MicroStrategy 首席执行官 Michael Saylor 推出“智能杠杆”战略以增强比特币持有量

迈克尔·塞勒 (Michael Saylor) 公布了他的最新战略，通过他所谓的“智能杠杆”来增加公司的比特币持有量。

Michael Saylor, the CEO of MicroStrategy, has devised a new strategy to bolster the company’s Bitcoin holdings, terming it “intelligent leverage.” This approach aims to optimize MicroStrategy’s capital structure and maximize shareholder value by strategically leveraging the company’s assets to acquire more Bitcoin.

MicroStrategy 首席执行官 Michael Saylor 制定了一项新战略来增加该公司的比特币持有量，并将其称为“智能杠杆”。这种方法旨在通过战略性地利用公司资产收购更多比特币来优化 MicroStrategy 的资本结构并最大化股东价值。

Saylor’s bold move continues to draw significant attention in the cryptocurrency world, as MicroStrategy transforms from a software maker to a leveraged Bitcoin investment vehicle. Here are the details of Saylor's strategy, market reactions, and future prospects.

随着 MicroStrategy 从软件制造商转型为杠杆式比特币投资工具，Saylor 的大胆举措继续引起加密货币世界的广泛关注。以下是 Saylor 的战略、市场反应和未来前景的详细信息。

Details of Michael Saylor’s StrategyIn a recent interview with Bloomberg Television, Saylor explained the concept of intelligent leverage. MicroStrategy currently has $7.2 billion in convertible bonds, with $4 billion effectively acting as equity through the strike price and the call price.

迈克尔·塞勒策略的详细信息在最近接受彭博电视台采访时，塞勒解释了智能杠杆的概念。 MicroStrategy 目前拥有 72 亿美元的可转换债券，其中 40 亿美元通过执行价和赎回价有效充当股权。

These convertibles are trading with a delta of nearly 100%, making them look like equity. Saylor’s aim is to build more intelligent leverage to benefit common stock shareholders.

这些可转换债券的交易增量接近 100%，使它们看起来像股票。塞勒的目标是建立更明智的杠杆以使普通股股东受益。

This strategy involves using fixed-income securities, such as convertible bonds, to raise capital for Bitcoin purchases. MicroStrategy has been leading an unusual fundraising initiative, revealing multi-billion-dollar Bitcoin purchases every Monday for the last six weeks.

该策略涉及使用可转换债券等固定收益证券来筹集资金购买比特币。 MicroStrategy 一直在领导一项不同寻常的筹款计划，在过去六周内每周一都会公布价值数十亿美元的比特币购买情况。

This aggressive approach has catapulted the company’s stock price by nearly 500% this year, significantly outpacing Bitcoin’s 150% gains over the same period. The company’s market value has skyrocketed past $90 billion, setting the stage for its entry into the Nasdaq 100 Index.

这种激进的做法使该公司的股价今年上涨了近 500%，大大超过了比特币同期 150% 的涨幅。该公司市值已飙升至 900 亿美元以上，为其进入纳斯达克 100 指数奠定了基础。

Market Reactions and Future ProspectsDespite the impressive gains, MicroStrategy’s strategy has sparked debates about its long-term sustainability and risks. Critics argue that the company’s heavy reliance on Bitcoin could expose it to significant volatility.

市场反应和未来前景 尽管取得了令人印象深刻的收益，MicroStrategy 的战略还是引发了有关其长期可持续性和风险的争论。批评者认为，该公司对比特币的严重依赖可能会使其面临巨大的波动。

However, Saylor remains confident in his approach, emphasizing the importance of treating Bitcoin as a long-term capital asset. He advocates for converting spare capital into Bitcoin and holding it for the long term, regardless of short-term market fluctuations.

然而，塞勒对其方法仍然充满信心，强调将比特币视为长期资本资产的重要性。他主张将闲置资金转换为比特币并长期持有，无论短期市场波动如何。

Looking ahead, MicroStrategy plans to focus more on fixed-income securities for raising capital to buy Bitcoin, once its current fundraising program is exhausted. Saylor’s vision is to connect traditional capital markets with the crypto economy, positioning MicroStrategy as a bridge between the two worlds.

展望未来，MicroStrategy 计划在目前的筹款计划结束后，将更多精力放在固定收益证券上，以筹集资金购买比特币。 Saylor 的愿景是将传统资本市场与加密经济连接起来，将 MicroStrategy 定位为连接两个世界的桥梁。