MicroStrategy 加倍押注比特幣，但債務驅動策略引發擔憂

由 Michael Saylor 領導的 MicroStrategy 將其比特幣賭注增加了一倍，購買了 21 億美元，增加了 21,550 BTC 的持股。這使得其比特幣總儲備超過 214,000 BTC，價值約 140 億美元。

Business intelligence firm MicroStrategy has doubled its Bitcoin bet with a new purchase of 21,550 BTC, adding to its already massive holdings.

商業情報公司 MicroStrategy 將其比特幣賭注增加了一倍，新購買了 21,550 比特幣，增加了其本已龐大的持有量。

Led by Michael Saylor, a staunch Bitcoin advocate, MicroStrategy has now acquired a total of 214,000 BTC, valued at approximately $14 billion at current market prices. This brings the company's total Bitcoin reserves to over 214,000 BTC.

在堅定的比特幣倡導者 Michael Saylor 的帶領下，MicroStrategy 目前已收購了總計 214,000 枚 BTC，以當前市場價格計算價值約為 140 億美元。這使得該公司的比特幣總儲備超過 214,000 BTC。

MicroStrategy began accumulating Bitcoin in August 2020, and its strategy has been closely watched by both traditional finance and cryptocurrency enthusiasts. The company's move to allocate a significant portion of its treasury to Bitcoin has also sparked議論 over the role of corporations in the crypto market.

MicroStrategy於2020年8月開始累積比特幣，其策略受到傳統金融和加密貨幣愛好者的密切關注。該公司將其資金的很大一部分分配給比特幣的舉動也引發了關於企業在加密貨幣市場中的角色的爭論。

MicroStrategy’s Debt-Driven Bitcoin Strategy Raises Concerns

MicroStrategy 的債務驅動比特幣策略引發擔憂

According to a recent SEC filing, MicroStrategy purchased an additional 15,350 BTC for approximately $1.5 billion during the fourth quarter of 2023.

根據 SEC 最近的一份文件，MicroStrategy 在 2023 年第四季以約 15 億美元的價格額外購買了 15,350 BTC。

The company now holds a total of about 439,000 BTC, valued at over $47 billion at current market prices.

該公司目前總共持有約 43.9 萬枚 BTC，以當前市場價格計算，價值超過 470 億美元。

MicroStrategy's latest Bitcoin purchase comes as the cryptocurrency has rallied significantly this year, rising over 60% from lows of $16,000 in November 2022.

MicroStrategy 最新購買比特幣之際，該加密貨幣今年大幅上漲，較 2022 年 11 月 16,000 美元的低點上漲了 60% 以上。

Bitcoin's price has since recovered to above $32,000, largely driven by institutional demand and anticipation of the upcoming halving event.

此後，比特幣的價格已恢復至 32,000 美元以上，這主要是由機構需求和即將到來的減半事件的預期所推動的。

However, MicroStrategy's debt-fueled Bitcoin strategy has also raised growing concerns among some analysts.

然而，MicroStrategy 的債務推動的比特幣策略也引起了一些分析師越來越多的擔憂。

With over $7.27 billion in convertible bonds and an underperforming software business, MicroStrategy's survival now hinges on Bitcoin's volatile price trajectory.

MicroStrategy 擁有超過 72.7 億美元的可轉換債券和表現不佳的軟體業務，其生存現在取決於比特幣波動的價格軌跡。

MicroStrategy’s Shift From Software to Bitcoin Proxy

MicroStrategy 從軟體到比特幣代理商的轉變

Under Michael Saylor's leadership, MicroStrategy has intensified its Bitcoin acquisition strategy, purchasing an additional 15,350 BTC for approximately $1.5 billion.

在 Michael Saylor 的領導下，MicroStrategy 強化了其比特幣收購策略，以約 15 億美元的價格額外購買了 15,350 比特幣。

This brings the company's total holdings to about 439,000 BTC, valued at over $47 billion at current market prices.

這使得該公司的總持有量達到約 439,000 BTC，以當前市場價格計算，價值超過 470 億美元。

The aggressive strategy has come at a cost. MicroStrategy's core software business, once the foundation of its revenue, has declined significantly.

激進的策略是有代價的。 MicroStrategy的核心軟體業務曾經是其收入的基礎，但現在已經大幅下滑。

Over the past few years, the firm reported cumulative losses of $1.4 billion, with little sign of recovery.

