戰略（以前稱為微型流通）是否會被迫清算其比特幣儲量？

有傳言說，如果價格不斷下跌，策略將被迫清算其比特幣儲備。

Rumors have been circulating that Strategy will be forced to liquidate its Bitcoin reserves if the price keeps dropping. The specific fears have been overstated, but the fundamental idea might be essentially true.

有傳言說，如果價格不斷下跌，策略將被迫清算其比特幣儲備。具體的恐懼已經誇大了，但是基本的想法可能實質上是正確的。

In any event, both Bitcoin and the firm’s stock price rose substantially after Trump announced a tariff pause. The immediate danger of a selloff has seemingly passed, but these factors may come into play in the future.

無論如何，在特朗普宣布暫停關稅之後，比特幣和公司的股價大幅上漲。拋售的直接危險似乎已經過去了，但是這些因素將來可能會發揮作用。

Will Strategy Need to Sell Its Bitcoin?

策略需要出售比特幣嗎？

Since Strategy (formerly MicroStrategy) started buying Bitcoin, it’s become one of the world’s largest holders and a major pillar of market confidence.

由於戰略（以前是微型策略）開始購買比特幣，因此它已成為世界上最大的持有人之一，也是市場信心的主要支柱。

While this has financially strengthened the company, it also presents certain challenges. Being one of the largest holders, if Michael Saylor’s firm chooses to sell a portion of its holdings, it could impact BTC’s market performance.

儘管這在財務上加強了公司，但它也帶來了某些挑戰。作為最大的持有人之一，如果邁克爾·塞勒（Michael Saylor）的公司選擇出售其部分持股，則可能會影響BTC的市場業績。

Rumors have been circulating that such an event might be inevitable, based on a recent filing. In the SEC filings, the firm writes a disclaimer that without access to favorable equity or debt financing, it could be required to liquidate BTC at a loss.

有傳言說，根據最近的文件，這種事件可能是不可避免的。在SEC文件中，該公司寫下了免責聲明，即如果沒有獲得有利的股權或債務融資，則可能需要損失的BTC清算。

While the statement exists, it’s not new or extraordinary; it’s a routine inclusion found in MicroStrategy’s previous 10-Q reports from Q1 2024 and prior years.

雖然存在陳述，但這並不是新的或非凡的。這是MicroStrategy在第1季度2024年和前幾年的前10 Q報告中發現的常規包含。

BeInCrypto reported on Strategy’s Form 8-K when it came out earlier this week, analyzing its implications. The form claimed that Strategy did not buy any Bitcoin last week and has over $5.91 billion in unrealized losses.

Beincrypto在本週早些時候發布了策略的8-K時報導了它的含義。該表格聲稱策略上週沒有購買任何比特幣，並且未實現的損失超過59.1億美元。

“We may be required to take actions to pay expenses, such as selling bitcoin or using proceeds from equity or debt financings, some of which could cause significant variation in operating results in any quarter,” Strategy’s SEC filing claimed.

“我們可能需要採取行動來支付費用，例如出售比特幣或使用股票或債務融資中的收益，其中一些可能會在任何季度造成重大差異。”

During the recent market chaos, these unrealized losses caused a lot of distress in the crypto community. However, that doesn’t mean that Strategy will have to dump its Bitcoin soon. In any event, its stock rallied today because of Trump’s tariff pause.

在最近的市場混亂中，這些未實現的損失在加密貨幣社區造成了很多困擾。但是，這並不意味著策略將不得不盡快拋棄其比特幣。無論如何，由於特朗普的關稅暫停，今天的股票集會了。

A Few Credible Selloff Scenarios

一些可靠的拋售方案

Although these concerns lack nuance, that doesn’t mean they’re totally unfounded. Michael Saylor claimed that Strategy can pay off its debts even if Bitcoin crashes, but some community members think these claims are either incorrect or deliberate lies.

儘管這些擔憂缺乏細微差別，但這並不意味著它們完全沒有根據。邁克爾·塞勒（Michael Saylor）聲稱，即使比特幣崩潰，策略也可以償還其債務，但是一些社區成員認為這些主張是不正確的，要么是故意的謊言。

His stated plan would involve massively diluting stock when he has already sold huge volumes.

當他已經出售巨額銷量時，他陳述的計劃將涉及大量稀釋庫存。

In fact, several scenarios could force Strategy to sell its Bitcoin. If its price were to fall significantly and stay low, Strategy’s ability to meet debt obligations without tapping its BTC treasury could become strained.

實際上，幾種情況可能會迫使策略出售其比特幣。如果其價格大幅下跌並保持低廉，那麼戰略在不敲擊其BTC國庫的情況下履行債務義務的能力可能會變得緊張。

The firm’s low revenue from its non-BTC business ventures would further exacerbate this problem.

該公司從其非BTC企業中的低收入收入將進一步加劇這一問題。

Additionally, Strategy has used Bitcoin as collateral for loans on several occasions. If BTC drops below collateral thresholds, margin calls could force partial liquidation. However, such scenarios would be outlined in specific loan agreements, not general filings.

此外，策略多次使用比特幣作為貸款的抵押品。如果BTC降至附帶閾值以下，則保證金調用可能會迫使部分清算。但是，這些方案將在特定的貸款協議中概述，而不是一般文件中概述。

Above all else, the appearance of forced selling can seriously impact market sentiment, which is why these rumors are so serious.

最重要的是，強迫銷售的出現會嚴重影響市場情緒，這就是為什麼這些謠言如此嚴重的原因。

Strategy’s stock price and Bitcoin are both riding high right now, and selloff fears seem less imminent. Yet, the fundamental macroeconomic situation remains unchanged. If Bitcoin falls again, MSTR’s debt position in the market will likely be impacted.

策略的股價和比特幣目前都在駕駛很高，而拋售的擔憂似乎不那麼迫在眉睫。然而，基本的宏觀經濟狀況保持不變。如果比特幣再次下降，MSTR在市場上的債務狀況可能會受到影響。