策略的比特币推销：首选股票和寻求加密统治

由迈克尔·塞勒（Michael Saylor）领导的策略通过优先股份积极积累比特币，表现优于ETF。这是高风险赌博的天才还是冒险的赌注？

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

策略的比特币推销：首选股票和寻求加密统治

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?

在迈克尔·塞勒（Michael Saylor）的领导下，战略（以前是微型策略）正在使用其积极的比特币积累策略引起波浪。通过发行首选股票并将资本重新投资到比特币中，他们的目标是加密占主导地位。但是这种策略是可持续的吗？

Preferred Shares: A Novel Approach to Bitcoin Acquisition

优先股：一种新颖的比特币获取方法

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.

策略已将优先股（Strf，Strk和Strd）引入了比特币购买的资金机制。与传统股票或比特币相比，TD Cowen分析师将这些股票评为“买入”，并以固定的股息和降低的风险评价。这些股份是战略雄心勃勃的“ 42/42”计划的一部分，到2027年以840亿美元的价格购买比特币。 TD Cowen估计战略具有足够的盈余来支付174年的股息负担，从而增强了投资者的信心。

Outpacing ETFs: A Shift in Bitcoin Accumulation

超过ETF：比特币积累的转变

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，以战略为首的上市公司超过了比特币积累中的ETF，与ETF的110,000 BTC相比，收购了131,000 BTC。这是连续第三个季度公共国库的表现优于购买者。 Ecoinmetrics的Eric Marie建议，上市公司积累了比特币以提高股东价值，而与宏观的情绪无关，而ETF则更容易受到市场逆风的影响。

Strategy's Dominance in Bitcoin Holdings

策略在比特币控股中的主导地位

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.

上市公司共同持有总比特币供应量的4％，策略占狮子的份额为2.85％。这种重要的持有有助于减轻比特币的下行风险。这些公司的持续积累可以支持比特币的价格高于$ 10万美元。

A Bold Strategy or a Risky Bet?

大胆的策略还是冒险的赌注？

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.

策略的方法无疑是大胆的。通过利用优先股，他们积累了相当多的比特币投资组合。但是，该策略取决于比特币的持续感谢。如果比特币的价格急剧下跌，策略可能会面临财务压力，从而影响其首选股票股息的能力。

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.

尽管存在这些风险，但潜在的奖励还是很大的。随着比特币的价值的提高，战略持有的价值也随之增加，可能会给股​​东带来巨大收益。此外，他们的大型比特币财政部可以在加密生态系统中给予他们巨大的影响。

The Future of Strategy and Bitcoin

战略和比特币的未来

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!

未来是不确定的，但是有一件事很明显：策略正在玩高风险的游戏。这场赌博是否能付出差异还有待观察。可以肯定的是，加密世界从来没有一个沉闷的时刻。策略的大胆计划会导致加密荣耀，还是会成为一个警示的故事？只有时间会证明。在此之前，搭扣并享受旅程！