MicroStrategy 加倍押注比特币，但债务驱动策略引发担忧

由 Michael Saylor 领导的 MicroStrategy 将其比特币赌注增加了一倍，购买了 21 亿美元，增加了 21,550 BTC 的持有量。这使得其比特币总储备超过 214,000 BTC，价值约 140 亿美元。

Business intelligence firm MicroStrategy has doubled its Bitcoin bet with a new purchase of 21,550 BTC, adding to its already massive holdings.

商业情报公司 MicroStrategy 将其比特币押注增加了一倍，新购买了 21,550 比特币，增加了其本已庞大的持有量。

Led by Michael Saylor, a staunch Bitcoin advocate, MicroStrategy has now acquired a total of 214,000 BTC, valued at approximately $14 billion at current market prices. This brings the company's total Bitcoin reserves to over 214,000 BTC.

在坚定的比特币倡导者 Michael Saylor 的带领下，MicroStrategy 目前已收购了总计 214,000 枚 BTC，按当前市场价格计算价值约为 140 亿美元。这使得该公司的比特币总储备超过 214,000 BTC。

MicroStrategy began accumulating Bitcoin in August 2020, and its strategy has been closely watched by both traditional finance and cryptocurrency enthusiasts. The company's move to allocate a significant portion of its treasury to Bitcoin has also sparked議論 over the role of corporations in the crypto market.

MicroStrategy于2020年8月开始积累比特币，其策略受到传统金融和加密货币爱好者的密切关注。该公司将其资金的很大一部分分配给比特币的举动也引发了关于企业在加密货币市场中的角色的争论。

MicroStrategy’s Debt-Driven Bitcoin Strategy Raises Concerns

MicroStrategy 的债务驱动型比特币策略引发担忧

According to a recent SEC filing, MicroStrategy purchased an additional 15,350 BTC for approximately $1.5 billion during the fourth quarter of 2023.

根据 SEC 最近的一份文件，MicroStrategy 在 2023 年第四季度以约 15 亿美元的价格额外购买了 15,350 BTC。

The company now holds a total of about 439,000 BTC, valued at over $47 billion at current market prices.

该公司目前总共持有约 439,000 枚 BTC，按当前市场价格计算，价值超过 470 亿美元。

MicroStrategy's latest Bitcoin purchase comes as the cryptocurrency has rallied significantly this year, rising over 60% from lows of $16,000 in November 2022.

MicroStrategy 最新购买比特币之际，该加密货币今年大幅上涨，较 2022 年 11 月 16,000 美元的低点上涨了 60% 以上。

Bitcoin's price has since recovered to above $32,000, largely driven by institutional demand and anticipation of the upcoming halving event.

此后，比特币的价格已恢复至 32,000 美元以上，这主要是由机构需求和对即将到来的减半事件的预期推动的。

However, MicroStrategy's debt-fueled Bitcoin strategy has also raised growing concerns among some analysts.

然而，MicroStrategy 的债务推动的比特币策略也引起了一些分析师越来越多的担忧。

With over $7.27 billion in convertible bonds and an underperforming software business, MicroStrategy's survival now hinges on Bitcoin's volatile price trajectory.

MicroStrategy 拥有超过 72.7 亿美元的可转换债券和表现不佳的软件业务，其生存现在取决于比特币波动的价格轨迹。

MicroStrategy’s Shift From Software to Bitcoin Proxy

MicroStrategy 从软件到比特币代理的转变

Under Michael Saylor's leadership, MicroStrategy has intensified its Bitcoin acquisition strategy, purchasing an additional 15,350 BTC for approximately $1.5 billion.

在 Michael Saylor 的领导下，MicroStrategy 强化了其比特币收购策略，以约 15 亿美元的价格额外购买了 15,350 个比特币。

This brings the company's total holdings to about 439,000 BTC, valued at over $47 billion at current market prices.

这使得该公司的总持有量达到约 439,000 BTC，按当前市场价格计算，价值超过 470 亿美元。

The aggressive strategy has come at a cost. MicroStrategy's core software business, once the foundation of its revenue, has declined significantly.

激进的策略是有代价的。 MicroStrategy的核心软件业务曾经是其收入的基础，但现在已经大幅下滑。

Over the past few years, the firm reported cumulative losses of $1.4 billion, with little sign of recovery.

