MicroStrategy (MSTR) &#273;ang tr&#7903; th&agrave;nh t&acirc;m &#273;i&#7875;m c&#7911;a m&#7897;t cu&#7897;c tranh lu&#7853;n s&ocirc;i n&#7893;i khi Peter Schiff g&#7885;i m&ocirc; h&igrave;nh kinh doanh c&#7911;a c&ocirc;ng ty l&agrave; gian l&#7853;n. Schiff c&#7843;nh b&aacute;o r&#7857;ng vi&#7879;c MicroStrategy ph&#7909; thu&#7897;c v&agrave;o c&#7893; phi&#7871;u &#432;u &#273;&atilde;i l&atilde;i su&#7845;t cao v&agrave; qu&#7929; thu nh&#7853;p s&#7869; kh&ocirc;ng b&#7873;n v&#7919;ng, d&#7921; &#273;o&aacute;n r&#7857;ng c&ocirc;ng ty c&oacute; th&#7875; s&#7869; ph&aacute; s&#7843;n.
Tuy nhi&ecirc;n, c&aacute;c nh&agrave; ph&acirc;n t&iacute;ch v&agrave; nh&agrave; giao d&#7883;ch tranh lu&#7853;n r&#7857;ng chi&#7871;n l&#432;&#7907;c c&#7911;a MSTR c&oacute; th&#7875; v&#7851;n mang l&#7841;i c&#417; h&#7897;i ti&#7871;p c&#7853;n Bitcoin &#273;&ograve;n b&#7849;y &#273;&#7897;c &#273;&aacute;o, t&#7841;o ra s&#7921; chia r&#7869; trong t&acirc;m l&yacute; th&#7883; tr&#432;&#7901;ng.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-schiff-slams-mstr-as-fraud-but-analysts-argue-it-may-outrun-bitcoin">Schiff ch&#7881; tr&iacute;ch MSTR l&agrave; &lsquo;gian l&#7853;n&rsquo; nh&#432;ng c&aacute;c nh&agrave; ph&acirc;n t&iacute;ch cho r&#7857;ng n&oacute; c&oacute; th&#7875; v&#432;&#7907;t m&#7863;t Bitcoin</h2>

Theo Schiff, m&ocirc; h&igrave;nh t&agrave;i tr&#7907; b&#7857;ng c&#7893; phi&#7871;u &#432;u &#273;&atilde;i c&#7911;a MicroStrategy c&oacute; th&#7875; g&acirc;y ra m&#7897;t &ldquo;v&ograve;ng xo&aacute;y ch&#7871;t ch&oacute;c&rdquo;, v&#7899;i Schiff g&#7885;i to&agrave;n b&#7897; <a href="https://www.strategy.com/press/strategy-completes-2-billion-offering-of-convertible-senior-notes-due-2030_02-24-2025" target="_blank" rel="noreferrer noopener nofollow">m&ocirc; h&igrave;nh</a> kinh doanh c&#7911;a c&ocirc;ng ty l&agrave; gian l&#7853;n.
Quan &#273;i&#7875;m c&#7911;a Schiff xu&#7845;t ph&aacute;t t&#7915; lo ng&#7841;i v&#7873; m&ocirc; h&igrave;nh kinh doanh c&#7911;a MicroStrategy, v&#7889;n d&#7921;a v&agrave;o c&aacute;c qu&#7929; thu nh&#7853;p mua &ldquo;c&#7893; phi&#7871;u &#432;u &#273;&atilde;i l&atilde;i su&#7845;t cao&rdquo; c&#7911;a c&ocirc;ng ty. Theo Schiff, nh&#7919;ng l&atilde;i su&#7845;t c&ocirc;ng b&#7889; n&agrave;y c&oacute; th&#7875; kh&ocirc;ng bao gi&#7901; th&#7921;c s&#7921; &#273;&#432;&#7907;c thanh to&aacute;n.
<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;Khi c&aacute;c nh&agrave; qu&#7843;n l&yacute; qu&#7929; nh&#7853;n ra &#273;i&#7873;u n&agrave;y, h&#7885; s&#7869; b&aacute;n th&aacute;o c&#7893; phi&#7871;u &#432;u &#273;&atilde;i &amp; MSTR s&#7869; kh&ocirc;ng th&#7875; ph&aacute;t h&agrave;nh th&ecirc;m, kh&#417;i m&agrave;o m&#7897;t v&ograve;ng xo&aacute;y ch&#7871;t ch&oacute;c,&rdquo; &ocirc;ng <a href="https://x.com/PeterSchiff/status/1990100598667018595?s=20" target="_blank" rel="noreferrer noopener nofollow">nh&#7845;n m&#7841;nh</a>.
</blockquote>

