战略执行董事长迈克尔·塞勒（Michael Saylor）承认，如果比特币的价格下跌，公司股东将“受苦”

意见：战略执行董事长迈克尔·塞勒（Michael Saylor）承认，如果比特币的价格下跌，公司股东将“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（纳斯达克股票代码：Strg）执行董事长迈克尔·赛勒（Michael Saylor）在《金融时报》视频中说，如果比特币将下跌90％并停留大约五年，该公司将是稳定的，但是股权持有人会被淘汰，因为策略通过可转换债务和债券提供了严重的利用。

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.

全球最大的比特币公司持有人拥有近590亿美元的加密货币，并正在继续进行投资，因此该公司可以购买更多。尽管该公司缺乏现金与加密货币持有的现金相对，但有关其服务债务能力的疑问。

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

Saylor的策略是将所有芯片放在加密货币上。

"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."

“我们认为比特币是世界上最高的财产形式，是世界上最高的财产，这是最好的投资资产。因此，最终游戏是获得更多的比特币。无论谁获得最多的比特币胜利。没有其他终点。”

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."

美国银行（NYSE：BAC）股本资本市场负责人克雷格·科本（Craig Coben）并没有专注于其业务软件的有机增长，而是告诉《金融时报》，公司的重点是“新兵”和“新资金”。

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.

为了筹集资金购买更多比特币，该公司在一月份推出了新的优先股产品，该产品支付了股息，并包括每股100美元的清算优先股，这意味着将向投资者支付该公司的数量。据英国英国银行（Ft）称，这款投资工具筹集了5.8亿美元。

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，该公司再次推出了另一份产品，即永久性的争吵偏爱的股票，以筹集资金购买比特币。根据新闻稿，此产品“将仅以现金支付”。

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.

尽管战略探索了每种途径，以将更多的钱投资于比特币，但Coben说，这些举动“提出了有关其所做工作的可持续性的疑问，尤其是在比特币陨石坑的情况下。

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6030万美元现金，仅是其在比特币持有的435亿美元的一小部分，根据其表格10-Q。如果该公司被迫以巨大的损失“出售“比特币”以满足营运资金的需求，那么练习赛坚定地反对，“我们的业务和财务状况可能会受到负面影响。”

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，一周内比特币下降了13％之后，塞勒在X上张贴：“如果需要，请卖肾脏，但要保留比特币。”

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

即使要有加密货币衰退，Saylor仍然坚持公司的安全。

"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."

“我们的资本结构是建造的（因此），比特币可以下降90％并在那里呆了四到五年，我们仍然会保持稳定。”

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

但是，虽然公司将是稳定的，但塞勒说，如果硬币沉没，股东更容易遭受重大损失。

"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."

“对股权持有人来说，这不是一个好的结果，对吗？资本结构顶部的人们会因为杠杆率而受苦，但是资本结构中的其他所有人都会得到报酬。”

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.

前花旗集团（NYSE：C）董事总经理戴夫·威斯伯格（Dave Weiseberger）告诉《财富》，战略已经承担了大量债务来资助其比特币购买的资金，但加密货币价格下跌“几乎肯定会导致更大的下跌”。

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

尽管最近的比特币幻灯片，但本月加密货币上涨了近20％，自一年前这段时间以来，加密货币却超过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说：“只要MicroStrategy能够继续对其净资产价值命令溢价，该战略将继续为股东带来福利。”

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

策略和塞勒没有退还《财富》的置评请求。您可以观看下面的《金融时报》的采访。