{"id":12063,"date":"2026-07-08T02:41:38","date_gmt":"2026-07-08T02:41:38","guid":{"rendered":"https:\/\/backcom.io\/?p=12063"},"modified":"2026-07-08T02:41:41","modified_gmt":"2026-07-08T02:41:41","slug":"vi-sao-strategy-cua-michael-saylor-luon-co-nguon-von-lon-de-mua-bitcoin","status":"publish","type":"post","link":"https:\/\/backcom.io\/vi\/vi-sao-strategy-cua-michael-saylor-luon-co-nguon-von-lon-de-mua-bitcoin","title":{"rendered":"M\u1eb7c Cho Thua L\u1ed7! V\u00ec sao Strategy c\u1ee7a Michael Saylor lu\u00f4n c\u00f3 ngu\u1ed3n v\u1ed1n l\u1edbn \u0111\u1ec3 mua Bitcoin?"},"content":{"rendered":"\n\n
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\n 4.6\/5 - (14 b\u00ecnh ch\u1ecdn) <\/div>\n <\/div>\n\n

Strategy, tr\u01b0\u1edbc \u0111\u00e2y c\u00f3 t\u00ean MicroStrategy, th\u01b0\u1eddng xuy\u00ean khi\u1ebfn th\u1ecb tr\u01b0\u1eddng ch\u00fa \u00fd b\u1edfi nh\u1eefng th\u01b0\u01a1ng v\u1ee5 mua Bitcoin tr\u1ecb gi\u00e1 h\u00e0ng tr\u0103m tri\u1ec7u \u0111\u1ebfn h\u00e0ng t\u1ef7 USD. Ngay c\u1ea3 khi gi\u00e1 Bitcoin gi\u1ea3m m\u1ea1nh v\u00e0 c\u00f4ng ty ghi nh\u1eadn kho\u1ea3n l\u1ed7 l\u1edbn tr\u00ean b\u00e1o c\u00e1o t\u00e0i ch\u00ednh, Strategy v\u1eabn c\u00f3 th\u1ec3 ti\u1ebfp t\u1ee5c huy \u0111\u1ed9ng ti\u1ec1n \u0111\u1ec3 m\u1edf r\u1ed9ng kho Bitcoin.<\/p>\n\n\n\n

\u0110i\u1ec1u n\u00e0y khi\u1ebfn nhi\u1ec1u ng\u01b0\u1eddi \u0111\u1eb7t c\u00e2u h\u1ecfi: Ti\u1ec1n \u1edf \u0111\u00e2u m\u00e0 Strategy li\u00ean t\u1ee5c mua Bitcoin?<\/strong><\/p>\n\n\n\n

C\u00e2u tr\u1ea3 l\u1eddi n\u1eb1m \u1edf m\u00f4 h\u00ecnh v\u1eadn h\u00e0nh \u0111\u1eb7c bi\u1ec7t c\u1ee7a c\u00f4ng ty. Strategy kh\u00f4ng ch\u1ec9 s\u1eed d\u1ee5ng l\u1ee3i nhu\u1eadn kinh doanh \u0111\u1ec3 mua Bitcoin, m\u00e0 \u0111\u00e3 x\u00e2y d\u1ef1ng m\u1ed9t h\u1ec7 th\u1ed1ng huy \u0111\u1ed9ng v\u1ed1n quy m\u00f4 l\u1edbn d\u1ef1a tr\u00ean c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i v\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i.<\/p>\n\n\n\n

Strategy kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t qu\u1ef9 Bitcoin th\u00f4ng th\u01b0\u1eddng<\/h2>\n\n\n\n

Tr\u01b0\u1edbc h\u1ebft, c\u1ea7n hi\u1ec3u r\u1eb1ng Strategy kh\u00f4ng ph\u1ea3i qu\u1ef9 ETF hay qu\u1ef9 \u0111\u1ea7u t\u01b0 Bitcoin truy\u1ec1n th\u1ed1ng.<\/p>\n\n\n\n

\u0110\u00e2y l\u00e0 m\u1ed9t c\u00f4ng ty ni\u00eam y\u1ebft tr\u00ean s\u00e0n Nasdaq, ho\u1ea1t \u0111\u1ed9ng trong l\u0129nh v\u1ef1c ph\u1ea7n m\u1ec1m doanh nghi\u1ec7p nh\u01b0ng \u0111\u00e3 chuy\u1ec3n tr\u1ecdng t\u00e2m sang m\u00f4 h\u00ecnh Bitcoin Treasury Company – C\u00f4ng ty d\u1ef1 tr\u1eef ng\u00e2n qu\u1ef9 b\u1eb1ng Bitcoin<\/strong>.<\/p>\n\n\n\n