MicroStrategy &#273;&atilde; ng&#7915;ng ph&aacute;t h&agrave;nh tr&aacute;i phi&#7871;u chuy&#7875;n &#273;&#7893;i m&#7899;i v&agrave;o th&aacute;ng 02/2025, chuy&#7875;n sang ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u &#432;u &#273;&atilde;i (d&ograve;ng STR) b&#7855;t &#273;&#7847;u t&#7915; th&aacute;ng 09/2025.
Nh&#7919;ng c&#7893; phi&#7871;u &#432;u &#273;&atilde;i n&agrave;y c&oacute; l&atilde;i su&#7845;t cao h&#417;n nhi&#7873;u, cho th&#7845;y c&aacute;c nh&agrave; &#273;&#7847;u t&#432; hi&#7879;n y&ecirc;u c&#7847;u &#273;&#7897;ng l&#7921;c m&#7841;nh h&#417;n trong b&#7889;i c&#7843;nh &#273;i&#7873;u ki&#7879;n th&#7883; tr&#432;&#7901;ng th&#7855;t ch&#7863;t.
L&#7853;p lu&#7853;n r&#7897;ng h&#417;n c&#7911;a Schiff nh&#7845;n m&#7841;nh nh&#7919;ng r&#7911;i ro c&#7845;u tr&uacute;c v&#7889;n c&oacute; trong c&aacute;ch ti&#7871;p c&#7853;n c&#7911;a c&ocirc;ng ty. &#272;i&#7875;m tranh c&atilde;i ch&iacute;nh c&#7911;a &ocirc;ng l&agrave; ngay c&#7843; khi Bitcoin t&#259;ng gi&aacute;, m&ocirc; h&igrave;nh t&agrave;i ch&iacute;nh d&#7921;a tr&ecirc;n n&#7907; c&#7911;a MSTR c&oacute; th&#7875; th&#7845;t b&#7841;i, &#273;&#7863;t c&ocirc;ng ty v&agrave;o r&#7911;i ro ph&aacute; s&#7843;n.
Nh&agrave; giao d&#7883;ch ti&#7873;n &#273;i&#7879;n t&#7917; KillaXBT &#273;&atilde; ch&#7881; ra m&#7897;t t&igrave;nh hu&#7889;ng <a href="https://vn.beincrypto.com/japanese-yen-carry-trade-crisis-global-market-risk/" target="_blank" rel="noreferrer noopener">Thi&ecirc;n Nga &#272;en</a> ti&#7873;m n&#259;ng. Theo nh&agrave; ph&acirc;n t&iacute;ch n&agrave;y, n&#7871;u BTC gi&#7843;m 50&ndash;60%, c&aacute;c quy t&#7855;c cho vay s&#7869; tr&#7903; n&ecirc;n ch&#7863;t ch&#7869; h&#417;n, l&#7879;nh g&#7885;i k&yacute; qu&#7929; v&agrave; b&#7855;t bu&#7897;c b&aacute;n Bitcoin s&#7869; xu&#7845;t hi&#7879;n, &#273;&#7863;c bi&#7879;t n&#7871;u thanh kho&#7843;n c&#7841;n ki&#7879;t.
&Ocirc;ng v&iacute; MicroStrategy nh&#432; m&#7897;t t&ograve;a nh&agrave; b&#7857;ng th&#7867; &#273;&#432;&#7907;c x&acirc;y d&#7921;ng tr&ecirc;n Bitcoin, l&#432;u &yacute; r&#7857;ng <a href="https://vn.beincrypto.com/james-wynn-bitcoin-trader-losses-2025/" target="_blank" rel="noreferrer noopener">&#273;&ograve;n b&#7849;y khu&#7871;ch &#273;&#7841;i c&#7843; l&#7907;i nhu&#7853;n v&agrave; thua l&#7895;</a>, v&agrave; m&#7897;t &#273;&#7907;t &#273;i&#7873;u ch&#7881;nh th&#7883; tr&#432;&#7901;ng l&#7899;n c&oacute; th&#7875; g&acirc;y &aacute;p l&#7921;c l&ecirc;n t&agrave;i ch&iacute;nh c&#7911;a c&ocirc;ng ty.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-analysts-defend-mstr-s-leverage-model">C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch b&#7843;o v&#7879; m&ocirc; h&igrave;nh &#273;&ograve;n b&#7849;y c&#7911;a MSTR</h2>

