迈克尔·塞勒（Michael Saylor）的策略的比特币积累策略方法有问题集中水平

该公司获得5％的目标，这引起了人们对破坏比特币的避风港物业的担忧。大型集中持有量为任何资产类别造成风险。

In the rapidly evolving landscape of cryptocurrency, the implications of a single company’s actions can carry significant weight, especially when it comes to accumulating a substantial portion of a cryptocurrency’s total supply.

在加密货币的迅速发展的景观中，单个公司行动的含义可能会带来很大的重量，尤其是在积累加密货币总供应的很大一部分方面。

This is the case with Strategy’s (NASDAQ:STRG) Bitcoin accumulation strategy, which has now reached problematic levels of concentration with nearly 3% of total Bitcoin supply concentrated in a single private corporation.

策略（NASDAQ：Strg）比特币积累策略就是这种情况，该策略现在已经达到了有问题的集中程度，将近比特币供应量的近3％集中在一个私人公司中。

The company’s goal of acquiring 5% of the cryptocurrency’s total supply is also raising concerns about undermining Bitcoin’s safe haven properties and rendering it unsuitable for central bank reserve holdings.

该公司获得加密货币总供应量的5％的目标也引起了人们对破坏比特币的避风港财产的担忧，并使其不适合中央银行储备金。

Large concentrated holdings create systemic risks for any asset class, but they are particularly problematic for Bitcoin, which was designed to be used as a decentralized store of value and payment method.

大型集中持有量会为任何资产类别造成系统性风险，但对于比特币来说尤其有问题，该比特币被设计为价值和付款方式的分散储存。

Moreover, private corporations holding such a large portion of a global cryptocurrency’s supply also renders it inappropriate for central bank reserve assets.

此外，属于全球加密货币供应中如此大部分的私人公司也使其不适合中央银行储备资产。

Michael Saylor’s company is currently holding close to 3% of the total Bitcoin ever issued, according to a report from Sygnum.

根据Sygnum的一份报告，迈克尔·塞勒（Michael Saylor）的公司目前占有近比特币的近3％。

This figure becomes more concerning when considering that Strategy has set a goal of acquiring 5% of the entire Bitcoin supply, a level of corporate control that contradicts the cryptocurrency’s foundational principles of decentralization and distributed ownership.

当考虑该策略设定了获取整个比特币供应的5％的目标时，这个数字变得更加关注，这是一种与加密货币的权力下放和分布式所有权相矛盾的公司控制水平。

The company’s corporate holdings are also relative to the liquid Bitcoin supply, which is substantially smaller than the total issued amount.

该公司的公司持有量也相对于液体比特币供应，该供应量大于发行的总额。

At the end of 2022, liquid Bitcoin supply was around $250 billion, while the company’s adjusted preferred equity value is $10.43 billion.

在2022年底，液体比特币供应量约为2500亿美元，而公司的调整后的股票价值为104.3亿美元。

This means that Michael Saylor’s company controls a much higher percentage of actively traded Bitcoin, setting the stage for potential market manipulation risks and broader cryptocurrency price volatility concerns.

这意味着迈克尔·塞勒（Michael Saylor）的公司控制着积极交易的比特币的比例更高，为潜在的市场操纵风险和更广泛的加密货币价格波动率关注。

Another crucial aspect highlighted by Sygnum is the potential implications of bitcoin acquisition vehicles like Strategy during cryptocurrency bear markets.

Sygnum强调的另一个关键方面是比特币采集工具在加密货币熊市中的策略的潜在影响。

Due to the potential for significant forced selling pressure. When demand for such investment instruments becomes saturated and Bitcoin prices drop, companies may be forced to liquidate their cryptocurrency holdings to retire debt or pay for operational costs.

由于有可能发生强迫销售压力。当对此类投资工具的需求变得饱和并且比特币价格下跌时，公司可能会被迫清算其加密货币持股以退休债务或支付运营成本。

Michael Saylor’s company used leveraged capital through convertible bonds and preferred stock, setting up a situation where decreasing bitcoin prices would lead to increased redemption calls.

