636e\u533a\u5757\u94fe\u5206\u6790\u6570\u636e\u663e\u793a\uff0c\u4ec5\u5728 2025 \u5e74 6 \u6708\uff0c\u5c31\u6709 26 \u5bb6\u65b0\u516c\u53f8\u5c06\u6bd4\u7279\u5e01\u7eb3\u5165\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u4f7f\u5168\u7403\u6301\u6709 BTC \u7684\u516c\u53f8\u603b\u6570\u8fbe\u5230\u7ea6 250 \u5bb6\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/7e070cfd31d903b2a4c6b8f398d07a25.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe\" \/><\/p>\n<p>\u8fd9\u4e9b\u516c\u53f8\u6a2a\u8de8\u591a\u4e2a\u884c\u4e1a\uff08\u79d1\u6280\u3001\u80fd\u6e90\u3001\u91d1\u878d\u3001\u6559\u80b2\u7b49\uff09\u548c\u4e0d\u540c\u56fd\u5bb6\u5730\u533a\u3002\u8bb8\u591a\u516c\u53f8\u5c06\u6bd4\u7279\u5e01\u6709\u9650\u7684 2100 \u4e07\u4f9b\u5e94\u91cf\u89c6\u4e3a\u5bf9\u6297\u901a\u80c0\u7684\u5bf9\u51b2\u5de5\u5177\uff0c\u5e76\u5f3a\u8c03\u5176\u4e0e\u4f20\u7edf\u91d1\u878d\u8d44\u4ea7\u76f8\u5173\u6027\u4f4e\u7684\u7279\u6027\u3002\u8fd9\u79cd\u7b56\u7565\u6b63\u6084\u7136\u8d70\u5411\u4e3b\u6d41\uff1a\u622a\u81f3 2025 \u5e74 5 \u6708\uff0c\u5df2\u6709 64 \u5bb6\u5728 SEC \u6ce8\u518c\u7684\u516c\u53f8\u5171\u6301\u6709\u7ea6 688,000 \u679a BTC\uff0c\u7ea6\u5360\u6bd4\u7279\u5e01\u603b\u4f9b\u5e94\u91cf\u7684 3\u20134%\u3002\u5206\u6790\u5e08\u4f30\u8ba1\uff0c\u5168\u7403\u5df2\u6709\u8d85\u8fc7 100\u2013200 \u5bb6\u516c\u53f8\u5c06\u52a0\u5bc6\u8d44\u4ea7\u7eb3\u5165\u8d22\u52a1\u62a5\u8868\u3002<\/p>\n<h3>\u52a0\u5bc6\u8d44\u4ea7\u50a8\u5907\u7684\u6a21\u578b<\/h3>\n<p>\u5f53\u4e00\u5bb6\u4e0a\u5e02\u516c\u53f8\u5c06\u90e8\u5206\u8d44\u4ea7\u8d1f\u503a\u8868\u914d\u7f6e\u5230\u52a0\u5bc6\u8d27\u5e01\u65f6\uff0c\u4e00\u4e2a\u6838\u5fc3\u95ee\u9898\u968f\u4e4b\u800c\u6765\uff1a\u4ed6\u4eec\u662f\u5982\u4f55\u878d\u8d44\u8d2d\u4e70\u8fd9\u4e9b\u8d44\u4ea7\u7684\uff1f \u4e0e\u4f20\u7edf\u91d1\u878d\u673a\u6784\u4e0d\u540c\uff0c\u5927\u591a\u6570\u91c7\u7528\u52a0\u5bc6\u91d1\u5e93\u7b56\u7565\u7684\u516c\u53f8\uff0c\u5e76\u4e0d\u4f9d\u8d56\u4e8e\u73b0\u91d1\u6d41\u5145\u6c9b\u7684\u4e3b\u8425\u4e1a\u52a1\u6765\u652f\u6491\u3002\u63a5\u4e0b\u6765\u7684\u5206\u6790\u5c06\u4ee5 $MSTR\uff08MicroStrategy\uff09\u4e3a\u4e3b\u8981\u793a\u4f8b\uff0c\u56e0\u4e3a\u5927\u591a\u6570\u5176\u4ed6\u516c\u53f8\u5b9e\u9645\u4e0a\u4e5f\u5728\u590d\u5236\u5176\u6a21\u5f0f\u3002<\/p>\n<h4><strong>\u4e3b\u8425\u4e1a\u52a1\u73b0\u91d1\u6d41\uff08Operating Cash Flow\uff09<\/strong><\/h4>\n<p>\u867d\u7136\u7406\u8bba\u4e0a\u6700\u201c\u5065\u5eb7\u201d\u4e14\u6700\u4e0d\u5177\u7a00\u91ca\u6027\u7684\u65b9\u5f0f\uff0c\u662f\u901a\u8fc7\u516c\u53f8\u6838\u5fc3\u4e1a\u52a1\u6240\u4ea7\u751f\u7684\u81ea\u7531\u73b0\u91d1\u6d41\u6765\u8d2d\u4e70\u52a0\u5bc6\u8d44\u4ea7\uff0c\u4f46\u5728\u73b0\u5b9e\u4e2d\u8fd9\u79cd\u65b9\u5f0f\u51e0\u4e4e\u4e0d\u53ef\u884c\u3002\u5927\u591a\u6570\u516c\u53f8\u672c\u8eab\u5c31\u7f3a\u4e4f\u8db3\u591f\u7a33\u5b9a\u4e14\u5927\u89c4\u6a21\u7684\u73b0\u91d1\u6d41\uff0c\u6839\u672c\u65e0\u6cd5\u5728\u4e0d\u501f\u52a9\u5916\u90e8\u878d\u8d44\u7684\u60c5\u51b5\u4e0b\u79ef\u7d2f\u5927\u91cf BTC\u3001ETH \u6216 SOL \u50a8\u5907\u3002<\/p>\n<p>\u4ee5MicroStrategy\uff08MSTR\uff09\u4e3a\u5178\u578b\u4f8b\u5b50\uff1a\u8be5\u516c\u53f8\u6210\u7acb\u4e8e 1989 \u5e74\uff0c\u539f\u672c\u662f\u4e00\u5bb6\u4e13\u6ce8\u4e8e\u5546\u4e1a\u667a\u80fd\u7684\u8f6f\u4ef6\u4f01\u4e1a\uff0c\u5176\u4e3b\u8425\u4e1a\u52a1\u5305\u62ec HyperIntelligence\u3001AI \u5206\u6790\u4eea\u8868\u76d8\u7b49\u4ea7\u54c1\uff0c\u4f46\u8fd9\u4e9b\u4ea7\u54c1\u81f3\u4eca\u4ecd\u53ea\u80fd\u4ea7\u751f\u6709\u9650\u7684\u6536\u5165\u3002\u4e8b\u5b9e\u4e0a\uff0cMSTR \u7684\u5e74\u5ea6\u7ecf\u8425\u73b0\u91d1\u6d41\u4e3a\u8d1f\u6570\uff0c\u4e0e\u5176\u6295\u8d44\u6bd4\u7279\u5e01\u7684\u6570\u767e\u4ebf\u7f8e\u5143\u89c4\u6a21\u76f8\u53bb\u751a\u8fdc\u3002\u7531\u6b64\u53ef\u89c1\uff0cMicroStrategy \u7684\u52a0\u5bc6\u91d1\u5e93\u6218\u7565\u4ece\u4e00\u5f00\u59cb\u5c31\u4e0d\u662f\u57fa\u4e8e\u5185\u90e8\u76c8\u5229\u80fd\u529b\uff0c\u800c\u662f\u4f9d\u8d56\u5916\u90e8\u8d44\u672c\u8fd0\u4f5c\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/876319c6d26338785cb2b3fc914b22ef.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe1\" \/><\/p>\n<p>\u7c7b\u4f3c\u7684\u60c5\u51b5\u4e5f\u51fa\u73b0\u5728SharpLink Gaming\uff08SBET\uff09\u3002\u8be5\u516c\u53f8\u5728 2025 \u5e74\u8f6c\u578b\u4e3a\u4ee5\u592a\u574a\u91d1\u5e93\u8f7d\u4f53\uff0c\u8d2d\u5165\u4e86\u8d85\u8fc7280,706 \u679a ETH\uff08\u7ea6\u5408 8.4 \u4ebf\u7f8e\u5143\uff09\u3002\u663e\u7136\uff0c\u5b83\u4e0d\u53ef\u80fd\u4f9d\u9760\u5176 B2B \u6e38\u620f\u4e1a\u52a1\u7684\u6536\u5165\u6765\u5b9e\u73b0\u8fd9\u9879\u64cd\u4f5c\u3002SBET \u7684\u8d44\u672c\u5f62\u6210\u7b56\u7565\u4e3b\u8981\u4f9d\u9760PIPE \u878d\u8d44\uff08\u79c1\u52df\u6295\u8d44\u516c\u5f00\u80a1\u7968\uff09\u4e0e\u76f4\u63a5\u80a1\u7968\u53d1\u884c\uff0c\u800c\u975e\u7ecf\u8425\u6027\u6536\u5165\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/61b6eb180acbe2b9a9a07fbb9ae2d158.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe2\" \/><\/p>\n<h4><strong>\u8d44\u672c\u5e02\u573a\u878d\u8d44<\/strong><\/h4>\n<p>\u5728\u91c7\u7528\u52a0\u5bc6\u91d1\u5e93\u7b56\u7565\u7684\u4e0a\u5e02\u516c\u53f8\u4e2d\uff0c\u6700\u5e38\u89c1\u4e14\u5177\u53ef\u6269\u5c55\u6027\u7684\u65b9\u5f0f\u662f\u901a\u8fc7\u516c\u5f00\u5e02\u573a\u878d\u8d44\uff08public offering\uff09\uff0c\u901a\u8fc7\u53d1\u884c\u80a1\u7968\u6216\u503a\u5238\u6765\u7b79\u96c6\u8d44\u91d1\uff0c\u5e76\u5c06\u6240\u5f97\u7528\u4e8e\u8d2d\u4e70\u6bd4\u7279\u5e01\u7b49\u52a0\u5bc6\u8d44\u4ea7\u3002\u8fd9\u4e00\u6a21\u5f0f\u4f7f\u516c\u53f8\u80fd\u5728\u4e0d\u52a8\u7528\u7559\u5b58\u6536\u76ca\u7684\u60c5\u51b5\u4e0b\u6784\u5efa\u5927\u89c4\u6a21\u52a0\u5bc6\u91d1\u5e93\uff0c\u5e76\u5145\u5206\u501f\u9274\u4e86\u4f20\u7edf\u8d44\u672c\u5e02\u573a\u7684\u91d1\u878d\u5de5\u7a0b\u65b9\u6cd5\u3002<\/p>\n<h4><strong>\u53d1\u884c\u80a1\u7968\uff1a\u4f20\u7edf\u7684\u7a00\u91ca\u6027\u878d\u8d44\u6848\u4f8b<\/strong><\/h4>\n<p>\u5728\u5927\u591a\u6570\u60c5\u51b5\u4e0b\uff0c\u53d1\u884c\u65b0\u80a1\u4f34\u968f\u7740\u6210\u672c\u3002\u516c\u53f8\u901a\u8fc7\u589e\u53d1\u80a1\u7968\u6765\u878d\u8d44\u65f6\uff0c\u901a\u5e38\u4f1a\u53d1\u751f\u4e24\u4ef6\u4e8b\uff1a<\/p>\n<ol>\n<li>\u6240\u6709\u6743\u88ab\u7a00\u91ca\uff1a\u539f\u6709\u80a1\u4e1c\u5728\u516c\u53f8\u4e2d\u7684\u6301\u80a1\u6bd4\u4f8b\u4e0b\u964d\u3002<\/li>\n<li>\u6bcf\u80a1\u6536\u76ca\uff08EPS\uff09\u4e0b\u964d\uff1a\u51c0\u5229\u6da6\u4e0d\u53d8\u7684\u60c5\u51b5\u4e0b\uff0c\u603b\u80a1\u672c\u589e\u52a0\u5bfc\u81f4 EPS \u964d\u4f4e\u3002<\/li>\n<\/ol>\n<p>\u8fd9\u4e9b\u6548\u5e94\u901a\u5e38\u4f1a\u5bfc\u81f4\u80a1\u4ef7\u4e0b\u8dcc\uff0c\u4e3b\u8981\u6709\u4e24\u4e2a\u539f\u56e0\uff1a<\/p>\n<ul>\n<li>\u4f30\u503c\u903b\u8f91\uff1a\u5982\u679c\u5e02\u76c8\u7387\uff08P\/E\uff09\u4fdd\u6301\u4e0d\u53d8\uff0c\u800c EPS \u4e0b\u6ed1\uff0c\u80a1\u4ef7\u4e5f\u4f1a\u4e0b\u8dcc\u3002<\/li>\n<\/ul>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/9785456124e83a2edb23f44a199857da.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe3\" \/><\/p>\n<ul>\n<li>\u5e02\u573a\u5fc3\u7406\uff1a\u6295\u8d44\u8005\u5e38\u5c06\u878d\u8d44\u89e3\u8bfb\u4e3a\u516c\u53f8\u7f3a\u4e4f\u8d44\u91d1\u6216\u5904\u4e8e\u56f0\u5883\uff0c\u5c24\u5176\u5f53\u7b79\u5f97\u8d44\u91d1\u7528\u4e8e\u5c1a\u672a\u9a8c\u8bc1\u7684\u589e\u957f\u8ba1\u5212\u65f6\uff0c\u6b64\u5916\uff0c\u65b0\u80a1\u5927\u91cf\u6d8c\u5165\u5e02\u573a\u7684\u4f9b\u7ed9\u538b\u529b\u4e5f\u4f1a\u62c9\u4f4e\u5e02\u573a\u4ef7\u683c\u3002<\/li>\n<\/ul>\n<h4><strong>\u4e00\u4e2a\u4f8b\u5916\uff1aMicroStrategy \u7684\u53cd\u7a00\u91ca\u578b\u80a1\u6743\u6a21\u5f0f<\/strong><\/h4>\n<p>MicroStrategy\uff08MSTR\uff09\u5219\u662f\u80cc\u79bb\u4f20\u7edf\u300c\u80a1\u6743\u7a00\u91ca = \u80a1\u4e1c\u53d7\u635f\u300d\u53d9\u4e8b\u7684\u4e00\u4e2a\u5178\u578b\u53cd\u4f8b\u3002\u81ea 2020 \u5e74\u4ee5\u6765\uff0cMSTR \u4e00\u76f4\u79ef\u6781\u901a\u8fc7\u80a1\u6743\u878d\u8d44\u6765\u8d2d\u4e70\u6bd4\u7279\u5e01\uff0c\u5176\u603b\u6d41\u901a\u80a1\u4ece\u4e0d\u5230 1 \u4ebf\u80a1\u589e\u957f\u5230 2024 \u5e74\u5e95\u7684\u8d85\u8fc7 2.24 \u4ebf\u80a1<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/d3d876cdf136f89bbfebad909f57ef27.