M&#7863;c d&ugrave; c&oacute; c&aacute;c c&#7843;nh b&aacute;o, m&#7897;t s&#7889; nh&agrave; &#273;&#7847;u t&#432; xem MSTR nh&#432; l&agrave; m&#7897;t c&aacute;ch &#273;&#7847;u t&#432; v&agrave;o Bitcoin b&#7857;ng c&aacute;ch s&#7917; d&#7909;ng &#273;&ograve;n b&#7849;y, v&#432;&#7907;t tr&#7897;i h&#417;n so v&#7899;i c&aacute;c qu&#7929; ETF ti&ecirc;u chu&#7849;n (qu&#7929; giao d&#7883;ch tr&ecirc;n s&agrave;n). Adam Livingstone cho r&#7857;ng MSTR k&#7871;t h&#7907;p kh&#7843; n&#259;ng ti&#7871;p x&uacute;c v&#7899;i Bitcoin 1:1 c&ugrave;ng v&#7899;i s&#7921; gia t&#259;ng h&#7857;ng n&#259;m c&#7911;a BTC m&#7895;i c&#7893; phi&#7871;u, m&#7897;t d&#7841;ng l&#7891;i chi&#7871;t trung khu&#7871;ch &#273;&#7841;i l&#7907;i t&#7913;c m&agrave; kh&ocirc;ng c&oacute; r&#7911;i ro thanh l&yacute;.
&Ocirc;ng &#273;&atilde; minh h&#7885;a m&#7897;t tr&#432;&#7901;ng h&#7907;p gi&#7843; &#273;&#7883;nh k&eacute;o d&agrave;i m&#7897;t th&#7853;p k&#7927;: 100,000 USD &#273;&#7847;u t&#432; v&agrave;o IBIT c&oacute; th&#7875; t&#259;ng l&ecirc;n 1.38 tri&#7879;u USD, trong khi c&ugrave;ng kho&#7843;n &#273;&#7847;u t&#432; &#273;&oacute; v&agrave;o MSTR c&oacute; th&#7875; &#273;&#7841;t 3.56 tri&#7879;u USD. &#272;i&#7873;u n&agrave;y chuy&#7875;n th&agrave;nh m&#7913;c nh&#7881;nh h&#417;n 158%.
M&#7897;t ng&#432;&#7901;i d&ugrave;ng n&#7893;i ti&#7871;ng kh&aacute;c tr&ecirc;n X (Twitter), Rohan Hirani, &#273;&atilde; th&ecirc;m r&#7857;ng m&#7913;c ph&iacute; b&#7843;o hi&#7875;m c&#7911;a MSTR t&#7891;n t&#7841;i v&igrave; c&aacute;c nh&agrave; &#273;&#7847;u t&#432; &#273;ang mua m&#7897;t &#273;&#7897;i ng&#361; qu&#7843;n l&yacute; c&oacute; kh&#7843; n&#259;ng ti&#7871;p c&#7853;n v&#7889;n to&agrave;n c&#7847;u c&oacute; th&#7875; mua th&ecirc;m BTC m&#7897;t c&aacute;ch hi&#7879;u qu&#7843;. &#272;i&#7873;u n&agrave;y tr&aacute;i ng&#432;&#7907;c v&#7899;i vi&#7879;c ch&#7881; <a href="https://beincrypto.com/learn/how-to-buy-bitcoin-in-four-easy-steps" target="_blank" rel="noreferrer noopener">mua Bitcoin</a>.
&Ocirc;ng nh&#7845;n m&#7841;nh r&#7857;ng vi&#7879;c ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u &#432;u &#273;&atilde;i n&#259;m 2025 c&#7911;a MSTR &#273;&#7841;i di&#7879;n cho m&#7897;t s&#7921; chuy&#7875;n h&#432;&#7899;ng sang t&agrave;i tr&#7907; b&#7873;n v&#7919;ng h&#417;n, c&acirc;n b&#7857;ng gi&#7919;a r&#7911;i ro th&#7921;c hi&#7879;n v&agrave; l&#7907;i th&#7871; d&agrave;i h&#7841;n.
<h3 class="wp-block-heading" id="h-financing-momentum-and-market-dynamics">&#272;&#7897;ng l&#7921;c t&agrave;i tr&#7907; v&agrave; &#273;&#7897;ng l&#7921;c th&#7883; tr&#432;&#7901;ng</h3>

