經過12週後，MicroStrategy暫停了比特幣購買狂歡

該公司以其積極的積累策略而聞名，在連續12週的購買後，暫時將剎車施加了比特幣購買。

Bitcoin (BTC) company MicroStrategy (NASDAQ:MSTR) has paused its bitcoin buying spree after 12 consecutive weeks of purchases.

比特幣（BTC）公司MicroStrategy（NASDAQ：MSTR）在購買後連續12週暫停了其比特幣購買狂潮。

The company, known for its aggressive bitcoin accumulation strategy, has been making headlines with its massive bitcoin acquisitions. However, this latest pause has sparked speculation among analysts.

該公司以其積極的比特幣積累策略而聞名，一直以其大規模的比特幣收購成為頭條新聞。但是，這一最新停頓引發了分析師之間的猜測。

Some believe that the company may be considering a change in its strategy, while others expect the pause to be brief and for MicroStrategy to resume accumulating bitcoin soon.

有些人認為，該公司可能正在考慮改變其戰略的變化，而另一些公司則希望停頓是簡短的，並且MicroStrategy很快就會恢復積累比特幣。

As of 2/2/2025, we hodl 471,107 $BTC acquired for ~$30.4 billion at ~$64,511 per bitcoin. $MSTR https://t.co/QTBWl8KlNv

截至2/2/2025，我們以約304億美元的價格收購了471,107美元的BTC，每個比特幣約為64,511美元。 $ mstr https://t.co/qtbwl8klnv

— Michael Saylor⚡️ (@saylor) February 3, 2025

- 邁克爾·塞勒⚡️（@saylor）2025年2月3日

MicroStrategy's last purchases brought its total bitcoin holdings to almost $45 billion, making it the largest company by far to own bitcoin. The company is now reviewing its treasury management strategy, including possible regulatory implications, with respect to acquiring more bitcoin for its reserve.

Microstrategy的最後一次購買將其總比特幣持有量達到近450億美元，使其成為迄今為止擁有比特幣的最大公司。該公司現在正在審查其國庫管理策略，包括可能的監管含義，以獲取更多比特幣的儲備。

The decision to pause further purchases follows growing speculation that the company is adjusting its approach due to market conditions. Bitcoin is central to MicroStrategy, but factors such as cash flow management, stock performance, and capital raising efforts may be influencing its buying approach in the near term.

暫停進一步購買的決定是，由於市場條件，公司正在調整其方法的越來越多。比特幣對微觀造影是核心，但是現金流量管理，股票績效和資本籌集工作等因素可能會在短期內影響其購買方法。

Moreover, MicroStrategy did not sell any shares of class A common stock under its at-the-market equity offering program last week, and did not purchase any bitcoin.

此外，MicroStrategy上週在其市場股權產品計劃下沒有出售A類普通股的任何股票，也沒有購買任何比特幣。

Capital Raising Plans In Motion

籌集資本計劃

To support its bitcoin purchase proposal, MicroStrategy has been exploring multiple avenues to generate funds. The company reportedly plans to raise up to $42 billion through a combination of financial instruments, including preferred stock sales, convertible debt offerings, and at-the-market stock sales. These strategies could bolster the company's financial capacity and provide the necessary cash for future bitcoin acquisitions.

為了支持其比特幣購買建議，MicroStrategy一直在探索多種途徑來產生資金。據報導，該公司計劃通過包括首選股票銷售，可兌換債務和在市場股票銷售在內的金融工具組合來籌集高達420億美元。這些策略可以加強公司的財務能力，並為將來的比特幣收購提供必要的現金。

In a latest move to acquire even more bitcoin, the company last week proposed a $250 million preferred share sale. A few days later, it sold about 7.3 million shares of series a common stock, raising more than double that amount.

為了獲得更多的比特幣，該公司上週提出了2.5億美元的首選股票銷售。幾天后，它出售了大約730萬股A系列普通股，增加了這一數量的兩倍多。

Despite being at odds with traditional finance, MicroStrategy maintains a strong conviction in its approach to bitcoin. However, market volatility, investor sentiment, and regulatory scrutiny could shift over time, potentially influencing the company's approach to key decisions in the not-so-distant future.

儘管與傳統金融相反，但MicroStrategy在其對比特幣的方法方面仍然堅信。但是，市場波動，投資者的情緒和監管審查可能會隨著時間的流逝而發生變化，這可能會影響公司在不遠的未來中採取關鍵決策的方法。

Strategic Changes And Tax Implications

戰略變化和稅收影響

As the company contemplates a complete halt to its acquisitions, increased tax liabilities may be at the forefront of management's considerations. MicroStrategy could be facing substantial tax bills on unrealized bitcoin gains, which are estimated to be over $19 billion. The company will need to engage in financial planning to navigate tax obligations and sustain its bitcoin trajectory.

隨著公司考慮完全停止其收購，增加的稅收負債可能是管理層考慮因素的最前沿。微觀策略可能面臨著未實現的比特幣收益的大量稅單，估計超過190億美元。該公司將需要進行財務計劃，以涉及稅收義務並維持其比特幣軌跡。

Since its recent addition to the NASDAQ 100 index, MicroStrategy is subjected to different rules and regulations, such as blackout periods, which may restrict insider sales at times. This could be another factor contributing to the pause in bitcoin sales.

自從納斯達克100指數最近加入以來，MicroStrategy受到不同的規則和規定，例如停電期，這可能有時會限制內部人士的銷售。這可能是導致比特幣銷售停頓的另一個因素。

MicroStrategy's Plans Going Forward?

Microstrategy的計劃正在進行中？

This pause may raise questions, but there is little to suggest that MicroStrategy is pivoting away from its bitcoin-centric strategy. The company's track record indicates that any break in its buying spree is more likely to be strategic rather than a sign of reduced confidence in bitcoin. If anything, this could be a period of recalibration, allowing MicroStrategy to optimize its resources before resuming its bitcoin accumulation.

這種停頓可能會引起問題，但幾乎沒有什麼可以暗示MicroStrategy脫離了以比特幣為中心的策略。該公司的往績記錄表明，其購買狂潮的任何休息更可能是戰略性的，而不是對比特幣信心降低信心的跡象。如果有的話，這可能是一個重新校準的時期，允許MicroStrategy在恢復其比特幣積累之前優化其資源。

Featured image from DALL-E, chart from TradingView

來自DALL-E的特色圖像，TradingView的圖表