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe4\" \/><\/p>\n<p>\u5c3d\u7ba1\u80a1\u672c\u88ab\u7a00\u91ca\uff0cMSTR \u7684\u8868\u73b0\u5374\u5f80\u5f80\u4f18\u4e8e\u6bd4\u7279\u5e01\u672c\u8eab\u3002\u4e3a\u4ec0\u4e48\uff1f\u56e0\u4e3a MicroStrategy \u957f\u671f\u5904\u4e8e\u201c\u5e02\u503c\u9ad8\u4e8e\u5176\u6240\u6301\u6bd4\u7279\u5e01\u51c0\u503c\u201d\u7684\u72b6\u6001\uff0c\u5373\u6211\u4eec\u6240\u8bf4\u7684mNAV &gt; 1\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/6b9334605152913cccc2b33498bd0634.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe5\" \/><\/p>\n<h4><strong>\u7406\u89e3\u6ea2\u4ef7\uff1a\u4ec0\u4e48\u662f mNAV\uff1f<\/strong><\/h4>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/1fd37cc31d5bf758354b0a9958ba67be.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe6\" \/><\/p>\n<ul>\n<li>\u5f53mNAV &gt; 1\u65f6\uff0c\u5e02\u573a\u7ed9\u4e88 MSTR \u7684\u4f30\u503c\u9ad8\u4e8e\u5176\u6240\u6301\u6bd4\u7279\u5e01\u7684\u516c\u5e73\u5e02\u503c\u3002<\/li>\n<\/ul>\n<p>\u6362\u53e5\u8bdd\u8bf4\uff0c\u6295\u8d44\u8005\u901a\u8fc7 MSTR \u83b7\u53d6\u6bd4\u7279\u5e01\u655e\u53e3\u65f6\uff0c\u6bcf\u5355\u4f4d\u652f\u4ed8\u7684\u4ef7\u683c\u8981\u9ad8\u4e8e\u76f4\u63a5\u8d2d\u4e70 BTC \u7684\u6210\u672c\u3002\u8fd9\u79cd\u6ea2\u4ef7\u53cd\u6620\u4e86\u5e02\u573a\u5bf9 Michael Saylor \u8d44\u672c\u7b56\u7565\u7684\u4fe1\u5fc3\uff0c\u4e5f\u53ef\u80fd\u4ee3\u8868\u5e02\u573a\u8ba4\u4e3a MSTR \u63d0\u4f9b\u4e86\u6760\u6746\u5316\u3001\u4e3b\u52a8\u7ba1\u7406\u7684 BTC \u66dd\u9669\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/6da429974eaeae8979f984d7e4c77906.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe7\" \/><\/p>\n<h4><strong>\u4f20\u7edf\u91d1\u878d\u903b\u8f91\u7684\u652f\u6301<\/strong><\/h4>\n<p>\u5c3d\u7ba1 mNAV \u662f\u4e00\u4e2a\u52a0\u5bc6\u539f\u751f\u7684\u4f30\u503c\u6307\u6807\uff0c\u4f46\u201c\u4ea4\u6613\u4ef7\u683c\u9ad8\u4e8e\u5e95\u5c42\u8d44\u4ea7\u4ef7\u503c\u201d\u7684\u6982\u5ff5\u5728\u4f20\u7edf\u91d1\u878d\u4e2d\u65e9\u5df2\u666e\u904d\u5b58\u5728\u3002<\/p>\n<p>\u516c\u53f8\u4e4b\u6240\u4ee5\u7ecf\u5e38\u4ee5\u9ad8\u4e8e\u8d26\u9762\u4ef7\u503c\u6216\u51c0\u8d44\u4ea7\u7684\u4ef7\u683c\u4ea4\u6613\uff0c\u4e3b\u8981\u6709\u4ee5\u4e0b\u51e0\u4e2a\u539f\u56e0\uff1a<\/p>\n<p><strong>#\u8d34\u73b0\u73b0\u91d1\u6d41\uff08DCF\uff09\u4f30\u503c\u6cd5<\/strong><\/p>\n<p>\u6295\u8d44\u8005\u5173\u6ce8\u7684\u662f\u516c\u53f8\u672a\u6765\u73b0\u91d1\u6d41\u7684\u73b0\u503c\uff08Present Value\uff09\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u5176\u5f53\u524d\u6301\u6709\u7684\u8d44\u4ea7\u3002<\/p>\n<p>\u8fd9\u79cd\u4f30\u503c\u65b9\u6cd5\u5e38\u5e38\u5bfc\u81f4\u516c\u53f8\u4ea4\u6613\u4ef7\u683c\u8fdc\u9ad8\u4e8e\u5176\u8d26\u9762\u4ef7\u503c\uff0c\u5c24\u5176\u5728\u4ee5\u4e0b\u60c5\u5883\u4e2d\u66f4\u660e\u663e\uff1a<\/p>\n<ul>\n<li>\u6536\u5165\u548c\u5229\u6da6\u7387\u9884\u671f\u589e\u957f<\/li>\n<li>\u516c\u53f8\u5177\u5907\u5b9a\u4ef7\u6743\u6216\u6280\u672f\/\u5546\u4e1a\u62a4\u57ce\u6cb3<\/li>\n<\/ul>\n<p>? \u793a\u4f8b\uff1a\u5fae\u8f6f\uff08Microsoft\uff09\u7684\u4f30\u503c\u5e76\u4e0d\u57fa\u4e8e\u5176\u73b0\u91d1\u6216\u786c\u4ef6\u8d44\u4ea7\uff0c\u800c\u662f\u57fa\u4e8e\u5176\u672a\u6765\u7a33\u5b9a\u7684\u8ba2\u9605\u7c7b\u8f6f\u4ef6\u73b0\u91d1\u6d41\u3002<\/p>\n<p><strong>#\u76c8\u5229\u4e0e\u6536\u5165\u500d\u6570\u4f30\u503c\u6cd5\uff08EBITDA\uff09<\/strong><\/p>\n<p>\u5728\u8bb8\u591a\u9ad8\u589e\u957f\u884c\u4e1a\uff0c\u516c\u53f8\u901a\u5e38\u4f7f\u7528 P\/E\uff08\u5e02\u76c8\u7387\uff09 \u6216\u6536\u5165\u500d\u6570\u8fdb\u884c\u4f30\u503c\uff1a<\/p>\n<ul>\n<li>\u9ad8\u589e\u957f\u7684\u8f6f\u4ef6\u516c\u53f8\u53ef\u80fd\u4ee5 20\u201330 \u500d EBITDA \u7684\u500d\u6570\u8fdb\u884c\u4ea4\u6613\uff1b<\/li>\n<li>\u65e9\u671f\u516c\u53f8\u5373\u4f7f\u6ca1\u6709\u5229\u6da6\uff0c\u4e5f\u53ef\u80fd\u4ee5 50 \u500d\u8425\u6536 \u6216\u66f4\u9ad8\u7684\u500d\u6570\u4ea4\u6613\u3002<\/li>\n<\/ul>\n<p>? \u793a\u4f8b\uff1a\u4e9a\u9a6c\u900a\u5728 2013 \u5e74\u7684\u5e02\u76c8\u7387\u9ad8\u8fbe 1078 \u500d\u3002<\/p>\n<p>\u5c3d\u7ba1\u5229\u6da6\u5fae\u8584\uff0c\u6295\u8d44\u8005\u4ecd\u62bc\u6ce8\u5176\u5728\u7535\u5546\u548c AWS \u9886\u57df\u7684\u672a\u6765\u4e3b\u5bfc\u5730\u4f4d\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/164f8b4f5a1f0e95c3dd3226d3da64f3.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe8\" \/><\/p>\n<p>MicroStrategy \u62e5\u6709\u6bd4\u7279\u5e01\u672c\u8eab\u6240\u4e0d\u5177\u5907\u7684\u4f18\u52bf\uff1a\u4e00\u4e2a\u53ef\u4ee5\u63a5\u5165\u4f20\u7edf\u878d\u8d44\u6e20\u9053\u7684\u516c\u53f8\u5916\u58f3\u3002\u4f5c\u4e3a\u4e00\u5bb6\u7f8e\u56fd\u4e0a\u5e02\u516c\u53f8\uff0c\u5b83\u53ef\u4ee5\u53d1\u884c\u80a1\u7968\u3001\u503a\u5238\uff0c\u751a\u81f3\u662f\u4f18\u5148\u80a1\uff08preferred equity\uff09\u6765\u7b79\u96c6\u73b0\u91d1\uff0c\u800c\u4e14\u5b83\u786e\u5b9e\u505a\u5230\u4e86\uff0c\u800c\u4e14\u6548\u679c\u60ca\u4eba\u3002<\/p>\n<p>Michael Saylor \u5de7\u5999\u5730\u5229\u7528\u8fd9\u4e2a\u4f53\u7cfb\uff1a\u4ed6\u901a\u8fc7\u53d1\u884c\u96f6\u5229\u7387\u53ef\u8f6c\u503a\uff08zero-percent convertible bonds\uff09\uff0c\u4ee5\u53ca\u8fd1\u671f\u63a8\u51fa\u7684\u521b\u65b0\u578b\u4f18\u5148\u80a1\u4ea7\u54c1\uff0c\u7b79\u96c6\u4e86\u6570\u5341\u4ebf\u7f8e\u5143\uff0c\u5e76\u5c06\u8fd9\u4e9b\u8d44\u91d1\u5168\u90e8\u6295\u5165\u6bd4\u7279\u5e01\u3002<\/p>\n<p>\u6295\u8d44\u8005\u8ba4\u8bc6\u5230\uff0cMicroStrategy \u80fd\u591f\u5229\u7528\u201c\u522b\u4eba\u7684\u94b1\u201d\u5927\u89c4\u6a21\u8d2d\u4e70\u6bd4\u7279\u5e01\uff0c\u800c\u8fd9\u79cd\u673a\u4f1a\u5e76\u4e0d\u5bb9\u6613\u88ab\u4e2a\u4eba\u6295\u8d44\u8005\u6240\u590d\u5236\u3002MicroStrategy \u7684\u6ea2\u4ef7\u201c\u4e0e\u77ed\u671f NAV \u5957\u5229\u65e0\u5173\u201d\uff0c\u800c\u662f\u6765\u81ea\u5e02\u573a\u5bf9\u5176\u8d44\u672c\u83b7\u53d6\u80fd\u529b\u4e0e\u914d\u7f6e\u80fd\u529b\u7684\u9ad8\u5ea6\u4fe1\u4efb\u3002<\/p>\n<h4><strong>mNAV &gt; 1 \u5982\u4f55\u5b9e\u73b0\u53cd\u7a00\u91ca<\/strong><\/h4>\n<p>\u5f53 MicroStrategy \u7684\u4ea4\u6613\u4ef7\u683c\u9ad8\u4e8e\u5176\u6301\u6709\u6bd4\u7279\u5e01\u7684\u51c0\u8d44\u4ea7\u503c\uff08\u5373 mNAV &gt; 1\uff09\u65f6\uff0c\u516c\u53f8\u53ef\u4ee5\uff1a<\/p>\n<ol>\n<li>\u4ee5\u6ea2\u4ef7\u4ef7\u683c\u53d1\u884c\u65b0\u80a1<\/li>\n<li>\u5c06\u52df\u96c6\u8d44\u91d1\u7528\u4e8e\u8d2d\u4e70\u66f4\u591a\u6bd4\u7279\u5e01\uff08BTC\uff09<\/li>\n<li>\u589e\u52a0\u603b BTC \u6301\u4ed3<\/li>\n<li>\u63a8\u52a8 NAV \u548c\u4f01\u4e1a\u4ef7\u503c\uff08Enterprise Value\uff09\u540c\u6b65\u4e0a\u5347<\/li>\n<\/ol>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/80317e14c69c87b92a5fe22e0085110d.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe9\" \/><\/p>\n<p>\u5373\u4f7f\u5728\u6d41\u901a\u80a1\u589e\u52a0\u7684\u60c5\u51b5\u4e0b\uff0c\u6bcf\u80a1 BTC \u6301\u6709\u91cf\uff08BTC\/share\uff09\u4e5f\u53ef\u80fd\u4fdd\u6301\u7a33\u5b9a\u751a\u81f3\u4e0a\u5347\uff0c\u4ece\u800c\u4f7f\u5f97\u53d1\u884c\u65b0\u80a1\u6210\u4e3a\u53cd\u7a00\u91ca\u64cd\u4f5c\u3002<\/p>\n<h4><strong>\u5982\u679c mNAV &lt; 1 \u4f1a\u53d1\u751f\u4ec0\u4e48\uff1f<\/strong><\/h4>\n<p>\u5f53mNAV &lt; 1\u65f6\uff0c\u610f\u5473\u7740\u6bcf\u4e00\u7f8e\u5143\u7684 MSTR \u80a1\u7968\u4ee3\u8868\u7684 BTC \u5e02\u503c\u8d85\u8fc7 1 \u7f8e\u5143\uff08\u81f3\u5c11\u4ece\u8d26\u9762\u4e0a\u770b\u662f\u5982\u6b64\uff09\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/375e09d742d4553919e21c5062af5345.