Strategy xem Bitcoin l\u00e0 t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef d\u00e0i h\u1ea1n v\u00e0 cho bi\u1ebft v\u1eabn c\u00f3 k\u1ebf ho\u1ea1ch ti\u1ebfp t\u1ee5c t\u00edch l\u0169y, d\u00f9 c\u00f4ng ty kh\u00f4ng \u0111\u1eb7t ra m\u1ed9t m\u1ee9c n\u1eafm gi\u1eef BTC c\u1ed1 \u0111\u1ecbnh. C\u00e1c quy\u1ebft \u0111\u1ecbnh mua Bitcoin ph\u1ee5 thu\u1ed9c v\u00e0o \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng, c\u01a1 h\u1ed9i huy \u0111\u1ed9ng v\u1ed1n, nhu c\u1ea7u thanh kho\u1ea3n v\u00e0 c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh c\u1ee7a doanh nghi\u1ec7p.<\/p>\n\n\n\n

Doanh thu t\u1eeb ho\u1ea1t \u0111\u1ed9ng ph\u1ea7n m\u1ec1m kh\u00f4ng \u0111\u1ee7 \u0111\u1ec3 t\u00e0i tr\u1ee3 cho to\u00e0n b\u1ed9 l\u01b0\u1ee3ng Bitcoin kh\u1ed5ng l\u1ed3 m\u00e0 Strategy \u0111ang n\u1eafm gi\u1eef. Ph\u1ea7n l\u1edbn ngu\u1ed3n ti\u1ec1n mua BTC \u0111\u1ebfn t\u1eeb th\u1ecb tr\u01b0\u1eddng v\u1ed1n.<\/p>\n\n\n\n

C\u1ed7 m\u00e1y huy \u0111\u1ed9ng v\u1ed1n c\u1ee7a Strategy ho\u1ea1t \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o?<\/h2>\n\n\n\n

C\u01a1 ch\u1ebf c\u1ee7a Strategy c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c m\u00f4 t\u1ea3 b\u1eb1ng m\u1ed9t v\u00f2ng tu\u1ea7n ho\u00e0n:<\/p>\n\n\n\n

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Ph\u00e1t h\u00e0nh ch\u1ee9ng kho\u00e1n \u2192 thu v\u1ec1 USD \u2192 mua Bitcoin \u2192 l\u01b0\u1ee3ng Bitcoin t\u0103ng \u2192 thu h\u00fat th\u00eam nh\u00e0 \u0111\u1ea7u t\u01b0 \u2192 ti\u1ebfp t\u1ee5c huy \u0111\u1ed9ng v\u1ed1n.<\/p>\n<\/blockquote>\n\n\n\n

Strategy s\u1eed d\u1ee5ng nhi\u1ec1u lo\u1ea1i c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh \u0111\u1ec3 ti\u1ebfp c\u1eadn c\u00e1c nh\u00f3m nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c nhau.<\/p>\n\n\n\n

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C\u1ed7 m\u00e1y huy \u0111\u1ed9ng v\u1ed1n c\u1ee7a Strategy ho\u1ea1t \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o?<\/figcaption><\/figure>\n\n\n\n

1. Ph\u00e1t h\u00e0nh th\u00eam c\u1ed5 phi\u1ebfu MSTR<\/h3>\n\n\n\n

M\u1ed9t trong nh\u1eefng ngu\u1ed3n v\u1ed1n quan tr\u1ecdng nh\u1ea5t c\u1ee7a Strategy l\u00e0 ph\u00e1t h\u00e0nh th\u00eam c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng MSTR.<\/p>\n\n\n\n

C\u00f4ng ty th\u01b0\u1eddng s\u1eed d\u1ee5ng ch\u01b0\u01a1ng tr\u00ecnh At-the-Market Offering \u2014 ATM<\/strong>, cho ph\u00e9p b\u00e1n c\u1ed5 phi\u1ebfu tr\u1ef1c ti\u1ebfp ra th\u1ecb tr\u01b0\u1eddng theo t\u1eebng th\u1eddi \u0111i\u1ec3m, thay v\u00ec ph\u1ea3i ph\u00e1t h\u00e0nh to\u00e0n b\u1ed9 s\u1ed1 c\u1ed5 phi\u1ebfu trong m\u1ed9t \u0111\u1ee3t l\u1edbn.<\/p>\n\n\n\n

