MicroStrategy继续购买比特币，积累了506,137 BTC

这家以比特币为中心的公司还需要支付8％的股息，在Strf上获得10％的股息，其可转换债券的利率为0.4％。

According to a report by ChainShot, the Bitcoin price is trading down from its peak price above $109,000.

根据Chainshot的一份报告，比特币价格的交易价格低于109,000美元的高峰价格。

However, some analysts are getting worried about whether the firm should pursue more buys.

但是，一些分析师正在担心公司是否应该寻求更多购买。

While price fluctuations are common, Strategy’s average acquisition price has jumped to $66,000, and the firm still relies on equities and convertible notes to make purchases. Some analysts even hinted that the firm could just be one moderate token price fall away from trouble.

尽管价格波动很普遍，但策略的平均收购价格已跃升至66,000美元，该公司仍然依靠股票和可转换票据进行购买。一些分析师甚至暗示，该公司可能只是一个适度的代价价格，而不是麻烦。

Pointing out that the firm raised billions through equity sales and convertible debt to buy most of its BTC holdings, Quincy Thompson, founder of crypto hedge fund Lekker Capital, said that it’s very unlikely for Stategy to find itself in a situation where it has to sell its BTC holdings to give lenders more collateral in case of a drastic price drop.

Crypto Hedge Fund Lekker Capital的创始人Quincy Thompson指出，该公司通过股本销售和可转换债务筹集了数十亿美元，以购买其大多数BTC持股，他说，StateGy不太可能在不可能在其BTC持有的情况下找到自己的BTC持有量以使贷方更加出色的价格下跌。

He explained that the firm would likely refinance debt for convertible notes instead of paying them off immediately, and in the case of preferred stock, they don’t have to repay any part of it.

他解释说，该公司可能会为可转换票据再偿还债务，而不是立即偿还，而对于优先股，他们不必偿还任何部分。

Since the firm has not listed its Bitcoin holdings for its loans, it’s less likely to end up like failed crypto firms and projects such as Genesis and Three Arrows Capital. Nevertheless, Strategy still needs to be careful that it does not issue more equity than the market can handle.

由于该公司尚未列出其贷款的比特币持有量，因此最终不太可能像失败的加密公司和Genesis和三个箭头资本这样的项目。然而，策略仍然需要小心，以至于它没有比市场所能处理的更多的股权。

Thompson argued similarly, saying that if the firm cannot pay dividends with its cash flow, it could be forced to issue more shares, which would ultimately affect the stock price.

汤普森（Thompson）同样的论点说，如果该公司不能以现金流量偿还股息，则可能会被迫发行更多股份，这最终会影响股票价格。

He added, “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.”

他补充说：“但这与他已经在做的事情没有什么不同。每次零售业竞标时，他都会通过发行更多股票来破坏股票价格。将来，他将不得不这样做，而且流量可能不会陷入比特币。他们可能会偿还这些债务，并且会损害股价。”

The Bitcoin-focused company also needs to pay 8% dividends on STRK, 10% dividends on STRF, and a 0.4% interest rate on its convertible bonds. Meanwhile, the firm’s software business is bringing in few returns, so the company could struggle to pay off the dividends.

这家以比特币为中心的公司还需要支付8％的股息，在Strf上获得10％的股息，其可转换债券的利率为0.4％。同时，该公司的软件业务带来了一些回报，因此该公司可能难以偿还股息。

According to Thompson, Strategy should continue issuing MSTR stock to pay all the pending interest. He even claimed the stock could trade at a discount to avoid having to issue more shares. However, he did warn that if the discount would grow to 20% or 30%, shareholders would most likely ask for the discount closure. He even suggested that to increase shareholder value, the number one option would be to sell Bitcoin and buy stock.

据汤普森称，战略应继续发行MST股票以支付所有未决利息。他甚至声称股票可以以折扣价进行交易，以避免不得不发行更多股票。但是，他确实警告说，如果折扣将增长到20％或30％，股东很可能会要求折扣折扣。他甚至建议提高股东价值，第一选择是出售比特币和购买股票。

He also touched on the company’s issues with its ETFs, saying they have been “obliterated”. Surprisingly, these ETFs are still in high demand despite the stock’s losses.

他还谈到了公司与ETF的问题，称他们“被淘汰”。令人惊讶的是，尽管股票损失，这些ETF仍在需求量很高。

Moreover, the popularity of ETFs has only helped aggravate constant buying pressure for MSTR.

此外，ETF的受欢迎程度仅有助于加剧MSTR的持续购买压力。

Though widely amazed by ETFs’ potential and importance, Thompson believes they are unreliable when making 10-year predictions of the asset’s price.

尽管对ETF的潜力和重要性感到惊讶，但汤普森认为，在对资产价格进行10年预测时，它们是不可靠的。