K&#7875; t&#7915; th&aacute;ng 09/2025, MicroStrategy &#273;&atilde; d&#7847;n <a href="https://www.strategy.com/press/strategy-announces-pricing-of-stre-perpetual-preferred-stock_11-07-2025" target="_blank" rel="noreferrer noopener nofollow">chuy&#7875;n h&#432;&#7899;ng</a> t&#7915; tr&aacute;i phi&#7871;u chuy&#7875;n &#273;&#7893;i sang c&#7893; phi&#7871;u &#432;u &#273;&atilde;i l&atilde;i su&#7845;t cao h&#417;n (d&ograve;ng STR), ph&#7843;n &aacute;nh t&acirc;m l&yacute; c&#7849;n tr&#7885;ng c&#7911;a nh&agrave; &#273;&#7847;u t&#432; trong b&#7889;i c&#7843;nh th&#7883; tr&#432;&#7901;ng th&#7855;t ch&#7863;t.
T&#7841;i th&#7901;i &#273;i&#7875;m vi&#7871;t b&agrave;i, c&ocirc;ng ty n&#7855;m gi&#7919; 641,692 BTC v&#7899;i gi&aacute; trung b&igrave;nh 74,085 USD m&#7895;i coin, duy tr&igrave; kho&#7843;ng 26% l&#7907;i nhu&#7853;n ch&#432;a th&#7921;c hi&#7879;n ngay c&#7843; khi BTC gi&#7843;m m&#7841;nh.
<img style="height:400px;width:640px;" decoding="async" alt="MicroStrategy BTC Holdings" class="wp-image-773716 lazy" loading="lazy" src="https://assets.beincrypto.com/img/_1Jm3KM6ZxqueDUnB7Ce8Lbst5o=/smart/b7f68ab6828c47e2a7efc7cc5c109a86">K&#7927; l&#7909;c n&#7855;m gi&#7919; BTC c&#7911;a MicroStrategy. Ngu&#7891;n:&nbsp;<a href="https://bitcointreasuries.net/public-companies/microstrategy" target="_blank" rel="noreferrer noopener nofollow">Bitcoin Treasuries</a>

C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch l&#432;u &yacute; r&#7857;ng MSTR ho&#7841;t &#273;&#7897;ng nh&#432; m&#7897;t lo&#7841;i <a href="https://beincrypto.com/learn/how-to-prepare-bitcoin-etf" target="_blank" rel="noreferrer noopener">Bitcoin ETF</a> c&oacute; &#273;&ograve;n b&#7849;y, n&#417;i gi&aacute; tr&#7883; c&#7893; phi&#7871;u ph&#7909; thu&#7897;c r&#7845;t nhi&#7873;u v&agrave;o gi&aacute; Bitcoin v&agrave; vi&#7879;c t&agrave;i tr&#7907; th&agrave;nh c&ocirc;ng.
M&#7863;c d&ugrave; g&#7863;p ph&#7843;i nh&#7919;ng th&#7845;t b&#7841;i t&#7841;m th&#7901;i, ch&#7859;ng h&#7841;n nh&#432; <a href="https://vn.beincrypto.com/microstrategy-loses-bitcoin-premium/" target="_blank" rel="noreferrer noopener">m&#7845;t ph&iacute; b&#7843;o hi&#7875;m Bitcoin MSTR</a> v&agrave;o tu&#7847;n tr&#432;&#7899;c, c&aacute;c nh&agrave; &#273;&#7847;u t&#432; nh&#7845;n m&#7841;nh chi&#7871;n l&#432;&#7907;c &#273;&#7883;nh v&#7883; c&#7911;a c&ocirc;ng ty tr&ecirc;n th&#7883; tr&#432;&#7901;ng t&iacute;n d&#7909;ng k&#7929; thu&#7853;t s&#7889; nh&#432; m&#7897;t &#273;&#7897;ng l&#7921;c t&#7841;o ra gi&aacute; tr&#7883; l&acirc;u d&agrave;i. M&ocirc; h&igrave;nh c&#7911;a MSTR, d&ugrave; r&#7911;i ro, mang l&#7841;i kh&#7843; n&#259;ng ti&#7871;p x&uacute;c k&eacute;p:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>S&#7921; gia t&#259;ng gi&aacute; tr&#7883; c&#7911;a Bitcoin, v&agrave;</li>

<li>Gia t&#259;ng BTC t&#7915;ng ph&#7847;n m&#7895;i c&#7893; phi&#7871;u.</li>
</ul>

Chi&#7871;n l&#432;&#7907;c lai c&#7911;a MicroStrategy ph&#7843;i ch&#7889;ng ch&#7885;i v&#7899;i s&#7921; bi&#7871;n &#273;&#7897;ng, duy tr&igrave; &#273;&#7897;ng l&#7921;c t&agrave;i tr&#7907; v&agrave; ti&#7871;p t&#7909;c v&#432;&#7907;t tr&#7897;i so v&#7899;i vi&#7879;c ti&#7871;p x&uacute;c Bitcoin &#273;&#7875; xoa d&#7883;u nh&#7919;ng lo ng&#7841;i ho&agrave;i nghi. Tuy nhi&ecirc;n, c&ocirc;ng ty v&#7851;n l&agrave; m&#7897;t v&iacute; d&#7909; &#273;&aacute;ng ch&uacute; &yacute; trong chi&#7871;n l&#432;&#7907;c Bitcoin doanh nghi&#7879;p, c&acirc;n b&#7857;ng gi&#7919;a c&#417; h&#7897;i &#273;&ograve;n b&#7849;y v&agrave; r&#7911;i ro h&#7879; th&#7889;ng.