Khi nhu c\u1ea7u mua MSTR cao v\u00e0 c\u1ed5 phi\u1ebfu c\u00f3 thanh kho\u1ea3n t\u1ed1t, Strategy c\u00f3 th\u1ec3 b\u00e1n th\u00eam c\u1ed5 phi\u1ebfu \u0111\u1ec3 thu ti\u1ec1n m\u1eb7t. S\u1ed1 ti\u1ec1n n\u00e0y sau \u0111\u00f3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 mua Bitcoin, b\u1ed5 sung d\u1ef1 tr\u1eef USD ho\u1eb7c \u0111\u00e1p \u1ee9ng c\u00e1c ngh\u0129a v\u1ee5 t\u00e0i ch\u00ednh kh\u00e1c.<\/p>\n\n\n\n

Ri\u00eang trong n\u0103m 2025, Strategy cho bi\u1ebft \u0111\u00e3 huy \u0111\u1ed9ng kho\u1ea3ng 25,3 t\u1ef7 USD v\u00e0 l\u00e0 m\u1ed9t trong nh\u1eefng doanh nghi\u1ec7p ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u1edbn nh\u1ea5t t\u1ea1i M\u1ef9 trong n\u0103m \u0111\u00f3.<\/p>\n\n\n\n

V\u1ec1 b\u1ea3n ch\u1ea5t, Strategy \u0111ang chuy\u1ec3n nhu c\u1ea7u mua c\u1ed5 phi\u1ebfu MSTR c\u1ee7a th\u1ecb tr\u01b0\u1eddng th\u00e0nh ngu\u1ed3n v\u1ed1n \u0111\u1ec3 t\u00edch l\u0169y th\u00eam Bitcoin.<\/p>\n\n\n\n

2. Ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i<\/h3>\n\n\n\n

Strategy c\u0169ng huy \u0111\u1ed9ng v\u1ed1n th\u00f4ng qua tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i.<\/p>\n\n\n\n

\u0110\u00e2y l\u00e0 lo\u1ea1i tr\u00e1i phi\u1ebfu cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u1ec3n \u0111\u1ed5i kho\u1ea3n n\u1ee3 th\u00e0nh c\u1ed5 phi\u1ebfu MSTR n\u1ebfu m\u1ed9t s\u1ed1 \u0111i\u1ec1u ki\u1ec7n \u0111\u01b0\u1ee3c \u0111\u00e1p \u1ee9ng. Nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eeba c\u00f3 v\u1ecb th\u1ebf c\u1ee7a m\u1ed9t ch\u1ee7 n\u1ee3, v\u1eeba c\u00f3 c\u01a1 h\u1ed9i h\u01b0\u1edfng l\u1ee3i n\u1ebfu c\u1ed5 phi\u1ebfu MSTR t\u0103ng m\u1ea1nh.<\/p>\n\n\n\n

Nh\u1edd quy\u1ec1n chuy\u1ec3n \u0111\u1ed5i n\u00e0y, Strategy t\u1eebng c\u00f3 th\u1ec3 vay ti\u1ec1n v\u1edbi m\u1ee9c l\u00e3i su\u1ea5t t\u01b0\u01a1ng \u0111\u1ed1i th\u1ea5p, th\u1eadm ch\u00ed m\u1ed9t s\u1ed1 l\u00f4 tr\u00e1i phi\u1ebfu c\u00f3 coupon 0%.<\/p>\n\n\n\n

C\u00f4ng ty nh\u1eadn USD t\u1eeb vi\u1ec7c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu, sau \u0111\u00f3 s\u1eed d\u1ee5ng m\u1ed9t ph\u1ea7n ti\u1ec1n \u0111\u1ec3 mua Bitcoin. Tuy nhi\u00ean, kh\u00e1c v\u1edbi ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu, kho\u1ea3n ti\u1ec1n n\u00e0y t\u1ea1o ra ngh\u0129a v\u1ee5 n\u1ee3 m\u00e0 Strategy ph\u1ea3i thanh to\u00e1n ho\u1eb7c t\u00e1i c\u1ea5p v\u1ed1n trong t\u01b0\u01a1ng lai.<\/p>\n\n\n\n

T\u00ednh \u0111\u1ebfn ng\u00e0y 25\/5\/2026, Strategy c\u00f4ng b\u1ed1 c\u00f2n kho\u1ea3ng 6,7 t\u1ef7 USD tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i \u0111ang l\u01b0u h\u00e0nh.<\/p>\n\n\n\n

3. T\u1ea1o ra h\u1ec7 sinh th\u00e1i c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i<\/h3>\n\n\n\n

B\u00ean c\u1ea1nh MSTR v\u00e0 tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i, Strategy c\u00f2n ph\u00e1t h\u00e0nh nhi\u1ec1u lo\u1ea1i c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i nh\u01b0 STRC, STRK, STRF, STRD v\u00e0 STRE.<\/p>\n\n\n\n

