E81｜微策略失策！我们和郑迪拆解了微策略卖币和失去市场信心之因，想了想Saylor的戏法如何玩下去

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持有比特币总量4%以上的囤币大户微策略（Strategy，MSTR）一改常态开始卖币，帮其融资超百亿美元且充满争议的金融工具高息永续股STRC价格突然大幅下跌。这让我们不得不把目光再次投向Michael Saylor和他的微策略，公开讨论那个在市场上已经从小声低语到嗡嗡作响的问题：如果每一轮加密货币的熊市都有一个献祭的巨头或黑天鹅事件触发器，这一次，会不会是微策略？这是一期Web3 101和「苔藓之火」的串台节目，我们邀请了老朋友郑迪返场，细细拆解：一直坚持不出售比特币的微策略为什么开始卖币？为什么STRC价格大幅波动让市场恐慌？为何一次数额不大的可转债回购彻底改变了市场对微策略的信心？为何「每股含币量」这个故事，反而可能成为压力来源？微策略和Michael Saylor该怎么办？相关播客： E70｜微策略和DAT们的生死劫 E40｜比特币巨鲸微策略与它的资本游戏【主播】刘锋，Web3 101主理人，BODL Ventures 合伙人，前链闻总编辑 Raymond，Mossfire Capital创始人，播客《苔藓之火》主播【嘉宾】郑迪，前沿科技投资人，方舟投资亚太资深顾问（知识星球：22136749）【你将听到】 01:33 引子：微策略再危！ 04:12 美股与宏观环境分化，比特币在当前利率环境下天然承压 09:51 Bitmine的Tom Lee「阴阳」微策略：无现金流的比特币不适合做永续债产品 10:55 三个失策：回购CB得不偿失；卖币时机不佳；融资后大额买币 17:12 比特币价格、STRC价格和和微策略股价成为「铁索连环」，现金储备大幅下降，火攻Michael Saylor这个铁索连环 25:24 细剖STRC：争议最大的金融创新工具 30:09 微策略融资工具排排座（依清偿顺位）：可转债（CB） > STRF > STRC > STRK > STRD > MSTR（普通股） 35:28 「把STRC稳住，其他的东西都有机会稳住」 37:09 曾经成功卖给市场的每股含币量（BPS）这个指标，很难保持中性 43:06 「Michael Saylor从15亿美元可转债赎回，到最近每股含币量中性的实验，都犯错了！」 43:23 他该做些什么？装死，还是继续激进行动？ 59:35 开个脑洞：万一微策略突遇问题，能否像大银行在金融危机时那样，私下找富翁发行优先股救急？ 01:11:23 另一个脑洞：如果中本聪看到今天的微策略，反应是什么？【后期】 AMEI 【运营】朱婕【BGM】 Mumbai - Ooyy 【在这里找到我们】收听渠道：苹果｜小宇宙海外用户：Apple Podcast｜Spotify｜Google Podcast｜Amazon Music 联系我们：[email protected] Guests: Raymond and 郑迪.

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E81｜微策略失策！我们和郑迪拆解了微策略卖币和失去市场信心之因，想了想Saylor的戏法如何玩下去

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