战略（MSTR）陷入困境吗？

在执行董事长迈克尔·赛勒（Michael Saylor）的带领下，该公司以前称为MicroStrategy的公司已吸尘506137比特币（BTC）

MicroStrategy (NASDAQ:MSTR) has been a hot topic in the crypto sphere, largely due to its massive bitcoin (BTC) stash and the unique methods it has used to acquire it.

MicroStrategy（NASDAQ：MSTR）一直是加密球体中的热门话题，这在很大程度上是由于其庞大的比特币（BTC）藏匿处及其用于获取它的独特方法。

With five years of buying activity, Strategy has managed to collect 506,137 BTC, currently valued at approximately $44 billion at BTC’s price of around $87,000.

凭借五年的购买活动，战略已设法收集了506,137 BTC，目前价值约440亿美元，BTC的价格约为87,000美元。

To the casual observer, it might appear that the company has a magic, unlimited pool of funds from which to draw on to buy more bitcoin.

对于休闲观察者来说，该公司似乎有一个魔术，无限的资金池，可以从中购买更多比特币。

However, Strategy acquired a sizable chunk of its bitcoin holdings by issuing billions of dollars in equity and convertible notes (debt securities which can be converted into equity under special conditions), and more recently via the issuance of preferred stock, a type of equity that provides dividends to investors.

但是，战略通过发行数十亿美元的股权和可转换票据（可以在特殊条件下转换为股权的债务证券），并通过发行优先股的股票来获得数十亿美元的股权和可转换票据（债务证券（债务证券），这是一种向投资者提供股息的一种股本。

The price of bitcoin has decreased by about 20% since reaching highs above $109,000 two months ago.

自两个月前达到高于109,000美元的高价以来，比特币的价格下降了约20％。

While such price swings are far from unusual, the particularly aggressive recent purchases by Michael Saylor and his team at Strategy mean that the company’s average bitcoin acquisition price has risen to $66,000.

虽然这种价格波动远非不寻常，但迈克尔·塞勒（Michael Saylor）和他的团队在战略上的最新购买特别积极，这意味着该公司的平均比特币收购价格已上涨至66,000美元。

This puts Strategy just one more moderate swing down in price away from being in the red on its bitcoin buys.

这使得策略只有一个适度的价格下跌，而不是在红色的比特币购买。

Could all of Strategy’s financial wizardry end up backfiring on the company should bitcoin keep heading lower?

策略的所有财务巫师能否最终对公司的反击都应降低比特币？

“It’s highly unlikely that it results in a scenario where [Strategy] has to liquidate a bunch of bitcoin because it gets margin called. For the most part, the debt is very likely to be able to be refinanced for the convertible notes. And then [the firm] started issuing this perpetual preferred stock, which never has to be repaid,” Quinn Thompson, founder of crypto hedge fund Lekker Capital, told CoinDesk in an interview.

“极不可能导致[策略]必须清算一堆比特币，因为它得到了边缘的要求。在大多数情况下，债务很可能很可能能够为可转换的票据再融资。 面试。

In other words, not only is there very little chance that Strategy could suffer the kind of blowup that shook over crypto firms and projects in 2022 (like Genesis or Three Arrows Capital), but the firm has even refrained from posting its bitcoin holdings as collateral for loans — with the exception of a loan taken from Silvergate, which was repaid in 2023.

换句话说，策略不仅很少有可能遭受2022年加密公司和项目（例如Genesis或三个箭头资本）的爆炸，而且该公司甚至无法将其比特币持有作为贷款的贷款 - 除了从202333333年推出的Silverdagate贷款以外。

Even so, that does not necessarily mean that it’s blue skies ahead for MSTR investors, because under various scenarios, Saylor could be forced to issue more equity than the market can handle in order to maintain course.

即便如此，这并不一定意味着MST的投资者面前的蓝天，因为在各种情况下，Saylor可能被迫发行比市场能够处理的更多的股权以维持课程。

“If he’s not paying dividends with Strategy’s cash flow, he's going to issue more shares and wreck the stock price. But it's no different than what he's doing already. Every time the retail bids it up, he wrecks the stock price by issuing more shares. In the future, he will have to do that, and the flows might not go into bitcoin. They might go to repay these debtors, and it will hurt the share price.”