Goldbug Peter Schiff gọi MSTR là ‘Gian lận’—Các nhà phân tích nói rằng nó vẫn có thể vượt trội hơn Bitcoin

MicroStrategy (MSTR) &#273;ang tr&#7903; th&agrave;nh t&acirc;m &#273;i&#7875;m c&#7911;a m&#7897;t cu&#7897;c tranh lu&#7853;n s&ocirc;i n&#7893;i khi Peter Schiff g&#7885;i m&ocirc; h&igrave;nh kinh doanh c&#7911;a c&ocirc;ng ty l&agrave; gian l&#7853;n. Schiff c&#7843;nh b&aacute;o r&#7857;ng vi&#7879;c MicroStrategy ph&#7909; thu&#7897;c v&agrave;o c&#7893; phi&#7871;u &#432;u &#273;&atilde;i l&atilde;i su&#7845;t cao v&agrave; qu&#7929; thu nh&#7853;p s&#7869; kh&ocirc;ng b&#7873;n v&#7919;ng, d&#7921; &#273;o&aacute;n r&#7857;ng c&ocirc;ng ty c&oacute; th&#7875; s&#7869; ph&aacute; s&#7843;n.
Tuy nhi&ecirc;n, c&aacute;c nh&agrave; ph&acirc;n t&iacute;ch v&agrave; nh&agrave; giao d&#7883;ch tranh lu&#7853;n r&#7857;ng chi&#7871;n l&#432;&#7907;c c&#7911;a MSTR c&oacute; th&#7875; v&#7851;n mang l&#7841;i c&#417; h&#7897;i ti&#7871;p c&#7853;n Bitcoin &#273;&ograve;n b&#7849;y &#273;&#7897;c &#273;&aacute;o, t&#7841;o ra s&#7921; chia r&#7869; trong t&acirc;m l&yacute; th&#7883; tr&#432;&#7901;ng.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-schiff-slams-mstr-as-fraud-but-analysts-argue-it-may-outrun-bitcoin">Schiff ch&#7881; tr&iacute;ch MSTR l&agrave; &lsquo;gian l&#7853;n&rsquo; nh&#432;ng c&aacute;c nh&agrave; ph&acirc;n t&iacute;ch cho r&#7857;ng n&oacute; c&oacute; th&#7875; v&#432;&#7907;t m&#7863;t Bitcoin</h2>

Theo Schiff, m&ocirc; h&igrave;nh t&agrave;i tr&#7907; b&#7857;ng c&#7893; phi&#7871;u &#432;u &#273;&atilde;i c&#7911;a MicroStrategy c&oacute; th&#7875; g&acirc;y ra m&#7897;t &ldquo;v&ograve;ng xo&aacute;y ch&#7871;t ch&oacute;c&rdquo;, v&#7899;i Schiff g&#7885;i to&agrave;n b&#7897; <a href="https://www.strategy.com/press/strategy-completes-2-billion-offering-of-convertible-senior-notes-due-2030_02-24-2025" target="_blank" rel="noreferrer noopener nofollow">m&ocirc; h&igrave;nh</a> kinh doanh c&#7911;a c&ocirc;ng ty l&agrave; gian l&#7853;n.
Quan &#273;i&#7875;m c&#7911;a Schiff xu&#7845;t ph&aacute;t t&#7915; lo ng&#7841;i v&#7873; m&ocirc; h&igrave;nh kinh doanh c&#7911;a MicroStrategy, v&#7889;n d&#7921;a v&agrave;o c&aacute;c qu&#7929; thu nh&#7853;p mua &ldquo;c&#7893; phi&#7871;u &#432;u &#273;&atilde;i l&atilde;i su&#7845;t cao&rdquo; c&#7911;a c&ocirc;ng ty. Theo Schiff, nh&#7919;ng l&atilde;i su&#7845;t c&ocirc;ng b&#7889; n&agrave;y c&oacute; th&#7875; kh&ocirc;ng bao gi&#7901; th&#7921;c s&#7921; &#273;&#432;&#7907;c thanh to&aacute;n.
<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;Khi c&aacute;c nh&agrave; qu&#7843;n l&yacute; qu&#7929; nh&#7853;n ra &#273;i&#7873;u n&agrave;y, h&#7885; s&#7869; b&aacute;n th&aacute;o c&#7893; phi&#7871;u &#432;u &#273;&atilde;i &amp; MSTR s&#7869; kh&ocirc;ng th&#7875; ph&aacute;t h&agrave;nh th&ecirc;m, kh&#417;i m&agrave;o m&#7897;t v&ograve;ng xo&aacute;y ch&#7871;t ch&oacute;c,&rdquo; &ocirc;ng <a href="https://x.com/PeterSchiff/status/1990100598667018595?s=20" target="_blank" rel="noreferrer noopener nofollow">nh&#7845;n m&#7841;nh</a>.
</blockquote>

