{"id":79034,"date":"2026-05-12T08:57:29","date_gmt":"2026-05-12T01:57:29","guid":{"rendered":"https:\/\/hbbgroup.net\/a-big-nothing-burger-a-qa-with-strategys-michael-saylor-on-selling-bitcoin\/"},"modified":"2026-05-12T10:20:07","modified_gmt":"2026-05-12T03:20:07","slug":"a-big-nothing-burger-a-qa-with-strategys-michael-saylor-on-selling-bitcoin","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/a-big-nothing-burger-a-qa-with-strategys-michael-saylor-on-selling-bitcoin\/","title":{"rendered":"\u201cM\u1ed9t chuy\u1ec7n ch\u1eb3ng c\u00f3 g\u00ec to t\u00e1t\u201d: Q&A c\u00f9ng Michael Saylor v\u1ec1 vi\u1ec7c b\u00e1n Bitcoin."},"content":{"rendered":"
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\u201cM\u1ed9t chuy\u1ec7n ch\u1eb3ng c\u00f3 g\u00ec to t\u00e1t\u201d: Q&A c\u00f9ng Michael Saylor v\u1ec1 vi\u1ec7c b\u00e1n Bitcoin<\/strong><\/p>\n

Michael Saylor \u0111\u00e3 c\u00f3 bu\u1ed5i trao \u0111\u1ed5i v\u1edbi CoinDesk v\u1ec1 vi\u1ec7c b\u00e1n Bitcoin \u0111\u1ec3 chi tr\u1ea3 c\u1ed5 t\u1ee9c, s\u1eed d\u1ee5ng ngu\u1ed3n ti\u1ec1n t\u1eeb STRC \u0111\u1ec3 x\u1eed l\u00fd n\u1ee3 v\u00e0 l\u00fd do v\u00ec sao nh\u1eefng ng\u01b0\u1eddi ch\u1ec9 tr\u00edch cho r\u1eb1ng Strategy lu\u00f4n mua \u0111\u00fang \u201c\u0111\u1ec9nh tu\u1ea7n\u201d \u0111ang b\u1ecf l\u1ee1 b\u1ea3n ch\u1ea5t th\u1ef1c s\u1ef1 c\u1ee7a chi\u1ebfn l\u01b0\u1ee3c n\u00e0y.<\/strong><\/p>\n

C\u1eadp nh\u1eadt ng\u00e0y 11\/5\/2026 l\u00fac 9:03 t\u1ed1i. Xu\u1ea5t b\u1ea3n ng\u00e0y 11\/5\/2026 l\u00fac 8:21 t\u1ed1i. Th\u1eddi l\u01b0\u1ee3ng \u0111\u1ecdc: 6 ph\u00fat.<\/p>\n

Make preferred on <\/a><\/p>\n<\/div>\n

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Khi Strategy (MSTR) \u2014 c\u00f4ng ty \u0111\u1ea1i ch\u00fang n\u1eafm gi\u1eef Bitcoin l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi \u2014 l\u1ea7n \u0111\u1ea7u \u0111\u1ec1 c\u1eadp \u0111\u1ebfn \u00fd t\u01b0\u1edfng b\u00e1n l\u01b0\u1ee3ng Bitcoin \u0111ang n\u1eafm gi\u1eef \u0111\u1ec3 t\u00e0i tr\u1ee3 cho ngh\u0129a v\u1ee5 chi tr\u1ea3 c\u1ed5 t\u1ee9c trong cu\u1ed9c h\u1ecdp c\u00f4ng b\u1ed1 l\u1ee3i nhu\u1eadn g\u1ea7n \u0111\u00e2y, \u0111i\u1ec1u \u0111\u00f3 \u0111\u00e3 l\u00e0m d\u1ea5y l\u00ean lo ng\u1ea1i trong gi\u1edbi \u0111\u1ea7u t\u01b0 v\u00e0 c\u1ed9ng \u0111\u1ed3ng crypto.<\/p>\n

