公司情报公司MicroStrategy（现为战略）目前正在面临运营挑战。

从11月的475美元上涨，其股票下跌了55％以上。这引起了人们对以比特币为中心的商业计划的怀疑。

MicroStrategy (NASDAQ:MSTR), the corporate intelligence company, is currently facing operational difficulties. Since November, when it reached a peak of $475, the company’s shares have plummeged by over 55%.

公司情报公司MicroStrategy（NASDAQ：MSTR）目前正面临运营困难。自11月以来，当它达到475美元的高峰时，该公司的股票下跌了55％以上。

This downturn has brought renewed scrutiny to MicroStrategy’s unique Bitcoin-centric business plan. With Bitcoin itself now falling to as low as $86,000 following a 9% decline, market observers are raising questions about the long-term sustainability of MicroStrategy’s strategy, considering the cryptocurrency has lost more than $10,000 in the past 24 hours.

这种衰退对Microstrategy独特以比特币为中心的商业计划进行了新的审查。考虑到过去24小时内的加密货币已经损失了10,000美元，因此，由于比特币本身下降了9％，现在比特币本身下降到了86,000美元，因此市场观察家正在提出有关MicroStrategy战略长期可持续性的疑问。

MicroStrategy: A Different Approach

微学：另一种方法

MicroStrategy’s approach is largely defined by an ambitious plan that has seen the company transform from a conventional software organization into a Bitcoin powerhouse. To date, the corporation has acquired 499,096 BTC for a total of $43.7 billion. Earlier this month, the company issued fresh debt for $2 billion, bringing the average cost per Bitcoin to $66,350.

MicroStrategy的方法在很大程度上取决于雄心勃勃的计划，该计划使该公司从传统的软件组织转变为比特币强国。迄今为止，该公司已收购了499,096 BTC，总计437亿美元。本月早些时候，该公司以20亿美元的价格发行了新的债务，将平均每比特币成本提高到66,350美元。

This aggressive acquisition strategy involves MicroStrategy borrowing through 0% convertible notes, using the funds to purchase Bitcoin, which in turn drives up prices. Subsequently, the company sells new shares and uses the proceeds to acquire even more Bitcoin. This cycle has thus far been profitable for MicroStrategy, but the prevailing market conditions could pose a challenge to the persistence of this model.

这种积极的收购策略涉及通过基金购买比特币，通过0％可转换票据借贷，这反过来促进了价格。随后，该公司出售新股份，并利用收益购买更多比特币。到目前为止，这个周期对微观造成了盈利，但是现行的市场条件可能会对该模型的持续存在构成挑战。

MicroStrategy liquidation: A closer look

微湿清算：仔细的外观

As MicroStrategy, $MSTR, falls over -55%, many are asking about “forced liquidation.”

随着微型薄层（$ MSTR）的跌幅超过-55％，许多人询问“强迫清算”。

The company now holds $44 BILLION worth of Bitcoin, could they be forced to sell it?

该公司现在持有价值440亿美元的比特币，是否可以被迫出售它？

Is liquidation even possible? Let us explain.(a thread) pic.郵便番号

清算是否可以解释。（一个线程）邮政编码

— The Kobeissi Letter (@KobeissiLetter) February 25, 2025

- Kobeissi信（@kobeissiletter）2025年2月25日

Liquidation Concerns Arise But Seem Unlikely

清算问题出现，但似乎不太可能

According to research by The Kobeissi Letter, MicroStrategy would be vulnerable to liquidation pressure should Bitcoin’s price fall below $66,000 and remain at that level. This critical level corresponds to the company’s average acquisition cost. However, several factors suggest that liquidation, despite the potential, is unlikely even amid the current market volatility.

根据Kobeissi信函的研究，MicroStrategy容易受到清算压力的影响，应该比特币的价格低于66,000美元并保持在该水平。这个关键水平对应于公司的平均收购成本。但是，几个因素表明，尽管潜力有潜力，但在当前市场波动中甚至不太可能。

MicroStrategy holds $8.2 billion in debt against $43.4 billion worth of Bitcoin, providing a substantial cushion. Moreover, a vast majority of the company’s convertible notes mature in 2027, granting MicroStrategy ample time to navigate short-term market fluctuations. Since embarking on its Bitcoin strategy in August 2020, the company has encountered several significant price corrections but has consistently maintained its cryptocurrency holdings.

MicroStrategy持有82亿美元的债务，而价值434亿美元的比特币可提供大量垫子。此外，该公司的绝大多数可转换票据在2027年成熟，这给了MicroStrategy足够的时间来导航短期市场波动。自2020年8月制定其比特币战略以来，该公司遇到了几个重大的价格更正，但一直保持其加密货币持有量。

Today’s Bitcoin market has more institutional support than during past “crypto winters.” The current ecosystem boasts stronger fundamentals, and large businesses are incrementally introducing Bitcoin into their reserves.

当今比特币市场比过去的“加密冬季”拥有更多的机构支持。当前的生态系统具有更强的基本面，大型企业正在逐步将比特币引入其储备中。

Just recently, Rezolve AI announced plans to invest $1 billion in Bitcoin, having already allocated $100 million. Meanwhile, several countries are adopting similar investment methods, which in turn encourages greater participation in cryptocurrency purchases. These shifts in the market’s structure suggest that Bitcoin may exhibit more resilience than it did during previous downturns, potentially lending credence to MicroStrategy’s long-term vision.

就在最近，Rekolve AI宣布了已经分配了1亿美元的比特币投资10亿美元的计划。同时，几个国家正在采用类似的投资方法，进而鼓励更多地参与加密货币购买。市场结构的这些转变表明，比特币可能比以前的低迷时期表现出更大的韧性，这可能会使MicroStrategy的长期愿景提供信誉。

Despite predictions of further declines by BitMEX co-founder Arthur Hayes, the outlook for the world’s most popular cryptocurrency remains optimistic, especially considering it previously reached all-time highs above $109,000.

尽管Bitmex联合创始人亚瑟·海斯（Arthur Hayes）的进一步下降的预测，但对世界上最受欢迎的加密货币的前景仍然乐观，尤其是考虑到先前以前达到了109,000美元以上的历史高处。

MicroStrategy’s history of holding through cycles and structuring debt with distant maturities shields it from immediate liquidation pressure. However, the falling price of its shares limits flexibility and keeps its controversial model under strain.

微观策略通过循环持有和以遥远的到期债务结构债务的历史使其免受立即清算压力。但是，其份额的下跌价格限制了灵活性，并使其有争议的模型保持在压力下。