MicroStrategy &#273;&atilde; ng&#7915;ng ph&aacute;t h&agrave;nh tr&aacute;i phi&#7871;u chuy&#7875;n &#273;&#7893;i m&#7899;i v&agrave;o th&aacute;ng 02/2025, chuy&#7875;n sang ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u &#432;u &#273;&atilde;i (d&ograve;ng STR) b&#7855;t &#273;&#7847;u t&#7915; th&aacute;ng 09/2025.
Nh&#7919;ng c&#7893; phi&#7871;u &#432;u &#273;&atilde;i n&agrave;y c&oacute; l&atilde;i su&#7845;t cao h&#417;n nhi&#7873;u, cho th&#7845;y c&aacute;c nh&agrave; &#273;&#7847;u t&#432; hi&#7879;n y&ecirc;u c&#7847;u &#273;&#7897;ng l&#7921;c m&#7841;nh h&#417;n trong b&#7889;i c&#7843;nh &#273;i&#7873;u ki&#7879;n th&#7883; tr&#432;&#7901;ng th&#7855;t ch&#7863;t.
L&#7853;p lu&#7853;n r&#7897;ng h&#417;n c&#7911;a Schiff nh&#7845;n m&#7841;nh nh&#7919;ng r&#7911;i ro c&#7845;u tr&uacute;c v&#7889;n c&oacute; trong c&aacute;ch ti&#7871;p c&#7853;n c&#7911;a c&ocirc;ng ty. &#272;i&#7875;m tranh c&atilde;i ch&iacute;nh c&#7911;a &ocirc;ng l&agrave; ngay c&#7843; khi Bitcoin t&#259;ng gi&aacute;, m&ocirc; h&igrave;nh t&agrave;i ch&iacute;nh d&#7921;a tr&ecirc;n n&#7907; c&#7911;a MSTR c&oacute; th&#7875; th&#7845;t b&#7841;i, &#273;&#7863;t c&ocirc;ng ty v&agrave;o r&#7911;i ro ph&aacute; s&#7843;n.
Nh&agrave; giao d&#7883;ch ti&#7873;n &#273;i&#7879;n t&#7917; KillaXBT &#273;&atilde; ch&#7881; ra m&#7897;t t&igrave;nh hu&#7889;ng <a href="https://vn.beincrypto.com/japanese-yen-carry-trade-crisis-global-market-risk/" target="_blank" rel="noreferrer noopener">Thi&ecirc;n Nga &#272;en</a> ti&#7873;m n&#259;ng. Theo nh&agrave; ph&acirc;n t&iacute;ch n&agrave;y, n&#7871;u BTC gi&#7843;m 50&ndash;60%, c&aacute;c quy t&#7855;c cho vay s&#7869; tr&#7903; n&ecirc;n ch&#7863;t ch&#7869; h&#417;n, l&#7879;nh g&#7885;i k&yacute; qu&#7929; v&agrave; b&#7855;t bu&#7897;c b&aacute;n Bitcoin s&#7869; xu&#7845;t hi&#7879;n, &#273;&#7863;c bi&#7879;t n&#7871;u thanh kho&#7843;n c&#7841;n ki&#7879;t.
&Ocirc;ng v&iacute; MicroStrategy nh&#432; m&#7897;t t&ograve;a nh&agrave; b&#7857;ng th&#7867; &#273;&#432;&#7907;c x&acirc;y d&#7921;ng tr&ecirc;n Bitcoin, l&#432;u &yacute; r&#7857;ng <a href="https://vn.beincrypto.com/james-wynn-bitcoin-trader-losses-2025/" target="_blank" rel="noreferrer noopener">&#273;&ograve;n b&#7849;y khu&#7871;ch &#273;&#7841;i c&#7843; l&#7907;i nhu&#7853;n v&agrave; thua l&#7895;</a>, v&agrave; m&#7897;t &#273;&#7907;t &#273;i&#7873;u ch&#7881;nh th&#7883; tr&#432;&#7901;ng l&#7899;n c&oacute; th&#7875; g&acirc;y &aacute;p l&#7921;c l&ecirc;n t&agrave;i ch&iacute;nh c&#7911;a c&ocirc;ng ty.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-analysts-defend-mstr-s-leverage-model">C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch b&#7843;o v&#7879; m&ocirc; h&igrave;nh &#273;&ograve;n b&#7849;y c&#7911;a MSTR</h2>