如果他不以策略的现金流付出红利，他将发行更多的股票并破坏股价。但是，这与他已经做的事并没有什么不同。每次零售竞标时，他都会发行更多的股票来破坏股票价格。将来，他将不得不这样做，而且股票可能不会卖给这些债务。

Three ways to invest in MicroStrategy

投资MicroStrategy的三种方法

Strategy currently employs three different methods for raising capital: it can issue equity, convertible notes, or preferred stock.

策略目前采用三种不同的筹集资金方法：它可以发行权益，可转换票据或优先股。

Issuing equity means that Strategy creates new MSTR shares, sells them on the market, and uses the proceeds to buy bitcoin. Naturally, that creates selling pressure on MSTR and can potentially push the stock downward.

发行权益意味着策略会创建新的MSTR股票，在市场上出售它们，并利用收益购买比特币。自然，这会给MSTR造成销售压力，并可能将股票向下推动。

Convertible notes have allowed Strategy to raise funds quickly without diluting MSTR stock. Typically, investors like these notes because they offer a solid yield, they benefit if the stock surges, and they can usually be redeemed in cash for an amount equal to the original investment in addition to interest payments. The tremendous volatility of Strategy’s convertible notes, however, has allowed the company to mostly issue them at a zero percent interest rate and still meet high demand from sophisticated market participants, who have made bank trading that volatility.

可转换票据允许策略迅速筹集资金而无需稀释MST库存。通常，类似这些票据的投资者是因为它们提供稳定的收益，如果股票有所激增，它们也会受益，并且通常可以以现金兑换，除了利息支付外，也可以以等于原始投资的金额兑换。然而，战略可转换票据的巨大波动使该公司大多以零利率向其签发，并且仍然满足了成熟市场参与者的高需求，他们已经使银行交易使这种波动率变得波动。

Finally, Strategy has begun deploying preferred stocks. These are instruments that tend to appeal to investors seeking lower volatility and more predictable returns through dividends. There are currently two offerings: STRK, which gives an 8% annual return; and STRF, which pays 10% annualized.

最后，战略已经开始部署优先股。这些工具倾向于吸引寻求较低波动性和通过股息获得更可预测回报的投资者。目前有两种产品：Strk，每年8％；和STRF，年龄为10％。

But why is Strategy issuing all of these different types of investment vehicles? The idea is to create demand for Strategy for all kinds of investors that may have different tolerances to risk, Jeffrey Park, head of Alpha Strategies at crypto asset management Bitwise, told CoinDesk in an interview.

但是，为什么战略发行所有这些不同类型的投资工具？ Crypto Asset Management Bitwise Alpha Strategies的负责人Jeffrey Park在接受采访时告诉Coindesk，这个想法是为可能具有不同容忍风险的各种投资者建立对战略的需求。

“The convertible bond investors and the common equity investors were generally aligned in that they were both volatility seeking structures,” Park said. “Preferred equities are different. They actually are favored by investors who want to minimize volatility at all costs for a steady, reliable and high coupon that they feel is worth the credit risk.”

帕克说：“敞篷债券投资者和普通股票投资者通常都保持一致，因为他们俩都在寻求结构。” “首选股票不同。实际上，他们受到投资者的青睐，他们希望以稳定，可靠和高的优惠券不惜一切代价最大程度地减少波动，他们认为这是值得的。”

“Strategy’s capital structure is almost like a seesaw in a playground. The common shareholders and converts are on one side, the preferred equity holders are on the other side. As sentiment shifts, the weights move around, and it tilts the value between these securities. But no matter

“策略的资本结构几乎就像一个游乐场中的seesaw一样。共同股东和convert依者在一侧，首选的股权持有人在另一侧。随着情感的转移，权重的移动，并且它在这些证券之间倾斜了价值。但是无论如何，无论如何。