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总结
多家媒体近期聚焦比特币大户、由Michael Saylor主导的美股上市公司Strategy（原MicroStrategy）的估值与财务风险。报道指出，随着比特币价格回撤，公司可能在第四季度因持币波动确认较大账面亏损；其股价在2025年累计下跌近50%，跌幅明显超过比特币本身，引发市场对公司融资成本、折价交易以及“公司市值接近或低于其比特币持仓价值”风险阈值的讨论。也有观点认为其资产负债表尚未显示迫在眉睫的流动性危机，但股价与币价联动仍带来高波动性与不确定性。
正文
Michael Saylor's Strategy flirts again with the danger threshold at which his company is worth less than his Bitcoin Fortune Strategy (MSTR) Stock Is Up, What You Need To Know Yahoo Finance Saylor's Strategy Faces 'Sizable' Fourth-Quarter Loss From Bitcoin Tumble Bloomberg.com Strategy shares dropped nearly 50% in 2025, far outpacing bitcoin's decline CoinDesk IS Strategy (MSTR) In Distress? The Balance Sheet Says No Forbes
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