【Strategy Inc 与贝莱德：哪个是更适合你投资组合的比特币代理股票？】
1、Bitcoin proxy stocks for investors in 2025: Strategy Inc vs. BlackRock, compared
1、2025 年比特币投资者的替代股票：Strategy Inc 与贝莱德的比较
When investors want exposure to Bitcoin without actually holding it, they often turn to what’s known as a Bitcoin proxy stock. These are equities or funds that mirror Bitcoin’s price movements, offering a way into the crypto market through traditional finance.
当投资者希望投资比特币但又不想实际持有时，他们通常会选择所谓的比特币代理股票。这些股票或基金可以反映比特币的价格走势，为投资者提供通过传统金融进入加密货币市场的途径。
Two of the most prominent examples today are Strategy Inc (formerly MicroStrategy) and BlackRock’s iShares Bitcoin Trust (IBIT).
当今最突出的两个例子是 Strategy Inc（前身为 MicroStrategy）和贝莱德的 iShares Bitcoin Trust (IBIT)。
Strategy has become infamous for turning its corporate balance sheet into a Bitcoin vault, holding over 580,000 BTC as of mid-2025.
Strategy 因将其公司资产负债表变成比特币金库而臭名昭著，截至 2025 年中期，其持有超过 580,000 个 BTC。
Meanwhile, IBIT offers a cleaner, regulated route: a spot Bitcoin exchange-traded fund (ETF) backed by actual Bitcoin BTC $108,434 , built for institutional and retail investors alike.
与此同时，IBIT 提供了一种更清洁、更受监管的途径：由实际比特币支持的现货比特币交易所交易基金 (ETF)比特币108,408美元，专为机构投资者和散户投资者打造。
This article compares the two as portfolio proxies, looking at risk, performance and who each one is really for.
本文将两者作为投资组合代理进行比较，考察风险、业绩以及各自的真正适用对象。
It will start with Strategy’s story, explaining how it became one of the best-known Bitcoin proxy stocks.
文章将从 Strategy 的故事开始，解释它如何成为最知名的比特币代理股票之一。
2、Inside Strategy’s crypto portfolio
2、Strategy 的加密货币投资组合内部
In August 2020, under the leadership of Michael Saylor, MicroStrategy made a dramatic pivot: allocating $250 million from its cash reserves to purchase roughly 21,454 BTC.
2020 年 8 月，在迈克尔·塞勒 (Michael Saylor) 的领导下，MicroStrategy 做出了重大转变：从其现金储备中拨出 2.5 亿美元购买约 21,454 BTC。
This marked a move from business intelligence software to a Bitcoin treasury company. At the time, Saylor argued that Bitcoin was a stronger, more modern form of digital gold than cash and effectively transformed the company into a unique financial instrument, offering investors leveraged exposure to Bitcoin through equity.
这标志着该公司从一家商业智能软件公司转型为一家比特币财务公司。当时，塞勒认为，比特币是一种比现金更强大、更现代的数字黄金，并有效地将公司转变为一种独特的金融工具，为投资者提供通过股权投资比特币的杠杆敞口。
From that initial investment, the company institutionalized its crypto strategy. By late 2024, it had amassed around 444,000 BTC, funded through convertible bonds, equity raises and debt, essentially borrowing to buy more Bitcoin in a high-stakes flywheel approach.
从最初的投资开始，该公司就将其加密货币战略制度化。到 2024 年底，它已积累了约 44.4 万枚比特币，资金来自可转换债券、股权融资和债务，本质上是通过高风险的飞轮投资方式借钱购买更多比特币。
Then, in February 2025, MicroStrategy formally changed its name to Strategy Inc, complete with a stylized “B” logo and orange branding, officially embracing its Bitcoin-first identity.
随后，在 2025 年 2 月，MicroStrategy 正式更名为 Strategy Inc，并采用风格化的“B”标志和橙色品牌，正式确立其以比特币为先的身份。
As of mid‑2025, Strategy holds approximately 580,250 BTC, solidifying its position as the largest corporate Bitcoin holder globally.
截至 2025 年中，Strategy 持有约 580,250 个 BTC，巩固了其作为全球最大企业比特币持有者的地位。
Did you know? Strategy holds more Bitcoin than most countries. In fact, it holds more than all sovereign nations except the US, China and the UK.
你知道吗？ Strategy 持有的比特币比大多数国家都多。事实上，除了美国、中国和英国，它持有的比特币比所有主权国家都多。
3、What is BlackRock’s Bitcoin ETF stock?
3、贝莱德的比特币 ETF 股票是什么？
Now let’s turn to BlackRock, whose entry into the Bitcoin market brought the world’s largest asset manager into direct competition with long-time crypto natives.