Tuy nhi\u00ean, Ch\u1ee7 t\u1ecbch \u0111i\u1ec1u h\u00e0nh Michael Saylor \u0111\u00e3 ng\u1ed3i l\u1ea1i c\u00f9ng nh\u00e0 ph\u00e2n t\u00edch c\u1ea5p cao James Van Straten c\u1ee7a CoinDesk t\u1ea1i s\u1ef1 ki\u1ec7n Consensus \u1edf Miami \u0111\u1ec3 gi\u1ea3i th\u00edch l\u00fd do v\u00ec sao, theo quan \u0111i\u1ec3m c\u1ee7a \u00f4ng, th\u00f4ng b\u00e1o n\u00e0y l\u00e0 \u201cm\u1ed9t chuy\u1ec7n ch\u1eb3ng c\u00f3 g\u00ec to t\u00e1t.\u201d<\/p>\n

Trong b\u1ed1i c\u1ea3nh c\u00f4ng ty \u0111ang m\u1edf r\u1ed9ng t\u1eeb m\u1ed9t doanh nghi\u1ec7p t\u00edch tr\u1eef Bitcoin sang m\u00f4 h\u00ecnh ho\u1ea1t \u0111\u1ed9ng to\u00e0n di\u1ec7n trong th\u1ecb tr\u01b0\u1eddng v\u1ed1n, Saylor \u0111\u00e3 trao \u0111\u1ed5i trong cu\u1ed9c tr\u00f2 chuy\u1ec7n v\u1edbi CoinDesk v\u1ec1 kh\u1ea3 n\u0103ng b\u00e1n Bitcoin \u0111\u1ec3 chi tr\u1ea3 c\u1ed5 t\u1ee9c, c\u01a1 ch\u1ebf ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i (g\u1ecdi l\u00e0 Stretch ho\u1eb7c STRC), v\u00e0 nh\u1eefng \u0111i\u1ec1u m\u00e0 c\u00e1c nh\u00e0 ph\u00ea b\u00ecnh \u0111ang hi\u1ec3u sai v\u1ec1 chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch c\u1ee7a c\u00f4ng ty.<\/p>\n

Cu\u1ed9c ph\u1ecfng v\u1ea5n n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c bi\u00ean t\u1eadp l\u1ea1i cho ng\u1eafn g\u1ecdn v\u00e0 r\u00f5 r\u00e0ng h\u01a1n. \u0110\u00e2y l\u00e0 ph\u1ea7n \u0111\u1ea7u ti\u00ean trong lo\u1ea1t b\u00e0i t\u1eeb cu\u1ed9c ph\u1ecfng v\u1ea5n c\u1ee7a CoinDesk v\u1edbi Michael Saylor.<\/p>\n

CoinDesk: Trong cu\u1ed9c h\u1ecdp l\u1ee3i nhu\u1eadn, Strategy ti\u1ebft l\u1ed9 r\u1eb1ng c\u00f4ng ty c\u00f3 th\u1ec3 b\u00e1n Bitcoin \u0111\u1ec3 chi tr\u1ea3 c\u1ed5 t\u1ee9c. \u0110i\u1ec1u \u0111\u00f3 khi\u1ebfn nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 ho\u1ea3ng s\u1ee3. Th\u1ef1c t\u1ebf chuy\u1ec7n n\u00e0y nghi\u00eam tr\u1ecdng \u0111\u1ebfn m\u1ee9c n\u00e0o?<\/p>\n

Michael Saylor: X\u00e9t t\u1eeb g\u00f3c \u0111\u1ed9 kinh t\u1ebf th\u00ec \u0111\u00e2y l\u00e0 \u201cm\u1ed9t chi\u1ebfc burger ch\u1eb3ng c\u00f3 g\u00ec b\u00ean trong.\u201d N\u1ebfu ch\u00fang t\u00f4i t\u00e0i tr\u1ee3 to\u00e0n b\u1ed9 c\u1ed5 t\u1ee9c ch\u1ec9 b\u1eb1ng c\u00e1ch b\u00e1n Bitcoin trong n\u0103m t\u1edbi, th\u00ec c\u1ee9 m\u1ed7i 1 Bitcoin b\u00e1n ra, ch\u00fang t\u00f4i s\u1ebd mua th\u00eam 20 Bitcoin. V\u00ec v\u1eady \u0111i\u1ec1u \u0111\u00f3 ch\u1eb3ng kh\u00e1c g\u00ec vi\u1ec7c mua 20 Bitcoin v\u00e0 kh\u00f4ng b\u00e1n \u0111\u1ed3ng n\u00e0o c\u1ea3.<\/p>\n

