<h2><strong>关键要点</strong></h2>
<h3><em>Strategy 购买了多少比特币，价格是多少？</em></h3>
<p>196 BTC，价格为每枚 113,048 美元，使得其资产总额达到 640,031 BTC，价值 700 亿美元。</p>
<h3><em>MSTR 股票在购买后如何反应？</em></h3>
<p>MSTR 上涨了 5.62%，而比特币上涨了 2%，但稀释担忧对股东价值前景施加了压力。</p>
<hr/>
<p>MicroStrategy，现在称为 Strategy Inc. (MSTR)，在宣布收购更多比特币后，过去 24 小时内上涨了 5.62%。</p>
<p>该公司以每枚 113,048 美元的价格收购了 196 BTC，价值 2210 万美元，使其资产总额达到 640,031 BTC，价值超过 700 亿美元。Strategy 仍然承担约 80 亿美元的债务。</p>
<p>迈克尔·塞勒在 2020 年发起的比特币优先战略仍然盈利。尽管如此，该公司的融资方式仍然受到审查。</p>
<h2><strong>稀释风险上升对股东的影响</strong></h2>
<p>在收购超过 2200 万美元的比特币后，Strategy 还稀释了股东超过 1.28 亿美元，主要是在 MSTR 普通股中。此外，塞勒出售了优先股以支付股息。</p>
<p>这种稀释降低了现有的所有权比例，并对个别股票价值产生了负面影响。拟议的计划扩展可能将总稀释风险提升至 103 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Screenshot-2025-09-30-181459.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="680" height="556" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Screenshot-2025-09-30-181459.png"/></p>
<p>来源：X</p>
<p>积极的一面是，这种 MSTR 股票的稀释为他们提供了更多的融资选项，而不是依赖债务。这也被视为一种战略意图，因为这将随着时间的推移提高每股比特币的价值。</p>
<h2><strong>比特币与 MicroStrategy 股票的相关性</strong></h2>
<p>比特币和 MicroStrategy 股票价格密切相关。收购比特币和比特币价格上涨通常会导致 MSTR 价格上涨。</p>
<p>事实上，根据雅虎财经的数据，在购买 196 BTC 后，股票价格最终上涨了 17.36 美元。此外，比特币上涨了 2%，进一步增加了股票的价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/IMG-20250930-WA0006-1.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="880" height="885" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/IMG-20250930-WA0006-1.jpg"/></p>
<p>来源：Cas Abbe/X</p>
<p>图表信号还显示，在 115,000 美元的阻力位附近出现了看涨的背离，RSI 从超卖区域反弹，支持了这一走势。这与塞勒持续增持的乐观情绪相一致。</p>
<p>在短期内，比特币和 MSTR 可能会继续同步波动，因为资产总额在扩大。</p>
<h2><strong>社区反应与结论</strong></h2>
<p>反应不一，有些人对 Strategy 稀释其股票表示赞同。</p>
<p>对于 MSTR 持有者来说，并不全是好消息。一位 CT 用户指出，由于上周 MSTR 价格下跌，购买规模较小。</p>
<p>在一篇帖子中，用户 Foss Invest 写道，</p>
<blockquote>
<p>“由于股票价格在一周内下跌 10%，他无法进行 ATM 发行，因此只能小规模购买。随着比特币下跌，他进行 ATM 发行的能力将受到限制！”</p>
</blockquote>
<p>另一方面，另一位用户马丁·法因对此表示全力支持。他认为，Strategy 要建立如此规模的资产通常需要很长时间，但由于比特币，仅用了五年就实现了。</p>
<p>总之，如果 MSTR 停止购买比特币，将会削弱对加密市场的信心。相反，持续收购比特币将意味着 MSTR 股票表现不及比特币本身。</p>

MSTR

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<p>MicroStrategy (MSTR) 最近以 2210 万美元收购了 196 个比特币，使其总持有量达到 640,031 个比特币，价值超过 700 亿美元。尽管在收购后 MSTR 股票上涨了 5.62%，但稀释担忧随之出现，潜在风险达到 103 亿美元。公司的融资方式受到审查，现有股东的持股比例减少。比特币与 MSTR 股票价格之间的关联性依然强劲，预计两者将同步波动。社区反应不一，突显出对稀释和未来资本发行影响的担忧</p>

<h2><strong>Key Takeaways</strong></h2>
<div class="lb-trans"><h2><strong>关键要点</strong></h2>
</div><h3><em>How much Bitcoin did Strategy buy and at what price?</em></h3>
<div class="lb-trans"><h3><em>Strategy 购买了多少比特币，价格是多少？</em></h3>
</div><p>196 BTC at $113,048 per coin, pushing treasury to 640,031 BTC worth $70 billion.</p>
<div class="lb-trans"><p>196 BTC，价格为每枚 113,048 美元，使得其资产总额达到 640,031 BTC，价值 700 亿美元。</p>
