戰略執行董事長邁克爾·塞勒（Michael Saylor）承認，如果比特幣的價格下跌，公司股東將“受苦”

意見：戰略執行董事長邁克爾·塞勒（Michael Saylor）承認，如果比特幣的價格下跌，公司股東將“受苦”

Strategy's (NASDAQ:STRG) executive chairman Michael Saylor said in a Financial Times video if Bitcoin were to fall 90% and stay down for roughly half a decade, the company would be stable, but equity holders would be wiped out because Strategy is heavily leveraged through convertible debt and bond offerings.

策略（納斯達克股票代碼：Strg）執行董事長邁克爾·賽勒（Michael Saylor）在《金融時報》視頻中說，如果比特幣將下跌90％並停留大約五年，該公司將是穩定的，但是股權持有人會被淘汰，因為策略通過可轉換債務和債券提供了嚴重的利用。

The world's largest corporate holder of Bitcoin owns nearly $59 billion in the cryptocurrency and is continuing to invest so the company can buy more. While the company has a lack of cash comparatively to its crypto holdings, questions arise regarding its ability to service debt.

全球最大的比特幣公司持有人擁有近590億美元的加密貨幣，並正在繼續進行投資，因此該公司可以購買更多。儘管該公司缺乏現金與加密貨幣持有的現金相對，但有關其服務債務能力的疑問。

Saylor's strategy is to place all his chips onto crypto.

Saylor的策略是將所有芯片放在加密貨幣上。

"We think bitcoin is the highest form of property, the apex property in the world, and it's the best investment asset. So the endgame is to acquire more bitcoin. Whoever gets the most bitcoin wins. There is no other endgame."

“我們認為比特幣是世界上最高的財產形式，是世界上最高的財產，這是最好的投資資產。因此，最終遊戲是獲得更多的比特幣。無論誰獲得最多的比特幣勝利。沒有其他終點。”

Rather than focusing on organic growth from its business software, former Bank of America (NYSE:BAC) head of equity capital markets Craig Coben told the Financial Times the company's focus is on "new recruits" and "new money."

美國銀行（NYSE：BAC）股本資本市場負責人克雷格·科本（Craig Coben）並沒有專注於其業務軟件的有機增長，而是告訴《金融時報》，公司的重點是“新兵”和“新資金”。

In an effort to raise capital to buy more Bitcoin, the company launched a new preferred stock offering in January, which pays a dividend and includes a liquidation preference at $100 per share, meaning investors would be paid that amount of the company is ever liquidated. The investment vehicle raised $580 million, according to the FT.

為了籌集資金購買更多比特幣，該公司在一月份推出了新的優先股產品，該產品支付了股息，並包括每股100美元的清算優先股，這意味著將向投資者支付該公司的數量。據英國英國銀行（Ft）稱，這款投資工具籌集了5.8億美元。

Additionally, in March, the company launched another offering, the perpetual strife preferred stock, again, to raise money to buy Bitcoin. This offering "will be payable solely in cash," according to a release.

此外，在三月份，該公司再次推出了另一份產品，即永久性的爭吵偏愛的股票，以籌集資金購買比特幣。根據新聞稿，此產品“將僅以現金支付”。

While Strategy explores every avenue to invest more money into Bitcoin, Coben said the moves "raises questions about the sustainability of what they are doing," especially if Bitcoin craters.

儘管戰略探索了每種途徑，以將更多的錢投資於比特幣，但Coben說，這些舉動“提出了有關其所做工作的可持續性的疑問，尤其是在比特幣隕石坑的情況下。

As of March 31, Strategy held $60.3 million in cash, just a fraction of the $43.5 billion it held in Bitcoin, according to its form 10-Q. If the company was "forced to sell" its bitcoin "at a significant loss" in order to meet working capital requirements, a practice Saylor firmly opposes, "our business and financial condition could be negatively impacted."

截至3月31日，策略持有6030萬美元現金，僅是其在比特幣持有的435億美元的一小部分，根據其表格10-Q。如果該公司被迫以巨大的損失“出售“比特幣”以滿足營運資金的需求，那麼練習賽堅定地反對，“我們的業務和財務狀況可能會受到負面影響。 ”

In February, after Bitcoin fell 13% in a week, Saylor posted on X: "Sell a kidney if you must, but keep the Bitcoin."

2月，一周內比特幣下降了13％之後，塞勒在X上張貼：“如果需要，請賣腎臟，但要保留比特幣。”

Saylor remains adamant about the company's security even if there were to be a crypto downturn.

即使要有加密貨幣衰退，Saylor仍然堅持公司的安全。

"Our capital structure is constructed (so) that Bitcoin could fall 90% and stay there for four or five years, and we would still be stable."

“我們的資本結構是建造的（因此），比特幣可以下降90％並在那里呆了四到五年，我們仍然會保持穩定。”

However, while the company would be stable, Saylor said shareholders are more susceptible to substantial losses if the coin sinks.

但是，雖然公司將是穩定的，但塞勒說，如果硬幣沉沒，股東更容易遭受重大損失。

"It wouldn't be a good outcome for the equity holders, right? The people at the top of the capital structure, they would suffer because they're levered, but everybody else in the capital structure would get paid out."

“對股權持有人來說，這不是一個好的結果，對嗎？資本結構頂部的人們會因為槓桿率而受苦，但是資本結構中的其他所有人都會得到報酬。”

While Strategy has taken on substantial debt to fund its Bitcoin purchases, a drop in the crypto's price would "almost certainly result in a larger fall" in Strategy's stock price, former Citigroup (NYSE:C) managing director Dave Weiseberger told Fortune.

前花旗集團（NYSE：C）董事總經理戴夫·威斯伯格（Dave Weiseberger）告訴《財富》，戰略已經承擔了大量債務來資助其比特幣購買的資金，但加密貨幣價格下跌“幾乎肯定會導致更大的下跌”。

Despite a recent Bitcoin slide, the cryptocurrency is up nearly 20% this month and more than 65% since this time a year ago.

儘管最近的比特幣幻燈片，但本月加密貨幣上漲了近20％，自一年前這段時間以來，加密貨幣卻超過65％。

"As long as MicroStrategy can continue to command a premium to its net asset value, then the strategy will continue to reap benefits for shareholders," Coben said.

Coben說：“只要MicroStrategy能夠繼續對其淨資產價值命令溢價，該戰略將繼續為股東帶來福利。”

Strategy and Saylor did not return Fortune's request for comment. You can watch Saylor's interview with the Financial Times below.

策略和塞勒沒有退還《財富》的置評請求。您可以觀看下面的《金融時報》的採訪。