MicroStrategy（现在的策略）继续购买比特币

该公司MicroStrategy由商人迈克尔·赛勒（Michael Saylor）于1989年创立，现在被称为策略 - 但任何一件事都没有改变

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.

该公司MicroStrategy由商人Michael Saylor于1989年创立，现在被称为“策略”，但无论哪种新品牌名称：以公司名义大​​量收购比特币。

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.

它的新徽标已经装饰有该比特币符号，该比特币符号明确强调了创始人对加密资产的坚定承诺。在本报告中，我们在此报告中解释了该策略再次使用了哪些策略，以及如何从风险分析的角度进行评估。

The strategy behind the Bitcoin purchases

比特币购买背后的策略

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.

战略通过购买大量比特币来追求独特的方法，并为此目的，将自己和债务资本的混合物混合在一起。该公司目前拥有528,185个BTC-这已经对应于最大可用比特币优惠的2.5％（！）。策略是迄今为止比特币最大的公司持有人，总价值约为430亿美元，比特币的总价值为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.

特别值得注意的是，战略不仅使用自己的资本，而且还承担债务来进一步扩大比特币的地位。融资的很大一部分是通过SO称为“可转换票据”的，即可变的债券进行的。这些融资工具为投资者提供了在公司股份的某些条件下转换其债券的机会，而不是要求以现金形式进行经典还款。这减少了偿还运营收入或比特币销售债务的战略的立即压力。

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.

除了可变的债券外，战略还通过优先股和经典债务为他的比特币购买提供资金。作为所谓的“ 21/21套计划”的一部分，该公司计划在2025年至2027年再购买420亿美元，其中210亿美元的股本和固定利益融资工具的形式主要用于购买更多的比特币。它的一部分是永恒的首选股份，库彭（Kupon）为10％，专门向私人投资者销售。

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

对投资者的最大问题：Saylor的策略有多大的风险？

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，使用可转换债券进行购买可以使公司具有很高的灵活性。由于它们没有直接被比特币覆盖，因此，如果比特币的价格破损，则没有立即清算的风险。此外，战略不仅是纯比特币买家，而且仍然有一个有利可图的软件部门，每年实施约4.63亿美元。这有助于稳定，因为它可以涵盖每年约2.28亿美元的利息和股息义务。

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.

同时，他的策略当然在很大程度上取决于比特币课程。如果价格大幅下跌，则可能会被迫出售其部分股票以承担责任。但是，完全清算以偿还所有债务，将使比特币价格下跌至大约。与目前的价格相比，$ 20,143-A急剧下降，这尚未排除。

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.

比较：在2024年夏天，几个大型机构的销售浪潮为比特币提供了巨大的价格压力。随着加密货币山脉和创世纪以及价值160亿美元的德国联邦政府比特币都卖出了，他在短短一个月内就损失了其价值的11％以上。这个故事还表明，比特币一直从这种冲击中恢复过来。因此，如果策略被迫出售大量数量，这可能会在短时间内施加压力，但不能引发可持续的市场危机。

Conclusion: a bold but not unreasonable bet

结论：大胆但不是不合理的赌注

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.

凭借其积极的比特币购买，战略依赖于资产的长期升级，还反映了越来越多的州和中央银行的利益，比特币预期了长期上升的战略储备。作为参加“储备竞赛”的参与者，该公司依靠创新的融资渠道来降低清算风险。然而，该模型并非没有危险：急剧的比特币价格下跌可能会增加债务负担，并给公司的价值带来压力。

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.

对于投资者而言，这意味着一个冒险但潜在的有利可图的赌注：任何相信比特币长期增加价值的人都可以将战略视为该领域中最重要的参与者之一 - 带来了所有带来的机会和风险。