{"id":1417,"date":"2026-03-29T00:39:18","date_gmt":"2026-03-28T16:39:18","guid":{"rendered":"https:\/\/www.yqcsfz.com\/?p=1417"},"modified":"2026-03-29T00:39:18","modified_gmt":"2026-03-28T16:39:18","slug":"%e5%b8%82%e5%9c%ba%e7%96%af%e4%bc%a0-strategy-%e6%81%90%e8%a2%ab%e8%bf%ab%e3%80%8c%e5%8d%96%e5%b8%81%e8%bf%98%e5%80%ba%e3%80%8d%ef%bc%9f%e4%b8%93%e5%ae%b6%e6%8f%90%e3%80%8c2-%e5%a4%a7%e7%90%86","status":"publish","type":"post","link":"https:\/\/www.manwah.net\/?p=1417","title":{"rendered":"\u5e02\u573a\u75af\u4f20 Strategy \u6050\u88ab\u8feb\u300c\u5356\u5e01\u8fd8\u503a\u300d\uff1f\u4e13\u5bb6\u63d0\u300c2 \u5927\u7406\u7531\u300d\u53cd\u9a73"},"content":{"rendered":"<div class=\"thumbnail-container animate-lazy\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"375\" class=\"attachment-jnews-750x375 size-jnews-750x375 lazyload wp-post-image\" alt=\"\u5e01\u5708\u300c\u68ad\u54c8\u5927\u54e5\u300d\u51fa\u624b\u6284\u5e95\uff01MicroStrategy \u518d\u4e70\u8fdb 480 \u679a\u6bd4\u7279\u5e01\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2022\/06\/GettyImages-1321755029-e1655230089622-750x375.png\" data-srcset=\"https:\/\/blockcast.it\/wp-content\/uploads\/2022\/06\/GettyImages-1321755029-e1655230089622-750x375.png 750w, https:\/\/blockcast.it\/wp-content\/uploads\/2022\/06\/GettyImages-1321755029-e1655230089622-360x180.png 360w, https:\/\/blockcast.it\/wp-content\/uploads\/2022\/06\/GettyImages-1321755029-e1655230089622-1140x570.png 1140w\" data-sizes=\"auto\" data-expand=\"700\" title=\"\u5e02\u573a\u75af\u4f20 Strategy \u6050\u88ab\u8feb\u300c\u5356\u5e01\u8fd8\u503a\u300d\uff1f\u4e13\u5bb6\u63d0\u300c2 \u5927\u7406\u7531\u300d\u53cd\u9a73\u63d2\u56fe\" \/><\/div>\n<\/div>\n<div class=\"entry-content no-share\">\n<div class=\"jeg_share_button share-float jeg_sticky_share clearfix share-monocrhome\">\n<div class=\"jeg_share_float_container\"><\/div>\n<\/p><\/div>\n<div class=\"content-inner \">\n<p>\u6bd4\u7279\u5e01\u6295\u8d44\u5927\u6237 Strategy\uff08\u80a1\u7968\u4ee3\u53f7\uff1aMSTR\uff09\u4e3e\u503a\u72c2\u4e70\u6bd4\u7279\u5e01\u7684\u6760\u6746\u7b56\u7565\uff0c\u518d\u5ea6\u9677\u5165\u8206\u8bba\u98ce\u66b4\u3002\u968f\u8457\u884c\u60c5\u9707\u8361\u52a0\u5267\uff0c\u5916\u754c\u5f00\u59cb\u8d28\u7591 Michael Saylor \u7684\u5e03\u5c40\u662f\u5426\u627f\u53d7\u5f97\u4f4f\u66f4\u957f\u65f6\u95f4\u7684\u5e02\u573a\u538b\u529b\uff0c\u5c24\u5176\u5f53\u6bd4\u7279\u5e01\u3001\u516c\u53f8\u80a1\u4ef7\u6301\u7eed\u75b2\u8f6f\u65f6\uff0cStrategy \u662f\u5426\u4f1a\u88ab\u8feb\u5356\u5e01\u3002<\/p>\n<p>\u8fd9\u6ce2\u8d28\u7591\u58f0\u4e2d\uff0c\u6700\u6fc0\u70c8\u7684\u8bc4\u8bba\u6765\u81ea\u957f\u5e74\u5531\u8870\u6bd4\u7279\u5e01\u7684 Peter Schiff\uff0c\u4ed6\u4eca\uff0817\uff09\u65e5\u51cc\u6668\u53d1\u5e03\u4e00\u7cfb\u5217\u8d34\u6587\uff0c\u6279\u8bc4 Strategy \u7684\u5546\u4e1a\u6a21\u5f0f\u9ad8\u5ea6\u4f9d\u8d56\u300c\u4ee5\u6536\u76ca\u4e3a\u5bfc\u5411\u300d\u7684\u6295\u8d44\u4eba\u8d2d\u4e70\u5176\u9ad8\u606f\u4f18\u5148\u80a1\uff0c\u53c8\u6307 Strategy \u6839\u672c\u65e0\u6cd5\u652f\u4ed8\u8fd9\u4e9b\u300c\u9ad8\u6536\u76ca\u300d\u4f18\u5148\u80a1\u7684\u5229\u606f\u3002<\/p>\n<p>Peter Schiff \u8b66\u544a\uff0c\u4e00\u65e6\u5e02\u573a\u5bf9\u4f18\u5148\u80a1\u7684\u9700\u6c42\u51cf\u5f31\uff0c\u8fd9\u79cd\u7ed3\u6784\u53ef\u80fd\u4f1a\u9677\u5165\u300c\u6b7b\u4ea1\u87ba\u65cb\u300d\u3002\u4ed6\u751a\u81f3\u76f4\u8a00\uff0cStrategy\u300c\u6700\u7ec8\u4f1a\u7834\u4ea7\u300d\uff0c\u5e76\u516c\u5f00\u5411 Michael Saylor \u4e0b\u6218\u5e16\uff0c\u9080\u8bf7\u4ed6\u5728 12 \u6708\u521d\u7684\u5e01\u5b89\u533a\u5757\u94fe\u5468\uff08Binance Blockchain Week\uff09\u516c\u5f00\u8fa9\u8bba\u3002<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">MSTR\u2019s business model relies on income-oriented funds buying its \u201chigh-yield\u201d preferred shares. But those published yields will never actually be paid. Once fund managers realize this they\u2019ll dump the preferreds &amp; $MSTR won\u2019t be able to issue any more, setting off a death spiral.<\/p>\n<p>&mdash; Peter Schiff (@PeterSchiff) November 16, 2025<\/p>\n<\/blockquote>\n<p>\u7136\u800c\uff0c\u5e76\u4e0d\u662f\u6240\u6709\u4eba\u90fd\u8ba4\u540c\u8fd9\u6837\u7684\u60b2\u89c2\u53d9\u4e8b\u3002<\/p>\n<p>\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8 Arca \u6295\u8d44\u957f Jeff Dorman \u4e5f\u5728 X \u4e0a\u8868\u6001\uff0c\u4e25\u8bcd\u6279\u8bc4\u8fd1\u671f\u7f51\u8def\u4e0a\u6d41\u4f20\u7684\u300c\u9519\u8bef\u89e3\u8bfb\u300d\u3002\u4ed6\u6307\u51fa\uff0c\u8bb8\u591a\u8bc4\u8bba\u90fd\u5ffd\u89c6\u4e86 Strategy \u5b9e\u9645\u7684\u8d44\u4ea7\u8d1f\u503a\u72b6\u51b5\uff0c\u5bfc\u81f4\u5e02\u573a\u88ab\u8bef\u5bfc\u3002<\/p>\n<p>Jeff Dorman \u867d\u672a\u76f4\u63a5\u70b9\u540d Schiff\uff0c\u4f46\u4ed6\u7684\u8bba\u8ff0\u663e\u7136\u662f\u5728\u53cd\u51fb\u540c\u4e00\u6279\u5531\u8870\u8005\u3002\u4ed6\u5f3a\u8c03\uff0cMichael Saylor \u6301\u6709 Strategy \u7ea6\u00a0 42% \u7684\u80a1\u6743\uff0c\u8fd9\u6837\u7684\u6301\u80a1\u7ed3\u6784\u8ba9\u6fc0\u8fdb\u80a1\u4e1c\u6216\u5916\u90e8\u52bf\u529b\u51e0\u4e4e\u4e0d\u53ef\u80fd\u53d1\u52a8\u300c\u5f3a\u5236\u5e72\u9884\u300d\u6216\u8feb\u4f7f\u516c\u53f8\u51fa\u552e\u6bd4\u7279\u5e01\u3002<\/p>\n<p>\u6b64\u5916\uff0cJeff