据每经，加密货币市场正在遭遇一场震荡。曾被誉为“数字黄金”的比特币，其价格从2025年10月超过12万美元的历史高位断崖式下跌，一度跌破6万美元关口。 这场大跌不仅让无数在杠杆交易中寻求暴富的中小投资者血本无归，更将通过大举发债、增发股票来豪赌比特币的全球最大比特币持有企业Strategy推向破产边缘。 该公司在2025年第四季度财报中披露了高达124亿美元的季度净亏损。公司创始人、比特币“铁杆信徒”Michael Saylor也首次松口，称“出售比特币也是一个选项”。 Michael Saylor精心构建的“币价涨—股价涨—再融资—继续买币”的正向循环，在币价下行周期中迅速逆转为恶性循环，引发了市场对其偿债能力的担忧。截至2月13日，公司股价自最高点滑落72%。 Strategy在2月第一周，依然以约7.8万美元的均价逆势增持了1142枚比特币，耗资约9000万美元。截至目前，该公司持有比特币714644枚。
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