Strategy (tr&#432;&#7899;c &#273;&acirc;y l&agrave; MicroStrategy) hi&#7879;n l&agrave; c&ocirc;ng ty n&#7855;m gi&#7919; Bitcoin l&#7899;n nh&#7845;t th&#7871; gi&#7899;i, v&#7899;i s&#7889; l&#432;&#7907;ng l&ecirc;n t&#7899;i 671,268 BTC, chi&#7871;m h&#417;n 3.2% t&#7893;ng l&#432;&#7907;ng Bitcoin &#273;ang l&#432;u th&ocirc;ng. &#272;i&#7873;u n&agrave;y khi&#7871;n c&ocirc;ng ty tr&#7903; th&agrave;nh m&#7897;t m&#7855;t x&iacute;ch r&#7911;i ro cao trong h&#7879; sinh th&aacute;i Bitcoin.
N&#7871;u c&ocirc;ng ty n&agrave;y s&#7909;p &#273;&#7893;, h&#7853;u qu&#7843; c&oacute; th&#7875; c&ograve;n l&#7899;n h&#417;n c&uacute; s&#7889;c FTX n&#259;m 2022. D&#432;&#7899;i &#273;&acirc;y l&agrave; l&yacute; do v&igrave; sao r&#7911;i ro n&agrave;y r&#7845;t th&#7921;c t&#7871;, &#273;i&#7873;u g&igrave; c&oacute; th&#7875; l&agrave;m n&oacute; x&#7843;y ra v&agrave; m&#7913;c &#273;&#7897; &#7843;nh h&#432;&#7903;ng c&oacute; th&#7875; nghi&ecirc;m tr&#7885;ng &#273;&#7871;n &#273;&acirc;u.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-microstrategy-is-a-leveraged-bitcoin-bet">MicroStrategy l&agrave; m&#7897;t kho&#7843;n &#273;&#7847;u t&#432; Bitcoin c&oacute; &#273;&ograve;n b&#7849;y</h2>

<a href="https://vn.beincrypto.com/microstrategy-hints-new-bitcoin-purchase/" target="_blank" rel="noreferrer noopener">To&agrave;n b&#7897; ho&#7841;t &#273;&#7897;ng kinh doanh</a> c&#7911;a MicroStrategy hi&#7879;n g&#7855;n li&#7873;n v&#7899;i Bitcoin. C&ocirc;ng ty &#273;&atilde; chi h&#417;n 50 t&#7927; USD &#273;&#7875; mua BTC, trong &#273;&oacute; ph&#7847;n l&#7899;n v&#7889;n vay v&agrave; b&aacute;n c&#7893; phi&#7871;u. Doanh thu ph&#7847;n m&#7873;m m&#7895;i n&#259;m ch&#7881; kho&#7843;ng 460 tri&#7879;u USD, con s&#7889; n&agrave;y kh&aacute; nh&#7887; so v&#7899;i kho&#7843;n &#273;&#7847;u t&#432; v&agrave;o Bitcoin.
