S&amp;P Global Ratings &#273;&atilde; g&aacute;n x&#7871;p h&#7841;ng t&iacute;n d&#7909;ng cho Strategy, v&#7899;i m&#7913;c B-. C&ocirc;ng ty cho r&#7857;ng thanh kho&#7843;n y&#7871;u v&agrave; t&#7853;p trung h&#7865;p c&oacute; th&#7875; khi&#7871;n n&oacute; d&#7877; b&#7883; s&#7909;p &#273;&#7893; trong t&#432;&#417;ng lai.
Tuy nhi&ecirc;n, c&#7893; phi&#7871;u c&#7911;a Strategy &#273;&atilde; t&#259;ng h&ocirc;m nay, khi Saylor l&#432;u &yacute; r&#7857;ng &#273;&acirc;y l&agrave; kho t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; &#273;&#7847;u ti&ecirc;n (DAT) thu h&uacute;t s&#7921; ch&uacute; &yacute; c&#7911;a S&amp;P. K&#7929; thu&#7853;t ti&#7871;p th&#7883; n&agrave;y th&#7875; hi&#7879;n l&#7883;ch s&#7917; th&agrave;nh c&ocirc;ng li&ecirc;n t&#7909;c c&#7911;a Strategy.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-s-amp-p-rates-strategy-s-credit">Chi&#7871;n l&#432;&#7907;c t&iacute;n d&#7909;ng c&#7911;a S&amp;P Rates</h2>

G&#7847;n &#273;&acirc;y, Strategy &#273;&atilde; gi&#7843;m t&#7889;c &#273;&#7897; mua BTC <a href="https://vn.beincrypto.com/microstrategy-bitcoin-buy-pause-dilution-fears/" target="_blank" rel="noreferrer noopener">sau khi t&#7841;m d&#7915;ng ho&agrave;n to&agrave;n</a>, nh&#432;ng c&ocirc;ng ty <a href="https://vn.beincrypto.com/microstrategy-bitcoin-buy-slows-saylor-gives-hint/" target="_blank" rel="noreferrer noopener">v&#7851;n quy&#7871;t t&acirc;m ti&#7871;p t&#7909;c mua</a> Bitcoin. Michael Saylor th&#7853;m ch&iacute; &#273;&atilde; <a href="https://x.com/saylor/status/1982779998609293775#m" target="_blank" rel="noreferrer noopener">th&ocirc;ng b&aacute;o</a> m&#7897;t th&#432;&#417;ng v&#7909; mua 43.4 tri&#7879;u USD h&ocirc;m nay, nh&#432;ng c&ocirc;ng ty &#273;&atilde; g&#7863;p tr&#7903; ng&#7841;i khi S&amp;P g&aacute;n cho Strategy x&#7871;p h&#7841;ng t&iacute;n d&#7909;ng B-, th&#7875; hi&#7879;n s&#7921; thi&#7871;u tin t&#432;&#7903;ng:
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;Ch&uacute;ng t&ocirc;i nh&#7853;n th&#7845;y s&#7921; t&#7853;p trung cao v&agrave;o bitcoin c&#7911;a Strategy, t&#7853;p trung kinh doanh h&#7865;p, v&#7889;n h&oacute;a &#273;i&#7873;u ch&#7881;nh r&#7911;i ro y&#7871;u v&agrave; thanh kho&#7843;n USD th&#7845;p l&agrave; nh&#7919;ng &#273;i&#7875;m y&#7871;u. Nh&#7919;ng &#273;i&#7873;u n&agrave;y ch&#7881; &#273;&#432;&#7907;c b&ugrave; &#273;&#7855;p m&#7897;t ph&#7847;n b&#7903;i kh&#7843; n&#259;ng ti&#7871;p c&#7853;n m&#7841;nh m&#7869; c&#7911;a c&ocirc;ng ty v&#7899;i th&#7883; tr&#432;&#7901;ng v&#7889;n v&agrave; qu&#7843;n l&yacute; c&#7845;u tr&uacute;c v&#7889;n th&#7853;n tr&#7885;ng,&rdquo; S&amp;P tuy&ecirc;n b&#7889; trong m&#7897;t th&ocirc;ng c&aacute;o b&aacute;o ch&iacute; <a href="https://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3466223" target="_blank" rel="noreferrer noopener nofollow">ph&aacute;t h&agrave;nh</a>.
