MicroStrategy（以前称为MicroStrategy）正在经历艰难的财务时期。

自今年年初以来，其股票下跌了55％以上。这引起了人们对该公司是否必须出售其大型比特币持有以保持生计的担忧。

In the rapidly evolving cryptocurrency landscape, MicroStrategy’s substantial Bitcoin holdings have become a focal point of discussion, particularly amid a broader downturn in the cryptocurrency market. Since January 2024, MicroStrategy’s stock has declined by over 55%, raising concerns about the company’s financial health and the possibility of liquidating its Bitcoin stash.

在迅速发展的加密货币景观中，微型造影的大量比特币持有量已成为讨论的焦点，尤其是在加密货币市场中更广泛的衰退中。自2024年1月以来，MicroStrategy的股票下跌了55％以上，引起了对公司财务状况的担忧，以及清算其比特币藏匿处的可能性。

After reaching a high of $86,008 in August 2020, Bitcoin has experienced several crashes, sparking rumors of MicroStrategy being forced to sell its BTC to stay afloat. However, an analysis by The Kobeissi Letter on X, formerly Twitter, suggests otherwise.

在2020年8月达到86,008美元的高价之后，比特币经历了几次撞车事故，引发了关于MicroStrategy被迫出售其BTC以保持生存的谣言。但是，以前是Twitter上的Kobeissi字母的分析表明。

Despite a recent drop to $86,008, MicroStrategy’s strategy of borrowing money with low-interest notes to buy Bitcoin and subsequently selling shares to buy more Bitcoin at a higher price has helped push up the token’s price. This strategy, combined with the company’s ability to repay its debt, reduces the risk of a big sell-off.

尽管最近下降到86,008美元，但Microstrategy借用低息票据借钱购买比特币的策略，然后出售股票以更高的价格购买更多的比特币，这有助于提高代币的价格。该策略加上公司偿还债务的能力，降低了卖空的风险。

Moreover, MicroStrategy would need Bitcoin to drop below $66,000 and remain at that level for a significant period to be forced to sell its holdings. Despite several Bitcoin price crashes since August 2020, the company has never sold its Bitcoin and has managed to stay stable.

此外，MicroStrategy将需要比特币降至66,000美元以下，并在很大程度上保持该水平，以便被迫出售其持股。尽管自2020年8月以来发生了几次比特币价格崩溃，但该公司从未出售其比特币，并设法保持稳定。

MicroStrategy holds $8.2 billion in debt backed by $43.4 billion in Bitcoin. Most of its convertible notes are due by 2027, providing ample time for the firm to wait for the price to recover from any declines and rendering it safe from short-term risks.

MicroStrategy持有82亿美元的债务，比特币支持434亿美元。它的大部分可转换票据到2027年就到期，为公司提供了足够的时间等待价格从任何下降中恢复并使其免受短期风险的安全。

In the broader market outlook, Geoff Kendrick from Standard Chartered has forecasted a potential 10% drop in Bitcoin, linking it to outflows from U.S. Bitcoin spot ETFs. Meanwhile, analysts like BitMEX co-founder Arthur Hayes predict more price drops as crypto traders face losses. However, the overall outlook for Bitcoin remains positive.

在更广泛的市场前景中，《标准宪章》的杰夫·肯德里克（Geoff Kendrick）预测，比特币的潜在下降了10％，将其与美国比特币现场ETF的外流联系起来。同时，像Bitmex联合创始人亚瑟·海斯（Arthur Hayes）这样的分析师预测，随着加密货币交易者面临损失，更多的价格下跌。但是，比特币的总体前景仍然是积极的。