M\u1ed7i s\u1ea3n ph\u1ea9m \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf cho m\u1ed9t nh\u00f3m nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c nhau.<\/p>\n\n\n\n

MSTR ph\u00f9 h\u1ee3p v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 mu\u1ed1n ti\u1ebfp x\u00fac m\u1ea1nh v\u1edbi bi\u1ebfn \u0111\u1ed9ng c\u1ee7a Bitcoin. Trong khi \u0111\u00f3, c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i th\u01b0\u1eddng h\u01b0\u1edbng \u0111\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm c\u1ed5 t\u1ee9c ho\u1eb7c l\u1ee3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh.<\/p>\n\n\n\n

V\u00ed d\u1ee5, STRK c\u00f3 m\u1ee9c c\u1ed5 t\u1ee9c c\u1ed1 \u0111\u1ecbnh 8% m\u1ed7i n\u0103m v\u00e0 c\u00f3 kh\u1ea3 n\u0103ng chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu MSTR. STRD cung c\u1ea5p c\u1ed5 t\u1ee9c c\u1ed1 \u0111\u1ecbnh 10%, trong khi STRC \u00e1p d\u1ee5ng m\u1ee9c c\u1ed5 t\u1ee9c bi\u1ebfn \u0111\u1ed5i v\u00e0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh theo t\u1eebng th\u00e1ng.<\/p>\n\n\n\n

B\u1eb1ng c\u00e1ch t\u1ea1o ra nhi\u1ec1u lo\u1ea1i ch\u1ee9ng kho\u00e1n, Strategy c\u00f3 th\u1ec3 ti\u1ebfp c\u1eadn kh\u00f4ng ch\u1ec9 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu m\u00e0 c\u00f2n c\u1ea3:<\/p>\n\n\n\n

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  • C\u00e1c qu\u1ef9 t\u00ecm ki\u1ebfm l\u1ee3i su\u1ea5t;<\/li>\n\n\n\n
  • Nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00e1i phi\u1ebfu;<\/li>\n\n\n\n
  • Nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00edn d\u1ee5ng;<\/li>\n\n\n\n
  • C\u00e1c t\u1ed5 ch\u1ee9c mu\u1ed1n ti\u1ebfp x\u00fac gi\u00e1n ti\u1ebfp v\u1edbi Bitcoin;<\/li>\n\n\n\n
  • Nh\u00e0 \u0111\u1ea7u t\u01b0 mu\u1ed1n nh\u1eadn c\u1ed5 t\u1ee9c nh\u01b0ng kh\u00f4ng mu\u1ed1n tr\u1ef1c ti\u1ebfp n\u1eafm gi\u1eef BTC.<\/li>\n<\/ul>\n\n\n\n

    T\u00ednh \u0111\u1ebfn ng\u00e0y 25\/5\/2026, t\u1ed5ng gi\u00e1 tr\u1ecb danh ngh\u0129a c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i do Strategy ph\u00e1t h\u00e0nh \u0111\u1ea1t kho\u1ea3ng 15,5 t\u1ef7 USD.<\/p>\n\n\n\n

    V\u00ec sao nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eabn mua ch\u1ee9ng kho\u00e1n c\u1ee7a Strategy?<\/h2>\n\n\n\n

    \u0110i\u1ec3m c\u1ed1t l\u00f5i l\u00e0 nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 xem Strategy nh\u01b0 m\u1ed9t ph\u01b0\u01a1ng ti\u1ec7n ti\u1ebfp x\u00fac gi\u00e1n ti\u1ebfp v\u1edbi Bitcoin tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n.<\/p>\n\n\n\n

    Thay v\u00ec t\u1ef1 m\u1edf v\u00ed, l\u01b0u tr\u1eef kh\u00f3a ri\u00eang ho\u1eb7c mua Bitcoin tr\u1ef1c ti\u1ebfp, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 mua MSTR th\u00f4ng qua m\u1ed9t t\u00e0i kho\u1ea3n ch\u1ee9ng kho\u00e1n th\u00f4ng th\u01b0\u1eddng.<\/p>\n\n\n\n

    M\u1ed9t s\u1ed1 t\u1ed5 ch\u1ee9c c\u0169ng c\u00f3 th\u1ec3 b\u1ecb h\u1ea1n ch\u1ebf trong vi\u1ec7c n\u1eafm gi\u1eef t\u00e0i s\u1ea3n crypto tr\u1ef1c ti\u1ebfp, nh\u01b0ng v\u1eabn c\u00f3 th\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu ho\u1eb7c tr\u00e1i phi\u1ebfu c\u1ee7a m\u1ed9t c\u00f4ng ty ni\u00eam y\u1ebft.<\/p>\n\n\n\n

