MicroStrategy（以前稱為MicroStrategy）正在經歷艱難的財務時期。

自今年年初以來，其股票下跌了55％以上。這引起了人們對該公司是否必須出售其大型比特幣持有以保持生計的擔憂。

In the rapidly evolving cryptocurrency landscape, MicroStrategy’s substantial Bitcoin holdings have become a focal point of discussion, particularly amid a broader downturn in the cryptocurrency market. Since January 2024, MicroStrategy’s stock has declined by over 55%, raising concerns about the company’s financial health and the possibility of liquidating its Bitcoin stash.

在迅速發展的加密貨幣景觀中，微型造影的大量比特幣持有量已成為討論的焦點，尤其是在加密貨幣市場中更廣泛的衰退中。自2024年1月以來，MicroStrategy的股票下跌了55％以上，引起了對公司財務狀況的擔憂，以及清算其比特幣藏匿處的可能性。

After reaching a high of $86,008 in August 2020, Bitcoin has experienced several crashes, sparking rumors of MicroStrategy being forced to sell its BTC to stay afloat. However, an analysis by The Kobeissi Letter on X, formerly Twitter, suggests otherwise.

在2020年8月達到86,008美元的高價之後，比特幣經歷了幾次撞車事故，引發了關於MicroStrategy被迫出售其BTC以保持生存的謠言。但是，以前是Twitter上的Kobeissi字母的分析表明。

Despite a recent drop to $86,008, MicroStrategy’s strategy of borrowing money with low-interest notes to buy Bitcoin and subsequently selling shares to buy more Bitcoin at a higher price has helped push up the token’s price. This strategy, combined with the company’s ability to repay its debt, reduces the risk of a big sell-off.

儘管最近下降到86,008美元，但Microstrategy借用低息票據借錢購買比特幣的策略，然後出售股票以更高的價格購買更多的比特幣，這有助於提高代幣的價格。該策略加上公司償還債務的能力，降低了賣空的風險。

Moreover, MicroStrategy would need Bitcoin to drop below $66,000 and remain at that level for a significant period to be forced to sell its holdings. Despite several Bitcoin price crashes since August 2020, the company has never sold its Bitcoin and has managed to stay stable.

此外，MicroStrategy將需要比特幣降至66,000美元以下，並在很大程度上保持該水平，以便被迫出售其持股。儘管自2020年8月以來發生了幾次比特幣價格崩潰，但該公司從未出售其比特幣，並設法保持穩定。

MicroStrategy holds $8.2 billion in debt backed by $43.4 billion in Bitcoin. Most of its convertible notes are due by 2027, providing ample time for the firm to wait for the price to recover from any declines and rendering it safe from short-term risks.

MicroStrategy持有82億美元的債務，比特幣支持434億美元。它的大部分可轉換票據到2027年就到期，為公司提供了足夠的時間等待價格從任何下降中恢復並使其免受短期風險的安全。

In the broader market outlook, Geoff Kendrick from Standard Chartered has forecasted a potential 10% drop in Bitcoin, linking it to outflows from U.S. Bitcoin spot ETFs. Meanwhile, analysts like BitMEX co-founder Arthur Hayes predict more price drops as crypto traders face losses. However, the overall outlook for Bitcoin remains positive.

在更廣泛的市場前景中，《標準憲章》的傑夫·肯德里克（Geoff Kendrick）預測，比特幣的潛在下降了10％，將其與美國比特幣現場ETF的外流聯繫起來。同時，像Bitmex聯合創始人亞瑟·海斯（Arthur Hayes）這樣的分析師預測，隨著加密貨幣交易者面臨損失，更多的價格下跌。但是，比特幣的總體前景仍然是積極的。