MicroStrategy 執行長 Michael Saylor 推出「智慧槓桿」策略以增強比特幣持有量

邁克爾·塞勒 (Michael Saylor) 公佈了他的最新策略，透過他所謂的「智慧槓桿」來增加公司的比特幣持有量。

Michael Saylor, the CEO of MicroStrategy, has devised a new strategy to bolster the company’s Bitcoin holdings, terming it “intelligent leverage.” This approach aims to optimize MicroStrategy’s capital structure and maximize shareholder value by strategically leveraging the company’s assets to acquire more Bitcoin.

MicroStrategy 執行長 Michael Saylor 制定了一項新策略來增加該公司的比特幣持有量，並將其稱為「智慧槓桿」。這種方法旨在透過策略性地利用公司資產收購更多比特幣來優化 MicroStrategy 的資本結構並最大化股東價值。

Saylor’s bold move continues to draw significant attention in the cryptocurrency world, as MicroStrategy transforms from a software maker to a leveraged Bitcoin investment vehicle. Here are the details of Saylor's strategy, market reactions, and future prospects.

隨著 MicroStrategy 從軟體製造商轉型為槓桿比特幣投資工具，Saylor 的大膽舉措繼續引起加密貨幣世界的廣泛關注。以下是 Saylor 的策略、市場反應和未來前景的詳細資訊。

Details of Michael Saylor’s StrategyIn a recent interview with Bloomberg Television, Saylor explained the concept of intelligent leverage. MicroStrategy currently has $7.2 billion in convertible bonds, with $4 billion effectively acting as equity through the strike price and the call price.

邁克爾·塞勒策略的詳細資訊在最近接受彭博電視台採訪時，塞勒解釋了智慧槓桿的概念。 MicroStrategy 目前擁有 72 億美元的可轉換債券，其中 40 億美元透過執行價和贖回價有效充當股權。

These convertibles are trading with a delta of nearly 100%, making them look like equity. Saylor’s aim is to build more intelligent leverage to benefit common stock shareholders.

這些可轉換債券的交易增量接近 100%，使它們看起來像股票。塞勒的目標是建立更明智的槓桿，使普通股股東受益。

This strategy involves using fixed-income securities, such as convertible bonds, to raise capital for Bitcoin purchases. MicroStrategy has been leading an unusual fundraising initiative, revealing multi-billion-dollar Bitcoin purchases every Monday for the last six weeks.

該策略涉及使用可轉換債券等固定收益證券來籌集資金購買比特幣。 MicroStrategy 一直在領導一項不同尋常的籌款計劃，在過去六週內每週一都會公佈價值數十億美元的比特幣購買情況。

This aggressive approach has catapulted the company’s stock price by nearly 500% this year, significantly outpacing Bitcoin’s 150% gains over the same period. The company’s market value has skyrocketed past $90 billion, setting the stage for its entry into the Nasdaq 100 Index.

這種激進的做法使該公司的股價今年上漲了近 500%，大大超過了比特幣同期 150% 的漲幅。該公司的市值已飆升至 900 億美元以上，為其進入納斯達克 100 指數奠定了基礎。

Market Reactions and Future ProspectsDespite the impressive gains, MicroStrategy’s strategy has sparked debates about its long-term sustainability and risks. Critics argue that the company’s heavy reliance on Bitcoin could expose it to significant volatility.

市場反應與未來前景 儘管取得了令人印象深刻的收益，MicroStrategy 的策略還是引發了有關其長期可持續性和風險的爭論。批評者認為，該公司對比特幣的嚴重依賴可能會使其面臨巨大的波動。

However, Saylor remains confident in his approach, emphasizing the importance of treating Bitcoin as a long-term capital asset. He advocates for converting spare capital into Bitcoin and holding it for the long term, regardless of short-term market fluctuations.

然而，塞勒對其方法仍然充滿信心，強調將比特幣視為長期資本資產的重要性。他主張將閒置資金轉換為比特幣並長期持有，無論短期市場波動如何。

Looking ahead, MicroStrategy plans to focus more on fixed-income securities for raising capital to buy Bitcoin, once its current fundraising program is exhausted. Saylor’s vision is to connect traditional capital markets with the crypto economy, positioning MicroStrategy as a bridge between the two worlds.

展望未來，MicroStrategy 計劃在目前的籌款計畫結束後，將更多精力放在固定收益證券上，以籌集資金購買比特幣。 Saylor 的願景是將傳統資本市場與加密經濟連接起來，將 MicroStrategy 定位為連接兩個世界的橋樑。