迈克尔·塞勒（Michael Saylor）领导的策略（以前为MicroStrategy）增加了130 BTC，花费170万美元

迈克尔·塞勒（Michael Saylor）领导的金融情报公司的战略（以前是微型造影）今天宣布，已增加了130个比特币（BTC）

Financial intelligence firm Strategy, formerly known as MicroStrategy and led by the renowned Michael Saylor, has recently added 130 Bitcoin (BTC) to its vast portfolio.

金融情报公司的战略，以前称为MicroStrategy，由著名的Michael Saylor领导，最近在其庞大的投资组合中增加了130比特币（BTC）。

As disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) on Monday, March 10 to 16, 2025, Strategy acquired the BTC units at an average price of $82,981. The company's preferred stock offering enabled the purchase, generating $10.7 million in total funds.

正如2025年3月10日星期一至16日星期一向美国证券交易委员会（SEC）提交的文件中所披露的那样，战略以82,981美元的价格收购了BTC单位。该公司的首选股票提供了购买，产生了1,070万美元的总资金。

The news comes as the leading cryptocurrency on Monday saw a 0.6% decline in the last 24 hours, trading at a price of $83,400 according to CoinGecko.

该消息传出是因为Coingecko的数据显示，最近24小时的主要加密货币在过去24小时内下降了0.6％，价格为83,400美元。

Is Saylor's company losing its touch with the market? For now, it seems so. While Strategy's actions usually garner attention and influence the crypto sphere, the recent purchase barely registered any change in Bitcoin's price chart.

Saylor的公司是否失去了与市场的联系？目前，似乎是如此。尽管战略的行动通常会引起人们的注意并影响加密球体，但最近的购买几乎没有注册比特币的价格图表的任何变化。

The slight uptick in the early hours of Monday, where BTC's price touched $83,800 before slumping, might be att گذشته باشدto another factor.

周一凌晨，BTC的价格在下滑之前触及了83,800美元的略有上涨，可能是另一个因素。

The new acquisitions follow Strategy's previous purchase of 20,365 BTC on February 24, 2025, for nearly $2 billion.

新的收购遵循战略先前在2025年2月24日以近20亿美元购买的20,365 BTC购买。

The company, known for its massive Bitcoin holdings, is now juggling a hefty capital structure, with a large portion tied to high-interest debt instruments. To service this debt and facilitate further Bitcoin purchases, Strategy is planning to issue $2 billion in Series A preferred stock over the next twelve months.

该公司以其大量的比特币持有量而闻名，现在正在兼顾大量的资本结构，其中大部分与高息债务工具相关。为了偿还这笔债务并促进比特币购买，战略计划在未来十二个月内发行20亿美元的A系列优先股。

The company's stock trades at a premium to its net asset value, which is a measure of the company's assets minus its liabilities. This premium is being driven by investors' interest in Strategy's Bitcoin holdings.

该公司的股票以其净资产价值的溢价交易，这是对公司资产的量度减去其负债。这种溢价是由投资者对战略比特币控股的兴趣所驱动的。

However, this comes at a steep cost. As of December 31, 2024, Strategy had total debt of $3.2 billion and preferred equity of $1.1 billion, compared to common equity of $4.3 billion. This capital structure is heavily skewed towards debt and preferred equity, creating a house of cards that could collapse if the value of Bitcoin tanks.

但是，这付出了高昂的成本。截至2024年12月31日，策略的总债务为32亿美元，优先股为11亿美元，而普通股票为43亿美元。这种资本结构倾向于债务和首选股权，创造了一套纸牌屋，如果比特币坦克的价值可能会崩溃。

A prolonged market downturn could strain Strategy's ability to service its debt, forcing it to either dilute shareholders further or, even worse, liquidate its Bitcoin holdings. Both scenarios would be disastrous for the company's long-term health.

长时间的市场低迷可能会使战略偿还其债务的能力，迫使其进一步稀释股东，或者更糟糕的是，销售其比特币持有量。两种情况对于公司的长期健康而言都是灾难性的。

The company's executives seem to be aware of this risk, as they stated in the filing that "the substantial increase in the price of common preferred, Series A, in response to the announcement of the company’s intent to sell preferred stock to fund bitcoin purchases may be anomalous and not necessarily indicative of the market response to future issuances of preferred stock."

