Odaily星球日报讯 MicroStrategy 在连续 12 周购买比特币后暂时停止买入。一些分析师认为，该公司可能正在酝酿战略改变，其他人则认为此为暂时之举，该公司打算再次开始积累比特币。 分析指出，比特币对 MicroStrategy 来说非常重要，但管理现金流、股票表现以及筹集资金的努力等因素可能会在短期内影响其购买心态。随着时间的推移，市场动荡、投资者担忧和监管不确定性都可能发生变化，导致该公司在不久的将来对重要决策持更加谨慎的态度。 当管理层决定完全停止收购时，增加的税收负担可能会成为一个真正负担。该公司可能面临未实现比特币收益的巨额税单，金额可能超过 190 亿美元。必须进行财务规划以应对纳税义务，让公司继续坚持采用比特币策略。 自最近被纳入纳斯达克 100 指数以来，MicroStrategy 一直受到各种规则和法规的约束，例如禁售期，这有时可以防止内幕交易的发生，这可能是比特币销售受到抑制的另一个原因。 不过几乎没有迹象表明 MicroStrategy 正在放弃以比特币为中心的战略。该公司的历史表明，其购买热潮的任何中断都可能是战略性的，而不是对比特币信心下降的迹象。当前可能是一个重新调整的时期，让 MicroStrategy 在恢复比特币积累之前优化其资源。（Bitcoinist）

Odaily星球日报讯 MicroStrategy 在连续 12 周购买比特币后暂时停止买入。一些分析师认为，该公司可能正在酝酿战略改变，其他人则认为此为暂时之举，该公司打算再次开始积累比特币。分析指出，比特币对 MicroStrategy 来说非常重要，但管理现金流、股票表现以及筹集资金的努力等因素可能会在短期内影响其购买心态。随着时间的推移，市场动荡、投资者担忧和监管不确定性都可能发生变化，导致该公司在不久的将来对重要决策持更加谨慎的态度。当管理层决定完全停止收购时，增加的税收负担可能会成为一个真正负担。该公司可能面临未实现比特币收益的巨额税单，金额可能超过 190 亿美元。必须进行财务规划以应对纳税义务，让公司继续坚持采用比特币策略。自最近被纳入纳斯达克 100 指数以来，MicroStrategy 一直受到各种规则和法规的约束，例如禁售期，这有时可以防止内幕交易的发生，这可能是比特币销售受到抑制的另一个原因。不过几乎没有迹象表明 MicroStrategy 正在放弃以比特币为中心的战略。该公司的历史表明，其购买热潮的任何中断都可能是战略性的，而不是对比特币信心下降的迹象。当前可能是一个重新调整的时期，让 MicroStrategy 在恢复比特币积累之前优化其资源。（Bitcoinist）

分析：MicroStrategy暂停增持BTC或因其正酝酿战略改变或受禁售期等规则约束

Odaily reports that MicroStrategy has temporarily stopped buying <Bit> after 12 consecutive weeks of purchasing. Some analysts believe the company may be planning a strategic change, while others see it as a temporary move before the company resumes <Bit> accumulation. The analysis points out that <Bit> is very important to MicroStrategy, but factors such as cash flow management, stock performance, and fundraising efforts may affect its purchasing sentiment in the short term. Over time, market volatility, investor concerns, and regulatory uncertainty may change, leading the company to take a more cautious approach to major decisions in the near future. When management decides to completely stop acquisitions, the increased tax burden may become a real burden. The company may face a huge tax bill for unrealized <Bit> gains, possibly exceeding $19 billion. Financial planning must be done to address tax obligations and allow the company to continue its <Bit> strategy. Since being included in the Nasdaq 100 index, MicroStrategy has been subject to various rules and regulations, such as lock-up periods, which can sometimes prevent insider trading and may be another reason for the suppression of <Bit> sales. However, there is almost no indication that MicroStrategy is abandoning its <Bit>-centric strategy. The company's history shows that any interruption in its buying frenzy is likely to be strategic, not a sign of declining confidence in <Bit>. The current period may be a time of readjustment, allowing MicroStrategy to optimize its resources before resuming <Bit> accumulation. (Bitcoinist)