&#272;&#7871;n th&aacute;ng 12/2025, <a href="https://vn.beincrypto.com/did-microstrategy-buy-bitcoin-at-worst-time/" target="_blank" rel="noreferrer noopener">gi&aacute; c&#7893; phi&#7871;u c&#7911;a c&ocirc;ng ty giao d&#7883;ch th&#7845;p h&#417;n nhi&#7873;u</a> so v&#7899;i gi&aacute; tr&#7883; s&#7889; Bitcoin &#273;ang n&#7855;m gi&#7919;. Gi&aacute; tr&#7883; v&#7889;n h&oacute;a kho&#7843;ng 45 t&#7927; USD, trong khi s&#7889; BTC m&agrave; c&ocirc;ng ty s&#7903; h&#7919;u tr&#7883; gi&aacute; kho&#7843;ng 59&ndash;60 t&#7927; USD.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/ZVcT_VC1mJI0XhrSuWS35MwZfug=/smart/918e22babb9446f8a0db2732edb69a38" alt="" class="wp-image-785834">Gi&aacute; c&#7893; phi&#7871;u MicroStrategy n&#7917;a cu&#7889;i n&#259;m 2025. Ngu&#7891;n: <a href="https://www.google.com/finance/quote/MSTR:NASDAQ?sa=X&amp;ved=2ahUKEwjRsc-hwNyRAxWBMfsDHSZtBSEQ3ecFKAV6BAgoEAY&amp;window=6M" target="_blank" rel="noreferrer noopener nofollow">Google Finance</a>

Nh&agrave; &#273;&#7847;u t&#432; &#273;&aacute;nh gi&aacute; th&#7845;p gi&aacute; tr&#7883; t&agrave;i s&#7843;n c&#7911;a c&ocirc;ng ty do lo ng&#7841;i v&#7873; vi&#7879;c pha lo&atilde;ng c&#7893; ph&#7847;n, n&#7907; v&agrave; s&#7921; b&#7873;n v&#7919;ng d&agrave;i h&#7841;n.
Gi&aacute; v&#7889;n trung b&igrave;nh cho m&#7895;i BTC m&agrave; c&ocirc;ng ty mua v&agrave;o kho&#7843;ng 74,972 USD v&agrave; &#273;a s&#7889; l&#7879;nh mua g&#7847;n &#273;&acirc;y &#273;&#7873;u &#273;&#432;&#7907;c th&#7921;c hi&#7879;n s&aacute;t &#273;&#7881;nh Bitcoin trong qu&yacute; 4/2025.
H&#417;n 95% gi&aacute; tr&#7883; c&ocirc;ng ty ph&#7909; thu&#7897;c v&agrave;o gi&aacute; Bitcoin.
N&#7871;u <a href="https://vn.beincrypto.com/bitcoin-bear-market-cpi-capital-pullback/" target="_blank" rel="noreferrer noopener">gi&aacute; BTC gi&#7843;m m&#7841;nh</a>, c&ocirc;ng ty c&oacute; th&#7875; r&#417;i v&agrave;o k&#7865;t v&#7889;n &mdash; v&#7915;a g&aacute;nh kho&#7843;n n&#7907; v&agrave; c&#7893; phi&#7871;u &#432;u &#273;&atilde;i l&ecirc;n t&#7899;i h&agrave;ng t&#7927; USD m&agrave; kh&ocirc;ng c&oacute; c&aacute;ch gi&#7843;i quy&#7871;t.
V&iacute; d&#7909;, t&#7915; ng&agrave;y 10/10 &#273;&#7871;n nay, gi&aacute; Bitcoin gi&#7843;m 20%, nh&#432;ng <a href="https://vn.beincrypto.com/microstrategy-buys-more-bitcoin-despite-concerns/" target="_blank" rel="noreferrer noopener">c&#7893; phi&#7871;u MSTR c&ograve;n gi&#7843;m m&#7841;nh g&#7845;p &#273;&ocirc;i m&#7913;c &#273;&oacute;</a> trong c&ugrave;ng giai &#273;o&#7841;n.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/3rw6-nVkl60-QKjUHeGgdtwsGtU=/smart/7da4c61ea9d548fd96cdcaf5b8512923" alt="" class="wp-image-785835">So s&aacute;nh hi&#7879;u su&#7845;t c&#7893; phi&#7871;u MSTR v&#7899;i NASDAQ-100 v&agrave; S&amp;P 500 n&#259;m 2025. Ngu&#7891;n: <a href="https://saylortracker.com/?tab=charts" target="_blank" rel="noreferrer noopener nofollow">Saylor Tracker</a>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-what-makes-this-a-black-swan-risk">&#272;i&#7873;u g&igrave; khi&#7871;n &#273;&acirc;y l&agrave; m&#7897;t r&#7911;i ro thi&ecirc;n nga &#273;en?</h2>

MicroStrategy &#273;&atilde; d&ugrave;ng c&aacute;c chi&#7871;n thu&#7853;t t&agrave;i ch&iacute;nh m&#7841;nh tay &#273;&#7875; mua th&ecirc;m Bitcoin, nh&#432; ph&aacute;t h&agrave;nh th&ecirc;m c&#7893; phi&#7871;u ph&#7893; th&ocirc;ng v&agrave; lo&#7841;i c&#7893; phi&#7871;u &#432;u &#273;&atilde;i m&#7899;i.