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe10\" \/><\/p>\n<p>\u4ece\u4f20\u7edf\u91d1\u878d\u7684\u89d2\u5ea6\u770b\uff0cMSTR \u6b63\u5728\u4ee5\u6298\u4ef7\u4ea4\u6613\uff0c\u5373\u4f4e\u4e8e\u5176\u51c0\u8d44\u4ea7\u503c\uff08NAV\uff09\u3002\u8fd9\u4f1a\u5e26\u6765\u8d44\u672c\u914d\u7f6e\u4e0a\u7684\u6311\u6218\u3002\u5982\u679c\u516c\u53f8\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\u7528\u80a1\u7968\u878d\u8d44\u518d\u53bb\u4e70 BTC\uff0c\u4ece\u80a1\u4e1c\u89d2\u5ea6\u6765\u770b\uff0c\u5b83\u5176\u5b9e\u662f\u5728\u9ad8\u4ef7\u4e70\u5165 BTC\uff0c\u4ece\u800c\uff1a<\/p>\n<ul>\n<li>\u7a00\u91ca BTC\/share\uff08\u6bcf\u80a1 BTC \u6301\u6709\u91cf\uff09<\/li>\n<li>\u5e76\u6e1b\u5c11\u73b0\u6709\u80a1\u4e1c\u4ef7\u503c<\/li>\n<\/ul>\n<p>\u5f53 MicroStrategy \u9762\u4e34 mNAV &lt; 1 \u7684\u60c5\u51b5\u65f6\uff0c\u5b83\u5c06\u65e0\u6cd5\u7ee7\u7eed\u7ef4\u6301\u90a3\u79cd\u300c\u53d1\u884c\u65b0\u80a1 \u2192 \u8d2d\u5165 BTC \u2192 \u63d0\u5347 BTC\/share\u300d\u7684\u98de\u8f6e\u6548\u5e94\u3002<\/p>\n<p>\u90a3\u6b64\u65f6\u8fd8\u6709\u4ec0\u4e48\u9009\u62e9\uff1f<\/p>\n<h4><strong>\u56de\u8d2d\u80a1\u7968\uff0c\u800c\u4e0d\u662f\u7ee7\u7eed\u4e70\u5165 BTC<\/strong><\/h4>\n<p>\u5f53 mNAV &lt; 1 \u65f6\uff0c\u56de\u8d2d MSTR \u80a1\u7968\u662f\u4e00\u79cd\u4ef7\u503c\u589e\u76ca\u884c\u4e3a\uff08value-accretive\uff09\uff0c\u539f\u56e0\u5305\u62ec\uff1a<\/p>\n<ul>\n<li>\u4f60\u662f\u5728\u4ee5\u4f4e\u4e8e\u5176 BTC \u5185\u5728\u4ef7\u503c\u7684\u4ef7\u683c\u56de\u8d2d\u80a1\u7968<\/li>\n<li>\u968f\u7740\u6d41\u901a\u80a1\u6570\u91cf\u51cf\u5c11\uff0cBTC\/share \u5c06\u4f1a\u4e0a\u5347<\/li>\n<\/ul>\n<p>Saylor \u66fe\u660e\u786e\u8868\u793a\u8fc7\uff1a\u5982\u679c mNAV \u4f4e\u4e8e 1\uff0c\u6700\u597d\u7684\u7b56\u7565\u662f\u56de\u8d2d\u80a1\u7968\u800c\u4e0d\u662f\u7ee7\u7eed\u4e70\u5165 BTC\u3002<\/p>\n<h4><strong>\u624b\u6bb5\u4e00\uff1a\u53d1\u884c\u4f18\u5148\u80a1\uff08Preferred Stock\uff09<\/strong><\/h4>\n<p>\u4f18\u5148\u80a1\u662f\u4e00\u79cd\u6df7\u5408\u578b\u8bc1\u5238\uff0c\u5728\u516c\u53f8\u8d44\u672c\u7ed3\u6784\u4e2d\u4ecb\u4e8e\u503a\u52a1\u4e0e\u666e\u901a\u80a1\u4e4b\u95f4\u3002\u5b83\u901a\u5e38\u63d0\u4f9b\u56fa\u5b9a\u5206\u7ea2\uff0c\u6ca1\u6709\u6295\u7968\u6743\uff0c\u5e76\u4e14\u5728\u5229\u6da6\u5206\u914d\u548c\u6e05\u7b97\u65f6\u4f18\u5148\u4e8e\u666e\u901a\u80a1\u3002\u4e0e\u503a\u52a1\u4e0d\u540c\uff0c\u4f18\u5148\u80a1\u4e0d\u9700\u8981\u507f\u8fd8\u672c\u91d1\uff1b\u4e0e\u666e\u901a\u80a1\u4e0d\u540c\uff0c\u5b83\u80fd\u63d0\u4f9b\u66f4\u53ef\u9884\u6d4b\u7684\u6536\u5165\u3002<\/p>\n<p>MicroStrategy \u5df2\u53d1\u884c\u4e86\u4e09\u7c7b\u4f18\u5148\u80a1\uff1aSTRK\u3001STRF \u548c STRC\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/12c863786bd91e1c351117e1f111c166.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe11\" \/><\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/97023ed2115bc9a6a8c4e127e81549ad.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe12\" \/><\/p>\n<p>STRF\u662f\u6700\u76f4\u63a5\u7684\u5de5\u5177\uff1a\u8fd9\u662f\u4e00\u79cd\u4e0d\u53ef\u8f6c\u6362\u7684\u6c38\u4e45\u4f18\u5148\u80a1\uff0c\u6309 $100 \u9762\u503c\u652f\u4ed8\u5e74\u5316 10% \u7684\u56fa\u5b9a\u73b0\u91d1\u80a1\u606f\u3002\u5b83\u6ca1\u6709\u80a1\u6743\u8f6c\u6362\u9009\u9879\uff0c\u4e5f\u4e0d\u53c2\u4e0e MSTR \u7684\u80a1\u7968\u4e0a\u6da8\uff0c\u4ec5\u63d0\u4f9b\u6536\u76ca\u3002<\/p>\n<p>STRF \u7684\u5e02\u573a\u4ef7\u683c\u4f1a\u56f4\u7ed5\u4ee5\u4e0b\u903b\u8f91\u6ce2\u52a8\uff1a<\/p>\n<ul>\n<li>\u82e5 MicroStrategy \u9700\u8981\u878d\u8d44\uff0c\u4f1a\u589e\u53d1 STRF\uff0c\u4ece\u800c\u589e\u52a0\u4f9b\u7ed9\u5e76\u4f7f\u4ef7\u683c\u4e0b\u8c03\uff1b<\/li>\n<li>\u82e5\u5e02\u573a\u5bf9\u6536\u76ca\u7684\u9700\u6c42\u6fc0\u589e\uff08\u5982\u5229\u7387\u8f83\u4f4e\u65f6\u671f\uff09\uff0cSTRF \u4ef7\u683c\u4f1a\u4e0a\u6da8\uff0c\u4ece\u800c\u964d\u4f4e\u6709\u6548\u6536\u76ca\u7387\uff1b<\/li>\n<li>\u8fd9\u5f62\u6210\u4e86\u4e00\u4e2a\u4ef7\u683c\u81ea\u8c03\u673a\u5236\uff0c\u4ef7\u683c\u533a\u95f4\u901a\u5e38\u8f83\u7a84\uff08\u4f8b\u5982 $80\u2013$100\uff09\uff0c\u7531\u6536\u76ca\u7387\u9700\u6c42\u4e0e\u4f9b\u9700\u9a71\u52a8\u3002<\/li>\n<\/ul>\n<blockquote>\n<p>\u793a\u4f8b\uff1a\u82e5\u5e02\u573a\u8981\u6c42 15% \u6536\u76ca\u7387\uff0cSTRF \u4ef7\u683c\u53ef\u80fd\u8dcc\u81f3 $66.67\uff1b\u82e5\u5e02\u573a\u63a5\u53d7 5%\uff0c\u5219\u53ef\u80fd\u6da8\u81f3 $200\u3002<\/p>\n<\/blockquote>\n<p>\u7531\u4e8e STRF \u662f\u4e0d\u53ef\u8f6c\u6362\u3001\u57fa\u672c\u4e0d\u53ef\u8d4e\u56de\u7684\u5de5\u5177\uff08\u9664\u975e\u9047\u5230\u7a0e\u52a1\u6216\u8d44\u672c\u89e6\u53d1\u6761\u4ef6\uff09\uff0c\u5b83\u7684\u884c\u4e3a\u7c7b\u4f3c\u4e8e\u6c38\u4e45\u503a\u5238\uff0cMicroStrategy \u53ef\u4ee5\u53cd\u590d\u4f7f\u7528\u5b83\u201c\u6284\u5e95\u201d BTC\uff0c\u65e0\u9700\u518d\u878d\u8d44\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/ec4283f20edab4581c093a0ecaabf177.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe13\" \/><\/p>\n<p>STRK \u7c7b\u4f3c STRF\uff0c\u5e74\u5316\u80a1\u606f\u4e3a 8%\uff0c\u4f46\u589e\u52a0\u4e86\u4e00\u4e2a\u5173\u952e\u7279\u5f81\uff1a\u5f53 MSTR \u80a1\u4ef7\u8d85\u8fc7 $1,000 \u65f6\u53ef\u6309 10:1 \u6bd4\u4f8b\u8f6c\u6362\u4e3a\u666e\u901a\u80a1\uff0c\u76f8\u5f53\u4e8e\u5d4c\u5165\u4e86\u4e00\u4e2a\u6df1\u5ea6\u865a\u503c\u770b\u6da8\u671f\u6743\uff08call option\uff09\uff0c\u4e3a\u6301\u6709\u8005\u63d0\u4f9b\u957f\u671f\u4e0a\u6da8\u673a\u4f1a\u3002<\/p>\n<p>STRK \u5bf9\u4e8e\u516c\u53f8\u4e0e\u6295\u8d44\u8005\u90fd\u6709\u6781\u5f3a\u7684\u5438\u5f15\u529b\uff0c\u539f\u56e0\u5305\u62ec\uff1a<\/p>\n<p><strong>#MSTR \u80a1\u4e1c\u7684\u975e\u5bf9\u79f0\u4e0a\u884c\u673a\u4f1a\uff1a<\/strong><\/p>\n<ul>\n<li>\u6bcf\u80a1 STRK \u552e\u4ef7\u7ea6 $85\uff0c10 \u80a1\u53ef\u7b79\u8d44 $850\uff1b<\/li>\n<li>\u82e5\u672a\u6765\u8f6c\u6362\u4e3a 1 \u80a1 MSTR\uff0c\u7b49\u4e8e\u516c\u53f8\u4ee5 $850 \u7684\u4ee3\u4ef7\u5728\u5f53\u524d\u4e70\u5165 BTC\uff0c\u4f46\u4ec5\u5f53 MSTR \u80a1\u4ef7\u6da8\u8d85 $1,000 \u624d\u4f1a\u7a00\u91ca\uff1b<\/li>\n<li>\u56e0\u6b64\uff0c\u5728 MSTR &lt; $1,000 \u671f\u95f4\u662f\u975e\u7a00\u91ca\u6027\u7684\uff0c\u5373\u4f7f\u8f6c\u6362\u540e\u4e5f\u53cd\u6620\u4e86\u5148\u524d BTC \u7d2f\u79ef\u6240\u5e26\u6765\u7684\u5347\u503c\u3002<\/li>\n<\/ul>\n<p><strong>#\u6536\u76ca\u81ea\u7a33\u7ed3\u6784\uff1a<\/strong><\/p>\n<ul>\n<li>STRK \u6bcf\u5b63\u5ea6\u6d3e\u606f $2\uff0c\u5e74\u5316 $8\uff1b<\/li>\n<li>\u82e5\u4ef7\u683c\u8dcc\u81f3 $50\uff0c\u6536\u76ca\u7387\u4f1a\u5347\u81f3 16%\uff0c\u5438\u5f15\u4e70\u76d8\u652f\u6491\u4ef7\u683c\uff1b<\/li>\n<li>\u8fd9\u79cd\u7ed3\u6784\u4f7f STRK \u8868\u73b0\u5f97\u50cf\u4e00\u4e2a\u201c\u5e26\u671f\u6743\u7684\u503a\u5238\u201d\uff1a\u4e0b\u884c\u65f6\u9632\u5fa1\uff0c\u4e0a\u884c\u65f6\u53c2\u4e0e\u3002<\/li>\n<\/ul>\n<p><strong>#\u6295\u8d44\u8005\u52a8\u673a\u4e0e\u8f6c\u6362\u6fc0\u52b1\uff1a<\/strong><\/p>\n<ul>\n<li>\u5f53 MSTR \u80a1\u4ef7\u7a81\u7834 $1,000\uff0c\u6301\u6709\u8005\u6709\u52a8\u529b\u8f6c\u6362\u4e3a\u666e\u901a\u80a1\uff1b<\/li>\n<li>\u968f\u7740 MSTR \u8fdb\u4e00\u6b65\u4e0a\u6da8\uff08\u5982\u81f3 $5,000 \u6216 $10,000\uff09\uff0cSTRK \u7684\u80a1\u606f\u53d8\u5f97\u5fae\u4e0d\u8db3\u9053\uff08\u6536\u76ca\u7387\u4ec5\u7ea6 0.8%\uff09\uff0c\u52a0\u901f\u8f6c\u6362\uff1b<\/li>\n<li>\u6700\u7ec8\u5f62\u6210\u81ea\u7136\u9000\u51fa\u901a\u9053\uff0c\u628a\u4e34\u65f6\u878d\u8d44\u8f6c\u5316\u4e3a\u957f\u671f\u80a1\u4e1c\u7ed3\u6784\u3002<\/li>\n<\/ul>\n<p>MicroStrategy \u4e5f\u4fdd\u7559\u8d4e\u56de STRK \u7684\u6743\u5229\uff0c\u6761\u4ef6\u5305\u62ec\u5269\u4f59\u672a\u8f6c\u80a1\u80a1\u6570\u4f4e\u4e8e 25% \u6216\u51fa\u73b0\u7a0e\u52a1\u7b49\u7279\u6b8a\u89e6\u53d1\u60c5\u5f62\u3002<\/p>\n<p>\u5728\u6e05\u7b97\u987a\u5e8f\u4e2d\uff0cSTRF \u548c STRK \u4f18\u4e8e\u666e\u901a\u80a1\uff0c\u4f46\u4f4e\u4e8e\u503a\u52a1\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/90570a57bfd5d2652b9b41b146bf9ce3.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe14\" \/><\/p>\n<p>\u5f53\u516c\u53f8\u5904\u4e8emNAV &lt; 1\u7684\u60c5\u51b5\u65f6\uff0c\u8fd9\u4e9b\u5de5\u5177\u5c24\u4e3a\u91cd\u8981\u3002\u56e0\u4e3a\u82e5\u4ee5\u6298\u4ef7\u53d1\u884c\u666e\u901a\u80a1\uff0c\u4f1a\u7a00\u91ca BTC\/share\uff0c\u4ece\u800c\u6e1b\u5c11\u4ef7\u503c\u3002\u800c\u50cf STRF \u548c STRK \u8fd9\u6837\u7684\u4f18\u5148\u80a1\uff0c\u53ef\u4f7f\u516c\u53f8\u5728\u4e0d\u7a00\u91ca\u666e\u901a\u80a1\u7684\u524d\u63d0\u4e0b\u7ee7\u7eed\u7b79\u8d44\uff0c\u65e0\u8bba\u662f\u7528\u4e8e\u7ee7\u7eed\u4e70\u5165\u6bd4\u7279\u5e01\uff0c\u8fd8\u662f\u56de\u8d2d\u80a1\u7968\uff0c\u90fd\u80fd\u7ef4\u6301 BTC\/share \u7684\u7a33\u5b9a\u6027\uff0c\u540c\u65f6\u6269\u5927\u8d44\u4ea7\u3002<\/p>\n<h4><strong>\u4ed6\u4eec\u5982\u4f55\u652f\u4ed8\u5229\u606f\uff08\u80a1\u606f\uff09\uff1f<\/strong><\/h4>\n<p>\u622a\u81f3 2025 \u5e74 YTD\uff0cMicroStrategy \u5df2\u901a\u8fc7ATM\uff08At-The-Market\uff09\u80a1\u7968\u53d1\u884c \u7b79\u96c6\u4e86$66 \u4ebf\u8d44\u91d1\uff0c\u8fdc\u8fdc\u8986\u76d6\u4e86\u5176\u6bcf\u5e74\u6240\u9700\u652f\u4ed8\u7684$1.85 \u4ebf\u56fa\u5b9a\u5229\u606f\u4e0e\u80a1\u606f\u6210\u672c\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/fefa2814870873cb8efb4806cfd77c24.