邁克爾·塞勒（Michael Saylor）的最新舉動為更多的比特幣購買籌集了關於他高風險方法的可行性的辯論

邁克爾·塞勒（Michael Saylor）為更多比特幣購買的最新舉動重新激發了關於他高風險方法的可行性的辯論。該公司現在稱為“戰略（以前為MicroStrategy”）的公司宣布將發行新的永久優先股Strf

Michael Saylor's latest move to finance more Bitcoin (BTC) purchases has sparked debate over the viability of his high-stakes approach.

邁克爾·塞勒（Michael Saylor）的最新籌集資金更多的比特幣（BTC）購買引發了關於他高風險方法的可行性的辯論。

As reported by Bitcoin Magazine, the company now called Strategy (formerly MicroStrategy) announced it would issue a new perpetual preferred stock, STRF (Strife), at a 10% annual dividend. While some see this as an inventive way to accumulate more BTC, others warn the cash dividend obligations could become untenable if Bitcoin prices plummet.

正如比特幣雜誌報導的那樣，該公司現在稱為“戰略”（以前是MicroStrategy），宣布將以10％的年股息發行新的永久優先股Strf（Cranfife）。儘管有些人認為這是積累更多BTC的創造性方式，但另一些人警告說，如果比特幣價格暴跌，現金股息義務可能會站不住腳。

On X, Strategy unveiled STRF, described as a "new perpetual preferred stock offering, available to institutional investors and select non-institutional investors." The proceeds would go toward general corporate purposes—including working capital—"and the acquisition of Bitcoin," although this remained "subject to market and other conditions."

在X上，戰略揭示了STRF，被描述為“新的永久優先股產品，可用於機構投資者，並選擇非機構投資者”。這些收益將用於一般公司目的（包括營運資金），並獲得比特幣的收購，“儘管這仍然是“受市場和其他條件的約束”。

STRF carries cumulative dividends of 10% annually, with the first cash dividend set for June 30, 2025, and then each quarter. Observers noted how such a high payout could strain the firm's resources, given its balance sheet is heavily tilted toward Bitcoin rather than traditional revenue streams.

STRF每年的累積股息佔10％，首次現金股息定於2025年6月30日，然後是每個季度。觀察家指出，鑑於其資產負債表大大傾向於比特幣而不是傳統的收入來源，因此如此高的支出可能會損害公司的資源。

Among the early critics was WhalePanda (@WhalePanda), co-host of the Magical Crypto Friends YouTube channel with Riccardo Spagni, Samson Mow, and Charlie Lee. He argued the 10% dividend, which could amount to $50 million in annual payouts if Strategy raises $500 million, is too large given the company's structure: "I've said it before that Saylor is going to bring the next Bitcoin bear market. This seems desperate. 10% dividend on $500 million translates to $50 million annually, payable solely in cash… they don't have that cash."

早期的評論家包括Whalepanda（@Whalepanda），Magical Crypto Friends YouTube頻道的共同主持人與Riccardo Spagni，Samson Mow和Charlie Lee。他認為，如果策略籌集5億美元的結構，那10％的股息，如果策略籌集5億美元，則可能會達到5000萬美元的支出，”鑑於該公司的結構太大了：“我已經說過，在那說Saylor將帶來下一個比特幣熊市的市場。這似乎是絕望的。每年的5億美元股息是每年的5000萬美元，每年可支付的5000萬美元，僅需支付現金……他們沒有現金……”。”

Another vocal critic, Simon Dixon—ex-investment banker turned Bitcoin investor known for backing platforms like Kraken, Bitfinex, and BitStamp—drew a sharp parallel between Strategy's move and the notorious collapse of Long-Term Capital Management (LTCM) in the late 1990s. While not equating the two scenarios, Dixon argued that offering such a high fixed dividend from "insufficient dollar revenue" was "next-level risk."

