迈克尔·塞勒（Michael Saylor）的最新举动为更多的比特币购买筹集了关于他高风险方法的可行性的辩论

迈克尔·塞勒（Michael Saylor）为更多比特币购买的最新举动重新激发了关于他高风险方法的可行性的辩论。该公司现在称为“战略（以前为MicroStrategy”）的公司宣布将发行新的永久优先股Strf

Michael Saylor's latest move to finance more Bitcoin (BTC) purchases has sparked debate over the viability of his high-stakes approach.

迈克尔·塞勒（Michael Saylor）的最新筹集资金更多的比特币（BTC）购买引发了关于他高风险方法的可行性的辩论。

As reported by Bitcoin Magazine, the company now called Strategy (formerly MicroStrategy) announced it would issue a new perpetual preferred stock, STRF (Strife), at a 10% annual dividend. While some see this as an inventive way to accumulate more BTC, others warn the cash dividend obligations could become untenable if Bitcoin prices plummet.

正如比特币杂志报道的那样，该公司现在称为“战略”（以前是MicroStrategy），宣布将以10％的年股息发行新的永久优先股Strf（Cranfife）。尽管有些人认为这是积累更多BTC的创造性方式，但另一些人警告说，如果比特币价格暴跌，现金股息义务可能会站不住脚。

On X, Strategy unveiled STRF, described as a "new perpetual preferred stock offering, available to institutional investors and select non-institutional investors." The proceeds would go toward general corporate purposes—including working capital—"and the acquisition of Bitcoin," although this remained "subject to market and other conditions."

在X上，战略揭示了STRF，被描述为“新的永久优先股产品，可用于机构投资者和选择非机构投资者”。这些收益将用于一般公司目的（包括营运资金），并获得比特币的收购，“尽管这仍然是“受市场和其他条件的约束”。

STRF carries cumulative dividends of 10% annually, with the first cash dividend set for June 30, 2025, and then each quarter. Observers noted how such a high payout could strain the firm's resources, given its balance sheet is heavily tilted toward Bitcoin rather than traditional revenue streams.

STRF每年的累积股息占10％，首次现金股息定于2025年6月30日，然后是每个季度。观察家指出，鉴于其资产负债表大大倾向于比特币而不是传统的收入来源，因此如此高的支出可能会损害公司的资源。

Among the early critics was WhalePanda (@WhalePanda), co-host of the Magical Crypto Friends YouTube channel with Riccardo Spagni, Samson Mow, and Charlie Lee. He argued the 10% dividend, which could amount to $50 million in annual payouts if Strategy raises $500 million, is too large given the company's structure: "I've said it before that Saylor is going to bring the next Bitcoin bear market. This seems desperate. 10% dividend on $500 million translates to $50 million annually, payable solely in cash… they don't have that cash."

早期的评论家包括Whalepanda（@Whalepanda），Magical Crypto Friends YouTube频道的共同主持人与Riccardo Spagni，Samson Mow和Charlie Lee。他认为，如果策略筹集5亿美元的结构，那10％的股息，如果策略筹集5亿美元，则可能会达到5000万美元的支出，”鉴于该公司的结构太大了：“我已经说过，在那说Saylor将带来下一个比特币熊市的市场。这似乎是绝望的。每年的5亿美元股息是每年的5000万美元，每年可支付的5000万美元，仅需支付现金……他们没有现金……”。”

Another vocal critic, Simon Dixon—ex-investment banker turned Bitcoin investor known for backing platforms like Kraken, Bitfinex, and BitStamp—drew a sharp parallel between Strategy's move and the notorious collapse of Long-Term Capital Management (LTCM) in the late 1990s. While not equating the two scenarios, Dixon argued that offering such a high fixed dividend from "insufficient dollar revenue" was "next-level risk."