V\u00e0 x\u00e9t t\u1eeb g\u00f3c \u0111\u1ed9 th\u1ecb tr\u01b0\u1eddng, Bitcoin hi\u1ec7n c\u00f3 somewhere kho\u1ea3ng t\u1eeb 20 \u0111\u1ebfn 50 t\u1ef7 USD thanh kho\u1ea3n. N\u1ebfu ch\u00fang t\u00f4i d\u00f9ng Bitcoin \u0111\u1ec3 t\u00e0i tr\u1ee3 to\u00e0n b\u1ed9 c\u1ed5 t\u1ee9c, b\u1ea1n \u0111ang n\u00f3i t\u1edbi maybe kho\u1ea3ng 3 tri\u1ec7u USD; g\u1ea7n nh\u01b0 kh\u00f4ng th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c. N\u00f3 th\u1ef1c s\u1ef1 kh\u00f4ng \u0111\u00e1ng k\u1ec3.<\/p>\n

CoinDesk: V\u1eady c\u00f4ng ty th\u1ef1c s\u1ef1 quy\u1ebft \u0111\u1ecbnh nh\u01b0 th\u1ebf n\u00e0o gi\u1eefa vi\u1ec7c mua th\u00eam Bitcoin, tr\u1ea3 n\u1ee3 hay mua l\u1ea1i c\u1ed5 phi\u1ebfu c\u1ee7a ch\u00ednh m\u00ecnh?<\/strong><\/p>\n

Saylor: Ch\u00fang t\u00f4i s\u1eed d\u1ee5ng hai ch\u1ec9 s\u1ed1. Ch\u1ec9 s\u1ed1 \u0111\u1ea7u ti\u00ean l\u00e0 BTC yield. L\u1ee3i \u00edch mang l\u1ea1i cho c\u1ed5 \u0111\u00f4ng ph\u1ed5 th\u00f4ng l\u00e0 g\u00ec? N\u1ebfu kh\u00f4ng c\u00f3 yield th\u00ec n\u00f3 trung l\u1eadp v\u1edbi c\u1ed5 phi\u1ebfu. N\u1ebfu yield \u00e2m th\u00ec s\u1ebd g\u00e2y pha lo\u00e3ng. N\u1ebfu yield d\u01b0\u01a1ng th\u00ec s\u1ebd t\u1ea1o th\u00eam gi\u00e1 tr\u1ecb.<\/p>\n

Ch\u1ec9 s\u1ed1 th\u1ee9 hai l\u00e0 credit: t\u00e1c \u0111\u1ed9ng l\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n l\u00e0 g\u00ec? N\u00f3 c\u00f3 t\u1ea1o th\u00eam r\u1ee7i ro hay kh\u00f4ng?<\/p>\n

V\u00ed d\u1ee5, n\u1ebfu ch\u00fang t\u00f4i d\u00f9ng to\u00e0n b\u1ed9 ti\u1ec1n m\u1eb7t \u0111\u1ec3 mua l\u1ea1i c\u1ed5 phi\u1ebfu th\u00ec \u0111i\u1ec1u \u0111\u00f3 s\u1ebd t\u00edch c\u1ef1c cho c\u1ed5 phi\u1ebfu, t\u1ea1o ra yield, nh\u01b0ng l\u1ea1i ti\u00eau c\u1ef1c cho credit.<\/p>\n

Gi\u00e1 th\u1ecb tr\u01b0\u1eddng c\u1ee7a Bitcoin, c\u1ee7a to\u00e0n b\u1ed9 c\u00e1c c\u00f4ng c\u1ee5 t\u00edn d\u1ee5ng v\u00e0 tr\u00e1i phi\u1ebfu c\u1ee7a ch\u00fang t\u00f4i \u0111\u1ec1u thay \u0111\u1ed5i m\u1ed7i ng\u00e0y. T\u1eebng ng\u00e0y, ch\u00fang t\u00f4i \u0111i\u1ec1u ch\u1ec9nh ho\u1ea1t \u0111\u1ed9ng tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1ed1n \u0111\u1ec3 t\u1eadn d\u1ee5ng c\u00e1c c\u01a1 h\u1ed9i v\u1ec1 yield v\u00e0 \u0111\u00e1p \u1ee9ng c\u00e1c ngh\u0129a v\u1ee5 n\u1ee3.<\/p>\n