M&#7863;c d&ugrave; c&oacute; c&aacute;c c&#7843;nh b&aacute;o, m&#7897;t s&#7889; nh&agrave; &#273;&#7847;u t&#432; xem MSTR nh&#432; l&agrave; m&#7897;t c&aacute;ch &#273;&#7847;u t&#432; v&agrave;o Bitcoin b&#7857;ng c&aacute;ch s&#7917; d&#7909;ng &#273;&ograve;n b&#7849;y, v&#432;&#7907;t tr&#7897;i h&#417;n so v&#7899;i c&aacute;c qu&#7929; ETF ti&ecirc;u chu&#7849;n (qu&#7929; giao d&#7883;ch tr&ecirc;n s&agrave;n). Adam Livingstone cho r&#7857;ng MSTR k&#7871;t h&#7907;p kh&#7843; n&#259;ng ti&#7871;p x&uacute;c v&#7899;i Bitcoin 1:1 c&ugrave;ng v&#7899;i s&#7921; gia t&#259;ng h&#7857;ng n&#259;m c&#7911;a BTC m&#7895;i c&#7893; phi&#7871;u, m&#7897;t d&#7841;ng l&#7891;i chi&#7871;t trung khu&#7871;ch &#273;&#7841;i l&#7907;i t&#7913;c m&agrave; kh&ocirc;ng c&oacute; r&#7911;i ro thanh l&yacute;.
&Ocirc;ng &#273;&atilde; minh h&#7885;a m&#7897;t tr&#432;&#7901;ng h&#7907;p gi&#7843; &#273;&#7883;nh k&eacute;o d&agrave;i m&#7897;t th&#7853;p k&#7927;: 100,000 USD &#273;&#7847;u t&#432; v&agrave;o IBIT c&oacute; th&#7875; t&#259;ng l&ecirc;n 1.38 tri&#7879;u USD, trong khi c&ugrave;ng kho&#7843;n &#273;&#7847;u t&#432; &#273;&oacute; v&agrave;o MSTR c&oacute; th&#7875; &#273;&#7841;t 3.56 tri&#7879;u USD. &#272;i&#7873;u n&agrave;y chuy&#7875;n th&agrave;nh m&#7913;c nh&#7881;nh h&#417;n 158%.
M&#7897;t ng&#432;&#7901;i d&ugrave;ng n&#7893;i ti&#7871;ng kh&aacute;c tr&ecirc;n X (Twitter), Rohan Hirani, &#273;&atilde; th&ecirc;m r&#7857;ng m&#7913;c ph&iacute; b&#7843;o hi&#7875;m c&#7911;a MSTR t&#7891;n t&#7841;i v&igrave; c&aacute;c nh&agrave; &#273;&#7847;u t&#432; &#273;ang mua m&#7897;t &#273;&#7897;i ng&#361; qu&#7843;n l&yacute; c&oacute; kh&#7843; n&#259;ng ti&#7871;p c&#7853;n v&#7889;n to&agrave;n c&#7847;u c&oacute; th&#7875; mua th&ecirc;m BTC m&#7897;t c&aacute;ch hi&#7879;u qu&#7843;. &#272;i&#7873;u n&agrave;y tr&aacute;i ng&#432;&#7907;c v&#7899;i vi&#7879;c ch&#7881; <a href="https://beincrypto.com/learn/how-to-buy-bitcoin-in-four-easy-steps" target="_blank" rel="noreferrer noopener">mua Bitcoin</a>.
&Ocirc;ng nh&#7845;n m&#7841;nh r&#7857;ng vi&#7879;c ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u &#432;u &#273;&atilde;i n&#259;m 2025 c&#7911;a MSTR &#273;&#7841;i di&#7879;n cho m&#7897;t s&#7921; chuy&#7875;n h&#432;&#7899;ng sang t&agrave;i tr&#7907; b&#7873;n v&#7919;ng h&#417;n, c&acirc;n b&#7857;ng gi&#7919;a r&#7911;i ro th&#7921;c hi&#7879;n v&agrave; l&#7907;i th&#7871; d&agrave;i h&#7841;n.
<h3 class="wp-block-heading" id="h-financing-momentum-and-market-dynamics">&#272;&#7897;ng l&#7921;c t&agrave;i tr&#7907; v&agrave; &#273;&#7897;ng l&#7921;c th&#7883; tr&#432;&#7901;ng</h3>