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe15\" \/><\/p>\n<p>\u5f53 mNAV &gt; 1 \u65f6\uff0c\u901a\u8fc7\u80a1\u6743\u53d1\u884c\u652f\u4ed8\u4f18\u5148\u80a1\u5206\u7ea2\u5e76\u4e0d\u7a00\u91ca BTC per share\uff0c\u56e0\u4e3a\u52df\u96c6\u8d44\u91d1\u6240\u5e26\u6765\u7684 BTC \u589e\u91cf\u8d85\u8fc7\u4e86\u5355\u4f4d\u7a00\u91ca\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u4f18\u5148\u80a1\u4e0d\u8ba1\u5165\u503a\u52a1\uff0c\u4f7f MicroStrategy \u80fd\u5728\u4e0d\u6076\u5316\u51c0\u8d1f\u503a\u7387\u7684\u60c5\u51b5\u4e0b\u7ee7\u7eed\u6269\u8868\uff0c\u8fd9\u5bf9\u7ef4\u6301\u5e02\u573a\u5bf9\u5176\u8d44\u672c\u7ed3\u6784\u7684\u4fe1\u5fc3\u81f3\u5173\u91cd\u8981\u3002<\/p>\n<h4><strong>\u5f53 mNAV &gt; 1 \u65f6<\/strong><\/h4>\n<p><strong>\u53ef\u8f6c\u6362\u503a\u5238\uff08Convertible Bond\uff09<\/strong><\/p>\n<p>\u53ef\u8f6c\u6362\u503a\u5238\u662f\u4e00\u79cd\u516c\u53f8\u503a\u52a1\u5de5\u5177\uff0c\u8d4b\u4e88\u503a\u6743\u4eba\u5728\u672a\u6765\u4ee5\u9884\u5b9a\u4ef7\u683c\uff08\u79f0\u4e3a\u8f6c\u6362\u4ef7\uff09\u5c06\u503a\u5238\u8f6c\u6362\u4e3a\u53d1\u884c\u516c\u53f8\u80a1\u7968\u7684\u6743\u5229\uff08\u4f46\u975e\u4e49\u52a1\uff09\uff0c\u56e0\u6b64\u5b83\u672c\u8d28\u4e0a\u662f\u503a\u5238 + \u770b\u6da8\u671f\u6743\uff08call option\uff09\u7684\u7ed3\u6784\u3002\u8be5\u5de5\u5177\u5e38\u7528\u4e8e mNAV &gt; 1 \u7684\u60c5\u5883\uff0c\u56e0\u4e3a\u5b83\u7279\u522b\u9002\u5408\u7528\u6765\u7d2f\u79ef\u6bd4\u7279\u5e01\u3002<\/p>\n<p>\u4ee5 MicroStrategy \u7684 0% \u53ef\u8f6c\u6362\u503a\u5238\u4e3a\u4f8b\uff1a<\/p>\n<ul>\n<li>\u5728\u503a\u5238\u5b58\u7eed\u671f\u95f4\u4e0d\u652f\u4ed8\u5229\u606f\uff1b<\/li>\n<li>\u5230\u671f\u65f6\u4ec5\u9700\u507f\u8fd8\u672c\u91d1\uff08\u9664\u975e\u6295\u8d44\u8005\u9009\u62e9\u8f6c\u6362\u4e3a\u80a1\u7968\uff09\uff1b<\/li>\n<li>\u5bf9 MSTR \u6765\u8bf4\uff0c\u8fd9\u662f\u4e00\u4e2a\u6781\u9ad8\u8d44\u672c\u6548\u7387\u7684\u878d\u8d44\u65b9\u5f0f\uff1a\u53ef\u52df\u96c6\u6570\u5341\u4ebf\u7f8e\u5143\u8d2d\u4e70\u6bd4\u7279\u5e01\uff0c\u4e14\u4e0d\u5e26\u6765\u5373\u65f6\u7a00\u91ca\uff0c\u4e5f\u65e0\u5229\u606f\u8d1f\u62c5\uff0c\u552f\u4e00\u98ce\u9669\u5728\u4e8e\u672a\u6765\u82e5\u80a1\u4ef7\u8868\u73b0\u4e0d\u4f73\u9700\u507f\u8fd8\u672c\u91d1\u3002<\/li>\n<\/ul>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/c03724637623c03fc4a8e862ea3e99c4.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe16\" \/><\/p>\n<p><strong>#\u6848\u4f8b\u4e00\uff1a\u80a1\u4ef7\u8d85\u9884\u671f\u4e0a\u6da8<\/strong><\/p>\n<ul>\n<li>MicroStrategy \u5411\u6295\u8d44\u8005\u53d1\u884c\u53ef\u8f6c\u6362\u503a\u5238\uff1b<\/li>\n<li>\u516c\u53f8\u5373\u65f6\u83b7\u5f97 $30 \u4ebf\u8d44\u91d1\uff0c\u7528\u4e8e\u8d2d\u4e70\u6bd4\u7279\u5e01\uff1b<\/li>\n<li>\u7531\u4e8e\u503a\u5238\u4e3a0% \u5229\u7387\uff0cMicroStrategy\u5728\u503a\u5238\u5b58\u7eed\u671f\u5185\u65e0\u9700\u652f\u4ed8\u5229\u606f\uff1b<\/li>\n<li>\u82e5 MSTR \u80a1\u4ef7\u4e0a\u6da8\uff0c\u8d85\u8fc7\u8f6c\u6362\u4ef7\u95e8\u69db\uff1b<\/li>\n<li>\u6295\u8d44\u8005\u9009\u62e9\u8f6c\u6362\u503a\u5238\u4e3a\u80a1\u7968\uff0c\u6216\u6536\u56de\u672c\u91d1\uff1b<\/li>\n<li>MicroStrategy\u65e0\u9700\u652f\u4ed8\u73b0\u91d1\u672c\u91d1\uff0c\u800c\u662f\u901a\u8fc7\u53d1\u884c\u65b0\u80a1\u6765\u4ea4\u4ed8\u3002<\/li>\n<\/ul>\n<p><strong>#\u6848\u4f8b\u4e8c\uff1a\u80a1\u4ef7\u4e0b\u8dcc\u672a\u8fbe\u8f6c\u6362\u4ef7<\/strong><\/p>\n<ul>\n<li>MicroStrategy\u53d1\u884c\u53ef\u8f6c\u6362\u503a\u5238\u7b79\u8d44\u8d2d\u5165\u6bd4\u7279\u5e01\uff1b<\/li>\n<li>\u503a\u5238\u4e3a 0% \u5229\u7387\uff0c\u516c\u53f8\u5728\u5b58\u7eed\u671f\u5185\u65e0\u9700\u652f\u4ed8\u5229\u606f\uff1b<\/li>\n<li>MSTR \u80a1\u4ef7\u6301\u7eed\u4f4e\u4e8e\u8f6c\u6362\u4ef7\uff1b<\/li>\n<li>\u6295\u8d44\u8005\u4e0d\u4f1a\u884c\u6743\u8f6c\u6362\uff0c\u56e0\u4e3a\u8f6c\u6362\u5c06\u9020\u6210\u4e8f\u635f\uff1b<\/li>\n<li>\u503a\u5238\u5230\u671f\u65f6\uff0c\u516c\u53f8\u9700\u7528\u73b0\u91d1\u507f\u8fd8\u5168\u90e8\u672c\u91d1\uff1b<\/li>\n<li>\u82e5\u73b0\u91d1\u50a8\u5907\u4e0d\u8db3\uff0cMicroStrategy \u53ef\u80fd\u9700\u518d\u6b21\u878d\u8d44\u6765\u507f\u8fd8\u503a\u52a1\u3002<\/li>\n<\/ul>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/9303d16f3e4b43c14565b8db2b80d101.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe17\" \/><\/p>\n<p>\u503c\u5f97\u7279\u522b\u5f3a\u8c03\u7684\u662f\uff1a\u53ef\u8f6c\u6362\u503a\u5238\u672c\u8d28\u4e0a\u662f\u201c\u666e\u901a\u503a\u5238 + \u770b\u6da8\u671f\u6743\u201d\u7684\u7ec4\u5408\uff0c\u5c24\u5176\u662f\u5728 MicroStrategy\uff08MSTR\uff09\u7684\u6848\u4f8b\u4e2d\u66f4\u4e3a\u5178\u578b\u3002\u516c\u53f8\u6301\u7eed\u53d1\u884c0% \u5e74\u606f\u7684\u53ef\u8f6c\u503a\uff0c\u8fd9\u610f\u5473\u7740\u6295\u8d44\u8005\u5728\u503a\u5238\u671f\u95f4\u5b8c\u5168\u6ca1\u6709\u5229\u606f\u6536\u5165\u3002<\/p>\n<p>\u90a3\u4e3a\u4ec0\u4e48\u7cbe\u660e\u7684\u673a\u6784\u6295\u8d44\u8005\u613f\u610f\u63a5\u53d7\u8fd9\u6837\u7684\u201c\u4f4e\u5438\u5f15\u529b\u201d\u7ed3\u6784\uff1f\u7b54\u6848\u5728\u4e8e\u5185\u5d4c\u7684\u770b\u6da8\u671f\u6743\u4ef7\u503c\uff1a\u8fd9\u4e2a embedded call option \u5728\u5e02\u573a\u5bf9 MSTR\u9690\u542b\u6ce2\u52a8\u7387\uff08implied volatility\uff09\u8f83\u9ad8\u7684\u9884\u671f\u4e0b\u5c24\u5176\u6709\u4ef7\u503c\uff0c\u56e0\u4e3a\u9884\u671f\u4ef7\u683c\u6ce2\u52a8\u8d8a\u5927\uff0c\u6355\u6349\u4e0a\u884c\u673a\u4f1a\u7684\u671f\u6743\u4ef7\u503c\u5c31\u8d8a\u9ad8\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/d84dca17cc84bc47c681e772d8b46c62.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe18\" \/><\/p>\n<p>\u6211\u4eec\u89c2\u5bdf\u5230\uff0c\u6bd4\u7279\u5e01\u7684\u9690\u542b\u6ce2\u52a8\u7387\uff08IV\uff09\u5728\u4e0d\u540c\u671f\u9650\u4e0b\u901a\u5e38\u5904\u4e8e 40% \u81f3 60% \u4e4b\u95f4\u3002\u7531\u4e8e MicroStrategy \u7684\u80a1\u4ef7\u4e0e\u6bd4\u7279\u5e01\u9ad8\u5ea6\u76f8\u5173\uff0c\u8fd9\u79cd\u8f83\u9ad8\u7684 BTC IV\u95f4\u63a5\u62ac\u9ad8\u4e86 MSTR \u80a1\u7968\u671f\u6743\u7684\u4f30\u503c\u3002<\/p>\n<p>\u76ee\u524d\uff0c\u5e73\u503c\u770b\u6da8\u671f\u6743\uff08\u6267\u884c\u4ef7\u7ea6\u4e3a $455\uff09\u4ea4\u6613\u4e8e 45% \u7684 IV \u6c34\u5e73\uff0c\u800c\u5bf9\u5e94\u7684\u770b\u8dcc\u671f\u6743 IV \u66f4\u9ad8\uff0c\u663e\u793a\u51fa\u5e02\u573a\u5bf9\u672a\u6765\u6ce2\u52a8\u7684\u5f3a\u70c8\u9884\u671f\u3002\u8fd9\u6837\u7684\u9ad8\u6ce2\u52a8\u73af\u5883\u663e\u8457\u63d0\u5347\u4e86 MSTR \u53ef\u8f6c\u503a\u4e2d\u5185\u5d4c\u770b\u6da8\u671f\u6743\u7684\u4ef7\u503c\u3002<\/p>\n<p>\u4ece\u672c\u8d28\u4e0a\u6765\u8bf4\uff0cMicroStrategy \u5b9e\u9645\u4e0a\u662f\u5728\u4ee5\u9ad8\u6ea2\u4ef7\u201c\u51fa\u552e\u201d\u8fd9\u4e2a\u770b\u6da8\u671f\u6743\u7ed9\u6295\u8d44\u4eba\u3002\u56e0\u4e3a\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u6ce2\u52a8\u8d8a\u5927\uff0c\u671f\u6743\u5230\u671f\u65f6\u201c\u4ef7\u5185\u201d\u7684\u6982\u7387\u5c31\u8d8a\u9ad8\uff0c\u8fd9\u4f7f\u5f97\u770b\u6da8\u671f\u6743\u5728\u9ad8\u6ce2\u52a8\u671f\u95f4\u4f1a\u53d8\u5f97\u66f4\u8d35\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/ad245a471f9cac9d48139491a2204627.