MicroStrategy暫停其比特幣購買：計算的策略？

幾年來，在其聯合創始人兼執行董事長邁克爾·塞勒（Michael Saylor）的領導下，微觀策略已將自己確立為機構採用比特幣的最有尊敬的公司之一。

MicroStrategy, renowned for its massive bitcoin (BTC) commitment, has surprisingly paused its BTC purchases. According to an announcement by Michael Saylor on February 3, 2025, the company has not acquired any bitcoin for a week now. This pause raises questions… strategy or is BTC simply not interesting at the moment?

MicroStrategy因其龐大的比特幣（BTC）承諾而聞名，令人驚訝地暫停了其BTC的購買。根據邁克爾·塞勒（Michael Saylor）在2025年2月3日的宣布，該公司一周尚未獲得任何比特幣。暫停提出了問題……策略還是BTC目前根本不有趣？

MicroStrategy pauses its bitcoin purchases: a calculated strategy?

MicroStrategy暫停其比特幣購買：計算的策略？

For several years, MicroStrategy, under the leadership of its co-founder and executive chairman Michael Saylor, has established itself as one of the most committed companies to the institutional adoption of bitcoin. With an impressive accumulation of 471,107 BTC as of February 2, 2025, acquired for approximately 30.4 billion dollars at an average price of 64,511 dollars per bitcoin, the company has become the largest holder of BTC among publicly traded companies.

幾年來，在其聯合創始人兼執行董事長邁克爾·塞勒（Michael Saylor）的領導下，微觀策略已將自己確立為機構採用比特幣的最有尊敬的公司之一。截至2025年2月2日，BTC的令人印象深刻的積累，以大約304億美元的價格收購，平均每比特幣64,511美元，該公司已成為BTC最大的公開交易公司中的最大持有人。

However, a recent statement from Michael Saylor, published on February 3, 2025, indicates that MicroStrategy has not purchased bitcoin for a week. Furthermore, the company has not sold any class A shares as part of its “at-the-market” (ATM) fundraising program. This pause in BTC accumulation intrigues market observers, who are used to seeing MicroStrategy regularly purchase bitcoins.

但是，邁克爾·塞勒（Michael Saylor）最近發表的聲明於2025年2月3日發表，表明MicroStrategy一周沒有購買比特幣。此外，該公司尚未出售A級股份作為其“市場”（ATM）籌款計劃的一部分。 BTC積累中的這種停頓是在習慣於經常購買比特幣的微型造影的市場觀察者。

A simple pause or a change in strategy?

簡單的停頓還是戰略的變化？

Several hypotheses may explain this temporary pause. First, MicroStrategy has already invested heavily in bitcoin and may simply be waiting for an opportune moment to resume its purchases. With an average acquisition price around 64,511 dollars, it is possible that the company is waiting for a more significant market correction before further strengthening its position.

幾個假設可以解釋這種暫時的停頓。首先，MicroStrategy已經對比特幣進行了大量投資，可能只是在等待一個合適的時機恢復購買。由於平均收購價格約為64,511美元，該公司可能正在等待更重要的市場校正，然後再進一步加強其頭寸。

On the other hand, the lack of stock sales under the ATM program suggests that the company is not actively seeking to raise additional funds for its BTC purchases. This could indicate that it is prioritizing financial consolidation for now before making new acquisitions.

另一方面，ATM計劃中缺乏股票銷售表明，該公司並未積極尋求為其BTC購買額外的資金。這可能表明，在進行新的收購之前，它正在優先考慮財務合併。

An unwavering confidence in bitcoin

對比特幣的堅定信心

Despite this pause, MicroStrategy remains one of the biggest advocates of bitcoin. Michael Saylor has continued to promote the vision of BTC as a superior store of value to gold and fiat currencies. Therefore, it is unlikely that this interruption signals a strategic shift.

儘管停了下來，但微型策略仍然是比特幣的最大擁護者之一。邁克爾·塞勒（Michael Saylor）繼續促進BTC作為黃金和法定貨幣的優越價值存儲的願景。因此，這種中斷不太可能標誌著戰略轉變。

Investors will closely monitor the company’s next moves to see if this pause is temporary or if it indeed marks a new approach in its bitcoin management. One thing is certain: MicroStrategy continues to be an essential player in the crypto market.

投資者將密切監視公司的下一步行動，以查看此暫停是否暫時性，或者是否確實標誌著比特幣管理中的一種新方法。可以肯定的是：MicroStrategy仍然是加密貨幣市場的重要參與者。

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