<h2><strong>關鍵要點</strong></h2>
<h3><em>Strategy 購買了多少比特幣，價格是多少？</em></h3>
<p>196 BTC，價格為每枚 113,048 美元，使得其資產總額達到 640,031 BTC，價值 700 億美元。</p>
<h3><em>MSTR 股票在購買後如何反應？</em></h3>
<p>MSTR 上漲了 5.62%，而比特幣上漲了 2%，但稀釋擔憂對股東價值前景施加了壓力。</p>
<hr/>
<p>MicroStrategy，現在稱為 Strategy Inc. (MSTR)，在宣佈收購更多比特幣後，過去 24 小時內上漲了 5.62%。</p>
<p>該公司以每枚 113,048 美元的價格收購了 196 BTC，價值 2210 萬美元，使其資產總額達到 640,031 BTC，價值超過 700 億美元。Strategy 仍然承擔約 80 億美元的債務。</p>
<p>邁克爾·塞勒在 2020 年發起的比特幣優先戰略仍然盈利。儘管如此，該公司的融資方式仍然受到審查。</p>
<h2><strong>稀釋風險上升對股東的影響</strong></h2>
<p>在收購超過 2200 萬美元的比特幣後，Strategy 還稀釋了股東超過 1.28 億美元，主要是在 MSTR 普通股中。此外，塞勒出售了優先股以支付股息。</p>
<p>這種稀釋降低了現有的所有權比例，並對個別股票價值產生了負面影響。擬議的計劃擴展可能將總稀釋風險提升至 103 億美元。</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>來源：X</p>
<p>積極的一面是，這種 MSTR 股票的稀釋為他們提供了更多的融資選項，而不是依賴債務。這也被視為一種戰略意圖，因為這將隨着時間的推移提高每股比特幣的價值。</p>
<h2><strong>比特幣與 MicroStrategy 股票的相關性</strong></h2>
<p>比特幣和 MicroStrategy 股票價格密切相關。收購比特幣和比特幣價格上漲通常會導致 MSTR 價格上漲。</p>
<p>事實上，根據雅虎財經的數據，在購買 196 BTC 後，股票價格最終上漲了 17.36 美元。此外，比特幣上漲了 2%，進一步增加了股票的價值。</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>來源：Cas Abbe/X</p>
<p>圖表信號還顯示，在 115,000 美元的阻力位附近出現了看漲的背離，RSI 從超賣區域反彈，支持了這一走勢。這與塞勒持續增持的樂觀情緒相一致。</p>
<p>在短期內，比特幣和 MSTR 可能會繼續同步波動，因為資產總額在擴大。</p>
<h2><strong>社區反應與結論</strong></h2>
<p>反應不一，有些人對 Strategy 稀釋其股票表示贊同。</p>
<p>對於 MSTR 持有者來説，並不全是好消息。一位 CT 用户指出，由於上週 MSTR 價格下跌，購買規模較小。</p>
<p>在一篇帖子中，用户 Foss Invest 寫道，</p>
<blockquote>
<p>“由於股票價格在一週內下跌 10%，他無法進行 ATM 發行，因此只能小規模購買。隨着比特幣下跌，他進行 ATM 發行的能力將受到限制！”</p>
</blockquote>
<p>另一方面，另一位用户馬丁·法因對此表示全力支持。他認為，Strategy 要建立如此規模的資產通常需要很長時間，但由於比特幣，僅用了五年就實現了。</p>
<p>總之，如果 MSTR 停止購買比特幣，將會削弱對加密市場的信心。相反，持續收購比特幣將意味着 MSTR 股票表現不及比特幣本身。</p>

MSTR

2 倍做空 MSTR ETF - Defiance

2 倍做空 MSTR ETF - T-Rex

南方兩倍做多MSTR

南方兩倍做空MSTR

<p>MicroStrategy (MSTR) 最近以 2210 萬美元收購了 196 個比特幣，使其總持有量達到 640,031 個比特幣，價值超過 700 億美元。儘管在收購後 MSTR 股票上漲了 5.62%，但稀釋擔憂隨之出現，潛在風險達到 103 億美元。公司的融資方式受到審查，現有股東的持股比例減少。比特幣與 MSTR 股票價格之間的關聯性依然強勁，預計兩者將同步波動。社區反應不一，突顯出對稀釋和未來資本發行影響的擔憂</p>