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe19\" \/><\/p>\n<p>\u4ece\u6295\u8d44\u8005\u89d2\u5ea6\u6765\u770b\uff0c\u8fd9\u662f\u53ef\u4ee5\u63a5\u53d7\u7684\uff0c\u56e0\u4e3a\u4ed6\u4eec\u5b9e\u9645\u4e0a\u662f\u5728\u8d2d\u4e70\u4e00\u4e2a\u52a0\u6760\u6746\u7684\u6ce2\u52a8\u7387\u62bc\u6ce8\uff08leveraged volatility bet\uff09\uff1a\u5982\u679c MSTR \u80a1\u4ef7\u5927\u6da8\uff0c\u4ed6\u4eec\u53ef\u4ee5\u8f6c\u6362\u4e3a\u80a1\u7968\u5e76\u83b7\u5f97\u5de8\u5927\u6536\u76ca\uff1b\u5982\u679c\u80a1\u4ef7\u4e0d\u6da8\uff0c\u503a\u5238\u6301\u6709\u4eba\u4ecd\u7136\u53ef\u4ee5\u5728\u5230\u671f\u65f6\u6536\u56de\u672c\u91d1\u3002<\/p>\n<p>\u5bf9 MSTR \u6765\u8bf4\uff0c\u8fd9\u582a\u79f0\u53cc\u8d62\uff1a\u4e00\u65b9\u9762\u5b83\u53ef\u4ee5\u5728\u4e0d\u652f\u4ed8\u5229\u606f\u3001\u4e0d\u7acb\u5373\u7a00\u91ca\u80a1\u672c\u7684\u60c5\u51b5\u4e0b\u878d\u8d44\uff1b\u53e6\u4e00\u65b9\u9762\uff0c\u5982\u679c\u6bd4\u7279\u5e01\u7b56\u7565\u6210\u529f\uff0c\u5b83\u53ef\u4ee5\u4ec5\u901a\u8fc7\u80a1\u4ef7\u4e0a\u6da8\u6765\u670d\u52a1\u6216\u518d\u878d\u8d44\u8fd9\u7b14\u503a\u52a1\u3002\u5728\u8fd9\u4e2a\u6846\u67b6\u4e0b\uff0cMSTR \u4e0d\u53ea\u662f\u53d1\u503a\u878d\u8d44\uff0c\u800c\u662f\u5728\u201c\u8d27\u5e01\u5316\u6ce2\u52a8\u7387\u201d\uff0c\u5c06\u672a\u6765\u4e0a\u6da8\u9884\u671f\u5151\u6362\u4e3a\u5f53\u4e0b\u7684\u5ec9\u4ef7\u8d44\u91d1\u3002<\/p>\n<p>Gamma Trading<\/p>\n<p>Gamma Trading \u662f MicroStrategy \u8d44\u672c\u7ed3\u6784\u53ef\u6301\u7eed\u6027\u7684\u6838\u5fc3\u673a\u5236\uff0c\u5c24\u5176\u662f\u5728\u5176\u53cd\u590d\u53d1\u884c\u53ef\u8f6c\u503a\u7684\u80cc\u666f\u4e0b\u3002\u8be5\u516c\u53f8\u5df2\u7ecf\u53d1\u884c\u4e86\u6570\u5341\u4ebf\u7f8e\u5143\u89c4\u6a21\u7684\u96f6\u606f\u53ef\u8f6c\u503a\uff0c\u800c\u5176\u4e3b\u8981\u5438\u5f15\u529b\u5e76\u4e0d\u5728\u4e8e\u4f20\u7edf\u610f\u4e49\u4e0a\u7684\u56fa\u5b9a\u6536\u76ca\uff0c\u800c\u662f\u6765\u81ea\u4e8e\u503a\u5238\u4e2d\u5185\u5d4c\u7684\u770b\u6da8\u671f\u6743\uff08call option\uff09\u4ef7\u503c\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u6295\u8d44\u4eba\u5e76\u975e\u5728\u610f\u503a\u5238\u672c\u8eab\u7684\u5229\u606f\u6536\u5165\uff0c\u800c\u662f\u5728\u610f\u5176\u4e2d\u671f\u6743\u7ec4\u4ef6\u7684\u4ea4\u6613\u6027\u4e0e\u6ce2\u52a8\u6027\u5957\u5229\u7a7a\u95f4\u3002<\/p>\n<p>\u8fd9\u4e9b\u503a\u5238\u7684\u4e70\u5bb6\u5e76\u975e\u4f20\u7edf\u610f\u4e49\u4e0a\u7684\u957f\u671f\u503a\u6743\u4eba\uff0c\u800c\u662f\u91c7\u53d6\u5e02\u573a\u4e2d\u6027\u7b56\u7565\uff08market-neutral strategy\uff09\u7684\u5bf9\u51b2\u57fa\u91d1\u3002\u8fd9\u7c7b\u673a\u6784\u5e7f\u6cdb\u4ece\u4e8b\u6240\u8c13\u7684 Gamma Trading\uff08\u4f3d\u739b\u4ea4\u6613\uff09\uff0c\u5176\u6295\u8d44\u903b\u8f91\u4e0d\u662f\u201c\u4e70\u5165\u6301\u6709\u201d\uff0c\u800c\u662f\u4f9d\u8d56\u4e8e\u4e0d\u65ad\u7684\u5bf9\u51b2\u8c03\u4ed3\uff0c\u5728\u6ce2\u52a8\u4e2d\u6355\u6349\u5229\u6da6\u3002<\/p>\n<p>MSTR \u4e2d\u7684 Gamma Trading \u673a\u5236\uff1a<\/p>\n<p><strong>#\u57fa\u7840\u4ea4\u6613\u7ed3\u6784\uff1a<\/strong><\/p>\n<ul>\n<li>\u5bf9\u51b2\u57fa\u91d1\u4e70\u5165 MicroStrategy \u7684\u53ef\u8f6c\u503a\uff08\u672c\u8d28\u4e3a\u503a\u5238 + \u770b\u6da8\u671f\u6743\uff09\uff1b<\/li>\n<li>\u540c\u65f6\uff0c\u505a\u7a7a\u76f8\u5e94\u6570\u91cf\u7684 MSTR \u80a1\u7968\uff0c\u4ee5\u4fdd\u6301Delta \u4e2d\u6027\uff08delta-neutral\uff09\u3002<\/li>\n<\/ul>\n<p><strong>#\u4e3a\u4f55\u6210\u7acb\uff1f<\/strong><\/p>\n<ul>\n<li>\u5982\u679c MSTR \u80a1\u4ef7\u4e0a\u6da8\uff0c\u503a\u5238\u4e2d\u7684\u770b\u6da8\u671f\u6743\u589e\u503c\u901f\u5ea6\u5feb\u4e8e\u7a7a\u5934\u80a1\u7968\u9020\u6210\u7684\u635f\u5931\uff1b<\/li>\n<li>\u5982\u679c\u80a1\u4ef7\u4e0b\u8dcc\uff0c\u7a7a\u5934\u5934\u5bf8\u83b7\u5229\u5feb\u4e8e\u503a\u5238\u635f\u5931\uff1b<\/li>\n<li>\u8fd9\u79cd\u5bf9\u79f0\u6027\u6536\u76ca\u7ed3\u6784\u4f7f\u5f97\u5bf9\u51b2\u57fa\u91d1\u53ef\u4ee5\u4ece\u6ce2\u52a8\u7387\u4e2d\u83b7\u5229\uff0c\u800c\u4e0d\u662f\u65b9\u5411\u6027\u53d8\u5316\u3002<\/li>\n<\/ul>\n<p><strong>#Gamma \u4e0e\u518d\u5e73\u8861\u673a\u5236\uff1a<\/strong><\/p>\n<ul>\n<li>\u968f\u7740\u80a1\u4ef7\u6ce2\u52a8\uff0c\u5bf9\u51b2\u57fa\u91d1\u9700\u4e0d\u65ad\u52a8\u6001\u8c03\u6574\u7a7a\u5934\u4ed3\u4f4d\u4ee5\u4fdd\u6301 Delta \u4e2d\u6027\uff1b<\/li>\n<li>\u521d\u59cb\u5bf9\u51b2\u6309\u503a\u5238\u7684 Delta \u503c\u8bbe\u5b9a\uff0c\u4f8b\u5982\u4e00\u5f20\u53ef\u8f6c\u503a\u7684 Delta \u662f 0.5\uff0c\u5219\u57fa\u91d1\u4f1a\u505a\u7a7a\u7b49\u503c $50 \u7684 MSTR \u80a1\u7968\u6765\u5bf9\u51b2 $100 \u7684\u503a\u5238\uff1b<\/li>\n<li>\u4f46\u5f53\u80a1\u4ef7\u7ee7\u7eed\u6ce2\u52a8\u65f6\uff0c\u53ef\u8f6c\u503a\u672c\u8eab\u7684 Delta \u4e5f\u4f1a\u53d8\u5316\uff08\u5373 Gamma \u7684\u4f53\u73b0\uff09\uff0c\u57fa\u91d1\u9700\u6301\u7eed\u52a8\u6001\u518d\u5e73\u8861\uff1a<\/li>\n<\/ul>\n<ul style=\"list-style-type: circle\">\n<li>\u80a1\u4ef7\u4e0a\u6da8\uff0cDelta \u589e\u52a0\uff08\u503a\u5238\u884c\u4e3a\u66f4\u50cf\u80a1\u7968\uff09\u2192 \u52a0\u7a7a\u4ed3\uff1b<\/li>\n<li>\u80a1\u4ef7\u4e0b\u8dcc\uff0cDelta \u51cf\u5c11\uff08\u503a\u5238\u884c\u4e3a\u66f4\u50cf\u503a\u5238\uff09\u2192 \u56de\u8865\u7a7a\u4ed3\uff1b<\/li>\n<\/ul>\n<ul>\n<li>\u8fd9\u79cd\u4e0d\u65ad \u201c\u9022\u9ad8\u5356\u3001\u9022\u4f4e\u4e70\u201d \u7684\u5bf9\u51b2\u4ea4\u6613\uff0c\u79f0\u4e3a Gamma Trading\u3002<\/li>\n<\/ul>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/9cd53f646572e26a0448809a03df41dc.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe20\" \/><\/p>\n<ul>\n<li>\u9645\u4e2d\uff0c\u503a\u5238 Delta \u968f\u80a1\u4ef7\u975e\u7ebf\u6027\u53d8\u5316\uff0c\u4f60\u9700\u8981\u4e0d\u65ad\u8c03\u6574\u7a7a\u5934\u5934\u5bf8\u4ee5\u4fdd\u6301\u4e2d\u6027\u3002<\/li>\n<\/ul>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/0d027a6293485e03c5245ee3b6be3f86.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe21\" \/><\/p>\n<ul style=\"list-style-type: circle\">\n<li>\u7eff\u8272\u66f2\u7ebf\uff1a\u6301\u6709\u53ef\u8f6c\u503a\u7684\u56de\u62a5\uff1b<\/li>\n<li>\u7ea2\u8272\u76f4\u7ebf\uff1a\u7a7a\u5934\u80a1\u7968\u7684\u56de\u62a5\uff1b<\/li>\n<li>\u4e8c\u8005\u76f8\u51cf\u5373\u4e3a\u51c0\u6536\u76ca P&amp;L\uff1b<\/li>\n<li>\u5728\u80a1\u7968\u6a2a\u76d8\u3001\u4f4d\u4e8e\u8f6c\u6362\u533a\u95f4\u9644\u8fd1\u65f6\uff0c\u9891\u7e41\u5bf9\u51b2\u64cd\u4f5c\u53cd\u800c\u53ef\u80fd\u5bfc\u81f4\u4e8f\u635f\uff0c\u8fd9\u88ab\u79f0\u4e3aGamma Trading \u7684\u201c\u6210\u672c\u533a\u201d\uff08\u56fe\u4e2d\u9634\u5f71\u90e8\u5206\uff09\u3002<\/li>\n<\/ul>\n<p><strong>#\u5bf9 MSTR \u6ea2\u4ef7\u7684\u5f71\u54cd\uff1a<\/strong><\/p>\n<ul>\n<li>\u8fd9\u4e9b Gamma \u5bf9\u51b2\u8005\u5e76\u4e0d\u662f\u957f\u671f\u6301\u6709\u8005<\/li>\n<li>\u5f53 MSTR \u80a1\u7968\u8fbe\u5230\u53ef\u8f6c\u503a\u8f6c\u6362\u4ef7\uff0cDelta \u2192 1\uff0cGamma \u964d\u81f3\u6781\u4f4e\uff1b<\/li>\n<li>\u82e5\u6ce2\u52a8\u6027\u4e0b\u6ed1\u6216\u4ef7\u5dee\u6536\u7a84\u5bfc\u81f4 Gamma \u4ea4\u6613\u4e8f\u635f\uff0c\u8fd9\u4e9b\u57fa\u91d1\u5c06\u4f1a\u9000\u51fa\u5e02\u573a\uff0c\u4ece\u800c\u524a\u5f31\u53ef\u8f6c\u503a\u7684\u9700\u6c42\u3002<\/li>\n<\/ul>\n<p><strong>#\u6b21\u7ea7\u5f71\u54cd\uff08Second-Order Effects\uff09\uff1a<\/strong><\/p>\n<ul>\n<li>MicroStrategy \u7684\u53ef\u8f6c\u503a\u901a\u5e38\u4e3a\u96f6\u7968\u606f\u3001\u4f46\u4e45\u671f\u8f83\u957f \u2192 \u4f4e Theta\uff08\u65f6\u95f4\u4ef7\u503c\u8870\u51cf\uff09\uff1b<\/li>\n<li>\u5f53\u6ce2\u52a8\u6027\u8fc7\u4f4e\uff0cGamma \u4ea4\u6613\u4e0d\u518d\u76c8\u5229\uff0cGamma PnL \u226a Theta \u635f\u8017\uff08\u65f6\u95f4\u635f\u8017\uff09\uff1b<\/li>\n<li>\u53ef\u8f6c\u503a\u9500\u552e\u5c06\u53d8\u5f97\u56f0\u96be\uff0c\u5f71\u54cd\u5176\u878d\u8d44\u80fd\u529b\u3002<\/li>\n<\/ul>\n<p>Short Float \u7684\u5bf9\u6bd4\u8bf4\u660e\u4e86\u8fd9\u4e00\u7b56\u7565\u7684\u4e3b\u5bfc\u5730\u4f4d\uff1a<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/ab6eb327bf92aab4b43e7cdfe26a880f.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe22\" \/><\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/107fa6f963c69e87c6fff228b1e4c784.