MicroStrategy（MSTR）可以在残酷的加密冬季生存，但股东对此并不感到满意

战略公司MSTR执行董事长迈克尔·赛勒（Michael Saylor）说，该公司（以前称为MicroStrategy）可以在一个残酷的加密冬季生存

Strategy Inc. (NASDAQ:MSTR) executive chairman Michael Saylor says the company, formerly known as MicroStrategy Inc (NASDAQ:MSTR), could survive a brutal crypto winter, but its shareholders wouldn't be too happy about it.

战略公司（纳斯达克股票代码：MSTR）执行董事长迈克尔·赛勒（Michael Saylor）表示，该公司（以前称为Microstrategy Inc（NASDAQ：MSTR））可以在残酷的加密冬季中幸存下来，但其股东对此并不满意。

In a new Financial Times film and subsequent interviews, Saylor warned that if Bitcoin (CRYPTO: BTC) "fell 90 per cent and stayed there for four or five years, we would still be stable," yet equity investors "would suffer because they're levered."

在《新金融时报》和随后的采访中，塞勒警告说，如果比特币（加密：BTC）“下跌了90％，在那里呆了四到五年，我们仍然会保持稳定，但股票投资者“却会受苦，因为他们杠杆杠杆。”

The alert comes as MicroStrategy keeps piling on debt and preferred-stock financings to buy more Bitcoin, already the world's largest corporate holder of the token at 568,840 coins worth about $59 billion.

警报发出了，因为MicroStrategy不断赚取债务和首选的库存融资来购买更多比特币，这已经是全球最大的代币公司持有人，价格为568,840硬币，价值约590亿美元。

Saylor's endgame is simple. "Whoever gets the most bitcoin wins. There is no other endgame," he told Yahoo Finance in a separate sit-down. To keep buying, MicroStrategy sold $580 million of dividend-paying preferred shares in January and another perpetual-preferred slug in March — cash it can deploy straight into crypto.

Saylor的最后游戏很简单。 “谁获得比特币最多的胜利。没有其他残局。”他在另一个坐下来告诉Yahoo Finance。为了继续购买，MicroStrategy在一月份出售了5.8亿美元的股息优先股，并在3月份出售了另一个永久偏爱的股票 - 现金可以直接部署到加密货币中。

The balance sheet now holds just $60.3 million in cash against tens of billions in digital assets, its latest 10-Q shows. Former Bank of America ECM chief Craig Coben tells FT that Strategy's focus on "new money" raises "questions about the sustainability" of the bet if prices crater.

其最新的10-Q显示，资产负债表现在仅持有6030万美元的现金现金。前美国银行ECM首席首席克雷格·科本（Craig Coben）告诉英国银行（FT），如果价格火山口，则对“新资金”的关注提出了“关于可持续性的问题”。

Saylor shrugs at the skeptics, even trolling them on X: "Sell a kidney if you must, but keep the Bitcoin." But Saylor's own warning shows just how thin the ice could get if the next crypto winter proves deeper and longer than the last.

Saylor对怀疑论者耸了耸肩，甚至在X上拖着troll，“如果需要，请卖肾脏，但要保留比特币。”但是，塞勒自己的警告表明，如果下一个加密冬季比最后一个更深，更长的冰块，冰可以得到多么薄。

Top 3 Bitcoin-Holding Public Companies

前三名比特币持有的上市公司

According to Benzinga Pro, here are the top 3 Bitcoin-holding public companies as of August 2023:

根据Benzinga Pro的说法，这是截至2023年8月的前三家持有比特币的上市公司：

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Strategy Inc (NASDAQ:MSTR): 128,000 BTC (as of August 2023)

战略公司（新的128,000 BTC（截至2023年8月）

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Coinbase Global (NASDAQ:COIN): 64,000 BTC (as of August 2023)

Coinbase Global（NASDAQ：COIN）：64,000 BTC（截至2023年8月）

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Riverbank (OTC:RIBC) (as of August 2023)

Riverbank（OTC：RIBC）（截至2023年8月）

Economist Peter Schiff, a critic of all things Bitcoin, has questioned Strategy's Bitcoin playbook and predicted "fireworks" if Bitcoin were to drop in value. Schiff recently said that a significant BTC slump could soon even push MSTR "into the red."

经济学家彼得·希夫（Peter Schiff）是对比特币的所有事物的批评者，他质疑了策略的比特币剧本，并预测了比特币价值下降的“烟火”。席夫最近表示，BTC的严重低迷甚至很快就会将MSTR推到“红色”。

However, JPMorgan analysts expect continued Bitcoin upside into late 2025, driven by sector-specific momentum and weakening gold sentiment. Major U.S. exchanges like Coinbase (NASDAQ:COIN), Kraken, and Gemini are expanding regulated crypto derivatives offerings to institutional investors, all adding to the crypto king's momentum.

然而，摩根大通分析师预计，在2025年末，由特定部门的动力和减弱的黄金情绪驱动，比特币上涨。 Coinbase（NASDAQ：COIN），KRAKEN和GEMINI等美国主要交易所正在向机构投资者提供受监管的加密衍生品产品，这都增加了加密王的势头。

Shares of Strategy closed 4.73% lower at $397.03 on Thursday. The stock is up 32.34% since the beginning of 2025.

战略股票周四下跌4.73％，至397.03美元。自2025年初以来，该股票上涨了32.34％。

Benzinga Edge Point: Edge Stock Rankings indicate that Strategy has a Momentum in the 97th percentile.

Benzinga边缘点：边缘排名表明该策略在第97个百分位数中具有动力。