    V\u00ec v\u1eady, ch\u1ee9ng kho\u00e1n Strategy c\u00f3 th\u1ec3 h\u1ea5p d\u1eabn nhi\u1ec1u nh\u00f3m nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 kh\u1ea9u v\u1ecb r\u1ee7i ro kh\u00e1c nhau. Ch\u00ednh nhu c\u1ea7u n\u00e0y t\u1ea1o \u0111i\u1ec1u ki\u1ec7n \u0111\u1ec3 c\u00f4ng ty ti\u1ebfp t\u1ee5c huy \u0111\u1ed9ng v\u1ed1n.<\/p>\n\n\n\n

    Chi\u1ebfn l\u01b0\u1ee3c \u201cBitcoin tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu\u201d<\/h2>\n\n\n\n

    Strategy kh\u00f4ng ch\u1ec9 t\u1eadp trung v\u00e0o t\u1ed5ng s\u1ed1 Bitcoin n\u1eafm gi\u1eef. M\u1ed9t ch\u1ec9 s\u1ed1 quan tr\u1ecdng kh\u00e1c l\u00e0 Bitcoin Per Share \u2014 l\u01b0\u1ee3ng Bitcoin t\u01b0\u01a1ng \u1ee9ng v\u1edbi m\u1ed7i c\u1ed5 phi\u1ebfu pha lo\u00e3ng<\/strong>.<\/p>\n\n\n\n

    \"\"
    M\u00f4 T\u1ea3 Chi\u1ebfn L\u01b0\u1ee3c “Bitcoin Tr\u00ean M\u1ed7i C\u1ed5 Phi\u1ebfu”<\/figcaption><\/figure>\n\n\n\n

    M\u1ee5c ti\u00eau c\u1ee7a c\u00f4ng ty l\u00e0 l\u00e0m cho l\u01b0\u1ee3ng Bitcoin t\u0103ng nhanh h\u01a1n s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu ph\u00e1t h\u00e0nh th\u00eam. Strategy cho bi\u1ebft h\u1ecd s\u1eed d\u1ee5ng k\u1ebft h\u1ee3p th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu v\u00e0 t\u00edn d\u1ee5ng nh\u1eb1m gia t\u0103ng ch\u1ec9 s\u1ed1 Bitcoin tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu.<\/p>\n\n\n\n

    V\u00ed d\u1ee5, gi\u1ea3 s\u1eed c\u00f4ng ty \u0111ang c\u00f3:<\/p>\n\n\n\n

      \n
    • 100 BTC;<\/li>\n\n\n\n
    • 100 c\u1ed5 phi\u1ebfu.<\/li>\n<\/ul>\n\n\n\n

      M\u1ed7i c\u1ed5 phi\u1ebfu khi \u0111\u00f3 t\u01b0\u01a1ng \u1ee9ng v\u1edbi 1 BTC.<\/p>\n\n\n\n

      N\u1ebfu Strategy ph\u00e1t h\u00e0nh th\u00eam 10 c\u1ed5 phi\u1ebfu nh\u01b0ng d\u00f9ng s\u1ed1 ti\u1ec1n huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c \u0111\u1ec3 mua 15 BTC, c\u00f4ng ty s\u1ebd c\u00f3:<\/p>\n\n\n\n

        \n
      • 115 BTC;<\/li>\n\n\n\n
      • 110 c\u1ed5 phi\u1ebfu.<\/li>\n<\/ul>\n\n\n\n

        L\u01b0\u1ee3ng Bitcoin tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu s\u1ebd t\u0103ng l\u00ean kho\u1ea3ng 1,045 BTC.<\/p>\n\n\n\n

        Nh\u01b0 v\u1eady, d\u00f9 s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu t\u0103ng v\u00e0 c\u1ed5 \u0111\u00f4ng b\u1ecb pha lo\u00e3ng, l\u01b0\u1ee3ng Bitcoin \u0111\u1ee9ng sau m\u1ed7i c\u1ed5 phi\u1ebfu v\u1eabn c\u00f3 th\u1ec3 t\u0103ng. Strategy coi \u0111\u00e2y l\u00e0 m\u1ed9t th\u01b0\u01a1ng v\u1ee5 huy \u0111\u1ed9ng v\u1ed1n c\u00f3 t\u00ednh gia t\u0103ng gi\u00e1 tr\u1ecb.<\/p>\n\n\n\n

