邁克爾·塞勒（Michael Saylor）領導的策略（以前為MicroStrategy）增加了130 BTC，花費170萬美元

邁克爾·塞勒（Michael Saylor）領導的金融情報公司的戰略（以前是微型造影）今天宣布，已增加了130個比特幣（BTC）

Financial intelligence firm Strategy, formerly known as MicroStrategy and led by the renowned Michael Saylor, has recently added 130 Bitcoin (BTC) to its vast portfolio.

金融情報公司的戰略，以前稱為MicroStrategy，由著名的Michael Saylor領導，最近在其龐大的投資組合中增加了130比特幣（BTC）。

As disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) on Monday, March 10 to 16, 2025, Strategy acquired the BTC units at an average price of $82,981. The company's preferred stock offering enabled the purchase, generating $10.7 million in total funds.

正如2025年3月10日星期一至16日星期一向美國證券交易委員會（SEC）提交的文件中所披露的那樣，戰略以82,981美元的價格收購了BTC單位。該公司的首選股票提供了購買，產生了1,070萬美元的總資金。

The news comes as the leading cryptocurrency on Monday saw a 0.6% decline in the last 24 hours, trading at a price of $83,400 according to CoinGecko.

該消息傳出是因為Coingecko的數據顯示，最近24小時的主要加密貨幣在過去24小時內下降了0.6％，價格為83,400美元。

Is Saylor's company losing its touch with the market? For now, it seems so. While Strategy's actions usually garner attention and influence the crypto sphere, the recent purchase barely registered any change in Bitcoin's price chart.

Saylor的公司是否失去了與市場的聯繫？目前，似乎是如此。儘管戰略的行動通常會引起人們的注意並影響加密球體，但最近的購買幾乎沒有註冊比特幣的價格圖表的任何變化。

The slight uptick in the early hours of Monday, where BTC's price touched $83,800 before slumping, might be att گذشته باشدto another factor.

週一凌晨，BTC的價格在下滑之前觸及了83,800美元的略有上漲，可能是另一個因素。

The new acquisitions follow Strategy's previous purchase of 20,365 BTC on February 24, 2025, for nearly $2 billion.

新的收購遵循戰略先前在2025年2月24日以近20億美元購買的20,365 BTC購買。

The company, known for its massive Bitcoin holdings, is now juggling a hefty capital structure, with a large portion tied to high-interest debt instruments. To service this debt and facilitate further Bitcoin purchases, Strategy is planning to issue $2 billion in Series A preferred stock over the next twelve months.

該公司以其大量的比特幣持有量而聞名，現在正在兼顧大量的資本結構，其中大部分與高息債務工具相關。為了償還這筆債務並促進比特幣購買，戰略計劃在未來十二個月內發行20億美元的A系列優先股。

The company's stock trades at a premium to its net asset value, which is a measure of the company's assets minus its liabilities. This premium is being driven by investors' interest in Strategy's Bitcoin holdings.

該公司的股票以其淨資產價值的溢價交易，這是對公司資產的量度減去其負債。這種溢價是由投資者對戰略比特幣控股的興趣所驅動的。

However, this comes at a steep cost. As of December 31, 2024, Strategy had total debt of $3.2 billion and preferred equity of $1.1 billion, compared to common equity of $4.3 billion. This capital structure is heavily skewed towards debt and preferred equity, creating a house of cards that could collapse if the value of Bitcoin tanks.

但是，這付出了高昂的成本。截至2024年12月31日，策略的總債務為32億美元，優先股為11億美元，而普通股票為43億美元。這種資本結構傾向於債務和首選股權，創造了一套紙牌屋，如果比特幣坦克的價值可能會崩潰。

A prolonged market downturn could strain Strategy's ability to service its debt, forcing it to either dilute shareholders further or, even worse, liquidate its Bitcoin holdings. Both scenarios would be disastrous for the company's long-term health.

長時間的市場低迷可能會使戰略償還其債務的能力，迫使其進一步稀釋股東，或者更糟糕的是，銷售其比特幣持有量。兩種情況對於公司的長期健康而言都是災難性的。

The company's executives seem to be aware of this risk, as they stated in the filing that "the substantial increase in the price of common preferred, Series A, in response to the announcement of the company’s intent to sell preferred stock to fund bitcoin purchases may be anomalous and not necessarily indicative of the market response to future issuances of preferred stock."