過去幾年，該公司累計虧損達 14 億美元，幾乎沒有恢復的跡象。

As Bitcoin increasingly dominates MicroStrategy's balance sheet, its share price now mirrors Bitcoin's performance almost directly, rising and falling in tandem with the cryptocurrency.

隨著比特幣日益在 MicroStrategy 的資產負債表中佔據主導地位，其股價現在幾乎直接反映了比特幣的表現，與加密貨幣同步上漲和下跌。

With Bitcoin's volatility widely acknowledged, MicroStrategy's bet represents a high-risk gamble that could yield extraordinary gains—or catastrophic losses.

由於比特幣的波動性已被廣泛認可，MicroStrategy 的押注代表著一場高風險的賭博，可能會帶來非凡的收益，也可能帶來災難性的損失。

MicroStrategy’s High-Stakes Strategy Could Be Risky

MicroStrategy 的高風險策略可能有風險

MicroStrategy's reliance on debt to fund its Bitcoin acquisitions places it in a precarious position.

MicroStrategy 依賴債務為其比特幣收購提供資金，這使其陷入了不穩定的境地。

The company has raised $7.27 billion through convertible bonds, benefiting from lower interest rates as long as its stock price holds steady.

該公司已透過可轉換債券籌集了 72.7 億美元，只要其股價保持穩定，就可以從較低的利率中受益。

However, this advantage could become a liability if Bitcoin's price crashes.

然而，如果比特幣價格暴跌，這種優勢可能會變成一種負擔。

A sharp decline would erode MicroStrategy's equity value and limit its ability to refinance existing debt, leading to potential liquidity crises.

大幅下跌將侵蝕 MicroStrategy 的股權價值，並限制其為現有債務再融資的能力，從而導致潛在的流動性危機。

Bitcoin's volatility magnifies this risk. After Bitcoin's price collapsed from $68,000 in Nov. 2021 to $16,000 in Nov. 2022, MicroStrategy's stock price mimicked the token's downfall, dropping over 70%.

比特幣的波動性放大了這種風險。比特幣價格從 2021 年 11 月的 68,000 美元暴跌至 2022 年 11 月的 16,000 美元後，MicroStrategy 的股價也跟隨該代幣的下跌趨勢，下跌了 70% 以上。

A similar downturn would severely impact MicroStrategy's ability to service its debt obligations, particularly given its minimal cash flow from software operations.

類似的經濟低迷將嚴重影響 MicroStrategy 償還債務的能力，特別是考慮到其軟體營運現金流極少。

The company's heightened correlation with Bitcoin leaves it vulnerable to market swings.

該公司與比特幣的高度相關性使其容易受到市場波動的影響。

Further complicating matters is MicroStrategy's deteriorating software division performance.

讓事情變得更加複雜的是 MicroStrategy 軟體部門業績的惡化。

Once profitable, the business has failed to generate meaningful revenue since 2021, recording $1.4 billion in cumulative losses.

該業務一度實現盈利，但自 2021 年以來未能產生有意義的收入，累計虧損達 14 億美元。

Without a reliable income stream, MicroStrategy has no safety net to offset potential losses from Bitcoin's price volatility.

如果沒有可靠的收入來源，MicroStrategy 就沒有安全網來抵銷比特幣價格波動帶來的潛在損失。

Michael Saylor remains vocal in his belief that Bitcoin will continue to appreciate, positioning MicroStrategy for long-term success.

Michael Saylor 仍然堅信比特幣將繼續升值，從而使 MicroStrategy 取得長期成功。

However, if Bitcoin underperforms, the combination of mounting debt, volatile market conditions, and a weakening core business could spell disaster for the firm's future.

然而，如果比特幣表現不佳，不斷增加的債務、動盪的市場狀況和疲軟的核心業務的結合可能會給公司的未來帶來災難。

Selling off Bitcoin would not be a viable solution either. Saylor has positioned his firm as one of the world’s top Bitcoin holders.

出售比特幣也不是一個可行的解決方案。塞勒將他的公司定位為全球最大的比特幣持有者之一。

As such, selling BTC to offset losses would likely see Bitcoin prices take a nosedive. Such damage to Bitcoin's price would adversely impact Saylor's plans to recover losses by selling off the token.

因此，出售比特幣以抵消損失可能會導致比特幣價格暴跌。比特幣價格的這種損害將對塞勒透過出售代幣來彌補損失的計劃產生不利影響。