现在让我们来看看贝莱德，该公司进入比特币市场，使这家全球最大的资产管理公司与长期的加密货币原生企业展开直接竞争。
In January 2024, after years of US SEC resistance, the regulator approved a slate of spot Bitcoin ETFs. BlackRock’s iShares Bitcoin Trust (IBIT) was among them.
2024年1月，在美国证券交易委员会（SEC）多年抵制之后，该监管机构终于批准了一系列现货比特币ETF。贝莱德的iShares比特币信托基金（IBIT）就是其中之一。
Unlike Strategy, which holds Bitcoin on its balance sheet, IBIT is a pure financial product: a one-to-one, physically backed ETF that allows investors to gain exposure to Bitcoin without touching the asset itself. No wallets or private keys — just a ticker, a brokerage account and an SEC filing.
与将比特币纳入资产负债表的 Strategy 不同，IBIT 是一款纯粹的金融产品：一种一对一、实物支持的 ETF，允许投资者在不接触比特币本身的情况下投资比特币。无需钱包或私钥——只需一个股票代码、一个经纪账户和一份 SEC 文件。
The reception was explosive. By February 2024, IBIT had gathered over $50 billion in assets under management, becoming one of the fastest-growing ETFs in history.
该产品反响热烈。截至2024年2月，IBIT管理的资产已超过500亿美元，成为历史上增长最快的ETF之一。
BlackRock didn’t stop there. In March 2025, it launched a European version of the fund across Xetra, Euronext Paris and Amsterdam with a temporary 0.15% management fee, one of the lowest in the industry.
贝莱德并未止步于此。2025年3月，该公司在Xetra、巴黎泛欧交易所和阿姆斯特丹交易所推出了该基金的欧洲版本，管理费暂时为0.15%，是业内最低的管理费之一。
Perhaps most telling is how seriously BlackRock is taking this bet. In early 2025, the firm added IBIT to several of its model portfolios, including multi-asset and alternative strategies.
或许最能说明问题的是贝莱德对这笔赌注的重视程度。2025年初，该公司将IBIT纳入了其多个模型投资组合，包括多资产和另类策略。
Executives have even suggested that Bitcoin may be starting to decouple from tech stocks, offering unique diversification for modern portfolios.
高管们甚至表示，比特币可能开始与科技股脱钩，为现代投资组合提供独特的多样化。
Did you know? BlackRock filed its Bitcoin ETF application using Coinbase for both custody and surveillance-sharing, marking one of the first times a major asset manager partnered with a crypto-native exchange to meet SEC demands.
你知道吗？ 贝莱德 (BlackRock) 已提交其比特币 ETF 申请，并使用 Coinbase 进行托管和监控共享，这是大型资产管理公司首次与加密货币原生交易所合作以满足 SEC 的要求。
4、Bitcoin proxy stocks comparison
4、比特币代理股票比较
Strategy and IBIT both offer exposure to Bitcoin, but how they do it and what that means for investors couldn’t be more different.
Strategy 和 IBIT 都提供对比特币的投资机会，但它们的操作方式以及对投资者的意义却截然不同。
Strategy (MSTR) has consistently outperformed Bitcoin over the past five years, thanks to leverage and aggressive accumulation. But with that upside comes volatility: The stock often swings harder than Bitcoin itself. IBIT, by contrast, is built to track Bitcoin’s price directly. It does so with high accuracy but lags slightly due to management fees.
得益于杠杆和积极的增持，策略型基金 (MSTR) 在过去五年中的表现一直优于比特币。但这种优势也带来了波动性：该股的波动往往比比特币本身更大。相比之下，IBIT 则旨在直接追踪比特币价格。它的追踪精度很高，但由于管理费的原因，追踪速度略有滞后。
The risk profiles reflect this split. Strategy is a high-beta equity with corporate balance sheet exposure. It relies on convertible debt and equity raises to fuel its BTC strategy. IBIT avoids all of that. As a spot ETF, it holds Bitcoin in custody and gives investors clean exposure without company-specific risks.
风险状况反映了这种分化。该策略是高贝塔值股票，且具有公司资产负债表敞口。其BTC策略依赖可转换债券和股权融资来支撑。IBIT则避免了所有这些风险。作为一只现货ETF，它托管比特币，为投资者提供清晰的敞口，且不承担公司特定风险。
Fees and taxes also differ. Strategy has no annual management cost, but investors take on potential dilution, corporate tax effects and governance risks. IBIT charges around 0.15%-0.20% annually (free through 2025 in Europe) but comes with tight spreads, deep liquidity and no corporate baggage.