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe23\" \/><\/p>\n<p>Short float \u662f\u6307\u516c\u53f8\u603b\u6d41\u901a\u80a1\u4e2d\u88ab\u505a\u7a7a\u7684\u6bd4\u4f8b\u3002\u6211\u4eec\u89c2\u5bdf\u5230\uff0cMicroStrategy \u56e0\u5176\u5927\u91cf\u53ef\u8f6c\u503a\u53d1\u884c\uff0c\u5bfc\u81f4\u5176 short float \u9ad8\u4f01\uff0c\u56e0\u4e3a\u8fdb\u884c Gamma Trading \u7684\u57fa\u91d1\u5f80\u5f80\u9700\u8981\u505a\u7a7a MSTR \u80a1\u7968\u6765\u8fdb\u884c Delta \u4e2d\u6027\u5bf9\u51b2\u3002<\/p>\n<p>\u76f8\u6bd4\u4e4b\u4e0b\uff0cSBET\u6ca1\u6709\u53d1\u884c\u53ef\u8f6c\u503a\uff0c\u800c\u662f\u4f9d\u8d56 PIPE \u79c1\u52df\u878d\u8d44\u4e0e ATM \u6309\u5e02\u4ef7\u589e\u53d1\u673a\u5236\uff0c\u7f3a\u4e4f\u53ef\u8f6c\u503a+\u671f\u6743\u7684\u7ed3\u6784\u5957\u5229\u673a\u4f1a\uff0c\u56e0\u6b64 short float \u660e\u663e\u8f83\u4f4e\u3002SBET \u7684\u878d\u8d44\u7ed3\u6784\u4e5f\u66f4\u63a5\u8fd1\u4f20\u7edf\u878d\u8d44\uff0c\u65e0\u6cd5\u5438\u5f15\u5927\u89c4\u6a21\u5957\u5229\u578b\u673a\u6784\u53c2\u4e0e\u3002<\/p>\n<h3>\u8868\u73b0<\/h3>\n<p>\u6211\u8ffd\u8e2a\u5e76\u5206\u6790\u4e86 12 \u5bb6\u4e0a\u5e02\u516c\u53f8\u5728 2025 \u5e74\u5ba3\u5e03\u52a0\u5bc6\u8d27\u5e01\u8d44\u4ea7\u914d\u7f6e\u540e\u7684\u80a1\u4ef7\u53cd\u5e94\u3002\u6211\u4eec\u7684\u6570\u636e\u96c6\u5305\u542b\u4e86\u516c\u544a\u65e5\u671f\u524d\u540e\u7684\u80a1\u4ef7\u6570\u636e\u3001K \u7ebf\u56fe\u53ef\u89c6\u5316\u4ee5\u53ca\u5173\u952e\u8868\u73b0\u6307\u6807\u3002<\/p>\n<p>2025 \u5e74\u9996\u6b21\u52a0\u5bc6\u91d1\u5e93\u516c\u544a\u540e\u7684\u80a1\u4ef7\u53cd\u5e94\u5e73\u5747\u6765\u770b\u662f\u7206\u70b8\u6027\u7684\u3001\u77ed\u671f\u7684\u3001\u4f46\u4ecd\u5e26\u6765\u4e86\u6b63\u7684\u7d2f\u8ba1\u56de\u62a5\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/fb044cf3a17256c0009cfdcf835dac65.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe24\" \/><\/p>\n<p>\u5728 12 \u5bb6\u4e0a\u5e02\u516c\u53f8\u4e2d\uff0c\u5e73\u57471 \u65e5\u56de\u62a5\u7387\u4e3a +103.17%\uff0c\u663e\u793a\u51fa\u6295\u8d44\u8005\u7684\u5f3a\u70c8\u5373\u65f6\u53cd\u5e94\u30025 \u65e5\u56de\u62a5\u7387\u8fdb\u4e00\u6b65\u98d9\u5347\u81f3 +285.92%\uff0c\u5728\u7b2c 10 \u65e5\u65f6\u51fa\u73b0\u56de\u843d\uff0c\u6700\u7ec8\u7a33\u5b9a\u5728 +102.03%\u3002\u867d\u7136\u90e8\u5206\u516c\u53f8\u8868\u73b0\u5e73\u6de1\u751a\u81f3\u4e3a\u8d1f\uff0c\u4f46\u5176\u4e2d\u6570\u5bb6\u516c\u53f8\u51fa\u73b0\u4e86\u6781\u7aef\u7684\u80a1\u4ef7\u66b4\u6da8\u3002<\/p>\n<h4><strong>\u793a\u4f8b 1\uff1aBitMine Immersion Technologies Inc.\uff08NYSE-American: BMNR\uff09<\/strong><\/h4>\n<p>\u8fd9\u662f\u4e00\u5bb6\u603b\u90e8\u4f4d\u4e8e\u62c9\u65af\u7ef4\u52a0\u65af\u7684\u533a\u5757\u94fe\u57fa\u7840\u8bbe\u65bd\u516c\u53f8\uff0c\u8fd0\u8425\u5de5\u4e1a\u7ea7\u6bd4\u7279\u5e01\u77ff\u573a\u3001\u9500\u552e\u6d78\u6ca1\u5f0f\u51b7\u5374\u786c\u4ef6\uff0c\u5e76\u5728\u5fb7\u5dde\u548c\u7279\u7acb\u5c3c\u8fbe\u7b49\u4f4e\u7535\u4ef7\u5730\u533a\u4e3a\u7b2c\u4e09\u65b9\u8bbe\u5907\u63d0\u4f9b\u6258\u7ba1\u670d\u52a1\u30022025\u5e746\u670830\u65e5\uff0c\u8be5\u516c\u53f8\u901a\u8fc7\u79c1\u52df\u914d\u552e\u65b9\u5f0f\u53d1\u884c\u4e86 5,560 \u4e07\u80a1\u3001\u6bcf\u80a1\u5b9a\u4ef7 4.5 \u7f8e\u5143\uff0c\u5171\u7b79\u8d44\u7ea6 2.5 \u4ebf\u7f8e\u5143\uff0c\u7528\u4e8e\u6269\u5f20\u5176\u4ee5\u592a\u574a\u91d1\u5e93\u3002<\/p>\n<p>\u516c\u544a\u53d1\u5e03\u540e\uff0cBMNR \u80a1\u4ef7\u4ece 4.27 \u7f8e\u5143\u66b4\u6da8\u81f3 161 \u7f8e\u5143\u9ad8\u70b9\uff0c3\u65e5\u5185\u6da8\u5e45\u9ad8\u8fbe +3,674.9%\u3002\u8fd9\u573a\u53f2\u8bd7\u7ea7\u66b4\u6da8\u5f88\u53ef\u80fd\u662f\u7531\u4e8e\u80a1\u7968\u6d41\u901a\u76d8\u8f83\u5c0f\uff08thin float\uff09\u3001\u6563\u6237\u70ed\u60c5\u9ad8\u6da8\u548c FOMO \u52a8\u80fd\u6240\u63a8\u52a8\u3002\u5c3d\u7ba1\u968f\u540e\u51fa\u73b0\u5267\u70c8\u8c03\u6574\uff0c\u4e24\u5468\u7d2f\u8ba1\u6da8\u5e45\u4ecd\u8fbe +882.4%\u3002\u8fd9\u4e00\u4e8b\u4ef6\u5f3a\u8c03\u4e86\u5e02\u573a\u5bf9\u201cMicroStrategy \u5f0f\u201d\u9ad8\u4fe1\u5ff5\u52a0\u5bc6\u91d1\u5e93\u7b56\u7565\u7684\u6b63\u9762\u53cd\u9988\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/ead85be00d23945e0675cf99773cba76.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe25\" \/><\/p>\n<h4><strong>\u793a\u4f8b 2\uff1aSharkLink Gaming Ltd.\uff08Nasdaq: SBET\uff09<\/strong><\/h4>\n<p>SharpLink \u6210\u7acb\u4e8e 2019 \u5e74\uff0c\u662f\u4e00\u5bb6\u5728\u7ebf\u6280\u672f\u516c\u53f8\uff0c\u4e13\u6ce8\u4e8e\u5c06\u4f53\u80b2\u8ff7\u8f6c\u5316\u4e3a\u4e0b\u6ce8\u8005\uff0c\u5176\u5e73\u53f0\u53ef\u6839\u636e\u65f6\u6548\u6027\u4e3a\u7528\u6237\u63a8\u9001\u4f53\u80b2\u535a\u5f69\u548c\u4e92\u52a8\u6e38\u620f\u4f18\u60e0\u3002\u8be5\u516c\u53f8\u4e8e 2025 \u5e74\u5f00\u59cb\u5728\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u79ef\u7d2f ETH\uff0c\u901a\u8fc7 PIPE\uff08\u79c1\u52df\u878d\u8d44\uff09\u548c ATM\uff08\u6309\u5e02\u4ef7\u589e\u53d1\uff09\u65b9\u5f0f\u878d\u8d44\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/8f6255b3f749116cbf020b400d805556.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe26\" \/><\/p>\n<p>\u80a1\u7968\u6700\u521d\u53cd\u5e94\u6781\u4e3a\u5f3a\u70c8\uff1aSBET \u9996\u65e5\u4e0a\u6da8 +433.2%\uff0c\u5728\u7b2c 4 \u4e2a\u4ea4\u6613\u65e5\u8fbe\u5230 +1,747% \u9ad8\u70b9\u3002\u6b64\u6b21\u98d9\u5347\u7531\u52a0\u5bc6\u8d44\u4ea7\u914d\u7f6e\u89c4\u6a21\u4ee5\u53ca\u4ea4\u6613\u80cc\u540e\u5927\u4f6c\u652f\u6301\u5171\u540c\u9a71\u52a8\u3002\u96f6\u552e\u6295\u8d44\u8005\u3001\u52a0\u5bc6\u57fa\u91d1\u4e0e\u6295\u673a\u4ea4\u6613\u8005\u8702\u62e5\u800c\u5165\uff0c\u5c06\u80a1\u4ef7\u63a8\u81f3 120 \u7f8e\u5143\u4ee5\u4e0a\u3002<\/p>\n<p>\u7136\u800c\uff0c\u6da8\u52bf\u77ed\u6682\u30026 \u6708 17 \u65e5\uff0cSharpLink \u5411 SEC \u63d0\u4ea4\u4e86\u4e00\u4efd S-3 \u6ce8\u518c\u58f0\u660e\uff0c\u4f7f PIPE \u6295\u8d44\u8005\u6709\u53ef\u80fd\u8f6c\u552e\u5176\u80a1\u4efd\uff0c\u5f15\u53d1\u5e7f\u6cdb\u56f0\u60d1\u3002\u8bb8\u591a\u4eba\u8bef\u4ee5\u4e3a\u5927\u80a1\u4e1c\u6b63\u5728\u51fa\u8d27\u3002\u867d\u7136 Consensys \u8054\u5408\u521b\u59cb\u4eba\u3001SBET \u8463\u4e8b\u957fJoseph Lubin\u540e\u6765\u6f84\u6e05\u201c\u5c1a\u672a\u6709\u4efb\u4f55\u80a1\u4efd\u51fa\u552e\u201d\uff0c\u4f46\u4e3a\u65f6\u5df2\u665a\uff1aSBET \u80a1\u4ef7\u66b4\u8dcc\u8fd1 70%\uff0c\u51e0\u4e4e\u62b9\u53bb\u4e86\u516c\u544a\u540e\u7684\u5927\u90e8\u5206\u6da8\u5e45\u3002<\/p>\n<p>\u5c3d\u7ba1\u51fa\u73b0\u5267\u70c8\u56de\u8c03\uff0cSBET \u7684\u7d2f\u8ba1\u6da8\u5e45\u4ecd\u4e3a +227.2%\uff0c\u8868\u660e\u5e02\u573a\u4f9d\u7136\u7ed9\u4e88\u5176 ETH \u91d1\u5e93\u6218\u7565\u663e\u8457\u7684\u957f\u671f\u4ef7\u503c\u3002\u4ece\u9ad8\u70b9\u56de\u64a4\uff0c\u4f46\u5728\u968f\u540e\u7684\u51e0\u5468\u5185\u8be5\u80a1\u5f00\u59cb\u91cd\u65b0\u83b7\u5f97\u8d44\u91d1\u652f\u6301\uff0c\u8bf4\u660e\u5e02\u573a\u5bf9\u201c\u4ee5\u592a\u574a\u4f5c\u4e3a\u50a8\u5907\u8d44\u4ea7\u201d\u6a21\u5f0f\u7684\u4fe1\u5fc3\u6b63\u5728\u56de\u5347\u3002<\/p>\n<h4><strong>\u793a\u4f8b 3\uff1aBit Digital Inc.\uff08Nasdaq: BTBT\uff09<\/strong><\/h4>\n<p>BTBT \u662f\u4e00\u5bb6\u603b\u90e8\u4f4d\u4e8e\u7ebd\u7ea6\u7684\u6570\u5b57\u8d44\u4ea7\u5e73\u53f0\uff0c\u6210\u7acb\u4e8e 2015 \u5e74\uff0c\u6700\u521d\u8fd0\u8425\u6bd4\u7279\u5e01\u77ff\u573a\uff0c\u5206\u5e03\u4e8e\u7f8e\u56fd\u3001\u52a0\u62ff\u5927\u548c\u51b0\u5c9b\u3002<\/p>\n<p>2025 \u5e74 6 \u6708\uff0c\u8be5\u516c\u53f8\u5b8c\u6210\u4e86\u4e00\u6b21\u627f\u9500\u589e\u53d1\uff0c\u7b79\u8d44\u7ea6 1.72 \u4ebf\u7f8e\u5143\uff0c\u5e76\u901a\u8fc7\u51fa\u552e 280 \u679a BTC \u7684\u989d\u5916\u6536\u5165\uff0c\u5c06\u8d44\u672c\u91cd\u65b0\u914d\u7f6e\u5230 ETH \u4e0a\uff0c\u5171\u8ba1\u8d2d\u4e70\u4e86\u7ea6 100,603 \u679a ETH\uff0c\u6b63\u5f0f\u5b8c\u6210\u5411\u4ee5\u592a\u574a\u8d28\u62bc\u4e0e\u91d1\u5e93\u6a21\u578b\u7684\u8f6c\u578b\uff0c\u7531\u52a0\u5bc6\u8d44\u6df1\u4eba\u58eb Sam Tabar \u62c5\u4efb CEO\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/56c61cf4dc63b233b728f6b0cb249295.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe27\" \/><\/p>\n<p>\u521d\u59cb\u5e02\u573a\u53cd\u5e94\u8f83\u5f31\uff08\u9996\u65e5\u4e0b\u8dcc \u201315%\uff09\uff0c\u4f46\u80a1\u4ef7\u5728\u63a5\u4e0b\u6765\u7684\u4e24\u5468\u5185\u9010\u6b65\u4e0a\u5347\uff0c\u6700\u7ec8\u6da8\u5e45\u8fbe\u5230+91%\u3002\u8fd9\u79cd\u6e29\u548c\u53cd\u5e94\u53ef\u80fd\u53cd\u6620\u51fa\u5e02\u573a\u5bf9 BTBT \u539f\u672c\u5373\u4ece\u4e8b\u52a0\u5bc6\u6316\u77ff\u4e1a\u52a1\u7684\u80cc\u666f\u8f83\u4e3a\u719f\u6089\u3002\u7136\u800c\uff0c+34% \u7684\u7d2f\u8ba1\u56de\u62a5\u4ecd\u8bf4\u660e\u4e86\u5373\u4f7f\u662f\u8001\u724c\u52a0\u5bc6\u516c\u53f8\uff0c\u8fdb\u4e00\u6b65\u6269\u5c55\u52a0\u5bc6\u8d44\u4ea7\u914d\u7f6e\u4ecd\u80fd\u83b7\u5f97\u5e02\u573a\u7684\u79ef\u6781\u8ba4\u53ef\u3002<\/p>\n<h4><strong>\u793a\u4f8b 4\uff1aGameStop Corp.