Hi&#7879;n t&#7841;i, c&ocirc;ng ty <a href="https://vn.beincrypto.com/microstrategy-december-crash-below-bitcoin-value/" target="_blank" rel="noreferrer noopener">&#273;ang n&#7907; h&#417;n 8.2 t&#7927; USD tr&aacute;i phi&#7871;u chuy&#7875;n &#273;&#7893;i</a> v&agrave; c&oacute; h&#417;n 7.5 t&#7927; USD c&#7893; phi&#7871;u &#432;u &#273;&atilde;i. Hai kho&#7843;n n&agrave;y b&#7855;t bu&#7897;c c&ocirc;ng ty ph&#7843;i chi 779 tri&#7879;u USD m&#7895;i n&#259;m &#273;&#7875; tr&#7843; l&atilde;i su&#7845;t v&agrave; c&#7893; t&#7913;c.
V&#7899;i t&igrave;nh h&igrave;nh hi&#7879;n t&#7841;i, n&#7871;u gi&aacute; Bitcoin gi&#7843;m xu&#7889;ng d&#432;&#7899;i 13,000 USD, MicroStrategy c&oacute; th&#7875; m&#7845;t kh&#7843; n&#259;ng thanh to&aacute;n. &#272;i&#7873;u n&agrave;y ch&#432;a ph&#7843;i r&#7911;i ro tr&#432;&#7899;c m&#7855;t, nh&#432;ng trong l&#7883;ch s&#7917; gi&aacute; BTC t&#7915;ng nhi&#7873;u l&#7847;n gi&#7843;m 70&ndash;80%.
M&#7897;t c&uacute; lao d&#7889;c l&#7899;n, nh&#7845;t l&agrave; khi x&#7843;y ra kh&#7911;ng ho&#7843;ng thanh kho&#7843;n ho&#7863;c bi&#7871;n &#273;&#7897;ng do ETF, c&oacute; th&#7875; &#273;&#7849;y c&ocirc;ng ty v&agrave;o t&igrave;nh tr&#7841;ng kh&#7911;ng ho&#7843;ng.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/kgJXzeDZosO-FKeB4D0d-uXr-LI=/smart/529ddc4e943648f48efc4c31637885ea" alt="" class="wp-image-785833">T&#7893;ng s&#7889; n&#7907; c&#7911;a Strategy t&iacute;nh &#273;&#7871;n qu&yacute; 3 n&#259;m 2025. Ngu&#7891;n: <a href="https://companiesmarketcap.com/microstrategy/total-debt/" target="_blank" rel="noreferrer noopener nofollow">Companies Market Cap</a>

<a href="https://vn.beincrypto.com/sec-ftx-inner-circle-long-term-bans/" target="_blank" rel="noreferrer noopener">Kh&aacute;c v&#7899;i FTX</a>, MicroStrategy kh&ocirc;ng ph&#7843;i l&agrave; s&agrave;n giao d&#7883;ch. Tuy nhi&ecirc;n, n&#7871;u c&ocirc;ng ty th&#7845;t b&#7841;i, &#7843;nh h&#432;&#7903;ng c&oacute; th&#7875; c&ograve;n s&acirc;u r&#7897;ng h&#417;n. MicroStrategy n&#7855;m gi&#7919; l&#432;&#7907;ng Bitcoin nhi&#7873;u h&#417;n b&#7845;t k&#7923; th&#7921;c th&#7875; n&agrave;o ngo&#7841;i tr&#7915; m&#7897;t s&#7889; ETF v&agrave; Ch&iacute;nh ph&#7911;.