另一位聲音批評家西蒙·迪克森（Simon Dixon） - 投資銀行家變成了比特幣投資者，以Kraken，Bitfinex和Bitstamp等支持平台而聞名 - 在1990年代後期，策略的搬遷與臭名昭著的長期資本管理（LTCM）臭名昭著的崩潰之間保持了平行的平行。迪克森（Dixon）雖然不等於這兩種情況，但辯稱，從“美元收入不足”中提供如此高的固定股息是“下一級風險”。

He cautioned: "Strategy's announcement of a perpetual 10% dividend paid in dollars—despite lacking sufficient dollar revenue & operating with a Bitcoin-based balance sheet—is next-level risk. This is starting to resemble Long-Term Capital Management, which required a bailout. If this ship sinks, nationalization might become a strategic move for the US government. For clarity, this does not change my thesis on Bitcoin."

他警告說：“戰略宣布以美元支付的永久性10％股息 - 儘管缺乏足夠的美元收入並在基於比特幣的資產負債表上運營 - 這是下一級別的風險。這開始與長期的資本管理相似，這需要釋放。如果這艘船沉沒，國籍可能會成為我們的政府的戰略性。

Not everyone shared the dire outlook. Some industry figures insisted that Saylor's track record in growing Strategy's BTC reserves—and the relative simplicity of its balance sheet compared to LTCM—offered a substantial cushion.

並非所有人都分享了可怕的前景。一些行業數字堅持認為，Saylor在不斷增長的BTC儲備中的往績以及與LTCM相比的資產負債表的相對簡單性提供了大量的緩衝。

David Bailey, CEO of BTC Inc, argued that Saylor's personal commitment to Bitcoin should not be discounted: "Saylor literally has more skin in the game than anyone alive… If you don't like the stock, don't buy it, simple."

BTC Inc的首席執行官David Bailey認為，Saylor對比特幣的個人承諾不應被打折：“ Saylor在遊戲中的皮膚比活著的任何人都多……如果您不喜歡股票，請不要買它，簡單。”

He referred to critics as "ungrateful," pontuing out how Saylor's public advocacy and corporate purchases had brought mainstream attention—and considerable inflows—to Bitcoin.

他將批評家稱為“不感恩”，闡述了Saylor的公眾倡導和企業購買如何引起比特幣的主流關注以及大量流入。

Bitcoin analyst Dylan LeClair also dismissed the LTCM comparison, calling it "literally nothing like LTCM" and implying that Strategy's BTC-backed balance sheet did not pose the same systemic risk as a heavily leveraged hedge fund dealing in derivatives.

比特幣分析師迪倫·萊克萊爾（Dylan Leclair）也駁回了LTCM比較，稱其為“從字面上看LTCM”，這意味著該策略支持BTC支持的資產負債表並沒有像在衍生產品中銷售的大量槓桿性對沖基金一樣帶來相同的系統性風險。

Preston Pysh, co-founder of The Investor's Podcast Network, offered a more nuanced take. While he expressed reservations about the new issuance—questioning why Strategy didn't utilize "the previous preferred issuance which has an 8% dividend yield and optionality for payments in common or cash"—he viewed direct parallels to LTCM as "over the top laughable."

投資者播客網絡的聯合創始人Preston Pysh提供了更加細微的拍攝。儘管他對新發行表示保留，這是為什麼戰略沒有利用“以前的首選發行率，其股息收益率和共同或現金的付款方式為8％”，他將與LTCM的直接相似之處為“超過最高可笑”。

Pysh floated rough numbers suggesting that even if Bitcoin were to tumble 70% from its current levels, Strategy could theoretically maintain dividend and coupon payments for more than a decade.

Pysh浮出水面，這表明即使比特幣要比目前的水平跌幅70％，策略也可以從理論上維持股息和優惠券支付十多年。

He wrote: "If the price of Bitcoin went down 70% from here, he still has 12 billion USD worth of Bitcoin on the balance sheet and 115M in annual CASH payments (dividends and coupons combined) that need to be paid. That's approximately 12 years worth of payment inventory on the balance sheet even with a 70% reduction in BTC's value. Now this math is extremely rough and I've put about 2 minutes worth of effort into debunking this, so take it for what it's worth, but I think your claim is hyperbolic."

他寫道：“如果比特幣的價格從這裡降低了70％，他仍然有120億美元的資產負債表上的比特幣，每年的現金付款（股息和優惠券）需要支付。這是BTC的價值的70％，即使在BTC的價值中降低了70％，就可以付出70％的款項。值得，但我認為您的主張是誇張的。”