\uff08Nasdaq: GME\uff09<\/strong><\/h4>\n<p>\u7136\u800c\uff0cGameStop\uff08GME\uff09\u5728 2025 \u5e74 5 \u6708\u5ba3\u5e03\u5176\u9996\u6b21\u8d2d\u4e70\u6bd4\u7279\u5e01\uff0c\u5e76\u8ba1\u5212\u8fdb\u4e00\u6b65\u8f6c\u578b\u4e3a\u4e0e\u52a0\u5bc6\u8d27\u5e01\u76f8\u5173\u7684\u6d88\u8d39\u7ea7\u6e38\u620f\u57fa\u7840\u8bbe\u65bd\u516c\u53f8\u3002\u5c3d\u7ba1\u96f6\u552e\u6295\u8d44\u8005\u9ad8\u5ea6\u5173\u6ce8\uff0c\u52a0\u4e0a\u8fd9\u5bb6\u6587\u5316\u7ea7 meme \u80a1\u8fdb\u519b\u52a0\u5bc6\u8d44\u4ea7\u7684\u8c61\u5f81\u610f\u4e49\u5de8\u5927\uff0cGME \u5728\u516c\u544a\u540e\u7684\u7b2c5\u5929\u548c\u7b2c 10 \u5929\u56de\u62a5\u5747\u4e3a\u8d1f\u3002\u8fd9\u79cd\u8868\u73b0\u5dee\u5f02\u63ed\u793a\u4e86\u4e00\u4e2a\u6838\u5fc3\u6d1e\u89c1\uff1a\u4ec5\u9760\u52a0\u5bc6\u5229\u597d\u6d88\u606f\uff0c\u5e76\u4e0d\u8db3\u4ee5\u6301\u7eed\u63a8\u9ad8\u80a1\u4ef7\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/26a9cf9b34b279f1d060fb32e9c0b8e7.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe28\" \/><\/p>\n<p>GameStop \u7684\u6bd4\u7279\u5e01\u5e03\u5c40\u906d\u5230\u5e02\u573a\u8d28\u7591\uff0c\u539f\u56e0\u5728\u4e8e\u5176\u96f6\u552e\u4e1a\u52a1\u6301\u7eed\u840e\u7f29\uff0c\u800c\u8fd9\u6b21\u8f6c\u578b\u662f\u5728\u516c\u53f8\u591a\u6b21\u6218\u7565\u8f6c\u5411\uff08\u5982\u95e8\u5e97\u3001NFT\u3001\u5143\u5b87\u5b99\u7b49\uff09\u4e4b\u540e\u8fdb\u884c\u7684\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/fc0b4e1b906ca5eb5b4528f4ef344fba.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe29\" \/><\/p>\n<p>\u5b83\u672a\u80fd\u7ef4\u6301\u4e0a\u6da8\u8d8b\u52bf\uff0c\u53cd\u6620\u51fa\u5e02\u573a\u5bf9\u5176\u57fa\u672c\u9762\u548c\u6218\u7565\u4e0d\u786e\u5b9a\u6027\u7684\u8d28\u7591\u3002\u516c\u53f8\u7684\u6838\u5fc3\u8425\u6536\u4f9d\u7136\u5728\u4e0b\u6ed1\uff0c\u7ba1\u7406\u5c42\u9664\u4e86\u201c\u4e70\u6bd4\u7279\u5e01\u201d\u4e4b\u5916\u5e76\u672a\u63d0\u51fa\u5b9e\u8d28\u6539\u9769\u65b9\u6848\u3002\u4f20\u9012\u51fa\u7684\u4fe1\u606f\u4e5f\u5f88\u6df7\u4e71\uff0c\u4ece\u95e8\u5e97\u3001NFT\u3001\u5143\u5b87\u5b99\u518d\u5230\u5982\u4eca\u7684\u52a0\u5bc6\u8d27\u5e01\uff0c\u6218\u7565\u6447\u6446\u4e0d\u5b9a\uff0c\u4e25\u91cd\u524a\u5f31\u4e86\u5e02\u573a\u4fe1\u5fc3\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/aef406cffdc8056effdc6235e2bd07a1.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe30\" \/><\/p>\n<h4><strong>\u52a0\u5bc6\u8d27\u5e01\u8d44\u4ea7\u914d\u7f6e\u8d8b\u52bf<\/strong><\/h4>\n<p>\u9664\u4e86\u6bd4\u7279\u5e01\uff0c\u8d8a\u6765\u8d8a\u591a\u7684\u516c\u53f8\u5f00\u59cb\u5c06\u4ee5\u592a\u574a\uff08ETH\uff09\u4f5c\u4e3a\u5176\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7684\u4e3b\u529b\u8d44\u4ea7\u3002\u539f\u56e0\u662f\u591a\u65b9\u9762\u7684\u3002\u9996\u5148\uff0c\u4ee5\u592a\u574a\u88ab\u5e7f\u6cdb\u8ba4\u4e3a\u662f\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7\uff08RWA\uff09\u4ee3\u5e01\u5316\u5e73\u53f0\u7684\u5e95\u5c42\u57fa\u7840\u8bbe\u65bd\uff0c\u5305\u62ec Ondo\u3001Backed Finance \u548c Centrifuge \u7b49\u534f\u8bae\u5747\u5728\u4ee5\u592a\u574a\u7ed3\u7b97\u5c42\u4e0a\u6784\u5efa\u9762\u5411\u673a\u6784\u7ea7\u7684\u91d1\u878d\u4ea7\u54c1\u3002\u8fd9\u4f7f ETH \u6210\u4e3a\u62bc\u6ce8\u201c\u4f20\u7edf\u91d1\u878d\u4e0a\u94fe\u201d\u8d8b\u52bf\u516c\u53f8\u7684\u6218\u7565\u6027\u50a8\u5907\u8d44\u4ea7\u3002<\/p>\n<p>\u5176\u6b21\uff0c\u4e0e\u6bd4\u7279\u5e01\u4e0d\u540c\uff0c\u4ee5\u592a\u574a\u662f\u53ef\u8d28\u62bc\u751f\u606f\u7684\u3001DeFi \u53ef\u7ec4\u5408\u7684\u8d44\u4ea7\uff0c\u6301\u6709\u8005\u53ef\u901a\u8fc7\u53c2\u4e0e\u7f51\u7edc\u5b89\u5168\u83b7\u5f97\u7ea6 3\u20134% \u7684\u5e74\u5316\u6536\u76ca\u3002\u8fd9\u4f7f ETH \u5177\u5907\u4e86\u53ef\u7f16\u7a0b\u3001\u53ef\u751f\u606f\u7684\u8d44\u91d1\u7279\u6027\uff0c\u5bf9\u4e8e\u5bfb\u6c42\u4f18\u5316\u95f2\u7f6e\u73b0\u91d1\u56de\u62a5\u7684 CFO \u6765\u8bf4\u5177\u6709\u5f88\u5f3a\u5438\u5f15\u529b\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/d61bd6b291c73ca93830312c0c2e7f04.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe31\" \/><\/p>\n<p>2025 \u5e74 7 \u6708 14 \u65e5\uff0cBTCS \u901a\u8fc7 Aave\uff08\u4e00\u5bb6\u53bb\u4e2d\u5fc3\u5316\u501f\u8d37\u534f\u8bae\uff09\u501f\u5165\u4e86 234 \u4e07 USDT\uff0c\u518d\u52a0\u4e0a\u90e8\u5206\u81ea\u6709\u73b0\u91d1\uff0c\u5408\u8ba1\u8d2d\u5165\u4e86 2,731 \u679a ETH\uff0c\u4ef7\u503c\u7ea6 824 \u4e07\u7f8e\u5143\uff0c\u8fdb\u4e00\u6b65\u6269\u5927\u5176\u4ee5\u592a\u574a\u6301\u4ed3\u3002\u8fd9\u7b14\u6760\u6746\u4ea4\u6613\u4f7f\u5f97 BTCS \u7684ETH \u603b\u6301\u4ed3\u8fbe\u5230 31,855 \u679a\uff0c\u516c\u53f8\u6574\u4f53\u7684\u52a0\u5bc6+\u73b0\u91d1\u5e02\u503c\u63d0\u5347\u81f31.006 \u4ebf\u7f8e\u5143\u3002<\/p>\n<p>\u8fd9\u4e2a\u6848\u4f8b\u6e05\u695a\u5c55\u793a\u4e86\u4ee5\u592a\u574a\u5728 DeFi \u4e2d\u65e2\u662f\u62b5\u62bc\u54c1\u53c8\u662f\u8d44\u672c\u7684\u72ec\u7279\u53cc\u91cd\u89d2\u8272\u3002\u6bd4\u7279\u5e01\u66f4\u591a\u5730\u662f\u201c\u51b7\u94b1\u5305\u201d\u5f0f\u7684\u88ab\u52a8\u8d44\u4ea7\uff0c\u6216\u9700\u901a\u8fc7\u5305\u88c5\uff08wrap\uff09\u624d\u80fd\u53c2\u4e0e DeFi\uff1b\u800c ETH \u662f\u539f\u751f\u53ef\u7ec4\u5408\u8d44\u4ea7\uff0c\u4f01\u4e1a\u53ef\u4ee5\u5728\u4e0d\u51fa\u552e\u8d44\u4ea7\u7684\u60c5\u51b5\u4e0b\uff0c\u5c06\u5176\u7528\u4e8e\u501f\u8d37\u3001\u8d28\u62bc\u6216\u53c2\u4e0e\u6536\u76ca\u534f\u8bae\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/7\/29\/images\/996d3267ca532fa5760824c74dcf79a2.png\" alt=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\" title=\"IOSG\uff1a\u4e0a\u5e02\u516c\u53f8\u65b0\u70ed\u6f6e\uff0c\u52a0\u5bc6\u8d27\u5e01\u50a8\u5907\u7ecf\u6d4e\u6a21\u578b\u5927\u89e3\u6784\u63d2\u56fe32\" \/><\/p>\n<p>\u4ee5\u592a\u574a\u73b0\u8d27 ETF \u7684\u63a8\u51fa\u8fdb\u4e00\u6b65\u589e\u5f3a\u4e86\u673a\u6784\u5bf9 ETH \u7684\u4fe1\u5fc3\u548c\u6d41\u52a8\u6027\uff0c\u51c0\u7533\u8d2d\u6d41\u5165\u8868\u660e\u4e3b\u6d41\u91d1\u878d\u5e02\u573a\u6b63\u9010\u6b65\u63a5\u53d7 ETH\u3002\u56e0\u6b64\uff0cSharpLink\uff08SBET\uff09\u3001Bit Digital\uff08BTBT\uff09\u751a\u81f3\u4e00\u4e9b\u975e\u4e0a\u5e02\u516c\u53f8\u4e5f\u5728\u8c03\u6574\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u589e\u52a0 ETH \u6301\u4ed3\uff0c\u8fd9\u4e0d\u4ec5\u662f\u6295\u673a\u6027\u62bc\u6ce8\uff0c\u66f4\u662f\u5728\u8868\u8fbe\u4e00\u79cd\u5173\u4e8e\u201c\u4ee5\u592a\u574a\u662f\u53bb\u4e2d\u5fc3\u5316\u8d44\u672c\u5e02\u573a\u5e95\u5c42\u8bbe\u65bd\u201d\u7684\u957f\u671f\u4fe1\u4ef0\u3002<\/p>\n<p>\u8fd9\u79cd\u8d8b\u52bf\u6807\u5fd7\u7740\u52a0\u5bc6\u4f01\u4e1a\u8d44\u4ea7\u914d\u7f6e\u6218\u7565\u7684\u91cd\u5927\u8f6c\u53d8\uff1a\u4ece\u201c\u6bd4\u7279\u5e01=\u6570\u5b57\u9ec4\u91d1\u201d\u5230\u201c\u4ee5\u592a\u574a=\u6570\u5b57\u91d1\u878d\u57fa\u7840\u8bbe\u65bd\u201d\u3002<\/p>\n<p>\u4ee5\u4e0b\u662f\u51e0\u4e2a\u8fd9\u79cd\u591a\u6837\u5316\u914d\u7f6e\u7684\u6848\u4f8b\uff1a<\/p>\n<ul>\n<li>XRP \u4f5c\u4e3a\u50a8\u5907\u8d44\u4ea7\uff1a VivoPower International\uff08\u7eb3\u65af\u8fbe\u514b\u4ee3\u7801\uff1aVVPR\uff09\u4e8e 2025 \u5e74 5 \u6708\u52df\u96c6 1.21 \u4ebf\u7f8e\u5143\uff0c\u7531\u4e00\u4f4d\u6c99\u7279\u738b\u5b50\u9886\u6295\uff0c\u6210\u4e3a\u9996\u4e2a\u91c7\u7528 XRP\u50a8\u5907\u6218\u7565\u7684\u4e0a\u5e02\u516c\u53f8\u3002\u4e0d\u4e45\u540e\uff0c\u65b0\u52a0\u5761\u7684 Trident Digital Holdings\uff08TDTH\uff09\u5ba3\u5e03\u8ba1\u5212\u53d1\u884c\u6700\u591a 5 \u4ebf\u7f8e\u5143\u80a1\u7968\u4ee5\u5efa\u7acb XRP \u50a8\u5907\uff1b\u4e2d\u56fd\u7684 Webus International\uff08WETO\uff09\u4e5f\u63d0\u4ea4\u7533\u8bf7\uff0c\u5c06 3 \u4ebf\u7f8e\u5143\u6295\u5165 XRP \u6301\u4ed3\uff0c\u5e76\u8ba1\u5212\u5c06 Ripple \u7684\u8de8\u5883\u652f\u4ed8\u7f51\u7edc\u6574\u5408\u8fdb\u5176\u4e1a\u52a1\u4f53\u7cfb\u3002\u8fd9\u4e9b\u4e3e\u52a8\u53d7 Ripple \u5728\u7f8e\u56fd\u83b7\u5f97\u6cd5\u5f8b\u5408\u89c4\u5730\u4f4d\u7684\u5f71\u54cd\uff0c\u5e02\u573a\u53cd\u5e94\u4e0d\u4e00\uff0c\u867d\u7136 XRP \u5728 2025 \u5e74\u4e2d\u4e0a\u6da8\uff0c\u4f46\u76f8\u5173\u4e2a\u80a1\u8868\u73b0\u5206\u5316\uff0c\u4f46\u8fd9\u4e9b\u884c\u52a8\u8868\u660e\uff0c\u52a0\u5bc6\u8d44\u4ea7\u914d\u7f6e\u6b63\u5728\u8d85\u8d8a BTC \u548c ETH \u7684\u4f20\u7edf\u53cc\u4e3b\u7ebf\u3002<\/li>\n<li>\u83b1\u7279\u5e01\uff08LTC\uff09\u50a8\u5907\uff1a MEI Pharma\uff08MEIP\uff09 \u662f\u4e00\u5bb6\u5c0f\u578b\u751f\u7269\u533b\u836f\u516c\u53f8\uff0c\u5728 2025 \u5e74 7 \u6708\u610f\u5916\u5ba3\u5e03\u8f6c\u578b\uff0c\u901a\u8fc7\u83b1\u7279\u5e01\u521b\u59cb\u4eba Charlie Lee \u548c Litecoin \u57fa\u91d1\u4f1a\u53c2\u6295\u7684\u65b9\u5f0f\uff0c\u878d\u8d44 1 \u4ebf\u7f8e\u5143\uff0c\u521b\u5efa\u7b2c\u4e00\u4e2a \u673a\u6784\u7ea7\u7684 LTC \u50a8\u5907\u65b9\u6848\u3002\u8fd9\u9879\u8ba1\u5212\u540c\u65f6\u4f34\u968f\u7740\u7ba1\u7406\u5c42\u66f4\u66ff\uff08Lee \u52a0\u5165\u8463\u4e8b\u4f1a\uff09\uff0c\u5e02\u573a\u8ba4\u4e3a\u8fd9\u662f\u5c1d\u8bd5\u7528\u52a0\u5bc6\u8d44\u672c\u4e3a\u56f0\u5883\u4e2d\u7684\u751f\u7269\u533b\u836f\u884c\u4e1a\u6ce8\u5165\u65b0\u52a8\u80fd\u3002\u8be5\u80a1\u5728\u201c\u751f\u7269\u533b\u836f + \u83b1\u7279\u5e01\u201d\u6d88\u606f\u53d1\u5e03\u540e\u80a1\u4ef7\u66b4\u6da8\uff0c\u4f46\u56e0\u6295\u8d44\u8005\u5bf9\u5176\u6700\u7ec8\u5546\u4e1a\u6a21\u5f0f\u5b58\u7591\uff0c\u80a1\u4ef7\u6ce2\u52a8\u5267\u70c8\u3002<\/li>\n<li>HYPE Token \u50a8\u5907\uff1a \u66f4\u52a0\u201c\u5f02\u7c7b\u201d\u7684\u6848\u4f8b\u6765\u81ea Sonnet BioTherapeutics\uff08SONN\uff09\uff0c\u8be5\u516c\u53f8\u4e8e 2025 \u5e74 7 \u6708\u5ba3\u5e03\u4e00\u9879\u89c4\u6a21 8.88 \u4ebf\u7f8e\u5143\u7684\u53cd\u5411\u5e76\u8d2d\uff0c\u6210\u7acb Hyperliquid Strategies Inc.