正如文件中所说，该公司的高管似乎意识到这种风险，“为了响应该公司宣布出售首选股票以资助比特币购买的普通首选价格A的价格大幅上涨，这可能是异常的，并且不一定表明对首选股票的未来发行的市场响应。”

If Saylor's company is no longer capable of moving the market with its buying spree, then perhaps the real terror factor will set in if Strategy decides to sell its nearly half a million Bitcoin. A sudden liquidation, or even the rumor of one, could send Bitcoin's price into a nosedive by triggering a cascade of panic selling.

如果Saylor的公司不再能够以其狂欢的价格转移市场，那么如果策略决定出售其近半百万个比特币，那么真正的恐怖因素也许会设定。突然的清算，甚至是一个人的谣言，都可以通过引发一系列恐慌销售来将比特币的价格送入一个鼻子。

On Reddit's UK Bitcoin community, several users are asking if Strategy's BTC accumulation spree is best for crypto. Some questioned Saylor's trustworthiness, citing his checkered past, including a $25 million tax fraud conviction and SEC charges for fraudulent financial reports. Others fret about Strategy's debt-heavy balance sheet, worrying a market crash could force a sell-off.

在Reddit的英国比特币社区中，一些用户询问策略的BTC积累狂潮是否最适合加密。一些人质疑Saylor的可信赖性，理由是他的格子过去，其中包括2500万美元的税收欺诈定罪和SEC指控欺诈性财务报告。其他人则担心战略债务繁重的资产负债表，担心市场崩溃可能会迫使抛售。

The company's actions could also be viewed as a single-minded focus on capital gains at the expense of a broader vision for the crypto ecosystem. Satoshi Nakamoto intended to make BTC a decentralized dream to free finance from centralized control. A single corporate entity handling 2% of the total supply and publicly claiming they want to buy more, doesn't really spell decentralization.

该公司的行动也可以被视为对资本收益的一心一意的关注，而牺牲了对加密生态系统的更广泛的愿景。萨托·纳卡本（Satoshi Nakamoto）打算使BTC成为分散的梦想，以使资金摆脱集中控制权。一个公司实体处理总供应量的2％，并公开声称自己想购买更多的东西，但实际上并没有实现权力下放。

To understand why investors are so jittery, let's take a bite at Strategy's financial playbook, or, as I see it, a bit of risk and recklessness. The company's Bitcoin buying spree is sponsored by debt instruments, stock offerings, and now, high-interest preferred stock issuances, like the recent $10.7 million raise. It plans to issue $2 billion more to fund additional purchases.

要了解为什么投资者如此紧张，让我们对策略的财务剧本进行咬伤，或者，正如我所看到的，有些风险和鲁ck。该公司的比特币购买狂潮是由债务工具，股票产品以及现在的高利息优先股票发行的，例如最近的1,070万美元加薪。它计划发行20亿美元，以资助额外的购买。

We all know business is about risk, and that's exactly the type of financial engineering that keeps Strategy's stock trading at a premium to its net asset value.

我们都知道企业与风险有关，这正是将战略交易额溢价其净资产价值的金融工程类型。

However, this comes at a steep cost, creating a capital structure bloated with high-interest debt, a house of cards waiting to collapse if Bitcoin's value tanks.

但是，这付出了巨大的成本，形成了一个大利息债务的资本结构，如果比特币的价值坦克，等待倒塌的纸牌屋。

A prolonged market downturn could strain Strategy's ability to service its debt, forcing it to either dilute shareholders further or, even worse, liquidate its Bitcoin holdings. Where will the crypto market stand if this happens? Two words, massive losses.

长时间的市场低迷可能会使战略偿还其债务的能力，迫使其进一步稀释股东，或者更糟糕的是，销售其比特币持有量。如果发生这种情况，加密市场将在哪里？两个词，巨大的损失。