        Tuy nhi\u00ean, c\u01a1 ch\u1ebf n\u00e0y ch\u1ec9 thu\u1eadn l\u1ee3i khi c\u1ed5 phi\u1ebfu MSTR \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng \u0111\u1ecbnh gi\u00e1 \u0111\u1ee7 cao. N\u1ebfu gi\u00e1 c\u1ed5 phi\u1ebfu gi\u1ea3m qu\u00e1 m\u1ea1nh, ph\u00e1t h\u00e0nh th\u00eam c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 g\u00e2y pha lo\u00e3ng m\u00e0 kh\u00f4ng mua \u0111\u01b0\u1ee3c l\u01b0\u1ee3ng Bitcoin t\u01b0\u01a1ng \u1ee9ng.<\/p>\n\n\n\n

        Strategy c\u00f3 th\u1ef1c s\u1ef1 lu\u00f4n d\u1ed3i d\u00e0o ngu\u1ed3n v\u1ed1n?<\/h2>\n\n\n\n

        Kh\u00f4ng ho\u00e0n to\u00e0n.<\/p>\n\n\n\n

        C\u00e1c ch\u01b0\u01a1ng tr\u00ecnh ATM tr\u1ecb gi\u00e1 h\u00e0ng t\u1ef7 USD ch\u1ec9 th\u1ec3 hi\u1ec7n s\u1ed1 ch\u1ee9ng kho\u00e1n m\u00e0 Strategy \u0111\u01b0\u1ee3c ph\u00e9p ph\u00e1t h\u00e0nh. \u0110\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 ti\u1ec1n m\u1eb7t \u0111\u00e3 n\u1eb1m s\u1eb5n trong t\u00e0i kho\u1ea3n.<\/p>\n\n\n\n

        C\u00f4ng ty ch\u1ec9 huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c ti\u1ec1n khi th\u1ecb tr\u01b0\u1eddng c\u00f3 nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eb5n s\u00e0ng mua.<\/p>\n\n\n\n

        Ngu\u1ed3n v\u1ed1n c\u1ee7a Strategy ph\u1ee5 thu\u1ed9c v\u00e0o m\u1ed9t s\u1ed1 \u0111i\u1ec1u ki\u1ec7n:<\/p>\n\n\n\n

          \n
        • Nhu c\u1ea7u mua MSTR v\u00e0 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f2n cao;<\/li>\n\n\n\n
        • C\u1ed5 phi\u1ebfu duy tr\u00ec \u0111\u01b0\u1ee3c thanh kho\u1ea3n;<\/li>\n\n\n\n
        • Bitcoin kh\u00f4ng gi\u1ea3m s\u00e2u trong th\u1eddi gian qu\u00e1 d\u00e0i;<\/li>\n\n\n\n
        • Th\u1ecb tr\u01b0\u1eddng t\u00edn d\u1ee5ng v\u1eabn ch\u1ea5p nh\u1eadn r\u1ee7i ro;<\/li>\n\n\n\n
        • Chi ph\u00ed c\u1ed5 t\u1ee9c v\u00e0 l\u00e3i vay ch\u01b0a v\u01b0\u1ee3t qu\u00e1 kh\u1ea3 n\u0103ng ki\u1ec3m so\u00e1t;<\/li>\n\n\n\n
        • Strategy v\u1eabn \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn.<\/li>\n<\/ul>\n\n\n\n

          Khi nh\u1eefng \u0111i\u1ec1u ki\u1ec7n n\u00e0y thu\u1eadn l\u1ee3i, Strategy c\u00f3 th\u1ec3 huy \u0111\u1ed9ng h\u00e0ng t\u1ef7 USD trong th\u1eddi gian ng\u1eafn. Nh\u01b0ng n\u1ebfu ni\u1ec1m tin c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 suy gi\u1ea3m, c\u1ed7 m\u00e1y huy \u0111\u1ed9ng v\u1ed1n n\u00e0y c\u00f3 th\u1ec3 ch\u1eadm l\u1ea1i \u0111\u00e1ng k\u1ec3.<\/p>\n\n\n\n

          R\u1ee7i ro l\u1edbn nh\u1ea5t trong m\u00f4 h\u00ecnh c\u1ee7a Strategy<\/h2>\n\n\n\n
          \"\"
          R\u1ee7i ro l\u1edbn nh\u1ea5t trong m\u00f4 h\u00ecnh c\u1ee7a Strategy<\/figcaption><\/figure>\n\n\n\n