另一位声音批评家西蒙·迪克森（Simon Dixon） - 投资银行家变成了比特币投资者，以Kraken，Bitfinex和Bitstamp等支持平台而闻名 - 在1990年代后期，策略的搬迁与臭名昭著的长期资本管理（LTCM）臭名昭著的崩溃之间保持了平行的平行。迪克森（Dixon）虽然不等于这两种情况，但辩称，从“美元收入不足”中提供如此高的固定股息是“下一级风险”。

He cautioned: "Strategy's announcement of a perpetual 10% dividend paid in dollars—despite lacking sufficient dollar revenue & operating with a Bitcoin-based balance sheet—is next-level risk. This is starting to resemble Long-Term Capital Management, which required a bailout. If this ship sinks, nationalization might become a strategic move for the US government. For clarity, this does not change my thesis on Bitcoin."

他警告说：“战略宣布以美元支付的永久性10％股息 - 尽管缺乏足够的美元收入并在基于比特币的资产负债表上运营 - 这是下一级别的风险。这开始与长期的资本管理相似，这需要释放。如果这艘船沉没，国籍可能会成为我们的政府的战略性。

Not everyone shared the dire outlook. Some industry figures insisted that Saylor's track record in growing Strategy's BTC reserves—and the relative simplicity of its balance sheet compared to LTCM—offered a substantial cushion.

并非所有人都分享了可怕的前景。一些行业数字坚持认为，Saylor在不断增长的BTC储备中的往绩以及与LTCM相比的资产负债表的相对简单性提供了大量的缓冲。

David Bailey, CEO of BTC Inc, argued that Saylor's personal commitment to Bitcoin should not be discounted: "Saylor literally has more skin in the game than anyone alive… If you don't like the stock, don't buy it, simple."

BTC Inc的首席执行官David Bailey认为，Saylor对比特币的个人承诺不应被打折：“ Saylor在游戏中的皮肤比活着的任何人都多……如果您不喜欢股票，请不要买它，简单。”

He referred to critics as "ungrateful," pontuing out how Saylor's public advocacy and corporate purchases had brought mainstream attention—and considerable inflows—to Bitcoin.

他将批评家称为“不感恩”，阐述了Saylor的公众倡导和企业购买如何引起比特币的主流关注以及大量流入。

Bitcoin analyst Dylan LeClair also dismissed the LTCM comparison, calling it "literally nothing like LTCM" and implying that Strategy's BTC-backed balance sheet did not pose the same systemic risk as a heavily leveraged hedge fund dealing in derivatives.

比特币分析师迪伦·莱克莱尔（Dylan Leclair）也驳回了LTCM比较，称其为“从字面上看LTCM”，这意味着该策略支持BTC支持的资产负债表并没有像在衍生产品中销售的大量杠杆性对冲基金一样带来相同的系统性风险。

Preston Pysh, co-founder of The Investor's Podcast Network, offered a more nuanced take. While he expressed reservations about the new issuance—questioning why Strategy didn't utilize "the previous preferred issuance which has an 8% dividend yield and optionality for payments in common or cash"—he viewed direct parallels to LTCM as "over the top laughable."

投资者播客网络的联合创始人Preston Pysh提供了更加细微的拍摄。尽管他对新发行表示保留，这是为什么战略没有利用“以前的首选发行率，其股息收益率和共同或现金的付款方式为8％”，他将与LTCM的直接相似之处为“超过最高可笑”。

Pysh floated rough numbers suggesting that even if Bitcoin were to tumble 70% from its current levels, Strategy could theoretically maintain dividend and coupon payments for more than a decade.

Pysh浮出水面，这表明即使比特币要比目前的水平跌幅70％，策略也可以从理论上维持股息和优惠券支付十多年。

He wrote: "If the price of Bitcoin went down 70% from here, he still has 12 billion USD worth of Bitcoin on the balance sheet and 115M in annual CASH payments (dividends and coupons combined) that need to be paid. That's approximately 12 years worth of payment inventory on the balance sheet even with a 70% reduction in BTC's value. Now this math is extremely rough and I've put about 2 minutes worth of effort into debunking this, so take it for what it's worth, but I think your claim is hyperbolic."

他写道：“如果比特币的价格从这里降低了70％，他仍然有120亿美元的资产负债表上的比特币，每年的现金付款（股息和优惠券）需要支付。这是BTC的价值的70％，即使在BTC的价值中降低了70％，就可以付出70％的款项。值得，但我认为您的主张是双曲线。”