#数字资产市场动态 Bitcoin prices have experienced a wave of correction, directly impacting the stock prices of major holders. Listed companies led by MicroStrategy have seen their stock prices fall by 4%. The underlying logic behind this is quite brutal—when BTC faces pressure, these companies relying on stock price premiums to finance their crypto purchases hit a snag in their 'flywheel' mechanism.

According to signals from the options market, bearish funds are increasing their bets, betting that this wave of market movement will further lower the premium rate. As the world's largest publicly traded Bitcoin holder, MicroStrategy holds approximately 670,000 BTC, accounting for about 3.2% of the circulating supply. This scale essentially ties its stock price to Bitcoin's price—its valuation dependence exceeds 95%.

But the issue isn't just short-term volatility. The company faces several pressures: MSCI intends to exclude companies with over 50% digital asset exposure from its indices, which could trigger a wave of passive fund sell-offs; at the same time, annual interest and dividend payments amount to $779 million, adding to its debt burden. Once the premium rate turns negative, bears can take advantage of the situation to short.

However, there's no need to be overly pessimistic. The company still has $2.2 billion in cash reserves for liquidity, so short-term liquidity isn't a problem. The key is to be alert to the negative feedback loop of 'crypto price decline → premium narrows → financing becomes difficult.' To make steady investments in this market, it's best to base decisions on the actual trend of Bitcoin and the rhythm of index adjustments.