          Bitcoin kh\u00f4ng t\u1ef1 t\u1ea1o ra d\u00f2ng ti\u1ec1n \u0111\u1ecbnh k\u1ef3, trong khi Strategy ph\u1ea3i thanh to\u00e1n nhi\u1ec1u ngh\u0129a v\u1ee5 b\u1eb1ng USD, bao g\u1ed3m:<\/p>\n\n\n\n

            \n
          • C\u1ed5 t\u1ee9c c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i;<\/li>\n\n\n\n
          • L\u00e3i vay;<\/li>\n\n\n\n
          • N\u1ee3 \u0111\u1ebfn h\u1ea1n;<\/li>\n\n\n\n
          • Chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng;<\/li>\n\n\n\n
          • Chi ph\u00ed t\u00e1i c\u1ea5p v\u1ed1n.<\/li>\n<\/ul>\n\n\n\n

            Strategy t\u1eebng x\u00e2y d\u1ef1ng qu\u1ef9 d\u1ef1 tr\u1eef USD \u0111\u1ec3 trang tr\u1ea3i c\u1ed5 t\u1ee9c v\u00e0 l\u00e3i vay. \u0110\u1ea7u th\u00e1ng 2\/2026, qu\u1ef9 d\u1ef1 tr\u1eef n\u00e0y \u0111\u1ea1t kho\u1ea3ng 2,25 t\u1ef7 USD, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng kho\u1ea3ng 2,5 n\u0103m chi tr\u1ea3 c\u00e1c ngh\u0129a v\u1ee5 li\u00ean quan t\u1ea1i th\u1eddi \u0111i\u1ec3m \u0111\u00f3. Tuy nhi\u00ean, \u0111\u1ebfn cu\u1ed1i th\u00e1ng 5\/2026, s\u1ed1 d\u01b0 qu\u1ef9 d\u1ef1 tr\u1eef \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 c\u00f2n kho\u1ea3ng 900 tri\u1ec7u USD.<\/p>\n\n\n\n

            N\u1ebfu ngu\u1ed3n ti\u1ec1n m\u1edbi t\u1eeb th\u1ecb tr\u01b0\u1eddng v\u1ed1n kh\u00f4ng c\u00f2n d\u1ed3i d\u00e0o, Strategy c\u00f3 th\u1ec3 ph\u1ea3i:<\/p>\n\n\n\n

              \n
            • S\u1eed d\u1ee5ng d\u1ef1 tr\u1eef ti\u1ec1n m\u1eb7t;<\/li>\n\n\n\n
            • Huy \u0111\u1ed9ng v\u1ed1n v\u1edbi chi ph\u00ed cao h\u01a1n;<\/li>\n\n\n\n
            • T\u00e1i c\u1ea5u tr\u00fac n\u1ee3;<\/li>\n\n\n\n
            • Ph\u00e1t h\u00e0nh th\u00eam c\u1ed5 phi\u1ebfu g\u00e2y pha lo\u00e3ng;<\/li>\n\n\n\n
            • Ho\u1eb7c b\u00e1n m\u1ed9t ph\u1ea7n Bitcoin \u0111\u1ec3 \u0111\u00e1p \u1ee9ng ngh\u0129a v\u1ee5 thanh kho\u1ea3n.<\/li>\n<\/ul>\n\n\n\n

              Ngo\u00e0i ra, Strategy c\u0169ng c\u1ea3nh b\u00e1o vi\u1ec7c t\u1eadp trung t\u00e0i s\u1ea3n qu\u00e1 l\u1edbn v\u00e0o Bitcoin l\u00e0m t\u0103ng r\u1ee7i ro do c\u00f4ng ty thi\u1ebfu s\u1ef1 \u0111a d\u1ea1ng h\u00f3a.<\/p>\n\n\n\n

              K\u1ebft lu\u1eadn<\/h2>\n\n\n\n

              Strategy kh\u00f4ng s\u1edf h\u1eefu m\u1ed9t \u201cm\u00e1y in ti\u1ec1n\u201d v\u00f4 h\u1ea1n.<\/p>\n\n\n\n

              \u0110i\u1ec3m \u0111\u1eb7c bi\u1ec7t c\u1ee7a c\u00f4ng ty n\u1eb1m \u1edf kh\u1ea3 n\u0103ng bi\u1ebfn nhu c\u1ea7u \u0111\u1ea7u t\u01b0 v\u00e0o Bitcoin th\u00e0nh nhi\u1ec1u lo\u1ea1i ch\u1ee9ng kho\u00e1n kh\u00e1c nhau. Strategy b\u00e1n c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i v\u00e0 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i cho nh\u00e0 \u0111\u1ea7u t\u01b0, sau \u0111\u00f3 s\u1eed d\u1ee5ng ngu\u1ed3n USD huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c \u0111\u1ec3 mua th\u00eam Bitcoin.<\/p>\n\n\n\n

