MicroStrategy的（MSTR）侵略性比特币（BTC）策略再次受到审查

策略的积极性比特币（BTC）策略再次受到审查。据报道，该公司正在持续复杂的金融操纵以维持其持股。

Strategy's (formerly MicroStrategy) aggressive Bitcoin (BTC) strategy is again under scrutiny as the company reportedly engages in complex financial maneuvers to sustain its cryptocurrency holdings.

策略（以前是微观）侵略性比特币（BTC）战略再次受到审查，因为据报道，该公司进行了复杂的金融操纵以维持其加密货币持有量。

While its initial 2025 convertible bond has already been redeemed, concerns remain over the company’s long-term financial stability. Particularly, its ongoing reliance on debt and stock dilution to maintain its Bitcoin purchases has spurred controversy.

虽然其最初的2025年可转换债券已经兑现，但仍然关注公司的长期财务稳定性。特别是，它持续依靠债务和股票稀释来维持其比特币购买，这引发了争议。

Stock Dilution & Debt Loom Large Over Strategy

股票稀释和债务迫在眉睫的策略巨大

Recently, Strategy announced the launch of a new perpetual preferred stock offering named STRF or “Strife.”

最近，战略宣布推出一种新的永久优先股票，名为strf或“纠纷”。

"Strife is available to institutional investors and select non-institutional investors," the firm's executive chair, Michael Saylor, said in a statement on August 17.

该公司的执行董事迈克尔·塞勒（Michael Saylor）在8月17日的一份声明中说：“机构投资者有冲突，并选择非机构投资者。”

Some analysts see the move as a desperate attempt to raise cash. Cinneamhain Ventures partner Adam Cochran pointed out that the company faces a precarious financial position.

一些分析师认为这一举动是拼命的筹集现金。 Cinneamhain Ventures合作伙伴亚当·科克伦（Adam Cochran）指出，该公司面临不稳定的财务状况。

According to him, despite its $53 million operating cash flow, it has a negative $1.06 billion in levered free cash flow. This means that even with Bitcoin's price appreciation, the company’s financial obligations are mounting.

据他说，尽管拥有5300万美元的营业现金流量，但其杠杆率为10.6亿美元。这意味着，即使比特币的价格赞赏，该公司的财务义务也在增加。

“These bond issues continue to worsen each year, diluting the equity they’ve been issuing against,” Cochran stated.

科克伦说：“这些债券问题每年仍在恶化，稀释了他们一直在发行的股权。”

MicroStrategy’s 2025 convertible bond had already been redeemed. However, the company still faces a $1 billion debt due in 2027. Further, its new stock offering suggests a growing urgency to address liquidity concerns.

MicroStrategy的2025年可转换债券已经赎回。但是，该公司仍将面临2027年应应付10亿美元的债务。此外，其新股票提出了越来越多的紧迫性解决流动性问题。

“So then this desperate yield-bearing perpetual offering 10% compounding, on a company that is 6x its asset value and negatively losing money, also has no near-term use case. You have to work towards the $1 billion 2027 debt, while paying this off,” he added.

他补充说：“因此，这种绝望的承受能力的永久性提供了10％的复合，这是一家资产价值6倍的公司，而损失了货币，也没有近期的用例。”

Despite these financial pressures, Strategy continues its aggressive Bitcoin purchasing strategy. Earlier this week, the firm bought $10.7 million worth of Bitcoin, its smallest purchase of 2025. This raises questions about whether the company’s cash reserves are beginning to strain under its debt load.

尽管有这些财务压力，战略仍在继续其积极的比特币采购策略。本周早些时候，该公司购买了价值1,070万美元的比特币，这是其2025年购买的最小购买。这引发了有关该公司现金储备是否在其债务负担下开始压力的疑问。

Bitcoin Strategy Faces Increasing Financial Strain

比特币策略面临增加财务压力

Recently, reports surfaced suggesting that Strategy might be forced to sell some of its $43 billion Bitcoin holdings if financial conditions worsen.

最近，报告表明，如果财务状况恶化，战略可能被迫出售其430亿美元的比特币持有量。

Such a sale could cause downward pressure on Bitcoin's price. However, experts warn that the biggest risk is to MicroStrategy shareholders, who would suffer a significant decline in stock value.

这样的销售可能会导致比特币价格下降压力。但是，专家警告说，最大的风险是对股票价值大幅下降的Microstrategy股东。

"Maintaining investor confidence will be crucial for MSTR in the wake of downswings," the Kobeissi Letter noted.

科贝西的信指出：“在跌倒之后，维持投资者的信心对MSTR至关重要。”

Another major issue facing MicroStrategy is its ongoing tax dilemma. Analysts have pointed out that the company faces significant tax liabilities. The obligations come as its Bitcoin holdings could further strain its financial position.

缩影面临的另一个主要问题是它正在进行的税收困境。分析师指出，该公司面临重大税收负债。义务是因为其比特币持有可能会进一步加剧其财务状况。

"All the debt that MSTR has taken to buy Bitcoin is unsecured against the Bitcoin. There cannot be a margin call against the Bitcoin," investor British HODL noted.

投资者英国霍德（British Hodl）指出：“ MSTR购买比特币所承担的所有债务都不抵消比特币。对比特币没有任何保证金。”

With a tax burden that could reach billions, questions remain about how the company intends to balance its obligations while continuing to buy Bitcoin.

由于税收负担可能达到数十亿美元，因此对公司打算如何在继续购买比特币的同时平衡其义务的问题仍然存在。

MicroStrategy's struggles highlight broader market concerns about highly leveraged Bitcoin strategies. While Saylor has been a staunch advocate of Bitcoin, his approach to financing these purchases has drawn criticism for being excessively risky.

MicroStrategy的斗争突出了更广泛的市场关注，对高度杠杆比特币策略的关注。虽然塞勒一直是比特币的坚定倡导者，但他为这些购买的融资方法引起了批评，因为他们的风险过高。

As competition in the corporate Bitcoin investment space grows and investors become more cautious, MicroStrategy's financial maneuvers will continue to be closely scrutinized.

随着公司比特币投资领域的竞争增长，投资者变得越来越谨慎，Microstrategy的金融操纵将继续受到严格审查。

According to BeInCrypto data, Bitcoin was trading at $83,563 as of press time. This represents a modest gain of 0.89% in the last 24 hours.

根据Beincrypto数据，比特币的交易价格截至发稿时为83,563美元。这代表过去24小时内的0.89％的适度增益。