Ch\u00fang t\u00f4i \u01b0u ti\u00ean c\u00e1c giao d\u1ecbch gi\u00fap t\u1ea1o ra nhi\u1ec1u Bitcoin h\u01a1n tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu. N\u1ebfu c\u00f3 m\u1ed9t giao d\u1ecbch gi\u00fap t\u1ea1o ra l\u01b0\u1ee3ng Bitcoin tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu cao g\u1ea5p 10 l\u1ea7n giao d\u1ecbch kh\u00e1c, ch\u00fang t\u00f4i s\u1ebd \u01b0u ti\u00ean giao d\u1ecbch \u0111\u00f3 tr\u01b0\u1edbc.<\/p>\n

CoinDesk: Hi\u1ec7n t\u1ea1i Bitcoin v\u1eabn th\u1ea5p h\u01a1n kho\u1ea3ng 36%-37% so v\u1edbi ATH. \u0110\u00e2y c\u00f3 ph\u1ea3i l\u00e0 th\u1eddi \u0111i\u1ec3m t\u1ed1t \u0111\u1ec3 b\u00e1n l\u01b0\u1ee3ng Bitcoin c\u00f3 gi\u00e1 v\u1ed1n cao nh\u1eb1m t\u1eadn d\u1ee5ng kho\u1ea3n t\u00edn d\u1ee5ng thu\u1ebf \u0111\u00f3 kh\u00f4ng?<\/strong><\/p>\n

Saylor: Ch\u00fang t\u00f4i c\u00f3 t\u00f9y ch\u1ecdn ghi nh\u1eadn t\u1edbi 2,2 t\u1ef7 USD t\u00edn d\u1ee5ng thu\u1ebf. Gi\u00e1 tr\u1ecb c\u1ee7a kho\u1ea3n t\u00edn d\u1ee5ng n\u00e0y thay \u0111\u1ed5i m\u1ed7i ng\u00e0y, m\u1ed7i ph\u00fat.<\/p>\n

Ch\u00fang t\u00f4i c\u0169ng c\u00f3 t\u00f9y ch\u1ecdn t\u00ednh to\u00e1n m\u1ee9c mispricing c\u1ee7a c\u00e1c tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i: \u1edf \u0111\u00f3 t\u1ed3n t\u1ea1i m\u1ed9t m\u1ee9c yield r\u1ea5t l\u1edbn.<\/p>\n

Ngo\u00e0i ra, ch\u00fang t\u00f4i c\u0169ng c\u00f3 c\u01a1 h\u1ed9i t\u00edch l\u0169y th\u00eam Bitcoin th\u00f4ng qua c\u00e1c giao d\u1ecbch kh\u00e1c. Ch\u00fang t\u00f4i \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh theo t\u1eebng tu\u1ea7n, t\u1eebng ng\u00e0y.<\/p>\n

M\u1ecdi vi\u1ec7c ch\u00fang t\u00f4i l\u00e0m \u0111\u1ec1u \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c kh\u00f4ng th\u1ec3 l\u00e0m m\u1ed9t \u0111i\u1ec1u kh\u00e1c. V\u00ec v\u1eady ch\u00fang t\u00f4i lu\u00f4n ph\u1ea3i c\u00e2n nh\u1eafc li\u1ec7u \u0111i\u1ec1u n\u00e0y c\u00f3 t\u00edch c\u1ef1c cho equity nh\u01b0ng ti\u00eau c\u1ef1c cho credit hay kh\u00f4ng? C\u00f3 th\u1ec3 m\u1ed9t giao d\u1ecbch c\u1ef1c k\u1ef3 t\u1ed1t cho c\u1ed5 \u0111\u00f4ng, gi\u00fap ch\u00fang t\u00f4i ki\u1ebfm th\u00eam 500 tri\u1ec7u USD, nh\u01b0ng l\u1ea1i h\u01a1i x\u1ea5u cho credit. N\u1ebfu credit \u0111ang r\u1ea5t m\u1ea1nh, t\u00f4i s\u1ebd l\u00e0m \u0111i\u1ec1u g\u00ec \u0111\u00f3 t\u00edch c\u1ef1c cho equity v\u00e0 h\u01a1i ti\u00eau c\u1ef1c cho credit. N\u1ebfu credit \u0111ang r\u1ea5t y\u1ebfu, ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng l\u00e0m v\u1eady.<\/p>\n

Ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng c\u00f4ng khai ch\u00ednh x\u00e1c th\u1eddi \u0111i\u1ec3m ho\u1eb7c vi\u1ec7c li\u1ec7u ch\u00fang t\u00f4i c\u00f3 th\u1ef1c hi\u1ec7n \u0111i\u1ec1u \u0111\u00f3 hay kh\u00f4ng. Nh\u01b0ng t\u00f9y ch\u1ecdn \u0111\u00f3 t\u1ed3n t\u1ea1i, v\u00e0 hi\u1ec7n t\u1ea1i \u0111\u00e2y l\u00e0 m\u1ed9t trong nh\u1eefng giao d\u1ecbch th\u00fa v\u1ecb nh\u1ea5t tr\u00ean b\u00e0n.<\/p>\n

CoinDesk: C\u00e1c nh\u00e0 ch\u1ec9 tr\u00edch tr\u00ean X (Twitter c\u0169) n\u00f3i r\u1eb1ng \u00f4ng lu\u00f4n mua Bitcoin \u0111\u00fang ngay \u0111\u1ec9nh m\u1ed7i tu\u1ea7n. Th\u1ef1c t\u1ebf chuy\u1ec7n g\u00ec \u0111ang di\u1ec5n ra?<\/strong><\/p>\n

Saylor: \u0110\u00f3 l\u00e0 m\u1ed9t l\u1eddi ch\u1ec9 tr\u00edch thi\u1ebfu hi\u1ec3u bi\u1ebft. \u0110i\u1ec1u th\u1ef1c s\u1ef1 \u0111ang di\u1ec5n ra l\u00e0 khi ch\u00fang t\u00f4i mua Bitcoin th\u00f4ng qua equity swap, \u0111\u00f3 l\u00e0 v\u00ec c\u1ed5 phi\u1ebfu \u0111\u00e3 t\u0103ng m\u1ea1nh v\u00e0 xu\u1ea5t hi\u1ec7n m\u1ee9c premium r\u1ea5t l\u1edbn tr\u00ean c\u1ed5 phi\u1ebfu.<\/p>\n

Khi Bitcoin t\u0103ng m\u1ea1nh, c\u1ed5 phi\u1ebfu c\u0169ng t\u0103ng m\u1ea1nh, premium m\u1edf r\u1ed9ng v\u00e0 vi\u1ec7c swap tr\u1edf n\u00ean c\u00f3 l\u1ee3i h\u01a1n cho ch\u00fang t\u00f4i. Ch\u00fang t\u00f4i \u0111ang ho\u00e1n \u0111\u1ed5i m\u1ed9t c\u1ed5 phi\u1ebfu MSTR l\u1ea5y m\u1ed9t ph\u1ea7n BTC khi premium m\u1edf r\u1ed9ng, v\u00e0 \u0111\u00f3 c\u0169ng ch\u00ednh l\u00e0 l\u00fac Bitcoin t\u0103ng gi\u00e1.<\/p>\n

