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[lastpost] => 2795273 基于 Polymarket 的交易 Bot 项目被黑客攻击 1767835026 比推快讯
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分析师：随着MicroStrategy股价创25年来新高，其被迫出售比特币的可能性极低
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比推消息，据 The Block 报道，BitMEX Research 的分析师认为，根据 MicroStrategy目前的债务结构，该公司极不可能被迫出售其持有的比特币，但考虑到加密货币的波动性，一切皆有可能。MicroStrategy 目前持有 252,220 枚 BTC，目前价值超过 170 亿美元，总成本约为 99 亿美元。截至收盘，MicroStrategy 股价周四上涨逾 10%，达到 25 年来的最高水平 235.89 美元。
分析师表示，该公司 436 亿美元的市值与其基础比特币资产的净资产价值相比溢价巨大。MicroStrategy 创始人兼执行董事长 Michael Saylor 此前曾表示，他无意出售公司的比特币。然而，鉴于 MicroStrategy 在这种波动资产上的大量持有量以及其高额的债务水平，一些人质疑该公司是否会被迫出手，导致其将比特币持仓抛向市场，进而引发价格螺旋式下跌。
BitMEX Research 的分析师表示，这个问题没有简单的答案。这些债券附带有复杂的转换选项，允许债券持有人根据股票表现和债券到期等条件，选择转换为 MSTR 股票或要求现金赎回。大多数债券允许 MicroStrategy 在股价溢价时进行现金赎回，而如果比特币价格坚挺，债券持有人可能会选择转换为股票，这使得被迫出售比特币的可能性降低。他们解释说，虽然理论上利息支付可能会给 MicroStrategy 带来压力，但其软件业务的现金流应足以覆盖这些成本，而无需出售比特币，即使价格下跌也是如此。
由于 MicroStrategy 的债券目前并非其资本结构的主要部分，因此为履行债券义务而被迫出售比特币的情况仍不太可能发生。即使比特币在典型的熊市中下跌 80% 至约 15,000 美元，且公司无法再举债，债券到期日和债券持有人选择权日期也分散在 2027 年至 2031 年的特定时间段内，从而降低了立即清算的压力。然而，如果 MicroStrategy 的股票溢价超过其净资产价值，并需要偿还债券，那么支持出售比特币可能对股东有利。因此，他们警告称，虽然股票以溢价交易，但出售比特币的动机很小，但如果债务增加，风险也会增加，在比特币低迷时期被迫出售的可能性可能会上升。
风险提示： 本新闻涉及的内容仅供参考，不构成投资建议。依据发布的信息以及所表达的意见行事所造成的一切后果由行事者自负。文章链接 |
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