</blockquote>

S&amp;P &#273;&atilde; n&ecirc;u b&#7853;t nhi&#7873;u y&#7871;u t&#7889; c&#7845;u tr&uacute;c, c&#7843; c&#7909; th&#7875; &#273;&#7889;i v&#7899;i Strategy v&agrave; &aacute;p d&#7909;ng cho to&agrave;n b&#7897; ng&agrave;nh DAT, &#273;&#7875; g&aacute;n &#273;i&#7875;m t&iacute;n d&#7909;ng n&agrave;y.
M&#7897;t ph&#7847;n, c&ocirc;ng ty &#273;ang <a href="https://vn.beincrypto.com/microstrategy-shareholders-risk-saylor-bitcoin-buys/" target="_blank" rel="noreferrer noopener">ch&#7883;u &aacute;p l&#7921;c l&#7899;n t&#7915; c&#7893; &#273;&ocirc;ng</a> do lo ng&#7841;i pha lo&atilde;ng c&#7893; phi&#7871;u, v&agrave; Strategy &#273;ang &#273;&#7889;i m&#7863;t v&#7899;i lo ng&#7841;i v&#7873; mNAV gi&#7843;m d&#7847;n.
H&#417;n n&#7919;a, <a href="https://vn.beincrypto.com/metaplanet-preferred-stock-strategy-bitcoin-per-share/" target="_blank" rel="noreferrer noopener">c&aacute;c c&ocirc;ng ty DAT kh&aacute;c &#273;ang quay l&#432;ng</a> v&#7899;i chi&#7871;n thu&#7853;t ti&ecirc;n phong c&#7911;a Strategy. Nhi&#7873;u c&ocirc;ng ty n&agrave;y &#273;ang theo &#273;u&#7893;i c&aacute;c ph&#432;&#417;ng ph&aacute;p &#273;a d&#7841;ng &#273;&#7875; x&acirc;y d&#7921;ng kho ti&#7873;n &#273;i&#7879;n t&#7917;, <a href="https://vn.beincrypto.com/trump-family-american-bitcoin-treasury-holdings/" target="_blank" rel="noreferrer noopener">th&#7853;m ch&iacute; t&#7921; khai th&aacute;c token</a>, &#273;&#7863;t ng&#432;&#7901;i d&#7851;n &#273;&#7847;u s&#7899;m n&agrave;y v&agrave;o th&#7871; kh&oacute; kh&#259;n.
Tuy nhi&ecirc;n, ngay c&#7843; nh&#7919;ng chi&#7871;n thu&#7853;t n&agrave;y <a href="https://vn.beincrypto.com/digital-asset-treasury-firms-survival/" target="_blank" rel="noreferrer noopener">c&#361;ng &#273;ang cho th&#7845;y d&#7845;u hi&#7879;u c&#7843;nh b&aacute;o</a>. Nh&#7919;ng l&yacute; do n&agrave;y &#273;&atilde; khi&#7871;n S&amp;P g&aacute;n cho Strategy x&#7871;p h&#7841;ng t&iacute;n d&#7909;ng th&#7845;p nh&#432; v&#7853;y, tuy&ecirc;n b&#7889; r&#7857;ng &ldquo;kh&ocirc;ng c&oacute; kh&#7843; n&#259;ng&rdquo; &#273;i&#7875;m s&#7889; n&agrave;y s&#7869; t&#259;ng trong n&#259;m t&#7899;i.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-show-must-go-on">Ch&#432;&#417;ng tr&igrave;nh ph&#7843;i ti&#7871;p t&#7909;c</h2>

M&#7863;c d&ugrave; c&oacute; d&#7845;u hi&#7879;u thi&#7871;u tin t&#432;&#7903;ng t&#7915; S&amp;P, nh&#432;ng c&#7893; phi&#7871;u c&#7911;a Strategy th&#7921;c s&#7921; &#273;&atilde; <a href="https://www.google.com/finance/quote/MSTR:NASDAQ?sa=X&amp;ved=2ahUKEwiKwpeHnMWQAxWv48kDHUQrLvEQ3ecFegQIPRAT" target="_blank" rel="noreferrer noopener nofollow">t&#259;ng</a> h&ocirc;m nay. Saylor, m&#7897;t nh&acirc;n v&#7853;t n&#7893;i b&#7853;t trong ng&agrave;nh c&ocirc;ng nghi&#7879;p ti&#7873;n &#273;i&#7879;n t&#7917; v&#7899;i con m&#7855;t tinh t&#432;&#7901;ng v&#7873; ti&#7871;p th&#7883;, &#273;&atilde; coi x&#7871;p h&#7841;ng t&iacute;n d&#7909;ng n&agrave;y l&agrave; m&#7897;t s&#7921; ph&aacute;t tri&#7875;n t&iacute;ch c&#7921;c.