K&#7875; t&#7915; th&aacute;ng 09/2025, MicroStrategy &#273;&atilde; d&#7847;n <a href="https://www.strategy.com/press/strategy-announces-pricing-of-stre-perpetual-preferred-stock_11-07-2025" target="_blank" rel="noreferrer noopener nofollow">chuy&#7875;n h&#432;&#7899;ng</a> t&#7915; tr&aacute;i phi&#7871;u chuy&#7875;n &#273;&#7893;i sang c&#7893; phi&#7871;u &#432;u &#273;&atilde;i l&atilde;i su&#7845;t cao h&#417;n (d&ograve;ng STR), ph&#7843;n &aacute;nh t&acirc;m l&yacute; c&#7849;n tr&#7885;ng c&#7911;a nh&agrave; &#273;&#7847;u t&#432; trong b&#7889;i c&#7843;nh th&#7883; tr&#432;&#7901;ng th&#7855;t ch&#7863;t.
T&#7841;i th&#7901;i &#273;i&#7875;m vi&#7871;t b&agrave;i, c&ocirc;ng ty n&#7855;m gi&#7919; 641,692 BTC v&#7899;i gi&aacute; trung b&igrave;nh 74,085 USD m&#7895;i coin, duy tr&igrave; kho&#7843;ng 26% l&#7907;i nhu&#7853;n ch&#432;a th&#7921;c hi&#7879;n ngay c&#7843; khi BTC gi&#7843;m m&#7841;nh.
<img style="height:400px;width:640px;"decoding="async" alt="MicroStrategy BTC Holdings" class="wp-image-773716 lazy" loading="lazy" src="https://assets.beincrypto.com/img/_1Jm3KM6ZxqueDUnB7Ce8Lbst5o=/smart/b7f68ab6828c47e2a7efc7cc5c109a86">K&#7927; l&#7909;c n&#7855;m gi&#7919; BTC c&#7911;a MicroStrategy. Ngu&#7891;n:&nbsp;<a href="https://bitcointreasuries.net/public-companies/microstrategy" target="_blank" rel="noreferrer noopener nofollow">Bitcoin Treasuries</a>

C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch l&#432;u &yacute; r&#7857;ng MSTR ho&#7841;t &#273;&#7897;ng nh&#432; m&#7897;t lo&#7841;i <a href="https://beincrypto.com/learn/how-to-prepare-bitcoin-etf" target="_blank" rel="noreferrer noopener">Bitcoin ETF</a> c&oacute; &#273;&ograve;n b&#7849;y, n&#417;i gi&aacute; tr&#7883; c&#7893; phi&#7871;u ph&#7909; thu&#7897;c r&#7845;t nhi&#7873;u v&agrave;o gi&aacute; Bitcoin v&agrave; vi&#7879;c t&agrave;i tr&#7907; th&agrave;nh c&ocirc;ng.
M&#7863;c d&ugrave; g&#7863;p ph&#7843;i nh&#7919;ng th&#7845;t b&#7841;i t&#7841;m th&#7901;i, ch&#7859;ng h&#7841;n nh&#432; <a href="https://vn.beincrypto.com/microstrategy-loses-bitcoin-premium/" target="_blank" rel="noreferrer noopener">m&#7845;t ph&iacute; b&#7843;o hi&#7875;m Bitcoin MSTR</a> v&agrave;o tu&#7847;n tr&#432;&#7899;c, c&aacute;c nh&agrave; &#273;&#7847;u t&#432; nh&#7845;n m&#7841;nh chi&#7871;n l&#432;&#7907;c &#273;&#7883;nh v&#7883; c&#7911;a c&ocirc;ng ty tr&ecirc;n th&#7883; tr&#432;&#7901;ng t&iacute;n d&#7909;ng k&#7929; thu&#7853;t s&#7889; nh&#432; m&#7897;t &#273;&#7897;ng l&#7921;c t&#7841;o ra gi&aacute; tr&#7883; l&acirc;u d&agrave;i. M&ocirc; h&igrave;nh c&#7911;a MSTR, d&ugrave; r&#7911;i ro, mang l&#7841;i kh&#7843; n&#259;ng ti&#7871;p x&uacute;c k&eacute;p:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>S&#7921; gia t&#259;ng gi&aacute; tr&#7883; c&#7911;a Bitcoin, v&agrave;</li>

<li>Gia t&#259;ng BTC t&#7915;ng ph&#7847;n m&#7895;i c&#7893; phi&#7871;u.</li>
</ul>

Chi&#7871;n l&#432;&#7907;c lai c&#7911;a MicroStrategy ph&#7843;i ch&#7889;ng ch&#7885;i v&#7899;i s&#7921; bi&#7871;n &#273;&#7897;ng, duy tr&igrave; &#273;&#7897;ng l&#7921;c t&agrave;i tr&#7907; v&agrave; ti&#7871;p t&#7909;c v&#432;&#7907;t tr&#7897;i so v&#7899;i vi&#7879;c ti&#7871;p x&uacute;c Bitcoin &#273;&#7875; xoa d&#7883;u nh&#7919;ng lo ng&#7841;i ho&agrave;i nghi. Tuy nhi&ecirc;n, c&ocirc;ng ty v&#7851;n l&agrave; m&#7897;t v&iacute; d&#7909; &#273;&aacute;ng ch&uacute; &yacute; trong chi&#7871;n l&#432;&#7907;c Bitcoin doanh nghi&#7879;p, c&acirc;n b&#7857;ng gi&#7919;a c&#417; h&#7897;i &#273;&ograve;n b&#7849;y v&agrave; r&#7911;i ro h&#7879; th&#7889;ng.