战略（以前称为微型流通）是否会被迫清算其比特币储量？

有传言说，如果价格不断下跌，策略将被迫清算其比特币储备。

Rumors have been circulating that Strategy will be forced to liquidate its Bitcoin reserves if the price keeps dropping. The specific fears have been overstated, but the fundamental idea might be essentially true.

有传言说，如果价格不断下跌，策略将被迫清算其比特币储备。具体的恐惧已经夸大了，但是基本的想法可能实质上是正确的。

In any event, both Bitcoin and the firm’s stock price rose substantially after Trump announced a tariff pause. The immediate danger of a selloff has seemingly passed, but these factors may come into play in the future.

无论如何，在特朗普宣布暂停关税之后，比特币和公司的股价大幅上涨。抛售的直接危险似乎已经过去了，但是这些因素将来可能会发挥作用。

Will Strategy Need to Sell Its Bitcoin?

策略需要出售比特币吗？

Since Strategy (formerly MicroStrategy) started buying Bitcoin, it’s become one of the world’s largest holders and a major pillar of market confidence.

由于战略（以前是微型策略）开始购买比特币，因此它已成为世界上最大的持有人之一，也是市场信心的主要支柱。

While this has financially strengthened the company, it also presents certain challenges. Being one of the largest holders, if Michael Saylor’s firm chooses to sell a portion of its holdings, it could impact BTC’s market performance.

尽管这在财务上加强了公司，但它也带来了某些挑战。作为最大的持有人之一，如果迈克尔·塞勒（Michael Saylor）的公司选择出售其部分持股，则可能会影响BTC的市场业绩。

Rumors have been circulating that such an event might be inevitable, based on a recent filing. In the SEC filings, the firm writes a disclaimer that without access to favorable equity or debt financing, it could be required to liquidate BTC at a loss.

有传言说，根据最近的文件，这种事件可能是不可避免的。在SEC文件中，该公司写下了免责声明，即如果没有获得有利的股权或债务融资，则可能需要损失的BTC清算。

While the statement exists, it’s not new or extraordinary; it’s a routine inclusion found in MicroStrategy’s previous 10-Q reports from Q1 2024 and prior years.

虽然存在陈述，但这并不是新的或非凡的。这是MicroStrategy在第1季度2024年和前几年的前10 Q报告中发现的常规包含。

BeInCrypto reported on Strategy’s Form 8-K when it came out earlier this week, analyzing its implications. The form claimed that Strategy did not buy any Bitcoin last week and has over $5.91 billion in unrealized losses.

Beincrypto在本周早些时候发布了策略的8-K时报道了它的含义。该表格声称策略上周没有购买任何比特币，并且未实现的损失超过59.1亿美元。

“We may be required to take actions to pay expenses, such as selling bitcoin or using proceeds from equity or debt financings, some of which could cause significant variation in operating results in any quarter,” Strategy’s SEC filing claimed.

“我们可能需要采取行动来支付费用，例如出售比特币或使用股票或债务融资中的收益，其中一些可能会在任何季度造成重大差异。”

During the recent market chaos, these unrealized losses caused a lot of distress in the crypto community. However, that doesn’t mean that Strategy will have to dump its Bitcoin soon. In any event, its stock rallied today because of Trump’s tariff pause.

在最近的市场混乱中，这些未实现的损失在加密货币社区造成了很多困扰。但是，这并不意味着策略将不得不尽快抛弃其比特币。无论如何，由于特朗普的关税暂停，今天的股票集会了。

A Few Credible Selloff Scenarios

一些可靠的抛售方案

Although these concerns lack nuance, that doesn’t mean they’re totally unfounded. Michael Saylor claimed that Strategy can pay off its debts even if Bitcoin crashes, but some community members think these claims are either incorrect or deliberate lies.

尽管这些担忧缺乏细微差别，但这并不意味着它们完全没有根据。迈克尔·塞勒（Michael Saylor）声称，即使比特币崩溃，策略也可以偿还其债务，但是一些社区成员认为这些主张是不正确的，要么是故意的谎言。

His stated plan would involve massively diluting stock when he has already sold huge volumes.

当他已经出售巨额销量时，他陈述的计划将涉及大量稀释库存。

In fact, several scenarios could force Strategy to sell its Bitcoin. If its price were to fall significantly and stay low, Strategy’s ability to meet debt obligations without tapping its BTC treasury could become strained.

实际上，几种情况可能会迫使策略出售其比特币。如果其价格大幅下跌并保持低廉，那么战略在不敲击其BTC国库的情况下履行债务义务的能力可能会变得紧张。

The firm’s low revenue from its non-BTC business ventures would further exacerbate this problem.

该公司从其非BTC企业中的低收入收入将进一步加剧这一问题。

Additionally, Strategy has used Bitcoin as collateral for loans on several occasions. If BTC drops below collateral thresholds, margin calls could force partial liquidation. However, such scenarios would be outlined in specific loan agreements, not general filings.

此外，策略多次使用比特币作为贷款的抵押品。如果BTC降至附带阈值以下，则保证金调用可能会迫使部分清算。但是，这些方案将在特定的贷款协议中概述，而不是一般文件中概述。

Above all else, the appearance of forced selling can seriously impact market sentiment, which is why these rumors are so serious.

最重要的是，强迫销售的出现会严重影响市场情绪，这就是为什么这些谣言如此严重的原因。

Strategy’s stock price and Bitcoin are both riding high right now, and selloff fears seem less imminent. Yet, the fundamental macroeconomic situation remains unchanged. If Bitcoin falls again, MSTR’s debt position in the market will likely be impacted.

策略的股价和比特币目前都在驾驶很高，而抛售的担忧似乎不那么迫在眉睫。然而，基本的宏观经济状况保持不变。如果比特币再次下降，MSTR在市场上的债务状况可能会受到影响。