中文翻译
TLDR 如果你好奇研究结论： $MSTR 可能不会被清算。不太可能比特币在 2029 年（下一次减半）需要支付利息时仍低于他的成本均价。即使面临 MSCI 流出，Saylor 可能不会出售他购买的比特币，而是让 MicroStrategy 跌破净资产值（NAV）就像 Grayscale 那样，并放缓购买速度。 其他国库策略标的并非如此。
· 个股论点
MSTR 大概率不被清算，Saylor 或选择让股价跌破 NAV 并放缓购币。
涉及标的： $MSTR
英文原文
TLDR if you were curious on the findings: $MSTR prob not going to get liquidated. Unlikely Bitcoin remains underneath his cost average (next halving) by 2029 when interest needs to be paid. Even with MSCI outflows, Saylor probably not going to sell Bitcoin he bought and just let Microstrategy fall under nav like grayscale + slow down purchases. Other treasury plays not the same