Trong m\u1ed9t tu\u1ea7n c\u00f3 168 gi\u1edd, c\u00f3 th\u1ec3 ch\u1ec9 c\u00f3 kho\u1ea3ng ba gi\u1edd m\u00e0 th\u1ecb tr\u01b0\u1eddng t\u0103ng m\u1ea1nh, v\u00e0 ch\u00fang t\u00f4i c\u00f3 th\u1ec3 huy \u0111\u1ed9ng 250 tri\u1ec7u USD t\u1eeb c\u00e1c giao d\u1ecbch swap trong \u0111\u00fang ba gi\u1edd \u0111\u00f3. V\u00ec v\u1eady \u0111\u00fang l\u00e0 ch\u00fang t\u00f4i \u0111ang \u201cch\u1ecdn \u0111\u00fang \u0111\u1ec9nh\u201d c\u1ee7a th\u1ecb tr\u01b0\u1eddng Bitcoin, nh\u01b0ng \u0111\u1ed3ng th\u1eddi ch\u00fang t\u00f4i c\u0169ng \u0111ang ch\u1ecdn \u0111\u00fang \u0111\u1ec9nh c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ed1n c\u1ed5 phi\u1ebfu r\u1ed3i ho\u00e1n \u0111\u1ed5i hai th\u1ee9 \u0111\u00f3 v\u1edbi nhau \u2014 v\u00e0 t\u1ea1o ra m\u1ee9c l\u1ee3i nhu\u1eadn l\u1edbn h\u01a1n nhi\u1ec1u.<\/p>\n

Ch\u00fang t\u00f4i \u0111ang ki\u1ebfm ti\u1ec1n cho c\u1ed5 \u0111\u00f4ng g\u1ea7n nh\u01b0 kh\u00f4ng c\u00f3 r\u1ee7i ro th\u00f4ng qua c\u00e1c giao d\u1ecbch swap n\u00e0y.<\/p>\n

N\u1ebfu ch\u00fang t\u00f4i mu\u1ed1n th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch \u0111\u00f3 khi gi\u00e1 th\u1ea5p, premium c\u0169ng s\u1ebd th\u1ea5p. Khi \u0111\u00f3 l\u1ee3i nhu\u1eadn t\u1ea1o ra s\u1ebd \u00edt h\u01a1n r\u1ea5t nhi\u1ec1u, ho\u1eb7c th\u1eadm ch\u00ed ch\u00fang t\u00f4i c\u00f3 th\u1ec3 l\u00e0m c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng b\u1ecb thi\u1ec7t h\u1ea1i n\u1ebfu swap equity l\u00fac gi\u00e1 Bitcoin th\u1ea5p.<\/p>\n

\u0110\u00f3 l\u00e0 l\u00fd do v\u00ec sao c\u00f3 v\u1ebb nh\u01b0 ch\u00fang t\u00f4i \u0111ang mua \u0111\u00fang \u0111\u1ec9nh, nh\u01b0ng th\u1ef1c t\u1ebf ch\u00fang t\u00f4i kh\u00f4ng mua b\u1eb1ng l\u01b0\u1ee3ng ti\u1ec1n m\u1eb7t n\u1eb1m ch\u1edd s\u1eb5n.<\/p>\n

CoinDesk: STRC l\u00e0 s\u1ea3n ph\u1ea9m t\u1ea1o ti\u1ebfng vang l\u1edbn nh\u1ea5t c\u1ee7a \u00f4ng. \u00d4ng c\u00f3 th\u1ec3 gi\u1ea3i th\u00edch n\u00f3 kh\u00e1c g\u00ec so v\u1edbi m\u1ed9t tr\u00e1i phi\u1ebfu th\u00f4ng th\u01b0\u1eddng kh\u00f4ng?<\/strong><\/p>\n

Saylor: Ch\u00fang t\u00f4i x\u00e2y d\u1ef1ng c\u00f4ng c\u1ee5 n\u00e0y \u0111\u1ec3 n\u00f3 c\u1ef1c k\u1ef3 b\u1ec1n v\u1eefng. \u0110i\u1ec3m m\u1ea5u ch\u1ed1t l\u00e0 ch\u00fang t\u00f4i t\u1ea1o ra m\u1ed9t perpetual preferred kh\u00f4ng bao gi\u1edd \u0111\u00e1o h\u1ea1n.<\/p>\n

Khi ai \u0111\u00f3 mu\u1ed1n b\u00e1n 2 t\u1ef7 USD STRC, ch\u00fang t\u00f4i kh\u00f4ng ph\u1ea3i redeem n\u00f3. Kh\u00f4ng c\u00f3 liquidation right. Kh\u00f4ng c\u00f3 put right. N\u00f3 kh\u00f4ng ph\u1ea3i ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng.<\/p>\n

