经过12周后，MicroStrategy暂停了比特币购买狂欢

该公司以其积极的积累策略而闻名，在连续12周的购买后，暂时将刹车施加了比特币购买。

Bitcoin (BTC) company MicroStrategy (NASDAQ:MSTR) has paused its bitcoin buying spree after 12 consecutive weeks of purchases.

比特币（BTC）公司MicroStrategy（NASDAQ：MSTR）在购买后连续12周暂停了其比特币购买狂潮。

The company, known for its aggressive bitcoin accumulation strategy, has been making headlines with its massive bitcoin acquisitions. However, this latest pause has sparked speculation among analysts.

该公司以其积极的比特币积累策略而闻名，一直以其大规模的比特币收购成为头条新闻。但是，这一最新停顿引发了分析师之间的猜测。

Some believe that the company may be considering a change in its strategy, while others expect the pause to be brief and for MicroStrategy to resume accumulating bitcoin soon.

有些人认为，该公司可能正在考虑改变其战略的变化，而另一些公司则希望停顿是简短的，并且MicroStrategy很快就会恢复积累比特币。

As of 2/2/2025, we hodl 471,107 $BTC acquired for ~$30.4 billion at ~$64,511 per bitcoin. $MSTR https://t.co/QTBWl8KlNv

截至2/2/2025，我们以约304亿美元的价格收购了471,107美元的BTC，每个比特币约为64,511美元。 $ mstr https://t.co/qtbwl8klnv

— Michael Saylor⚡️ (@saylor) February 3, 2025

- 迈克尔·塞勒⚡️（@saylor）2025年2月3日

MicroStrategy's last purchases brought its total bitcoin holdings to almost $45 billion, making it the largest company by far to own bitcoin. The company is now reviewing its treasury management strategy, including possible regulatory implications, with respect to acquiring more bitcoin for its reserve.

Microstrategy的最后一次购买将其总比特币持有量达到近450亿美元，使其成为迄今为止拥有比特币的最大公司。该公司现在正在审查其国库管理策略，包括可能的监管含义，以获取更多比特币的储备。

The decision to pause further purchases follows growing speculation that the company is adjusting its approach due to market conditions. Bitcoin is central to MicroStrategy, but factors such as cash flow management, stock performance, and capital raising efforts may be influencing its buying approach in the near term.

暂停进一步购买的决定是，由于市场条件，公司正在调整其方法的越来越多。比特币对微观造影是核心，但是现金流量管理，股票绩效和资本筹集工作等因素可能会在短期内影响其购买方法。

Moreover, MicroStrategy did not sell any shares of class A common stock under its at-the-market equity offering program last week, and did not purchase any bitcoin.

此外，MicroStrategy上周在其市场股权产品计划下没有出售A类普通股的任何股票，也没有购买任何比特币。

Capital Raising Plans In Motion

筹集资本计划

To support its bitcoin purchase proposal, MicroStrategy has been exploring multiple avenues to generate funds. The company reportedly plans to raise up to $42 billion through a combination of financial instruments, including preferred stock sales, convertible debt offerings, and at-the-market stock sales. These strategies could bolster the company's financial capacity and provide the necessary cash for future bitcoin acquisitions.

为了支持其比特币购买建议，MicroStrategy一直在探索多种途径来产生资金。据报道，该公司计划通过包括首选股票销售，可兑换债务和在市场股票销售在内的金融工具组合来筹集高达420亿美元。这些策略可以加强公司的财务能力，并为将来的比特币收购提供必要的现金。

In a latest move to acquire even more bitcoin, the company last week proposed a $250 million preferred share sale. A few days later, it sold about 7.3 million shares of series a common stock, raising more than double that amount.

为了获得更多的比特币，该公司上周提出了2.5亿美元的首选股票销售。几天后，它出售了大约730万股A系列普通股，增加了这一数量的两倍多。

Despite being at odds with traditional finance, MicroStrategy maintains a strong conviction in its approach to bitcoin. However, market volatility, investor sentiment, and regulatory scrutiny could shift over time, potentially influencing the company's approach to key decisions in the not-so-distant future.

尽管与传统金融相反，但MicroStrategy在其对比特币的方法方面仍然坚信。但是，市场波动，投资者的情绪和监管审查可能会随着时间的流逝而发生变化，这可能会影响公司在不远的未来中采取关键决策的方法。

Strategic Changes And Tax Implications

战略变化和税收影响

As the company contemplates a complete halt to its acquisitions, increased tax liabilities may be at the forefront of management's considerations. MicroStrategy could be facing substantial tax bills on unrealized bitcoin gains, which are estimated to be over $19 billion. The company will need to engage in financial planning to navigate tax obligations and sustain its bitcoin trajectory.

随着公司考虑完全停止其收购，增加的税收负债可能是管理层考虑因素的最前沿。微观策略可能面临着未实现的比特币收益的大量税单，估计超过190亿美元。该公司将需要进行财务计划，以涉及税收义务并维持其比特币轨迹。

Since its recent addition to the NASDAQ 100 index, MicroStrategy is subjected to different rules and regulations, such as blackout periods, which may restrict insider sales at times. This could be another factor contributing to the pause in bitcoin sales.

自从纳斯达克100指数最近加入以来，MicroStrategy受到不同的规则和规定，例如停电期，这可能有时会限制内部人士的销售。这可能是导致比特币销售停顿的另一个因素。

MicroStrategy's Plans Going Forward?

Microstrategy的计划正在进行中？

This pause may raise questions, but there is little to suggest that MicroStrategy is pivoting away from its bitcoin-centric strategy. The company's track record indicates that any break in its buying spree is more likely to be strategic rather than a sign of reduced confidence in bitcoin. If anything, this could be a period of recalibration, allowing MicroStrategy to optimize its resources before resuming its bitcoin accumulation.

这种停顿可能会引起问题，但几乎没有什么可以暗示MicroStrategy脱离了以比特币为中心的策略。该公司的往绩记录表明，其购买狂潮的任何休息更可能是战略性的，而不是对比特币信心降低信心的迹象。如果有的话，这可能是一个重新校准的时期，允许MicroStrategy在恢复其比特币积累之前优化其资源。

Featured image from DALL-E, chart from TradingView

来自DALL-E的特色图像，TradingView的图表