英国《金融时报》近日以《微策略的漫长无归路》(Strategy’s long road to nowhere)为题撰文评论指出，在比特币价格回落之际，因极端押注比特币而备受瞩目的企业Strategy正陷入一场进退两难的战略困境。多年来，Strategy首席执行官塞勒(Michael Saylor)通过不断发行新股与举债融资，大举买进比特币，并将其定位为公司最核心的资产配置。随着比特币价格目前徘徊在公司平均买入成本、约7.6万美元附近，这项策略开始对股东价值造成明显压力。在短期内，微策略几乎没有理想的应对方案。若选择持续加码比特币，势必需要进一步融资，将加剧股权稀释与财务负担；但若出售比特币，则等同否定塞勒长年坚持的核心战略理念，形成难以化解的两难局面。
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