</div><h3><em>How did MSTR stock react after the purchase?</em></h3>
<div class="lb-trans"><h3><em>MSTR 股票在购买后如何反应？</em></h3>
</div><p>MSTR rose 5.62% as BTC gained 2%, but dilution concerns pressured the shareholder value outlook.</p>
<div class="lb-trans"><p>MSTR 上涨了 5.62%，而比特币上涨了 2%，但稀释担忧对股东价值前景施加了压力。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p>MicroStrategy, now Strategy Inc. (MSTR), rose by 5.62% in the last 24 hours after announcing it had acquired more Bitcoin [BTC].</p>
<div class="lb-trans"><p>MicroStrategy，现在称为 Strategy Inc. (MSTR)，在宣布收购更多比特币后，过去 24 小时内上涨了 5.62%。</p>
</div><p>The firm acquired 196 BTC worth $22.1 million at $113,048 per coin, bringing its treasury to 640,031 BTC valued at over $70 billion. Strategy still carries about $8 billion in debt.</p>
<div class="lb-trans"><p>该公司以每枚 113,048 美元的价格收购了 196 BTC，价值 2210 万美元，使其资产总额达到 640,031 BTC，价值超过 700 亿美元。Strategy 仍然承担约 80 亿美元的债务。</p>
</div><p>The Bitcoin-first pivot launched by Michael Saylor in 2020 remained profitable. Even so, the company’s capital-raising methods faced scrutiny.</p>
<div class="lb-trans"><p>迈克尔·塞勒在 2020 年发起的比特币优先战略仍然盈利。尽管如此，该公司的融资方式仍然受到审查。</p>
</div><h2><strong>Impact of rising dilution risk on shareholders</strong></h2>
<div class="lb-trans"><h2><strong>稀释风险上升对股东的影响</strong></h2>
</div><p>After acquiring more than $22 million in BTC, Strategy also diluted shareholders by over $128 million, which was mostly in MSTR commons. Additionally, Saylor sold shares of preferreds to pay them their dividends.</p>
<div class="lb-trans"><p>在收购超过 2200 万美元的比特币后，Strategy 还稀释了股东超过 1.28 亿美元，主要是在 MSTR 普通股中。此外，塞勒出售了优先股以支付股息。</p>
</div><p>This dilution reduced existing ownership percentages and weighed on individual share value. Proposed expansion of the program could lift total dilution risk to $10.3 billion.</p>
<div class="lb-trans"><p>这种稀释降低了现有的所有权比例，并对个别股票价值产生了负面影响。拟议的计划扩展可能将总稀释风险提升至 103 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Screenshot-2025-09-30-181459.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/09/Screenshot-2025-09-30-181459.png"/></p>
<p>Source: X</p>
<div class="lb-trans"><p>来源：X</p>
</div><p>On a positive note, this dilution of MSTR shares gave them more options for raising capital instead of relying on debt. It was also viewed as a strategic intent, as it would increase BTC per share value over time.</p>
<div class="lb-trans"><p>积极的一面是，这种 MSTR 股票的稀释为他们提供了更多的融资选项，而不是依赖债务。这也被视为一种战略意图，因为这将随着时间的推移提高每股比特币的价值。</p>
</div><h2><strong>Bitcoin and MicroStrategy stock correlation</strong></h2>
<div class="lb-trans"><h2><strong>比特币与 MicroStrategy 股票的相关性</strong></h2>
</div><p>Bitcoin and MicroStrategy stock prices have been closely related. Acquisition of BTC and a move higher in the price of Bitcoin usually result in the price of MSTR rising.</p>
