MicroStrategy繼續購買比特幣，積累了506,137 BTC

這家以比特幣為中心的公司還需要支付8％的股息，在Strf上獲得10％的股息，其可轉換債券的利率為0.4％。

According to a report by ChainShot, the Bitcoin price is trading down from its peak price above $109,000.

根據Chainshot的一份報告，比特幣價格的交易價格低於109,000美元的高峰價格。

However, some analysts are getting worried about whether the firm should pursue more buys.

但是，一些分析師正在擔心公司是否應該尋求更多購買。

While price fluctuations are common, Strategy’s average acquisition price has jumped to $66,000, and the firm still relies on equities and convertible notes to make purchases. Some analysts even hinted that the firm could just be one moderate token price fall away from trouble.

儘管價格波動很普遍，但策略的平均收購價格已躍升至66,000美元，該公司仍然依靠股票和可轉換票據進行購買。一些分析師甚至暗示，該公司可能只是一個適度的代價價格，而不是麻煩。

Pointing out that the firm raised billions through equity sales and convertible debt to buy most of its BTC holdings, Quincy Thompson, founder of crypto hedge fund Lekker Capital, said that it’s very unlikely for Stategy to find itself in a situation where it has to sell its BTC holdings to give lenders more collateral in case of a drastic price drop.

Crypto Hedge Fund Lekker Capital的創始人Quincy Thompson指出，該公司通過股本銷售和可轉換債務籌集了數十億美元，以購買其大多數BTC持股，他說，StateGy不太可能在不可能在其BTC持有的情況下找到自己的BTC持有量以使貸方更加出色的價格下跌。

He explained that the firm would likely refinance debt for convertible notes instead of paying them off immediately, and in the case of preferred stock, they don’t have to repay any part of it.

他解釋說，該公司可能會為可轉換票據再償還債務，而不是立即償還，而對於優先股，他們不必償還任何部分。

Since the firm has not listed its Bitcoin holdings for its loans, it’s less likely to end up like failed crypto firms and projects such as Genesis and Three Arrows Capital. Nevertheless, Strategy still needs to be careful that it does not issue more equity than the market can handle.

由於該公司尚未列出其貸款的比特幣持有量，因此最終不太可能像失敗的加密公司和Genesis和三個箭頭資本這樣的項目。然而，策略仍然需要小心，以至於它沒有比市場所能處理的更多的股權。

Thompson argued similarly, saying that if the firm cannot pay dividends with its cash flow, it could be forced to issue more shares, which would ultimately affect the stock price.

湯普森（Thompson）同樣的論點說，如果該公司不能以現金流量償還股息，則可能會被迫發行更多股份，這最終會影響股票價格。

He added, “But it’s no different than what he’s doing already. Every time the retail bids it up, he wrecks the stock price by issuing more shares. In the future, he will have to do that, and the flows might not go into Bitcoin. They might go to repay these debtors, and it will hurt the share price.”

他補充說：“但這與他已經在做的事情沒有什麼不同。每次零售業競標時，他都會通過發行更多股票來破壞股票價格。將來，他將不得不這樣做，而且流量可能不會陷入比特幣。他們可能會償還這些債務，並且會損害股價。”

The Bitcoin-focused company also needs to pay 8% dividends on STRK, 10% dividends on STRF, and a 0.4% interest rate on its convertible bonds. Meanwhile, the firm’s software business is bringing in few returns, so the company could struggle to pay off the dividends.

這家以比特幣為中心的公司還需要支付8％的股息，在Strf上獲得10％的股息，其可轉換債券的利率為0.4％。同時，該公司的軟件業務帶來了一些回報，因此該公司可能難以償還股息。

According to Thompson, Strategy should continue issuing MSTR stock to pay all the pending interest. He even claimed the stock could trade at a discount to avoid having to issue more shares. However, he did warn that if the discount would grow to 20% or 30%, shareholders would most likely ask for the discount closure. He even suggested that to increase shareholder value, the number one option would be to sell Bitcoin and buy stock.

據湯普森稱，戰略應繼續發行MST股票以支付所有未決利息。他甚至聲稱股票可以以折扣價進行交易，以避免不得不發行更多股票。但是，他確實警告說，如果折扣將增長到20％或30％，股東很可能會要求折扣折扣。他甚至建議提高股東價值，第一選擇是出售比特幣和購買股票。

He also touched on the company’s issues with its ETFs, saying they have been “obliterated”. Surprisingly, these ETFs are still in high demand despite the stock’s losses.

他還談到了公司與ETF的問題，稱他們“被淘汰”。令人驚訝的是，儘管股票損失，這些ETF仍在需求量很高。

Moreover, the popularity of ETFs has only helped aggravate constant buying pressure for MSTR.

此外，ETF的受歡迎程度僅有助於加劇MSTR的持續購買壓力。

Though widely amazed by ETFs’ potential and importance, Thompson believes they are unreliable when making 10-year predictions of the asset’s price.

儘管對ETF的潛力和重要性感到驚訝，但湯普森認為，在對資產價格進行10年預測時，它們是不可靠的。