MicroStrategy暂停其比特币购买：计算的策略？

几年来，在其联合创始人兼执行董事长迈克尔·塞勒（Michael Saylor）的领导下，微观策略已将自己确立为机构采用比特币的最有尊敬的公司之一。

MicroStrategy, renowned for its massive bitcoin (BTC) commitment, has surprisingly paused its BTC purchases. According to an announcement by Michael Saylor on February 3, 2025, the company has not acquired any bitcoin for a week now. This pause raises questions… strategy or is BTC simply not interesting at the moment?

MicroStrategy因其庞大的比特币（BTC）承诺而闻名，令人惊讶地暂停了其BTC的购买。根据迈克尔·塞勒（Michael Saylor）在2025年2月3日的宣布，该公司一周尚未获得任何比特币。暂停提出了问题……策略还是BTC目前根本不有趣？

MicroStrategy pauses its bitcoin purchases: a calculated strategy?

MicroStrategy暂停其比特币购买：计算的策略？

For several years, MicroStrategy, under the leadership of its co-founder and executive chairman Michael Saylor, has established itself as one of the most committed companies to the institutional adoption of bitcoin. With an impressive accumulation of 471,107 BTC as of February 2, 2025, acquired for approximately 30.4 billion dollars at an average price of 64,511 dollars per bitcoin, the company has become the largest holder of BTC among publicly traded companies.

几年来，在其联合创始人兼执行董事长迈克尔·塞勒（Michael Saylor）的领导下，微观策略已将自己确立为机构采用比特币的最有尊敬的公司之一。截至2025年2月2日，BTC的令人印象深刻的积累，以大约304亿美元的价格收购，平均每比特币64,511美元，该公司已成为BTC最大的公开交易公司中的最大持有人。

However, a recent statement from Michael Saylor, published on February 3, 2025, indicates that MicroStrategy has not purchased bitcoin for a week. Furthermore, the company has not sold any class A shares as part of its “at-the-market” (ATM) fundraising program. This pause in BTC accumulation intrigues market observers, who are used to seeing MicroStrategy regularly purchase bitcoins.

但是，迈克尔·塞勒（Michael Saylor）最近发表的声明于2025年2月3日发表，表明MicroStrategy一周没有购买比特币。此外，该公司尚未出售A级股份作为其“市场”（ATM）筹款计划的一部分。 BTC积累中的这种停顿是在习惯于经常购买比特币的微型造影的市场观察者。

A simple pause or a change in strategy?

简单的停顿还是战略的变化？

Several hypotheses may explain this temporary pause. First, MicroStrategy has already invested heavily in bitcoin and may simply be waiting for an opportune moment to resume its purchases. With an average acquisition price around 64,511 dollars, it is possible that the company is waiting for a more significant market correction before further strengthening its position.

几个假设可以解释这种暂时的停顿。首先，MicroStrategy已经对比特币进行了大量投资，可能只是在等待一个合适的时机恢复购买。由于平均收购价格约为64,511美元，该公司可能正在等待更重要的市场校正，然后再进一步加强其头寸。

On the other hand, the lack of stock sales under the ATM program suggests that the company is not actively seeking to raise additional funds for its BTC purchases. This could indicate that it is prioritizing financial consolidation for now before making new acquisitions.

另一方面，ATM计划中缺乏股票销售表明，该公司并未积极寻求为其BTC购买额外的资金。这可能表明，在进行新的收购之前，它正在优先考虑财务合并。

An unwavering confidence in bitcoin

对比特币的坚定信心

Despite this pause, MicroStrategy remains one of the biggest advocates of bitcoin. Michael Saylor has continued to promote the vision of BTC as a superior store of value to gold and fiat currencies. Therefore, it is unlikely that this interruption signals a strategic shift.

尽管停了下来，但微型策略仍然是比特币的最大拥护者之一。迈克尔·塞勒（Michael Saylor）继续促进BTC作为黄金和法定货币的优越价值存储的愿景。因此，这种中断不太可能标志着战略转变。

Investors will closely monitor the company’s next moves to see if this pause is temporary or if it indeed marks a new approach in its bitcoin management. One thing is certain: MicroStrategy continues to be an essential player in the crypto market.

投资者将密切监视公司的下一步行动，以查看此暂停是否暂时性，或者是否确实标志着比特币管理中的一种新方法。可以肯定的是：MicroStrategy仍然是加密货币市场的重要参与者。

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