Strategy(MSTR.US)创始人塞勒“硬刚”空头：比特币跌90%也不抛售 会通过再融资应对债务压力

Core Viewpoint - The founder and executive chairman of Strategy, Michael Saylor, publicly denied that the company would liquidate its Bitcoin holdings due to the recent price drop, reaffirming confidence in the company's financing capabilities and the long-term value of Bitcoin [1]. Group 1: Company Position and Strategy - Strategy currently holds 714,644 Bitcoins, with an average purchase cost of approximately $76,056 per Bitcoin [1]. - Saylor stated that even if Bitcoin were to drop by 90% in the next four years, the company would not be forced to sell its Bitcoin but would instead opt for refinancing to manage debt pressure [1]. - The company has been actively buying Bitcoin through stock and debt issuance, leading to significant market scrutiny regarding its financial model and risk exposure as Bitcoin prices have fallen below $70,000 from a historical high of approximately $126,000 [1]. Group 2: Market Sentiment and Short Selling - There has been a notable increase in short positions against Strategy, with approximately 30.5 million shares sold short, representing about 10% of the company's float [1]. - Since September 2025, short positions have grown by about 40%, indicating rising investor skepticism regarding Strategy's stock performance [1][2]. - The early short selling was primarily related to hedging against the company's $8.2 billion convertible debt, but the focus has shifted to direct bearish bets on Strategy itself and Bitcoin prices [2]. Group 3: Risks and Market Dynamics - Short sellers are increasingly concerned about the pressures on Strategy's financing model, particularly in light of Bitcoin's price volatility [3]. - The potential development of quantum computing technology poses a theoretical risk to blockchain encryption, which could undermine investor confidence in crypto assets [3]. - Recent Bitcoin price fluctuations have kept market sentiment fragile, with analysts suggesting a risk of Bitcoin testing the $60,000 level again, and possibly dropping to the $55,000 to $60,000 range [4].