戰略（MSTR）陷入困境嗎？

在執行董事長邁克爾·賽勒（Michael Saylor）的帶領下，該公司以前稱為MicroStrategy的公司已吸塵506137比特幣（BTC）

MicroStrategy (NASDAQ:MSTR) has been a hot topic in the crypto sphere, largely due to its massive bitcoin (BTC) stash and the unique methods it has used to acquire it.

MicroStrategy（NASDAQ：MSTR）一直是加密球體中的熱門話題，這在很大程度上是由於其龐大的比特幣（BTC）藏匿處及其用於獲取它的獨特方法。

With five years of buying activity, Strategy has managed to collect 506,137 BTC, currently valued at approximately $44 billion at BTC’s price of around $87,000.

憑藉五年的購買活動，戰略已設法收集了506,137 BTC，目前價值約440億美元，BTC的價格約為87,000美元。

To the casual observer, it might appear that the company has a magic, unlimited pool of funds from which to draw on to buy more bitcoin.

對於休閒觀察者來說，該公司似乎有一個魔術，無限的資金池，可以從中購買更多比特幣。

However, Strategy acquired a sizable chunk of its bitcoin holdings by issuing billions of dollars in equity and convertible notes (debt securities which can be converted into equity under special conditions), and more recently via the issuance of preferred stock, a type of equity that provides dividends to investors.

但是，戰略通過發行數十億美元的股權和可轉換票據（可以在特殊條件下轉換為股權的債務證券），並通過發行優先股的股票來獲得數十億美元的股權和可轉換票據（債務證券（債務證券），這是一種向投資者提供股息的一種股本。

The price of bitcoin has decreased by about 20% since reaching highs above $109,000 two months ago.

自兩個月前達到高於109,000美元的高價以來，比特幣的價格下降了約20％。

While such price swings are far from unusual, the particularly aggressive recent purchases by Michael Saylor and his team at Strategy mean that the company’s average bitcoin acquisition price has risen to $66,000.

雖然這種價格波動遠非不尋常，但邁克爾·塞勒（Michael Saylor）和他的團隊在戰略上的最新購買特別積極，這意味著該公司的平均比特幣收購價格已上漲至66,000美元。

This puts Strategy just one more moderate swing down in price away from being in the red on its bitcoin buys.

這使得策略只有一個適度的價格下跌，而不是在紅色的比特幣購買。

Could all of Strategy’s financial wizardry end up backfiring on the company should bitcoin keep heading lower?

策略的所有財務巫師能否最終對公司的反擊都應降低比特幣？

“It’s highly unlikely that it results in a scenario where [Strategy] has to liquidate a bunch of bitcoin because it gets margin called. For the most part, the debt is very likely to be able to be refinanced for the convertible notes. And then [the firm] started issuing this perpetual preferred stock, which never has to be repaid,” Quinn Thompson, founder of crypto hedge fund Lekker Capital, told CoinDesk in an interview.

“極不可能導致[策略]必須清算一堆比特幣，因為它得到了邊緣的要求。在大多數情況下，債務很可能很可能能夠為可轉換的票據再融資。 面試。

In other words, not only is there very little chance that Strategy could suffer the kind of blowup that shook over crypto firms and projects in 2022 (like Genesis or Three Arrows Capital), but the firm has even refrained from posting its bitcoin holdings as collateral for loans — with the exception of a loan taken from Silvergate, which was repaid in 2023.

換句話說，策略不僅很少有可能遭受2022年加密公司和項目（例如Genesis或三個箭頭資本）的爆炸，而且該公司甚至無法將其比特幣持有作為貸款的貸款 - 除了從202333333年推出的Silverdagate貸款以外。

Even so, that does not necessarily mean that it’s blue skies ahead for MSTR investors, because under various scenarios, Saylor could be forced to issue more equity than the market can handle in order to maintain course.

即便如此，這並不一定意味著MST的投資者面前的藍天，因為在各種情況下，Saylor可能被迫發行比市場能夠處理的更多的股權以維持課程。

“If he’s not paying dividends with Strategy’s cash flow, he's going to issue more shares and wreck the stock price. But it's no different than what he's doing already. Every time the retail bids it up, he wrecks the stock price by issuing more shares. In the future, he will have to do that, and the flows might not go into bitcoin. They might go to repay these debtors, and it will hurt the share price.”