Odaily reports that MicroStrategy has temporarily stopped buying <Bit> after 12 consecutive weeks of <Bit> purchases. Some analysts believe the company may be planning a strategic change, while others see it as a temporary move before the company resumes <Bit> accumulation. The analysis points out that <Bit> is very important to MicroStrategy, but factors such as cash flow management, stock performance, and fundraising efforts may affect its purchasing sentiment in the short term. Over time, market volatility, investor concerns, and regulatory uncertainty may change, leading the company to take a more cautious approach to major decisions in the near future. When management decides to completely stop acquisitions, the increased tax burden may become a real burden. The company may face a massive tax bill of unrealized <Bit> gains, potentially exceeding $19 billion. Financial planning must be done to address tax obligations and allow the company to continue its <Bit> strategy. Since being included in the Nasdaq 100 index, MicroStrategy has been subject to various rules and regulations, such as lock-up periods, which can sometimes prevent insider trading and may be another reason for the suppression of <Bit> sales. However, there is almost no indication that MicroStrategy is abandoning its <Bit>-centric strategy. The company's history suggests that any interruption in its buying frenzy is likely to be strategic, not a sign of declining confidence in <Bit>. The current period may be a time of readjustment, allowing MicroStrategy to optimize its resources before resuming <Bit> accumulation. (Bitcoinist)

Analysis: MicroStrategy's suspension of BTC holdings may be due to its strategic changes or restrictions such as the ban period

Here is the English translation:

After announcing the purchase of enough stock to buy BTC for 12 consecutive weeks, the US-listed company MicroStrategy has temporarily suspended the acquisition of BTC.

MicroStrategy's Executive Chairman Michael Saylor announced last night that the company has broken the pattern of purchasing BTC through the sale of common stock. Michael Saylor posted on X on February 3rd, stating:

"Last week, MicroStrategy did not sell any Class A common stock and did not purchase any BTC. As of February 2, 2025, we hold 471,107 BTC, ..."

MicroStrategy's "selling stocks and buying coins" record is interrupted! Bought Bitcoin for 12 consecutive weeks, holding 471,000 Bitcoins

According to the Bloomberg report, MicroStrategy issued preferred shares last week with a coupon rate of 8% and sold them at a discount of $80 per share, 20% lower than the offering price, which pushed the buyer's yield to 10%. It is reported that this was a major concession made by the company to complete the transaction, with a total financing amount of $563 million, more than double the initial target.

It is understood that these securities, known as "perpetual preferred shares," will pay dividends quarterly and have an accumulative nature, ensuring that any unpaid dividends must be paid eventually, and their conversion price is set at $1,000, about 200% of the recent closing price...

MicroStrategy refinanced $560 million at 8% annual interest, but broke its 12-week streak of buying Bitcoin. Why?

Odaily reported that MicroStrategy sold preferred stock units last week, a debt-like security with an 8% coupon rate. These shares were sold at $80 per share, 20% below the market price, effectively raising the buyer's yield to 10%, a significant concession to complete the transaction. Gabelli Funds Inc. portfolio manager James Dinsmore, who focuses on convertible securities, said, "I don't remember the last time I saw something priced this low, clearly there was some resistance to the initial pricing." Nevertheless, the investor-friendly terms of the deal allowed the company to raise $563 million, more than double its initial target, as co-founder and chairman Michael Saylor explores various capital structures to support his Bitcoin acquisition strategy. This demand indicates market interest in this asset class, and the company said that while this is more expensive than the previously issued ultra-low-interest convertible bonds and par stock, it can leverage it to raise up to $2 billion this quarter. MicroStrategy did not respond to a request for comment. "A 10% yield is not cheap capital, but given the company's profile, I think it's appropriate," said David Clott, portfolio manager at Wellesley Asset Management, "and they won't dilute existing investors' equity like the previous convertible bond issuance. This is a good outcome for them as they've opened up a new financing market." The plan is part of the company's broader plan to raise $42 billion through a combination of equity and fixed-income securities over the next three years, with the latter expected to be the focus this quarter. This is partly because the company has raised nearly $17 billion through its stock sale program, much less than through convertible bonds. The company currently holds about $47 billion in <Dai>, accounting for more than 2% of the total.