MicroStrategy（現在的策略）繼續購買比特幣

該公司MicroStrategy由商人邁克爾·賽勒（Michael Saylor）於1989年創立，現在被稱為策略 - 但任何一件事都沒有改變

The company Microstrategy, founded by businessman Michael Saylor in 1989, is now simply called Strategy – but either one thing has not changed under this new brand name: the massive acquisition of Bitcoin in the name of the company.

該公司MicroStrategy由商人Michael Saylor於1989年創立，現在被稱為“策略”，但無論哪種新品牌名稱：以公司名義大​​量收購比特幣。

Its new logo is already adorned with that Bitcoin-Symbol, which unequivocally underlines the founder's strong commitment to the crypto asset. In this report, we explain in this report what this strategy has been used again and how it can be evaluated from a risk analysis perspective.

它的新徽標已經裝飾有該比特幣符號，該比特幣符號明確強調了創始人對加密資產的堅定承諾。在本報告中，我們在此報告中解釋了該策略再次使用了哪些策略，以及如何從風險分析的角度進行評估。

The strategy behind the Bitcoin purchases

比特幣購買背後的策略

Strategy pursues a unique approach by buying large amounts of Bitcoin and For this purpose, a mixture of own and debt capital uses. The company currently has 528,185 BTC-this already corresponds to about 2.5 percent (!) Of the maximum available Bitcoin offer. With a total value of approximately $ 43 billion at a Bitcoin course of $ 81,000, Strategy is by far the largest company holder from Bitcoin.

戰略通過購買大量比特幣來追求獨特的方法，並為此目的，將自己和債務資本的混合物混合在一起。該公司目前擁有528,185個BTC-這已經對應於最大可用比特幣優惠的2.5％（！）。策略是迄今為止比特幣最大的公司持有人，總價值約為430億美元，比特幣的總價值為81,000美元。

It is particularly noteworthy that Strategy not only uses its own capital, but also takes on debt to further expand its Bitcoin position. A significant part of the financing takes place via so -called “convertible notes”, ie changeable bonds. These financing instruments offer investors the opportunity to convert their bonds under certain conditions in corporate shares instead of demanding a classic repayment in the form of cash. This reduces the immediate pressure on strategy to repay the debt of operational income or Bitcoin sales.

特別值得注意的是，戰略不僅使用自己的資本，而且還承擔債務來進一步擴大比特幣的地位。融資的很大一部分是通過SO稱為“可轉換票據”的，即可變的債券進行的。這些融資工具為投資者提供了在公司股份的某些條件下轉換其債券的機會，而不是要求以現金形式進行經典還款。這減少了償還運營收入或比特幣銷售債務的戰略的立即壓力。

In addition to the changeable bonds, Strategy also finances his Bitcoin purchases through preferred shares and classic debts. As part of the so-called “21/21-Plan”, the company plans to procure another $ 42 billion in 2025 to 2027-of which 21 billion in the form of equity and fixed-interest financing instruments-primarily for buying further Bitcoin. Part of it are eternal preferred shares with a kupon of 10 percent that are specifically marketed to private investors.

除了可變的債券外，戰略還通過優先股和經典債務為他的比特幣購買提供資金。作為所謂的“ 21/21套計劃”的一部分，該公司計劃在2025年至2027年再購買420億美元，其中210億美元的股本和固定利益融資工具的形式主要用於購買更多的比特幣。它的一部分是永恆的首選股份，庫彭（Kupon）為10％，專門向私人投資者銷售。

The big question for investors: How risky is Saylor's strategy?

對投資者的最大問題：Saylor的策略有多大的風險？

On the one hand, the use of convertible bonds for buying gives the company a high level of flexibility. Since these are not covered directly by Bitcoin, there is no immediate risk of liquidation if the Bitcoin price breaks. In addition, Strategy is not only a pure Bitcoin buyer, but still has a profitable software division, which implements around $ 463 million annually. This contributes to stability because it can cover the interest and dividend obligations of around $ 228 million a year.

一方面，使用可轉換債券進行購買可以使公司具有很高的靈活性。由於它們沒有直接被比特幣覆蓋，因此，如果比特幣的價格破損，則沒有立即清算的風險。此外，戰略不僅是純比特幣買家，而且仍然有一個有利可圖的軟件部門，每年實施約4.63億美元。這有助於穩定，因為它可以涵蓋每年約2.28億美元的利息和股息義務。

At the same time, Strategy with his strategy is of course strongly dependent on the Bitcoin course. If there is a massive drop in price, the company could be forced to sell parts of its stocks to operate liabilities. However, a complete liquidation to repay all debts would require the fall of the Bitcoin price to approx. $ 20,143-a drastic decline compared to the current prices, which is not excluded.

同時，他的策略當然在很大程度上取決於比特幣課程。如果價格大幅下跌，則可能會被迫出售其部分股票以承擔責任。但是，完全清算以償還所有債務，將使比特幣價格下跌至大約。與目前的價格相比，$ 20,143-A急劇下降，這尚未排除。

For comparison: In the summer of 2024, sales waves of several large institutions provided considerable price pressure on Bitcoin. As both the Crypto belts Mt. Gox and Genesis as well as the German federal government Bitcoin worth $ 16 billion sold, he lost over 11 percent of its value in just one month. The story also shows that Bitcoin has always recovered from such shocks. So if Strategy is forced to sell larger quantities, this could exert pressure at short notice, but could not trigger a sustainable market crisis.

比較：在2024年夏天，幾個大型機構的銷售浪潮為比特幣提供了巨大的價格壓力。隨著加密貨幣山脈和創世紀以及價值160億美元的德國聯邦政府比特幣都賣出了，他在短短一個月內就損失了其價值的11％以上。這個故事還表明，比特幣一直從這種衝擊中恢復過來。因此，如果策略被迫出售大量數量，這可能會在短時間內施加壓力，但不能引發可持續的市場危機。

Conclusion: a bold but not unreasonable bet

結論：大膽但不是不合理的賭注

With its aggressive Bitcoin purchases, Strategy relies on a long-term upgrading of the asset and also reflects the interests of more and more states and central banks, Bitcoin in anticipation of a long-term rise strategic reserve to keep. As a participant in a so -called “reserve race”, the company relies on innovative financing channels that reduce the risk of liquidation. Nevertheless, the model is not without dangers: a drastic Bitcoin price drop could increase the debt burden and put pressure on the value of the company.

憑藉其積極的比特幣購買，戰略依賴於資產的長期升級，還反映了越來越多的州和中央銀行的利益，比特幣預期了長期上升的戰略儲備。作為參加“儲備競賽”的參與者，該公司依靠創新的融資渠道來降低清算風險。然而，該模型並非沒有危險：急劇的比特幣價格下跌可能會增加債務負擔，並給公司的價值帶來壓力。

For investors, this means a risky but potentially extremely profitable bet: Anyone who believes in Bitcoin's long -term increase in value could see Strategy as one of the most important players in this area – with all the opportunities and risks that bring with it.

對於投資者而言，這意味著一個冒險但潛在的有利可圖的賭注：任何相信比特幣長期增加價值的人都可以將戰略視為該領域中最重要的參與者之一 - 帶來了所有帶來的機會和風險。