儘管人們對公司策略的懷疑日益增加，MicroStrategy 仍購買了 5,262 BTC

MicroStrategy 再次成為頭條新聞，以約 5.61 億美元的價格購買了 5,262 BTC，平均價格為每 BTC 106,662 美元。

MicroStrategy has made headlines once again with its latest BTC purchase. The company acquired 5,262 BTC for approximately $561 million at an average price of $106,662 per BTC. This brings MicroStrategy's total BTC holdings to 444,262, acquired at a total cost of approximately $27.7 billion, with an average purchase price of $62,257 per BTC.

MicroStrategy 因其最新的 BTC 購買行為再次成為頭條新聞。該公司以約 5.61 億美元的價格收購了 5,262 比特幣，平均價格為每比特幣 106,662 美元。這使得 MicroStrategy 的 BTC 持有總量達到 444,262 枚，收購總成本約為 277 億美元，平均購買價格為每枚 62,257 美元。

The company also announced impressive returns of 47.4% since the beginning of the quarter and 73.7% since the beginning of the year. However, some skepticism is growing about MicroStrategy's strategy.

該公司還宣布，自本季初以來的回報率為 47.4%，自年初以來的回報率為 73.7%，令人印象深刻。然而，人們對 MicroStrategy 策略的懷疑與日俱增。

It is believed that to sustain its purchases, MicroStrategy raises capital through methods such as issuing convertible and corporate bonds, securing credit lines and selling shares. This cycle appears to operate as follows: shares are sold to acquire the cryptocurrency, and the rising price per BTC increases asset value, enabling further loans, which are then reinvested in more Bitcoin purchases.

據信，為了維持收購，MicroStrategy 透過發行可轉換債券和公司債券、獲得信貸額度和出售股票等方式籌集資金。這個週期的運作方式似乎如下：出售股票以獲取加密貨幣，每個比特幣價格的上漲增加了資產價值，從而可以提供更多貸款，然後將貸款再投資於購買更多比特幣。

Some observers are warning that a significant decline in Bitcoin's price or MicroStrategy's stock could trigger a cascade effect. A sharp fall in MSTR shares would weaken the collateral backing its loans, potentially leading to forced asset sales, including BTC. This scenario could exert downward pressure on the broader cryptocurrency market, as the company now holds 2.2% of the global Bitcoin supply.

一些觀察家警告說，比特幣價格或 MicroStrategy 股票的大幅下跌可能會引發連鎖效應。 MSTR 股價大幅下跌將削弱支持其貸款的抵押品，可能導致包括比特幣在內的資產被迫出售。這種情況可能會對更廣泛的加密貨幣市場造成下行壓力，因為該公司目前持有全球比特幣供應量的 2.2%。

Thus, while some view Michael Saylor’s approach as a bold bid to cement the cryptocurrency's role in the financial system, others see it as unsustainable. History offers a cautionary note: in 2000, MSTR shares surged to $333 before plummeting 99%, a collapse that took 24 years to recover from.

因此，雖然有些人認為 Michael Saylor 的做法是鞏固加密貨幣在金融體系中的作用的大膽嘗試，但其他人認為這是不可持續的。歷史給我們留下了警示：2000 年，MSTR 股價飆升至 333 美元，隨後暴跌 99%，這場暴跌花了 24 年才恢復過來。