策略的比特幣推銷：首選股票和尋求加密統治

由邁克爾·塞勒（Michael Saylor）領導的策略通過優先股份積極積累比特幣，表現優於ETF。這是高風險賭博的天才還是冒險的賭注？

Strategy's Bitcoin Push: Preferred Shares and the Quest for Crypto Dominance

策略的比特幣推銷：首選股票和尋求加密統治

Strategy (formerly MicroStrategy), under Michael Saylor, is making waves with its aggressive Bitcoin accumulation strategy. By issuing preferred shares and reinvesting the capital into Bitcoin, they're aiming for crypto dominance. But is this strategy sustainable?

在邁克爾·塞勒（Michael Saylor）的領導下，戰略（以前是微型策略）正在使用其積極的比特幣積累策略引起波浪。通過發行首選股票並將資本重新投資到比特幣中，他們的目標是加密占主導地位。但是這種策略是可持續的嗎？

Preferred Shares: A Novel Approach to Bitcoin Acquisition

優先股：一種新穎的比特幣獲取方法

Strategy has introduced preferred shares (STRF, STRK, and STRD) as a funding mechanism for Bitcoin purchases. TD Cowen analysts rate these shares as "buy," citing their fixed dividends and reduced risk compared to traditional shares or Bitcoin. These shares are part of Strategy's ambitious "42/42" plan, targeting $84 billion by 2027 for Bitcoin acquisition. TD Cowen estimates Strategy has enough surplus to cover the dividend burden for 174 years, bolstering investor confidence.

策略已將優先股（Strf，Strk和Strd）引入了比特幣購買的資金機制。與傳統股票或比特幣相比，TD Cowen分析師將這些股票評為“買入”，並以固定的股息和降低的風險評價。這些股份是戰略雄心勃勃的“ 42/42”計劃的一部分，到2027年以840億美元的價格購買比特幣。 TD Cowen估計戰略具有足夠的盈餘來支付174年的股息負擔，從而增強了投資者的信心。

Outpacing ETFs: A Shift in Bitcoin Accumulation

超過ETF：比特幣積累的轉變

In Q2 2025, public companies, spearheaded by Strategy, outpaced U.S. spot ETFs in Bitcoin accumulation, acquiring 131,000 BTC compared to ETFs' 110,000 BTC. This marks the third consecutive quarter where public treasuries have outperformed ETF buyers. Eric Marie of Ecoinmetrics suggests that public companies accumulate Bitcoin to increase shareholder value, independent of macro sentiment, while ETFs are more susceptible to market headwinds.

在2025年第2季度，以戰略為首的上市公司超過了比特幣積累中的ETF，與ETF的110,000 BTC相比，收購了131,000 BTC。這是連續第三個季度公共國庫的表現優於購買者。 Ecoinmetrics的Eric Marie建議，上市公司積累了比特幣以提高股東價值，而與宏觀的情緒無關，而ETF則更容易受到市場逆風的影響。

Strategy's Dominance in Bitcoin Holdings

策略在比特幣控股中的主導地位

Public companies collectively hold 4% of the total Bitcoin supply, with Strategy commanding the lion's share at 2.85%. This significant holding helps mitigate Bitcoin's downside risk. The continued accumulation by these companies could support Bitcoin's price above $100K.

上市公司共同持有總比特幣供應量的4％，策略佔獅子的份額為2.85％。這種重要的持有有助於減輕比特幣的下行風險。這些公司的持續積累可以支持比特幣的價格高於$ 10萬美元。

A Bold Strategy or a Risky Bet?

大膽的策略還是冒險的賭注？

Strategy's approach is undeniably bold. By leveraging preferred shares, they are amassing a considerable Bitcoin portfolio. However, this strategy hinges on Bitcoin's continued appreciation. If Bitcoin prices were to fall dramatically, Strategy could face financial strain, impacting its ability to pay dividends on its preferred shares.

策略的方法無疑是大膽的。通過利用優先股，他們積累了相當多的比特幣投資組合。但是，該策略取決於比特幣的持續感謝。如果比特幣的價格急劇下跌，策略可能會面臨財務壓力，從而影響其首選股票股息的能力。

Despite these risks, the potential rewards are substantial. As Bitcoin's value increases, so does the value of Strategy's holdings, potentially leading to significant gains for shareholders. Moreover, their large Bitcoin treasury could give them considerable influence within the crypto ecosystem.

儘管存在這些風險，但潛在的獎勵還是很大的。隨著比特幣的價值的提高，戰略持有的價值也隨之增加，可能會給股​​東帶來巨大收益。此外，他們的大型比特幣財政部可以在加密生態系統中給予他們巨大的影響。

The Future of Strategy and Bitcoin

戰略和比特幣的未來

The future is uncertain, but one thing is clear: Strategy is playing a high-stakes game. Whether this gamble pays off remains to be seen. One thing's for sure, the crypto world never has a dull moment. Will Strategy's audacious plan lead to crypto glory, or will it become a cautionary tale? Only time will tell. Until then, buckle up and enjoy the ride!

未來是不確定的，但是有一件事很明顯：策略正在玩高風險的遊戲。這場賭博是否能付出差異還有待觀察。可以肯定的是，加密世界從來沒有一個沉悶的時刻。策略的大膽計劃會導致加密榮耀，還是會成為一個警示的故事？只有時間會證明。在此之前，搭扣並享受旅程！