正如文件中所說，該公司的高管似乎意識到這種風險，“為了響應該公司宣佈出售首選股票以資助比特幣購買的普通首選價格A的價格大幅上漲，這可能是異常的，並且不一定表明對首選股票的未來發行的市場響應。”

If Saylor's company is no longer capable of moving the market with its buying spree, then perhaps the real terror factor will set in if Strategy decides to sell its nearly half a million Bitcoin. A sudden liquidation, or even the rumor of one, could send Bitcoin's price into a nosedive by triggering a cascade of panic selling.

如果Saylor的公司不再能夠以其狂歡的價格轉移市場，那麼如果策略決定出售其近半百萬個比特幣，那麼真正的恐怖因素也許會設定。突然的清算，甚至是一個人的謠言，都可以通過引發一系列恐慌銷售來將比特幣的價格送入一個鼻子。

On Reddit's UK Bitcoin community, several users are asking if Strategy's BTC accumulation spree is best for crypto. Some questioned Saylor's trustworthiness, citing his checkered past, including a $25 million tax fraud conviction and SEC charges for fraudulent financial reports. Others fret about Strategy's debt-heavy balance sheet, worrying a market crash could force a sell-off.

在Reddit的英國比特幣社區中，一些用戶詢問策略的BTC積累狂潮是否最適合加密。一些人質疑Saylor的可信賴性，理由是他的格子過去，其中包括2500萬美元的稅收欺詐定罪和SEC指控欺詐性財務報告。其他人則擔心戰略債務繁重的資產負債表，擔心市場崩潰可能會迫使拋售。

The company's actions could also be viewed as a single-minded focus on capital gains at the expense of a broader vision for the crypto ecosystem. Satoshi Nakamoto intended to make BTC a decentralized dream to free finance from centralized control. A single corporate entity handling 2% of the total supply and publicly claiming they want to buy more, doesn't really spell decentralization.

該公司的行動也可以被視為對資本收益的一心一意的關注，而犧牲了對加密生態系統的更廣泛的願景。薩托·納卡本（Satoshi Nakamoto）打算使BTC成為分散的夢想，以使資金擺脫集中控制權。一個公司實體處理總供應量的2％，並公開聲稱自己想購買更多的東西，但實際上並沒有實現權力下放。

To understand why investors are so jittery, let's take a bite at Strategy's financial playbook, or, as I see it, a bit of risk and recklessness. The company's Bitcoin buying spree is sponsored by debt instruments, stock offerings, and now, high-interest preferred stock issuances, like the recent $10.7 million raise. It plans to issue $2 billion more to fund additional purchases.

要了解為什麼投資者如此緊張，讓我們對策略的財務劇本進行咬傷，或者，正如我所看到的，有些風險和魯ck。該公司的比特幣購買狂潮是由債務工具，股票產品以及現在的高利息優先股票發行的，例如最近的1,070萬美元加薪。它計劃發行20億美元，以資助額外的購買。

We all know business is about risk, and that's exactly the type of financial engineering that keeps Strategy's stock trading at a premium to its net asset value.

我們都知道企業與風險有關，這正是將戰略交易額溢價其淨資產價值的金融工程類型。

However, this comes at a steep cost, creating a capital structure bloated with high-interest debt, a house of cards waiting to collapse if Bitcoin's value tanks.

但是，這付出了巨大的成本，形成了一個大利息債務的資本結構，如果比特幣的價值坦克，等待倒塌的紙牌屋。

A prolonged market downturn could strain Strategy's ability to service its debt, forcing it to either dilute shareholders further or, even worse, liquidate its Bitcoin holdings. Where will the crypto market stand if this happens? Two words, massive losses.

長時間的市場低迷可能會使戰略償還其債務的能力，迫使其進一步稀釋股東，或者更糟糕的是，銷售其比特幣持有量。如果發生這種情況，加密市場將在哪裡？兩個詞，巨大的損失。