过去几年，该公司累计亏损达 14 亿美元，而且几乎没有恢复的迹象。

As Bitcoin increasingly dominates MicroStrategy's balance sheet, its share price now mirrors Bitcoin's performance almost directly, rising and falling in tandem with the cryptocurrency.

随着比特币日益在 MicroStrategy 的资产负债表中占据主导地位，其股价现在几乎直接反映了比特币的表现，与加密货币同步上涨和下跌。

With Bitcoin's volatility widely acknowledged, MicroStrategy's bet represents a high-risk gamble that could yield extraordinary gains—or catastrophic losses.

由于比特币的波动性已得到广泛认可，MicroStrategy 的押注代表着一场高风险的赌博，可能会带来非凡的收益，也可能带来灾难性的损失。

MicroStrategy’s High-Stakes Strategy Could Be Risky

MicroStrategy 的高风险策略可能存在风险

MicroStrategy's reliance on debt to fund its Bitcoin acquisitions places it in a precarious position.

MicroStrategy 依赖债务为其比特币收购提供资金，这使其陷入了不稳定的境地。

The company has raised $7.27 billion through convertible bonds, benefiting from lower interest rates as long as its stock price holds steady.

该公司已通过可转换债券筹集了 72.7 亿美元，只要其股价保持稳定，就可以从较低的利率中受益。

However, this advantage could become a liability if Bitcoin's price crashes.

然而，如果比特币价格暴跌，这种优势可能会变成一种负担。

A sharp decline would erode MicroStrategy's equity value and limit its ability to refinance existing debt, leading to potential liquidity crises.

大幅下跌将侵蚀 MicroStrategy 的股权价值，并限制其为现有债务再融资的能力，从而导致潜在的流动性危机。

Bitcoin's volatility magnifies this risk. After Bitcoin's price collapsed from $68,000 in Nov. 2021 to $16,000 in Nov. 2022, MicroStrategy's stock price mimicked the token's downfall, dropping over 70%.

比特币的波动性放大了这种风险。比特币价格从 2021 年 11 月的 68,000 美元暴跌至 2022 年 11 月的 16,000 美元后，MicroStrategy 的股价也跟随该代币的下跌趋势，下跌了 70% 以上。

A similar downturn would severely impact MicroStrategy's ability to service its debt obligations, particularly given its minimal cash flow from software operations.

类似的经济低迷将严重影响 MicroStrategy 偿还债务的能力，特别是考虑到其软件运营现金流极少。

The company's heightened correlation with Bitcoin leaves it vulnerable to market swings.

该公司与比特币的高度相关性使其容易受到市场波动的影响。

Further complicating matters is MicroStrategy's deteriorating software division performance.

让事情变得更加复杂的是 MicroStrategy 软件部门业绩的恶化。

Once profitable, the business has failed to generate meaningful revenue since 2021, recording $1.4 billion in cumulative losses.

该业务一度实现盈利，但自 2021 年以来未能产生有意义的收入，累计亏损达 14 亿美元。

Without a reliable income stream, MicroStrategy has no safety net to offset potential losses from Bitcoin's price volatility.

如果没有可靠的收入来源，MicroStrategy 就没有安全网来抵消比特币价格波动带来的潜在损失。

Michael Saylor remains vocal in his belief that Bitcoin will continue to appreciate, positioning MicroStrategy for long-term success.

Michael Saylor 仍然坚信比特币将继续升值，从而使 MicroStrategy 取得长期成功。

However, if Bitcoin underperforms, the combination of mounting debt, volatile market conditions, and a weakening core business could spell disaster for the firm's future.

然而，如果比特币表现不佳，不断增加的债务、动荡的市场状况和疲软的核心业务的结合可能会给公司的未来带来灾难。

Selling off Bitcoin would not be a viable solution either. Saylor has positioned his firm as one of the world’s top Bitcoin holders.

出售比特币也不是一个可行的解决方案。塞勒将他的公司定位为全球最大的比特币持有者之一。

As such, selling BTC to offset losses would likely see Bitcoin prices take a nosedive. Such damage to Bitcoin's price would adversely impact Saylor's plans to recover losses by selling off the token.

因此，出售比特币以抵消损失可能会导致比特币价格暴跌。比特币价格的这种损害将对塞勒通过出售代币来弥补损失的计划产生不利影响。