<p><strong>Strategy Inc</strong>. (NASDAQ: MSTR) 正面临新的批评，经济学家 <strong>Peter Schiff</strong> 认为该公司的最新 <strong>比特币</strong> (CRYPTO: BTC) 购买损害了股东价值。</p>
<h2><strong>“持有 MSTR 是最糟糕的选择</strong>“</h2>
<p>在 6 月 9 日的一条 X 帖子中，Schiff 引发 了关于杠杆、稀释和 <strong>Michael Saylor</strong> 的比特币积累策略的可持续性的辩论。他声称，Strategy 已经因最近购买的 1,550 个比特币而损失超过 600 万美元。</p>
<p>在过去五天里，MSTR 下跌超过 8%。</p>
<p>根据 Schiff 的说法，这次收购不仅因比特币下跌而失去价值，还减少了每股比特币，导致他所描述的股东负比特币收益。</p>
<p>“即使你对比特币持乐观态度，持有 MSTR 也是最糟糕的下注方式，” Schiff 说。</p>
<p>这些评论出现在投资者越来越关注 Strategy 的资本结构之际，此前该公司自 2022 年以来首次报告了比特币销售，并扩展了多项与比特币相关的优先股发行。</p>
<h2><strong>加密推特的反击</strong></h2>
<p>并非所有人都同意 Schiff 的评估。</p>
<p>交易员 ZeroReserveNews 承认，负比特币收益的计算在特定交易中是 “机械上正确的”，但认为该分析忽略了 Strategy 更广泛的财务状况。</p>
<p>根据这位交易员的说法，该公司故意建立了大约 10 亿美元的现金储备，以避免在市场疲软期间发行额外股份或出售比特币。</p>
<p>这位交易员认为，辩论应该集中在平衡稀释风险与股息义务之间，而不是简单地在持有比特币和持有 MSTR 之间做选择。</p>
<p>Schiff 仍然不为所动，并回应道：“但是 MSTR 会通过支付优先股的股息来消耗这些现金。那之后呢？”</p>
<p><em>图片来源：Shutterstock</em></p>

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<p>经济学家彼得·希夫批评了 Strategy Inc.（MSTR），称其是投资比特币的最糟糕方式，原因是最近的购买通过稀释和损失摧毁了股东价值。他强调了以更高价格购买的 1,550 个比特币造成的 600 万美元损失。尽管一些交易者为 MSTR 的现金储备辩护，希夫认为优先股股息将耗尽这些储备，继续对该公司的战略持悲观态度</p>

<p><strong>Strategy Inc</strong>. (NASDAQ: MSTR) is facing renewed criticism after economist <strong>Peter Schiff</strong> argued the company’s latest <strong>Bitcoin</strong> (CRYPTO: BTC) purchase destroyed shareholder value.</p>
<div class="lb-trans"><p><strong>Strategy Inc</strong>. (NASDAQ: MSTR) 正面临新的批评，经济学家 <strong>Peter Schiff</strong> 认为该公司的最新 <strong>比特币</strong> (CRYPTO: BTC) 购买损害了股东价值。</p>
</div><h2><strong>“Owning MSTR Is The Worst Way</strong>“</h2>
<div class="lb-trans"><h2><strong>“持有 MSTR 是最糟糕的选择</strong>“</h2>
</div><p>In an X post on June 9, Schiff sparked a debate over leverage, dilution and the sustainability of <strong>Michael Saylor’s</strong> Bitcoin accumulation strategy. He claimed Strategy is already sitting on a loss of more than $6 million from its recent purchase of 1,550 Bitcoin.</p>
<div class="lb-trans"><p>在 6 月 9 日的一条 X 帖子中，Schiff 引发 了关于杠杆、稀释和 <strong>Michael Saylor</strong> 的比特币积累策略的可持续性的辩论。他声称，Strategy 已经因最近购买的 1,550 个比特币而损失超过 600 万美元。</p>
</div><p>Over the past five days, MSTR is down over 8%.</p>
<div class="lb-trans"><p>在过去五天里，MSTR 下跌超过 8%。</p>
</div><p>According to Schiff, the acquisition not only lost value as Bitcoin declined but also reduced Bitcoin per share, resulting in what he described as a negative Bitcoin yield for shareholders.</p>
<div class="lb-trans"><p>根据 Schiff 的说法，这次收购不仅因比特币下跌而失去价值，还减少了每股比特币，导致他所描述的股东负比特币收益。</p>
</div><p>“Even if you are bullish on Bitcoin, owning MSTR is the worst way to make that bet,” Schiff said.</p>
<div class="lb-trans"><p>“即使你对比特币持乐观态度，持有 MSTR 也是最糟糕的下注方式，” Schiff 说。</p>
</div><p>The comments come as investors increasingly scrutinize Strategy’s capital structure following its first reported Bitcoin sale since 2022 and the expansion of multiple Bitcoin-linked preferred share offerings.</p>
<div class="lb-trans"><p>这些评论出现在投资者越来越关注 Strategy 的资本结构之际，此前该公司自 2022 年以来首次报告了比特币销售，并扩展了多项与比特币相关的优先股发行。</p>
</div><h2><strong>Crypto Twitter Pushes Back</strong></h2>
<div class="lb-trans"><h2><strong>加密推特的反击</strong></h2>
</div><p>Not everyone agreed with Schiff’s assessment.</p>
<div class="lb-trans"><p>并非所有人都同意 Schiff 的评估。</p>
</div><p>Trader ZeroReserveNews acknowledged that the negative Bitcoin yield calculation was &#34;mechanically correct&#34; for the specific transaction but argued the analysis ignored Strategy’s broader financial position.</p>
<div class="lb-trans"><p>交易员 ZeroReserveNews 承认，负比特币收益的计算在特定交易中是 “机械上正确的”，但认为该分析忽略了 Strategy 更广泛的财务状况。</p>
</div><p>According to the trader, the company deliberately built a roughly $1 billion cash reserve to avoid issuing additional shares or selling Bitcoin during periods of market weakness.</p>
<div class="lb-trans"><p>根据这位交易员的说法，该公司故意建立了大约 10 亿美元的现金储备，以避免在市场疲软期间发行额外股份或出售比特币。</p>
</div><p>The trader argued that the debate should focus on balancing dilution risks against dividend obligations rather than presenting a simple choice between owning Bitcoin and owning MSTR.</p>
<div class="lb-trans"><p>这位交易员认为，辩论应该集中在平衡稀释风险与股息义务之间，而不是简单地在持有比特币和持有 MSTR 之间做选择。</p>
</div><p>Schiff remained unconvinced and responded, &#34;But MSTR will burn through that cash paying dividends of preferred shares. Then what?&#34;</p>
<div class="lb-trans"><p>Schiff 仍然不为所动，并回应道：“但是 MSTR 会通过支付优先股的股息来消耗这些现金。那之后呢？”</p>
</div><p><em>Image: Shutterstock</em></p>
<div class="lb-trans"><p><em>图片来源：Shutterstock</em></p>
</div>

彼得·希夫表示，持有 MSTR 是参与比特币的 “最糟糕方式”