费用和税费也有所不同。策略没有年度管理费用，但投资者需承担潜在的股权稀释、公司税影响和治理风险。IBIT 每年收费约为 0.15%-0.20%（欧洲地区至 2025 年免费），但利差较小、流动性强，且无公司负担。
Here’s how Strategy (MSTR) is different from BlackRock (IBIT):
以下是 Strategy (MSTR) 与 BlackRock (IBIT) 的不同之处：
5、Bitcoin exposure through stocks: Leveraged equity or regulated ETF?
5、通过股票投资比特币：杠杆股票还是受监管的 ETF？
If you’re bullish on Bitcoin and riding the volatility is part of the game for you, Strategy may make sense. If you prefer clean, regulated exposure, IBIT is the better fit.
如果您看好比特币，并且希望利用波动性，那么策略或许是明智之举。如果您偏好纯粹、受监管的投资，那么 IBIT 更适合您。
Strategy offers magnified exposure thanks to leverage and aggressive accumulation. But be ready for wild equity swings tied to BTC price fluctuations and dilution cycles driven by debt and equity raises.
该策略通过杠杆和积极增持，提供放大的风险敞口。但需做好应对与BTC价格波动相关的剧烈股价波动，以及债务和股权融资引发的稀释周期的准备。
With BlackRock, you get direct access to Bitcoin’s price without worrying about wallets, keys or corporate capital maneuvers. Its low annual fee (~0.15%-0.20%, with a temporary 0% offer in Europe) offers simplicity and transparency over leverage and complexity.
通过贝莱德，您可以直接获取比特币价格，无需担心钱包、密钥或公司资金调配。其低廉的年费（约 0.15%-0.20%，欧洲地区暂时提供 0% 优惠）让您轻松透明地管理杠杆和复杂操作。
Institutional crypto investing vs. retail investing
机构加密货币投资 vs. 散户投资
Institutional investors and speculators (including hedge funds and active traders) are drawn to Strategy for its high-beta exposure and the trading opportunities created by its corporate actions.
机构投资者和投机者（包括对冲基金和活跃交易者）被 Strategy 的高贝塔值敞口和公司行为所创造的交易机会所吸引。
Meanwhile, retail and long-term investors tend to favor IBIT. It’s treated like a mainstream ETF — ideal for diversification and ease of access.
与此同时，散户和长期投资者往往青睐IBIT。它被视为主流ETF，兼具多元化投资和便捷获取的优势。
BlackRock leadership has explicitly argued that including a small allocation (1%-2%) of Bitcoin via IBIT can enhance portfolios by providing returns that aren’t tightly correlated with equities.
贝莱德领导层明确表示，通过 IBIT 配置少量（1%-2%）比特币可以提供与股票不紧密相关的回报，从而增强投资组合。
They highlight Bitcoin’s growing ability to decouple from tech stocks and serve as a distinct macro asset class.
它们凸显了比特币日益增强的与科技股脱钩的能力，并成为一种独特的宏观资产类别。
6、What’s next for Strategy Inc and BlackRock in the Bitcoin era?
6、比特币时代 Strategy Inc 和贝莱德的下一步计划是什么？
Both Strategy and IBIT are positioned to grow with the market, but in very different ways.
Strategy 和 IBIT 都致力于与市场共同成长，但方式却截然不同。
Strategy is expected to keep adding Bitcoin to its balance sheet, continuing its high-conviction, high-leverage approach. The company’s “Bitcoin capital allocation strategy” includes further debt and equity issuance, meaning future performance will remain tightly tied to BTC price action and potentially vulnerable to margin pressure.
该策略预计将继续在其资产负债表中增加比特币，延续其高信念、高杠杆的策略。该公司的“比特币资本配置策略”包括进一步发行债券和股票，这意味着未来业绩将继续与比特币价格走势紧密相关，并可能容易受到保证金压力的影响。
That said, institutional support is growing: BlackRock now owns over 5% of Strategy’s stock, signaling confidence in its long-term thesis.
尽管如此，机构支持正在增长：贝莱德目前拥有 Strategy 超过 5% 的股份，表明对其长期前景充满信心。
IBIT’s path is cleaner and more scalable. After its record-breaking launch in the US, the fund expanded into Europe in March 2025 with a reduced 0.15% fee, drawing in both retail and institutional capital.
IBIT 的路径更加清晰，也更具可扩展性。继在美国创下纪录之后，该基金于 2025 年 3 月扩展至欧洲，并降低了 0.15% 的费率，吸引了散户和机构资本。
With regulatory clarity improving and global appetite for spot Bitcoin ETFs rising, IBIT is likely to become the default choice for passive exposure.
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