              Khi gi\u00e1 Bitcoin t\u0103ng, c\u1ed5 phi\u1ebfu MSTR \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 cao v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u1ebfp t\u1ee5c t\u00ecm ki\u1ebfm c\u00e1c s\u1ea3n ph\u1ea9m l\u1ee3i su\u1ea5t c\u1ee7a Strategy, v\u00f2ng quay huy \u0111\u1ed9ng v\u1ed1n c\u00f3 th\u1ec3 ho\u1ea1t \u0111\u1ed9ng r\u1ea5t m\u1ea1nh.<\/p>\n\n\n\n

              Tuy nhi\u00ean, \u0111\u00e2y l\u00e0 m\u00f4 h\u00ecnh ph\u1ee5 thu\u1ed9c l\u1edbn v\u00e0o ni\u1ec1m tin th\u1ecb tr\u01b0\u1eddng. N\u1ebfu Bitcoin gi\u1ea3m k\u00e9o d\u00e0i, gi\u00e1 MSTR lao d\u1ed1c ho\u1eb7c nhu c\u1ea7u mua ch\u1ee9ng kho\u00e1n Strategy suy y\u1ebfu, ngu\u1ed3n v\u1ed1n c\u1ee7a c\u00f4ng ty c\u00f3 th\u1ec3 kh\u00f4ng c\u00f2n d\u1ed3i d\u00e0o nh\u01b0 tr\u01b0\u1edbc.<\/p>\n\n\n\n

              C\u00f3 th\u1ec3 hi\u1ec3u \u0111\u01a1n gi\u1ea3n:<\/strong><\/p>\n\n\n\n

              \n

              Strategy kh\u00f4ng tr\u1ef1c ti\u1ebfp t\u1ea1o ra h\u00e0ng t\u1ef7 USD t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh. C\u00f4ng ty \u0111ang s\u1eed d\u1ee5ng th\u1ecb tr\u01b0\u1eddng v\u1ed1n \u0111\u1ec3 chuy\u1ec3n nhu c\u1ea7u \u0111\u1ea7u t\u01b0 v\u00e0o Bitcoin th\u00e0nh ti\u1ec1n m\u1eb7t, r\u1ed3i d\u00f9ng ch\u00ednh s\u1ed1 ti\u1ec1n \u0111\u00f3 \u0111\u1ec3 mua th\u00eam Bitcoin.<\/em><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

              C\u00e2u tr\u1ea3 l\u1eddi n\u1eb1m \u1edf m\u00f4 h\u00ecnh v\u1eadn h\u00e0nh \u0111\u1eb7c bi\u1ec7t c\u1ee7a c\u00f4ng ty. Strategy c\u1ee7a Michael Saylor kh\u00f4ng ch\u1ec9 s\u1eed d\u1ee5ng l\u1ee3i nhu\u1eadn kinh doanh \u0111\u1ec3 mua Bitcoin, m\u00e0 \u0111\u00e3 x\u00e2y d\u1ef1ng m\u1ed9t h\u1ec7 th\u1ed1ng huy \u0111\u1ed9ng v\u1ed1n quy m\u00f4 l\u1edbn d\u1ef1a tr\u00ean c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i v\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i.<\/p>\n","protected":false},"author":3,"featured_media":12098,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[178],"tags":[332,331],"class_list":["post-12063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insight","tag-michael-saylor","tag-strategy"],"views":22,"_links":{"self":[{"href":"https:\/\/backcom.io\/vi\/wp-json\/wp\/v2\/posts\/12063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/backcom.io\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/backcom.io\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/backcom.io\/vi\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/backcom.io\/vi\/wp-json\/wp\/v2\/comments?post=12063"}],"version-history":[{"count":2,"href":"https:\/\/backcom.io\/vi\/wp-json\/wp\/v2\/posts\/12063\/revisions"}],"predecessor-version":[{"id":12099,"href":"https:\/\/backcom.io\/vi\/wp-json\/wp\/v2\/posts\/12063\/revisions\/12099"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/backcom.io\/vi\/wp-json\/wp\/v2\/media\/12098"}],"wp:attachment":[{"href":"https:\/\/backcom.io\/vi\/wp-json\/wp\/v2\/media?parent=12063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/backcom.io\/vi\/wp-json\/wp\/v2\/categories?post=12063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/backcom.io\/vi\/wp-json\/wp\/v2\/tags?post=12063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}