\uff0c\u8ba1\u5212\u5c06 5.83 \u4ebf\u7f8e\u5143\u7684 HYPE \u4ee3\u5e01\u7eb3\u5165\u516c\u53f8\u8d44\u4ea7\u8d1f\u503a\u8868\u3002\u8be5\u4ea4\u6613\u7531 Paradigm \u548c Pantera \u7b49\u4e3b\u6d41\u52a0\u5bc6\u98ce\u6295\u652f\u6301\uff0c\u65e8\u5728\u6253\u9020\u5168\u7403\u6700\u5927\u7684 HYPE \u4ee3\u5e01\u6301\u6709\u4e0a\u5e02\u5b9e\u4f53\u3002SONN \u5728\u516c\u544a\u540e\u80a1\u4ef7\u66b4\u6da8\uff08\u56e0 HYPE \u662f\u70ed\u95e8\u4ee3\u5e01\uff09\uff0c\u4f46\u5206\u6790\u4eba\u58eb\u6307\u51fa\u5176\u7ed3\u6784\u590d\u6742\u3001\u4ee3\u5e01\u672c\u8eab\u5c1a\u5904\u65e9\u671f\u9636\u6bb5\u3002\u7c7b\u4f3c\u5730\uff0cLion Group\uff08LGHL\uff09 \u4e5f\u83b7\u5f97 6 \u4ebf\u7f8e\u5143\u6388\u4fe1\u989d\u5ea6\uff0c\u7528\u4e8e\u50a8\u5907 HYPE\u3001Solana \u548c Sui \u7b49\u4ee3\u5e01\uff0c\u6253\u9020\u591a\u8d44\u4ea7\u7684\u52a0\u5bc6\u91d1\u5e93\u3002<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<h3>Saylor \u4f55\u65f6\u4f1a\u5356\u5e01\uff1f<\/h3>\n<p>Michael Saylor \u66fe\u516c\u5f00\u5ba3\u79f0 MicroStrategy \u5c06\u4f1a\u201c\u6c38\u8fdc HODL\u201d\u5176\u6bd4\u7279\u5e01\u8d44\u4ea7\uff0c\u4e5f\u5c31\u662f\u8bf4\uff0c\u516c\u53f8\u6839\u672c\u65e0\u610f\u51fa\u552e\u5176 BTC \u50a8\u5907\u3002\u4e8b\u5b9e\u4e0a\uff0cMicroStrategy \u751a\u81f3\u4fee\u6539\u4e86\u516c\u53f8\u653f\u7b56\uff0c\u6b63\u5f0f\u5c06\u6bd4\u7279\u5e01\u786e\u7acb\u4e3a\u5176\u4e3b\u8981\u7684\u56fd\u5e93\u50a8\u5907\u8d44\u4ea7\uff0c\u610f\u5473\u7740\u8fd9\u662f\u4e00\u4e2a\u6781\u5176\u957f\u671f\u7684\u6301\u6709\u8ba1\u5212\u3002\u7136\u800c\uff0c\u5728\u73b0\u5b9e\u7684\u516c\u53f8\u8d22\u52a1\u4e16\u754c\u91cc\uff0c\u201c\u6c38\u8fdc\u4e0d\u5356\u201d\u5e76\u4e0d\u662f\u7edd\u5bf9\u3002\u67d0\u4e9b\u60c5\u5883\u4e0b\uff0cMicroStrategy \u53ef\u80fd\u4f1a\u88ab\u8feb\u51fa\u552e\u90e8\u5206\u6bd4\u7279\u5e01\u3002\u7406\u89e3\u8fd9\u4e9b\u6f5c\u5728\u60c5\u5883\u975e\u5e38\u5173\u952e\uff0c\u56e0\u4e3a\u5b83\u4eec\u6784\u6210\u4e86\u6574\u4e2a\u201cMicroStrategy \u4f5c\u4e3a\u6bd4\u7279\u5e01\u4ee3\u7406\u8d44\u4ea7\u201d\u6295\u8d44\u903b\u8f91\u4e2d\u7684\u98ce\u9669\u56e0\u5b50\u3002<\/p>\n<p>\u4ee5\u4e0b\u662f\u4e00\u4e9b\u53ef\u80fd\u6311\u6218 MicroStrategy \u51b3\u5fc3\uff0c\u5e76\u201c\u8feb\u4f7f\u201d\u5176\u51fa\u552e BTC \u7684\u60c5\u5883\uff1a<\/p>\n<ul>\n<li>\u5728\u7d27\u7f29\u4fe1\u8d37\u5e02\u573a\u4e0b\u51fa\u73b0\u91cd\u5927\u503a\u52a1\u5230\u671f\uff1aMicroStrategy \u5f53\u524d\u6709\u591a\u7b14\u503a\u52a1\u672a\u507f\uff0c\u5305\u62ec\u5230\u671f\u65f6\u95f4\u4e3a 2028 \u548c 2030 \u5e74\u7684\u53ef\u8f6c\u503a\uff08\u6b64\u524d\u5df2\u7ecf\u7528\u53d1\u884c\u80a1\u7968\u7684\u65b9\u5f0f\u8d4e\u56de\u4e86 2025 \u548c 2027 \u5e74\u7684\u503a\u5238\uff09\uff0c\u4e5f\u53ef\u80fd\u5305\u62ec\u5176\u4ed6\u8d37\u6b3e\u3002\u901a\u5e38\uff0c\u516c\u53f8\u4f1a\u901a\u8fc7\u518d\u878d\u8d44\u6765\u507f\u8fd8\u65e7\u503a\u2014\u2014\u53d1\u884c\u65b0\u503a\u6216\u65b0\u80a1\u30022025 \u5e74\u521d\uff0cMicroStrategy \u6210\u529f\u5730\u7528\u80a1\u7968\u8d4e\u56de\u4e86 2027 \u5e74\u7684\u53ef\u8f6c\u503a\uff0c\u907f\u514d\u4e86\u73b0\u91d1\u652f\u51fa\u3002\u4f46\u8bbe\u60f3\u4e00\u79cd\u60c5\u51b5\uff1a2028 \u5e74\uff0c\u6bd4\u7279\u5e01\u6df1\u9677\u718a\u5e02\uff0cMicroStrategy \u80a1\u4ef7\u5927\u8dcc\uff0c\u5229\u7387\u53c8\u9ad8\uff08\u65b0\u878d\u8d44\u6210\u672c\u592a\u8d35\uff09\uff0c\u6b64\u65f6\u5982\u679c\u6709 5\u201310 \u4ebf\u7f8e\u5143\u7684\u503a\u52a1\u5230\u671f\uff0c\u516c\u53f8\u53ef\u80fd\u4f1a\u9762\u4e34\u73b0\u91d1\u6d41\u5371\u673a\u3002<\/li>\n<\/ul>\n<ul style=\"list-style-type: circle\">\n<li>\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u4f20\u7edf\u8d44\u672c\u5e02\u573a\u53ef\u80fd\u4f1a\u201c\u5173\u95ed\u201d\u5927\u95e8\uff0c\u5c24\u5176\u5f53\u9690\u542b\u6ce2\u52a8\u7387\uff08IV\uff09\u8fc7\u4f4e\uff0c\u5bfc\u81f4\u6ca1\u6709\u6295\u8d44\u8005\u613f\u610f\u4e70\u5165\u5d4c\u5165\u671f\u6743\u4ef7\u503c\u7684\u53ef\u8f6c\u503a\uff0cMicroStrategy \u6700\u64c5\u957f\u7684\u878d\u8d44\u5de5\u5177\u5c06\u5931\u6548\u3002<\/li>\n<li>\u9762\u5bf9\u8fd9\u6837\u7684\u4fe1\u8d37\u7d27\u7f29\uff0c\u516c\u53f8\u5f88\u53ef\u80fd\u53ea\u80fd\u5356\u6389\u90e8\u5206 BTC \u6765\u8fd8\u503a\uff0c\u5c31\u50cf\u201c\u88ab\u8feb\u5e73\u4ed3\u201d\u4e00\u6837\u3002\u867d\u8bf4 MicroStrategy \u62e5\u6709\u89c4\u6a21\u5de8\u5927\u7684 BTC\uff08\u622a\u81f3 2025 \u5e74\u4ef7\u503c\u8d85 700 \u4ebf\u7f8e\u5143\uff09\uff0c\u4f46\u4e00\u65e6\u52a8\u7528\uff0c\u5e02\u573a\u4fe1\u5fc3\u52bf\u5fc5\u52a8\u6447\u3002\u8fd9\u79cd\u5356\u51fa\u5f88\u53ef\u80fd\u662f\u6700\u540e\u7684\u9009\u62e9\uff0c\u4ec5\u5728\u6240\u6709\u5176\u4ed6\u878d\u8d44\u9014\u5f84\u90fd\u5931\u8d25\u65f6\u624d\u4f1a\u8fdb\u884c\u3002<\/li>\n<\/ul>\n<ul>\n<li>\u9ad8\u6602\u7684\u5229\u606f\u8d1f\u62c5\u6216\u4f18\u5148\u80a1\u5206\u7ea2\u538b\u529b\uff1aMicroStrategy \u7684\u878d\u8d44\u7ed3\u6784\u867d\u7136\u7075\u6d3b\uff0c\u4f46\u4e5f\u5e76\u975e\u6ca1\u6709\u4ee3\u4ef7\u30022025 \u5e74\uff0c\u516c\u53f8\u9762\u4e34\u7684\u56fa\u5b9a\u652f\u51fa\u5305\u62ec\uff1a<\/li>\n<\/ul>\n<ul style=\"list-style-type: circle\">\n<li>STRK \u5e74\u5229\u7387 8%\uff08\u53ef\u7528\u73b0\u91d1\u6216\u80a1\u7968\u652f\u4ed8\uff09<\/li>\n<li>STRF \u5e74\u5229\u7387 10%\uff08\u5fc5\u987b\u73b0\u91d1\u652f\u4ed8\uff0c\u8fdd\u7ea6\u6709\u7f5a\u91d1\uff09<\/li>\n<li>STRC \u6708\u5ea6\u5229\u7387 9\u201310%\uff08\u73b0\u91d1\u652f\u4ed8\uff0c\u8463\u4e8b\u4f1a\u53ef\u8c03\u6574\uff09<\/li>\n<li>\u53ef\u8f6c\u503a\u5229\u606f\uff08\u5982 2030 \u5e74\u7968\u606f\u4e3a 0.625%\uff09<\/li>\n<\/ul>\n<p>\u603b\u8ba1\u6bcf\u5e74\u56fa\u5b9a\u8d1f\u503a\u8d85\u8fc7 1.8 \u4ebf\u7f8e\u5143\uff0c\u5e76\u4e14\u53ef\u80fd\u968f\u7740\u540e\u7eed\u878d\u8d44\u7ee7\u7eed\u4e0a\u5347\u3002<\/p>\n<ul style=\"list-style-type: circle\">\n<li>\u5982\u679c MSTR \u80a1\u4ef7\u4f4e\u8ff7\uff0c\u76f4\u63a5\u53d1\u80a1\u878d\u8d44\u5c06\u9020\u6210\u4e25\u91cd\u7a00\u91ca\u3002<\/li>\n<li>\u5982\u679c\u8fdb\u5165\u52a0\u5bc6\u5bd2\u51ac\uff0cMicroStrategy \u53ef\u80fd\u4f1a\u56e0\u7ef4\u6301 STRF\u3001STRC \u7684\u73b0\u91d1\u5206\u7ea2\u800c\u6301\u7eed\u70e7\u94b1\u3002\u5982\u679c BTC \u957f\u671f\u4f4e\u8ff7\uff0c\u516c\u53f8\u6760\u6746\u7ed3\u6784\u53d8\u5f97\u5371\u9669\u3002\u8463\u4e8b\u4f1a\u53ef\u80fd\u4f1a\u51b3\u5b9a\u51fa\u552e\u4e00\u90e8\u5206\u6bd4\u7279\u5e01\u6765\u201c\u4e70\u65f6\u95f4\u201d\uff0c\u4e3a\u672a\u6765\u4e00\u5230\u4e24\u5e74\u7684\u5229\u606f\u6216\u5206\u7ea2\u63d0\u4f9b\u73b0\u91d1\u6d41\u3002\u8fd9\u867d\u7136\u8fdd\u80cc\u521d\u8877\uff0c\u4f46\u603b\u6bd4\u8fdd\u7ea6\u6216\u89e6\u53d1 STRF \u7d2f\u79ef\u8fdd\u7ea6\u673a\u5236\u8981\u5f3a\u3002<\/li>\n<li>\u5982\u679c\u5229\u7387\u6301\u7eed\u4e0a\u5347\u600e\u4e48\u529e\uff1f\u90a3\u4e48\u6240\u6709\u672a\u6765\u878d\u8d44\u90fd\u4f1a\u53d8\u8d35\uff1a<\/li>\n<\/ul>\n<p>\u65b0\u53d1\u884c\u4f18\u5148\u80a1\u5fc5\u987b\u63d0\u4f9b\u66f4\u9ad8\u6536\u76ca\uff08\u4f8b\u5982 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