N\u1ebfu t\u00f4i b\u00e1n cho b\u1ea1n 2 t\u1ef7 USD stablecoin v\u00e0o th\u1ee9 S\u00e1u, b\u1ea1n c\u00f3 th\u1ec3 redeem v\u00e0o th\u1ee9 Hai v\u00e0 t\u00f4i bu\u1ed9c ph\u1ea3i c\u00f3 s\u1eb5n 2 t\u1ef7 USD ti\u1ec1n m\u1eb7t.<\/p>\n

Nh\u01b0ng khi ch\u00fang t\u00f4i b\u00e1n cho b\u1ea1n 2 t\u1ef7 USD Stretch, \u0111\u00f3 l\u00e0 m\u1ed9t perpetual swap. Ch\u00fang t\u00f4i \u0111\u1ed3ng \u00fd tr\u1ea3 cho b\u1ea1n l\u00e3i su\u1ea5t SOFR c\u1ed9ng th\u00eam credit spread m\u00e3i m\u00e3i. V\u00e0 b\u1ea1n \u0111\u1ed3ng \u00fd \u0111\u01b0a ti\u1ec1n cho ch\u00fang t\u00f4i m\u00e3i m\u00e3i.<\/p>\n

Ch\u00fang t\u00f4i d\u1ef1 \u0111\u1ecbnh n\u1eafm gi\u1eef Bitcoin m\u00e3i m\u00e3i.<\/p>\n

Thanh kho\u1ea3n kh\u00f4ng ph\u1ea3i do ch\u00fang t\u00f4i cung c\u1ea5p. N\u00f3 \u0111\u01b0\u1ee3c cung c\u1ea5p b\u1edfi th\u1ecb tr\u01b0\u1eddng.<\/p>\n

C\u00f3 nh\u1eefng ng\u01b0\u1eddi \u1edf Soros, Millennium v\u00e0 Citadel th\u1ef1c s\u1ef1 mu\u1ed1n th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch nhanh ch\u1ec9 trong v\u00e0i ph\u00fat ho\u1eb7c v\u00e0i gi\u1edd. N\u1ebfu t\u00f4i c\u1ed1 \u0111\u1ecbnh to\u00e0n b\u1ed9 c\u00f4ng c\u1ee5 \u1edf m\u1ee9c 100 v\u00e0 t\u1ef1 m\u00ecnh h\u1ea5p th\u1ee5 to\u00e0n b\u1ed9 thanh kho\u1ea3n, h\u1ecd s\u1ebd kh\u00f4ng c\u00f2n c\u01a1 h\u1ed9i giao d\u1ecbch n\u1eefa.<\/p>\n

V\u00e0 t\u00f4i s\u1ebd ph\u1ea3i g\u00e1nh kho\u1ea3ng 100 t\u1ef7 USD r\u1ee7i ro, \u0111i\u1ec1u \u0111\u00f3 s\u1ebd tr\u1edf th\u00e0nh v\u1ea5n \u0111\u1ec1 \u0111\u1ed1i v\u1edbi equity, \u0111\u1ed3ng th\u1eddi c\u0169ng t\u01b0\u1edbc \u0111i kh\u1ea3 n\u0103ng t\u1ea1o ra l\u1ee3i su\u1ea5t annualized g\u1ea7n nh\u01b0 kh\u00f4ng r\u1ee7i ro c\u1ee7a h\u1ecd.<\/p>\n

CoinDesk: G\u1ea7n \u0111\u00e2y Stretch giao d\u1ecbch th\u1ea5p h\u01a1n nh\u1eb9 so v\u1edbi m\u1ec7nh gi\u00e1 v\u00e0 m\u1ea5t nhi\u1ec1u th\u1eddi gian h\u01a1n \u0111\u1ec3 h\u1ed3i ph\u1ee5c sau c\u00e1c ng\u00e0y chia c\u1ed5 t\u1ee9c. Chuy\u1ec7n g\u00ec \u0111ang di\u1ec5n ra?<\/strong><\/p>\n

Saylor: B\u1ea1n ph\u1ea3i nh\u00ecn n\u00f3 theo chu k\u1ef3 h\u00e0ng th\u00e1ng \u0111\u1ea7y \u0111\u1ee7.<\/p>\n