如果他不以策略的現金流付出紅利，他將發行更多的股票並破壞股價。但是，這與他已經做的事並沒有什麼不同。每次零售競標時，他都會發行更多的股票來破壞股票價格。將來，他將不得不這樣做，而且股票可能不會賣給這些債務。

Three ways to invest in MicroStrategy

投資MicroStrategy的三種方法

Strategy currently employs three different methods for raising capital: it can issue equity, convertible notes, or preferred stock.

策略目前採用三種不同的籌集資金方法：它可以發行權益，可轉換票據或優先股。

Issuing equity means that Strategy creates new MSTR shares, sells them on the market, and uses the proceeds to buy bitcoin. Naturally, that creates selling pressure on MSTR and can potentially push the stock downward.

發行權益意味著策略會創建新的MSTR股票，在市場上出售它們，並利用收益購買比特幣。自然，這會給MSTR造成銷售壓力，並可能將股票向下推動。

Convertible notes have allowed Strategy to raise funds quickly without diluting MSTR stock. Typically, investors like these notes because they offer a solid yield, they benefit if the stock surges, and they can usually be redeemed in cash for an amount equal to the original investment in addition to interest payments. The tremendous volatility of Strategy’s convertible notes, however, has allowed the company to mostly issue them at a zero percent interest rate and still meet high demand from sophisticated market participants, who have made bank trading that volatility.

可轉換票據允許策略迅速籌集資金而無需稀釋MST庫存。通常，類似這些票據的投資者是因為它們提供穩定的收益，如果股票有所激增，它們也會受益，並且通常可以以現金兌換，除了利息支付外，也可以以等於原始投資的金額兌換。然而，戰略可轉換票據的巨大波動使該公司大多以零利率向其簽發，並且仍然滿足了成熟市場參與者的高需求，他們已經使銀行交易使這種波動率變得波動。

Finally, Strategy has begun deploying preferred stocks. These are instruments that tend to appeal to investors seeking lower volatility and more predictable returns through dividends. There are currently two offerings: STRK, which gives an 8% annual return; and STRF, which pays 10% annualized.

最後，戰略已經開始部署優先股。這些工具傾向於吸引尋求較低波動性和通過股息獲得更可預測回報的投資者。目前有兩種產品：Strk，每年8％；和STRF，年齡為10％。

But why is Strategy issuing all of these different types of investment vehicles? The idea is to create demand for Strategy for all kinds of investors that may have different tolerances to risk, Jeffrey Park, head of Alpha Strategies at crypto asset management Bitwise, told CoinDesk in an interview.

但是，為什麼戰略發行所有這些不同類型的投資工具？ Crypto Asset Management Bitwise Alpha Strategies的負責人Jeffrey Park在接受采訪時告訴Coindesk，這個想法是為可能具有不同容忍風險的各種投資者建立對戰略的需求。

“The convertible bond investors and the common equity investors were generally aligned in that they were both volatility seeking structures,” Park said. “Preferred equities are different. They actually are favored by investors who want to minimize volatility at all costs for a steady, reliable and high coupon that they feel is worth the credit risk.”

帕克說：“敞篷債券投資者和普通股票投資者通常都保持一致，因為他們倆都在尋求結構。” “首選股票不同。實際上，他們受到投資者的青睞，他們希望以穩定，可靠和高的優惠券不惜一切代價最大程度地減少波動，他們認為這是值得的。”

“Strategy’s capital structure is almost like a seesaw in a playground. The common shareholders and converts are on one side, the preferred equity holders are on the other side. As sentiment shifts, the weights move around, and it tilts the value between these securities. But no matter

“策略的資本結構幾乎就像一個遊樂場中的seesaw一樣。共同股東和convert依者在一側，首選的股權持有人在另一側。隨著情感的轉移，權重的移動，並且它在這些證券之間傾斜了價值。但是無論如何，無論如何。