迈克尔·塞勒（Michael Saylor）的公司通过可转换债券和优先股利用了杠杆资本，建立了一个情况下，比特币价格下降将导致赎回电话增加。

When Strategy cannot issue new securities on good terms during periods of market decline, it must sell bitcoin in order to service debt.

当策略在市场下降期间无法以良好状态发行新证券时，它必须出售比特币才能提供债务。

The high weighting of Strategy’s holdings guarantees that involuntary selling would have a disproportionate market effect. If Michael Saylor were to dispose of bitcoin, it would damage market mood and would tend to cause additional selling pressure in already challenging market circumstances.

战略持有的高度加权保证了非自愿销售将产生不成比例的市场影响。如果迈克尔·赛勒（Michael Saylor）要处理比特币，它将损害市场的情绪，并且在已经具有挑战性的市场情况下倾向于造成额外的销售压力。

Strategy has just launched STRD, its third Nasdaq-listed series of bitcoin-backed preferred stocks, aimed at fixed-income investors and collateralized by BTC.

策略刚刚推出了纳斯达克上市的第三款比特币支持的优先股，该股票旨在固定收入投资者，并由BTC抵押。

These instruments involve additional obligations that might compel the forced sale of bitcoin in adverse market conditions.

这些工具涉及其他义务，可能会在不利的市场条件下强迫出售比特币。

Strategy’s methodology also unjustifiably misdescribes bitcoin treasury investment as normal corporate practice, replicating leveraged investment strategies that overwhelm the underlying business operations.

策略的方法论还不合理地误解了比特币国库投资作为正常的公司实践，从而复制了杠杆投资策略，这些策略压倒了基本的业务运营。

The firm’s bitcoin reserves overshadow the size and cashflow capacity of its underlying software business, leading to a misalignment with conventional treasury management principles.

该公司的比特币保留掩盖了其基础软件业务的规模和现金流量，导致与常规财政管理原则的未对准。

Corporate treasury operations typically target adequate working capital and investment on the basis of liquidity needs.

公司财政运营通常基于流动性需求，以足够的营运资金和投资为目标。

Michael Saylor’s leveraged bitcoin purchases are an investment strategy and not prudent treasury management because the position in bitcoin is gigantic in terms of the needs of the business.

迈克尔·塞勒（Michael Saylor）的杠杆比特币购买是一种投资策略，而不是审慎的国库管理，因为就业务需求而言，比特币的地位是巨大的。

This disinformation has led large companies to reject bitcoin treasury resolutions, with Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN), Meta (NASDAQ:META) and McDonald’s (NYSE:MCD) all rejecting shareholder proposals for bitcoin reserves, with only 0.55% support for Microsoft.

这种虚假信息使大型公司拒绝了比特币国库决议，Microsoft（NASDAQ：MSFT），Amazon（Nasdaq：Amzn），Meta（Nasdaq：Meta）和McDonald's（NYSE：MCD）都拒绝BitcoOsals for BitcoIn Reseves的股东，并仅用于0.55％的BitcoIn Resevers，并支持BitcoIn Reseves。

Finally, the leveraged buyout strategy employed by Strategy’s founders to take over the company in 2020 and the subsequent issuance of convertible preferred stock to fund bitcoin purchases might be viewed as an opportunistic move during a period of low interest rates and high equity valuations.

最后，战略创始人采用的杠杆收购策略在2020年接管了公司，随后发行可转换优先股以资助比特币购买的股票可能被视为在低利率和高股票估值期间的机会主义行动。

This strategy has enabled the company to quickly accumulate a large bitcoin position, but it also carries the risk of becoming unwound rapidly if interest rates rise significantly from their current levels.

该策略使该公司能够迅速积累大型的比特币头寸，但如果利率从目前的水平显着上升，它也有迅速解开的风险。

Companies can benefit from modest bitcoin positions as fiscal and monetary catastrophe insurance, particularly with current monetary system stresses and government obligations.

公司可以从适度的比特币头寸中受益，作为财政和货币灾难保险，尤其是当前的货币制度压力和政府义务。