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[虚拟币交流]
战略大赌注：发行 28 亿美元股票，再收购 2.5 万个比特币（转）
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MicroStrategy 已将其优先股发行价翻了两番，达到 28 亿美元，以推进其 BTC 收购。其不断增长的债务会成为风险因素吗？
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. D( R% Q) R' _据报道，MicroStrategy 已将其最新优先永久股票 Stretch (STRC) 的发行价从 5 亿美元提高至 28 亿美元。+ l/ J3 s3 S; T
6 C" @5 G3 v2 S& B, i- U这是最初的 4 倍扩展计划，所得款项将帮助该公司收购更多比特币[BTC].
8 Y% }2 |# {7 f. t7 \
$ {) ]! I) h: C e/ F据彭博社报道报告摩根士丹利和巴克莱等大型银行已经对新股发行表现出兴趣，凸显了该公司为实现其 BTC 愿景而采取的积极融资方式。
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Strategy 的 BTC 押注8 }) L a7 V) e' T/ e/ r5 U: I- K
Strategy 是 BTC 企业资金管理领域的先驱，其持有的 607,770 BTC 按照当前市场价格计算价值超过 700 亿美元。
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4 g) P' Y9 O( m" G2 W) @0 ~ n; W. o该公司于 2020 年开始收购 BTC，并通过股票出售和发行债券增加了其储备。+ D0 o: X8 G- S8 R) x+ e5 p
6 L( @: d" e! x: z4 b; K最新的永久股票 STRC 加入了 Stride (STRD)、Stark (STRK)、Strife (STRF) 和主要股票 MSTR 的行列，成为该公司在股票发行方面的融资部门的一部分。8 {% a$ G" ^' E" L) z7 a ]9 d6 W
! c5 ^3 J; J9 y2 m该公司创始人迈克尔·塞勒 (Michael Saylor)调用他们被称为“BTC国防部队”。# {; `% @; ]6 i N
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在债务方面，Strategy 还积极发行可转换债券，以推动其 BTC 愿景。截至 2025 年 3 月，该公司的总债务超过 80 亿美元，其中约一半（36.5 亿美元）将于 2028 年中期到期。
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% _% j4 w' o- [8 u2 c0 L, E但批评人士警告称，BTC 的过度杠杆债务可能会增加加密货币和 TradFi 领域的风险敞口。
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/ i3 |. g( d6 h2 `& X+ R为了防止或尽量减少这种情况的影响，特别是在 BTC 资金狂潮中，Variant Fund 法律主管 Jake Chervinsky敦促参与者要做好面对下行风险的准备。 P: M4 [/ a t# r
/ |8 [$ C5 Z9 a |6 j“加密货币最不需要的就是一群糟糕的风险管理者在传统股票市场中破产并被清算。”1 a8 m' X1 N }9 P
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然而，Galaxy Research 的 Alex Thorn 认为，目前这种债务担忧有些夸大了。说明该风险可能在 2028 年（第一个成熟期）变得至关重要。; i' h& c* P# P, t8 }% p
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与此同时，MSTR 分析师 Jeff Walton欢呼扩大 STRC 发行规模，并补充说未来 10 天内将购买约 25K BTC。
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- e0 r/ J( ]8 W7 u4 R. F4 L1 d截至发稿时，MSTR 的估值为 405 美元，较近期高点 457.22 美元下跌了 12%。此前，BTC 价格曾一度跌至 11.5 万美元。但自 4 月份的低点以来，该股已上涨 72%。& k+ V8 N5 C! N* K8 _! O, B
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