<h2><strong>Key Takeaways</strong></h2>
<div class="lb-trans"><h2><strong>關鍵要點</strong></h2>
</div><h3><em>How much Bitcoin did Strategy buy and at what price?</em></h3>
<div class="lb-trans"><h3><em>Strategy 購買了多少比特幣，價格是多少？</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，價格為每枚 113,048 美元，使得其資產總額達到 640,031 BTC，價值 700 億美元。</p>
</div><h3><em>How did MSTR stock react after the purchase?</em></h3>
<div class="lb-trans"><h3><em>MSTR 股票在購買後如何反應？</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 上漲了 5.62%，而比特幣上漲了 2%，但稀釋擔憂對股東價值前景施加了壓力。</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，現在稱為 Strategy Inc. (MSTR)，在宣佈收購更多比特幣後，過去 24 小時內上漲了 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>該公司以每枚 113,048 美元的價格收購了 196 BTC，價值 2210 萬美元，使其資產總額達到 640,031 BTC，價值超過 700 億美元。Strategy 仍然承擔約 80 億美元的債務。</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>邁克爾·塞勒在 2020 年發起的比特幣優先戰略仍然盈利。儘管如此，該公司的融資方式仍然受到審查。</p>
</div><h2><strong>Impact of rising dilution risk on shareholders</strong></h2>
<div class="lb-trans"><h2><strong>稀釋風險上升對股東的影響</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>在收購超過 2200 萬美元的比特幣後，Strategy 還稀釋了股東超過 1.28 億美元，主要是在 MSTR 普通股中。此外，塞勒出售了優先股以支付股息。</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>這種稀釋降低了現有的所有權比例，並對個別股票價值產生了負面影響。擬議的計劃擴展可能將總稀釋風險提升至 103 億美元。</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>來源：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>積極的一面是，這種 MSTR 股票的稀釋為他們提供了更多的融資選項，而不是依賴債務。這也被視為一種戰略意圖，因為這將隨着時間的推移提高每股比特幣的價值。</p>
</div><h2><strong>Bitcoin and MicroStrategy stock correlation</strong></h2>
<div class="lb-trans"><h2><strong>比特幣與 MicroStrategy 股票的相關性</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>比特幣和 MicroStrategy 股票價格密切相關。收購比特幣和比特幣價格上漲通常會導致 MSTR 價格上漲。</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>事實上，根據雅虎財經的數據，在購買 196 BTC 後，股票價格最終上漲了 17.36 美元。此外，比特幣上漲了 2%，進一步增加了股票的價值。</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>來源：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>圖表信號還顯示，在 115,000 美元的阻力位附近出現了看漲的背離，RSI 從超賣區域反彈，支持了這一走勢。這與塞勒持續增持的樂觀情緒相一致。</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>在短期內，比特幣和 MSTR 可能會繼續同步波動，因為資產總額在擴大。</p>
</div><h2><strong>Community reactions and c</strong> <strong>onclusion</strong></h2>
<div class="lb-trans"><h2><strong>社區反應與結論</strong></h2>
</div><p>The reactions have been mixed, with some echoing Strategy’s dilution of its stock.</p>
<div class="lb-trans"><p>反應不一，有些人對 Strategy 稀釋其股票表示贊同。</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>對於 MSTR 持有者來説，並不全是好消息。一位 CT 用户指出，由於上週 MSTR 價格下跌，購買規模較小。</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 寫道，</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>“由於股票價格在一週內下跌 10%，他無法進行 ATM 發行，因此只能小規模購買。隨着比特幣下跌，他進行 ATM 發行的能力將受到限制！”</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，另一位用户馬丁·法因對此表示全力支持。他認為，Strategy 要建立如此規模的資產通常需要很長時間，但由於比特幣，僅用了五年就實現了。</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>總之，如果 MSTR 停止購買比特幣，將會削弱對加密市場的信心。相反，持續收購比特幣將意味着 MSTR 股票表現不及比特幣本身。</p>
</div>

比特幣成為問題：103 億美元的稀釋風險正面臨 MicroStrategy