<div class="lb-trans"><p>比特币和 MicroStrategy 股票价格密切相关。收购比特币和比特币价格上涨通常会导致 MSTR 价格上涨。</p>
</div><p>In fact, after the 196 BTC purchase, the stock price rose by $17.36 at the end, as per Yahoo Finance data. Also, BTC rose by 2%, adding to the value of the stock.</p>
<div class="lb-trans"><p>事实上，根据雅虎财经的数据，在购买 196 BTC 后，股票价格最终上涨了 17.36 美元。此外，比特币上涨了 2%，进一步增加了股票的价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/IMG-20250930-WA0006-1.jpg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/09/IMG-20250930-WA0006-1.jpg"/></p>
<p>Source: Cas Abbe/X</p>
<div class="lb-trans"><p>来源：Cas Abbe/X</p>
</div><p>Chart signals also showed a bullish divergence near $115,000 resistance, supported by RSI bouncing from oversold territory. That move aligned with optimism around Saylor’s steady accumulation.</p>
<div class="lb-trans"><p>图表信号还显示，在 115,000 美元的阻力位附近出现了看涨的背离，RSI 从超卖区域反弹，支持了这一走势。这与塞勒持续增持的乐观情绪相一致。</p>
</div><p>In the near term, BTC and MSTR could continue to move in tandem as the treasury expands.</p>
<div class="lb-trans"><p>在短期内，比特币和 MSTR 可能会继续同步波动，因为资产总额在扩大。</p>
</div><h2><strong>Community reactions and c</strong> <strong>onclusion</strong></h2>
<div class="lb-trans"><h2><strong>社区反应与结论</strong></h2>
</div><p>The reactions have been mixed, with some echoing Strategy’s dilution of its stock.</p>
<div class="lb-trans"><p>反应不一，有些人对 Strategy 稀释其股票表示赞同。</p>
</div><p>For MSTR holders, it was not all good. A CT user noted that the buy was small due to the fall in MSTR price last week.</p>
<div class="lb-trans"><p>对于 MSTR 持有者来说，并不全是好消息。一位 CT 用户指出，由于上周 MSTR 价格下跌，购买规模较小。</p>
</div><p>In a post, the user named Foss Invest wrote,</p>
<div class="lb-trans"><p>在一篇帖子中，用户 Foss Invest 写道，</p>
</div><blockquote>
<p>“A small buy because he can’t do ATM offerings when the stock price goes down 10% in a week. As BTC falls his ability to do ATM offerings will tighten!”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“由于股票价格在一周内下跌 10%，他无法进行 ATM 发行，因此只能小规模购买。随着比特币下跌，他进行 ATM 发行的能力将受到限制！”</p>
</blockquote>
</div><p>On the other hand, another user, Martin Fine, was in full support of this. He argued that to build such a treasury by Strategy would take a lot of time normally, but was possible due to BTC in only five years.</p>
<div class="lb-trans"><p>另一方面，另一位用户马丁·法因对此表示全力支持。他认为，Strategy 要建立如此规模的资产通常需要很长时间，但由于比特币，仅用了五年就实现了。</p>
</div><p>In conclusion, if MSTR stopped buying BTC, it would erode confidence in the crypto markets. Alternatively, continued acquisition of BTC would mean MSTR stock underperforms Bitcoin itself.</p>
<div class="lb-trans"><p>总之，如果 MSTR 停止购买比特币，将会削弱对加密市场的信心。相反，持续收购比特币将意味着 MSTR 股票表现不及比特币本身。</p>
</div>

比特币成为问题：103 亿美元的稀释风险正面临 MicroStrategy