MicroStrategy的（MSTR）侵略性比特幣（BTC）策略再次受到審查

策略的積極性比特幣（BTC）策略再次受到審查。據報導，該公司正在持續複雜的金融操縱以維持其持股。

Strategy's (formerly MicroStrategy) aggressive Bitcoin (BTC) strategy is again under scrutiny as the company reportedly engages in complex financial maneuvers to sustain its cryptocurrency holdings.

策略（以前是微觀）侵略性比特幣（BTC）戰略再次受到審查，因為據報導，該公司進行了複雜的金融操縱以維持其加密貨幣持有量。

While its initial 2025 convertible bond has already been redeemed, concerns remain over the company’s long-term financial stability. Particularly, its ongoing reliance on debt and stock dilution to maintain its Bitcoin purchases has spurred controversy.

雖然其最初的2025年可轉換債券已經兌現，但仍然關注公司的長期財務穩定性。特別是，它持續依靠債務和股票稀釋來維持其比特幣購買，這引發了爭議。

Stock Dilution & Debt Loom Large Over Strategy

股票稀釋和債務迫在眉睫的策略巨大

Recently, Strategy announced the launch of a new perpetual preferred stock offering named STRF or “Strife.”

最近，戰略宣布推出一種新的永久優先股票，名為strf或“糾紛”。

"Strife is available to institutional investors and select non-institutional investors," the firm's executive chair, Michael Saylor, said in a statement on August 17.

該公司的執行董事邁克爾·塞勒（Michael Saylor）在8月17日的一份聲明中說：“機構投資者有衝突，並選擇非機構投資者。”

Some analysts see the move as a desperate attempt to raise cash. Cinneamhain Ventures partner Adam Cochran pointed out that the company faces a precarious financial position.

一些分析師認為這一舉動是拼命的籌集現金。 Cinneamhain Ventures合作夥伴亞當·科克倫（Adam Cochran）指出，該公司面臨不穩定的財務狀況。

According to him, despite its $53 million operating cash flow, it has a negative $1.06 billion in levered free cash flow. This means that even with Bitcoin's price appreciation, the company’s financial obligations are mounting.

據他說，儘管擁有5300萬美元的營業現金流量，但其槓桿率為10.6億美元。這意味著，即使比特幣的價格讚賞，該公司的財務義務也在增加。

“These bond issues continue to worsen each year, diluting the equity they’ve been issuing against,” Cochran stated.

科克倫說：“這些債券問題每年仍在惡化，稀釋了他們一直在發行的股權。”

MicroStrategy’s 2025 convertible bond had already been redeemed. However, the company still faces a $1 billion debt due in 2027. Further, its new stock offering suggests a growing urgency to address liquidity concerns.

MicroStrategy的2025年可轉換債券已經贖回。但是，該公司仍將面臨2027年應應付10億美元的債務。此外，其新股票提出了越來越多的緊迫性解決流動性問題。

“So then this desperate yield-bearing perpetual offering 10% compounding, on a company that is 6x its asset value and negatively losing money, also has no near-term use case. You have to work towards the $1 billion 2027 debt, while paying this off,” he added.

他補充說：“因此，這種絕望的屈服永久性提供10％的複合，這是一家擁有6倍資產價值和負面損失的公司，也沒有近期用例。

Despite these financial pressures, Strategy continues its aggressive Bitcoin purchasing strategy. Earlier this week, the firm bought $10.7 million worth of Bitcoin, its smallest purchase of 2025. This raises questions about whether the company’s cash reserves are beginning to strain under its debt load.

儘管有這些財務壓力，戰略仍在繼續其積極的比特幣採購策略。本週早些時候，該公司購買了價值1,070萬美元的比特幣，這是其2025年購買的最小購買。這引發了有關該公司現金儲備是否在其債務負擔下開始壓力的疑問。

Bitcoin Strategy Faces Increasing Financial Strain

比特幣策略面臨增加財務壓力

Recently, reports surfaced suggesting that Strategy might be forced to sell some of its $43 billion Bitcoin holdings if financial conditions worsen.

最近，報告表明，如果財務狀況惡化，戰略可能被迫出售其430億美元的比特幣持有量。

Such a sale could cause downward pressure on Bitcoin's price. However, experts warn that the biggest risk is to MicroStrategy shareholders, who would suffer a significant decline in stock value.

這樣的銷售可能會導致比特幣價格下降壓力。但是，專家警告說，最大的風險是對股票價值大幅下降的Microstrategy股東。

"Maintaining investor confidence will be crucial for MSTR in the wake of downswings," the Kobeissi Letter noted.

科貝西的信指出：“在跌倒之後，維持投資者的信心對MSTR至關重要。”

Another major issue facing MicroStrategy is its ongoing tax dilemma. Analysts have pointed out that the company faces significant tax liabilities. The obligations come as its Bitcoin holdings could further strain its financial position.

縮影面臨的另一個主要問題是它正在進行的稅收困境。分析師指出，該公司面臨重大稅收負債。義務是因為其比特幣持有可能會進一步加劇其財務狀況。

"All the debt that MSTR has taken to buy Bitcoin is unsecured against the Bitcoin. There cannot be a margin call against the Bitcoin," investor British HODL noted.

投資者英國霍德（British Hodl）指出：“ MSTR購買比特幣所承擔的所有債務都不抵消比特幣。對比特幣沒有任何保證金。”

With a tax burden that could reach billions, questions remain about how the company intends to balance its obligations while continuing to buy Bitcoin.

由於稅收負擔可能達到數十億美元，因此對公司打算如何在繼續購買比特幣的同時平衡其義務的問題仍然存在。

MicroStrategy's struggles highlight broader market concerns about highly leveraged Bitcoin strategies. While Saylor has been a staunch advocate of Bitcoin, his approach to financing these purchases has drawn criticism for being excessively risky.

MicroStrategy的鬥爭突出了更廣泛的市場關注，對高度槓桿比特幣策略的關注。雖然塞勒一直是比特幣的堅定倡導者，但他為這些購買的融資方法引起了批評，因為他們的風險過高。

As competition in the corporate Bitcoin investment space grows and investors become more cautious, MicroStrategy's financial maneuvers will continue to be closely scrutinized.

隨著公司比特幣投資領域的競爭增長，投資者變得越來越謹慎，Microstrategy的金融操縱將繼續受到嚴格審查。

According to BeInCrypto data, Bitcoin was trading at $83,563 as of press time. This represents a modest gain of 0.89% in the last 24 hours.

根據Beincrypto數據，比特幣的交易價格截至發稿時為83,563美元。這代表過去24小時內的0.89％的適度增益。