Dorman \u8fd8\u63d0\u5230\uff0cStrategy \u6240\u6709\u503a\u52a1\u5747\u4e0d\u5305\u542b\u4efb\u4f55\u300c\u5f3a\u5236\u516c\u53f8\u6e05\u7b97\u6bd4\u7279\u5e01\u300d\u7684\u6761\u6b3e\u3002\u6362\u8a00\u4e4b\uff0c\u5373\u4fbf\u6bd4\u7279\u5e01\u4ef7\u683c\u5927\u5e45\u56de\u843d\uff0c\u503a\u6743\u4eba\u4e5f\u65e0\u4ece\u4ee5\u5408\u7ea6\u8981\u6c42\u516c\u53f8\u300c\u5356\u5e01\u507f\u503a\u300d\u3002<\/p>\n<p>\u4ed6\u4ea6\u8865\u5145\uff0cStrategy \u7684\u8f6f\u4f53\u4e1a\u52a1\u4ecd\u6301\u7eed\u4ea7\u751f\u6b63\u5411\u73b0\u91d1\u6d41\uff0c\u53ef\u652f\u6491\u5229\u606f\u652f\u51fa\uff0c\u8d22\u52a1\u538b\u529b\u8fdc\u4f4e\u4e8e\u5916\u754c\u6e32\u67d3\u7684\u7a0b\u5ea6\uff0c\u800c\u5373\u4fbf\u503a\u52a1\u5230\u671f\uff0c\u501f\u6b3e\u4eba\u4e5f\u5f88\u5c11\u56e0\u4e3a\u5230\u671f\u65e5\u63a5\u8fd1\u5c31\u300c\u76f4\u63a5\u8fdd\u7ea6\u300d\uff0c\u66f4\u591a\u65f6\u5019\u662f\u4e0e\u8d37\u65b9\u5c55\u5ef6\u6216\u91cd\u8c08\u6761\u4ef6\u3002<\/p>\n<p>\u5c3d\u7ba1\u6bd4\u7279\u5e01\u6301\u6709\u91cf\u4e0d\u65ad\u589e\u52a0\uff0cStrategy \u80a1\u4ef7\u4ecd\u8868\u73b0\uff0cMSTR \u4e0a\u5468\u4e94\u6536\u5728 199.74 \u7f8e\u5143\uff0c\u5355\u65e5\u4e0b\u8dcc 4.22%\uff0c\u4eca\u5e74\u4ee5\u6765\u8dcc\u5e45\u66f4\u8fbe 33.42% \u3002\u540c\u671f\u6bd4\u7279\u5e01\u4ec5\u5c0f\u5e45\u4e0a\u6da8\u7ea6 0.4% \u3002<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u6bd4\u7279\u5e01\u6295\u8d44\u5927\u6237 Strategy\uff08\u80a1\u7968\u4ee3\u53f7\uff1aMSTR\uff09\u4e3e\u503a\u72c2\u4e70\u6bd4\u7279\u5e01\u7684\u6760\u6746\u7b56\u7565\uff0c\u518d\u5ea6\u9677\u5165\u8206\u8bba\u98ce\u66b4\u3002\u968f\u8457\u884c\u60c5\u9707\u8361 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1418,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news"],"_links":{"self":[{"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/posts\/1417","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.manwah.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1417"}],"version-history":[{"count":1,"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/posts\/1417\/revisions"}],"predecessor-version":[{"id":7289,"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/posts\/1417\/revisions\/7289"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/media\/1418"}],"wp:attachment":[{"href":"https:\/\/www.manwah.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.manwah.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.manwah.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}