Ch\u00fang t\u00f4i \u0111\u00e3 b\u00e1n 3,2 t\u1ef7 USD ch\u1ec9 trong v\u00e0i tu\u1ea7n \u0111\u1ed1i v\u1edbi m\u1ed9t c\u00f4ng c\u1ee5 c\u00f3 basis kho\u1ea3ng 5 t\u1ef7 USD. V\u00ec v\u1eady ngu\u1ed3n cung \u0111\u00e3 t\u0103ng l\u00ean v\u1edbi quy m\u00f4 c\u1ef1c l\u1edbn.<\/p>\n

T\u00f4i kh\u00f4ng ng\u1ea1c nhi\u00ean khi th\u1ecb tr\u01b0\u1eddng c\u1ea7n th\u1eddi gian \u0111\u1ec3 h\u1ea5p th\u1ee5 \u0111i\u1ec1u \u0111\u00f3.<\/p>\n

M\u1ed9t ph\u1ea7n trong s\u1ed1 \u0111\u00f3 ch\u1eafc ch\u1eafn l\u00e0 nh\u1eefng ng\u01b0\u1eddi mua kho\u1ea3ng 1 t\u1ef7 USD ch\u1ec9 \u0111\u1ec3 nh\u1eadn c\u1ed5 t\u1ee9c 90 cent r\u1ed3i sau \u0111\u00f3 b\u00e1n ng\u01b0\u1ee3c tr\u1edf l\u1ea1i.<\/p>\n

Ch\u00fang t\u00f4i \u0111ang \u1edf g\u1ea7n m\u1ee9c t\u0103ng tr\u01b0\u1edfng 400%. V\u1edbi t\u1ed1c \u0111\u1ed9 hypergrowth nh\u01b0 v\u1eady, t\u00f4i kh\u00f4ng ng\u1ea1c nhi\u00ean khi STRC c\u1ea7n th\u1eddi gian \u0111\u1ec3 h\u1ea5p th\u1ee5 \u00e1p l\u1ef1c b\u00e1n.<\/p>\n

Trong v\u00e0i ng\u00e0y g\u1ea7n \u0111\u00e2y, STRC ch\u1ec9 giao d\u1ecbch trong bi\u00ean \u0111\u1ed9 kho\u1ea3ng 5 cent m\u1ed7i ng\u00e0y quanh m\u1ee9c 100 USD\/c\u1ed5 phi\u1ebfu, h\u00f4m qua ch\u1ec9 kho\u1ea3ng 3 cent. T\u1ea5t c\u1ea3 \u0111i\u1ec1u \u0111\u00f3 \u0111\u1ec1u ho\u00e0n to\u00e0n b\u00ecnh th\u01b0\u1eddng.<\/p>\n

Ch\u00fang t\u00f4i ngh\u0129 v\u1ec1 n\u00f3 gi\u1ed1ng nh\u01b0 c\u00e1ch thi\u1ebft k\u1ebf c\u00e1nh m\u00e1y bay: b\u1ea1n mu\u1ed1n c\u00e1nh c\u00f3 \u0111\u1ed9 linh ho\u1ea1t. N\u1ebfu b\u1ea1n c\u1ed1 lo\u1ea1i b\u1ecf ho\u00e0n to\u00e0n \u0111\u1ed9 flex \u0111\u00f3, n\u00f3 s\u1ebd g\u00e3y.<\/p>\n

C\u00f4ng c\u1ee5 n\u00e0y \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 c\u00f3 th\u1ec3 u\u1ed1n cong d\u01b0\u1edbi \u00e1p l\u1ef1c, nh\u01b0ng kh\u00f4ng b\u1ecb ph\u00e1 v\u1ee1.<\/p>\n<\/div>\n

\n
\"Strategy<\/figure>\n

C\u00e1c th\u01b0\u01a1ng v\u1ee5 mua v\u00e0o tu\u1ea7n tr\u01b0\u1edbc \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3 b\u1eb1ng vi\u1ec7c b\u00e1n c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng c\u1ee7a c\u00f4ng ty.<\/p>\n

\u0110i\u1ec3m c\u1ea7n bi\u1ebft:<\/strong><\/p>\n