&#272;&uacute;ng l&agrave; c&#417; quan n&agrave;y c&oacute; c&aacute;i nh&igrave;n kh&ocirc;ng t&#7889;t v&#7873; c&ocirc;ng ty c&#7911;a &ocirc;ng, nh&#432;ng Strategy l&agrave; DAT &#273;&#7847;u ti&ecirc;n &#273;&#432;&#7907;c t&#7893; ch&#7913;c n&agrave;y &#273;&aacute;nh gi&aacute; ch&iacute;nh th&#7913;c. S&#7921; ch&uacute; &yacute; &#273;&#7863;c bi&#7879;t &#273;&oacute; &#273;&atilde; l&agrave; m&#7897;t c&#7897;t m&#7889;c cho ng&agrave;nh c&ocirc;ng nghi&#7879;p ti&#7873;n &#273;i&#7879;n t&#7917;:
Kinh t&#7871; ti&#7873;n &#273;i&#7879;n t&#7917; s&#7889;ng v&agrave; ch&#7871;t d&#7921;a tr&ecirc;n s&#7921; c&#432;&#7901;ng &#273;i&#7879;u c&#7911;a c&#7897;ng &#273;&#7891;ng, v&agrave; th&#432;&#417;ng hi&#7879;u c&#7911;a Strategy c&oacute; th&#7875; l&agrave; m&#7897;t &ldquo;y&#7871;u t&#7889; X&rdquo; m&agrave; S&amp;P kh&ocirc;ng th&#7875; nh&#7845;t thi&#7871;t k&#7871;t h&#7907;p v&agrave;o x&#7871;p h&#7841;ng t&iacute;n d&#7909;ng. Ngay c&#7843; b&acirc;y gi&#7901;, c&aacute;c c&ocirc;ng ty DAT m&#7899;i <a href="https://vn.beincrypto.com/first-german-bitcoin-treasury-microstrategy-blueprint/" target="_blank" rel="noreferrer noopener">&#273;&#432;&#7907;c g&#7885;i l&agrave; &ldquo;MicroStrategies</a>,&rdquo; cho th&#7845;y danh ti&#7871;ng v&#432;&#7907;t tr&#7897;i c&#7911;a c&ocirc;ng ty g&#7889;c.
N&oacute;i c&aacute;ch kh&aacute;c, s&#7921; nhi&#7879;t t&igrave;nh ch&acirc;n th&agrave;nh c&oacute; th&#7875; gi&uacute;p che &#273;&#7853;y nh&#7919;ng m&acirc;u thu&#7851;n n&agrave;y. Tuy nhi&ecirc;n, cu&#7889;i c&ugrave;ng, &#273;i&#7873;u &#273;&oacute; d&#432;&#7901;ng nh&#432; kh&ocirc;ng &#273;&#7911;.
TradFi &#273;ang d&#7847;n t&iacute;ch h&#7907;p v&#7899;i ng&agrave;nh c&ocirc;ng nghi&#7879;p ti&#7873;n &#273;i&#7879;n t&#7917; r&#7897;ng l&#7899;n h&#417;n, nh&#432;ng S&amp;P &#273;&atilde; &#273;&#7863;c bi&#7879;t t&#7915; ch&#7889;i Strategy. Saylor c&#7847;n l&agrave;m nhi&#7873;u h&#417;n l&agrave; ch&#7881; v&#432;&#7907;t qua nh&#7919;ng tr&#7903; ng&#7841;i t&#7841;m th&#7901;i; &ocirc;ng c&#7847;n th&#432;&#7901;ng xuy&ecirc;n ng&#259;n ch&#7863;n c&aacute;c xu h&#432;&#7899;ng c&#7841;nh tranh va ch&#7841;m v&#7899;i nhau.
Cu&#7889;i c&ugrave;ng, m&#7897;t trong nh&#7919;ng &#273;i&#7875;m y&#7871;u n&agrave;y c&oacute; th&#7875; b&ugrave;ng n&#7893; tr&#432;&#7899;c m&#7863;t &ocirc;ng.

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