N&#7871;u c&ocirc;ng ty bu&#7897;c ph&#7843;i b&aacute;n th&aacute;o ho&#7863;c th&#7883; tr&#432;&#7901;ng ho&#7843;ng lo&#7841;n v&igrave; MicroStrategy s&#7909;p &#273;&#7893;, gi&aacute; BTC s&#7869; c&oacute; th&#7875; lao d&#7889;c nhanh ch&oacute;ng &mdash; g&acirc;y hi&#7879;u &#7913;ng d&acirc;y chuy&#7873;n l&ecirc;n to&agrave;n b&#7897; th&#7883; tr&#432;&#7901;ng crypto.
<a href="https://beincrypto.com/microstrategy-hints-new-bitcoin-purchase/" target="_blank" rel="noreferrer noopener">MicroStrategy t&#7915;ng cam k&#7871;t s&#7869; kh&ocirc;ng b&aacute;n BTC</a>, nh&#432;ng &#273;i&#7873;u n&agrave;y c&ograve;n ph&#7909; thu&#7897;c v&agrave;o kh&#7843; n&#259;ng huy &#273;&#7897;ng ti&#7873;n m&#7863;t c&#7911;a c&ocirc;ng ty.
T&#7841;i th&#7901;i &#273;i&#7875;m cu&#7889;i n&#259;m 2025, c&ocirc;ng ty &#273;ang gi&#7919; <a href="https://vn.beincrypto.com/microstrategy-bitcoin-fears-usd-reserve-us-crypto-news/" target="_blank" rel="noreferrer noopener">2.2 t&#7927; USD d&#7921; tr&#7919;</a>. Kho&#7843;n n&agrave;y &#273;&#7911; &#273;&#7875; chi tr&#7843; ngh&#297;a v&#7909; trong 2 n&#259;m t&#7899;i. Tuy nhi&ecirc;n, n&#7871;u gi&aacute; BTC gi&#7843;m m&#7841;nh v&agrave; vi&#7879;c ti&#7871;p c&#7853;n v&#7889;n tr&ecirc;n th&#7883; tr&#432;&#7901;ng b&#7883; &#273;&oacute;ng b&#259;ng, l&#7899;p b&#7843;o v&#7879; n&agrave;y c&#361;ng s&#7869; bi&#7871;n m&#7845;t.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-how-likely-is-a-collapse-for-michael-saylor-s-strategy">Chi&#7871;n l&#432;&#7907;c c&#7911;a Michael Saylor c&oacute; kh&#7843; n&#259;ng s&#7909;p &#273;&#7893; &#273;&#7871;n m&#7913;c n&agrave;o?</h2>

Nguy c&#417; kh&ocirc;ng ch&#7881; &#273;&#417;n gi&#7843;n l&agrave; c&oacute; ho&#7863;c kh&ocirc;ng. Nh&#432;ng r&#7911;i ro ng&agrave;y c&agrave;ng t&#259;ng.
V&#7883; th&#7871; hi&#7879;n t&#7841;i c&#7911;a MicroStrategy kh&aacute; mong manh. Gi&aacute; c&#7893; phi&#7871;u c&#7911;a c&ocirc;ng ty &#273;&atilde; b&#7883; gi&#7843;m 50% trong n&#259;m nay. mNAV c&#7911;a c&ocirc;ng ty hi&#7879;n d&#432;&#7899;i 0.8&times;. C&aacute;c nh&agrave; &#273;&#7847;u t&#432; t&#7893; ch&#7913;c &#273;ang d&#7847;n chuy&#7875;n sang qu&#7929; ETF Bitcoin, do chi ph&iacute; th&#7845;p h&#417;n v&agrave; d&#7877; qu&#7843;n l&yacute; h&#417;n.
C&aacute;c qu&#7929; &#273;&#7847;u t&#432; ch&#7881; s&#7889; c&oacute; th&#7875; lo&#7841;i b&#7887; MSTR kh&#7887;i danh m&#7909;c v&igrave; c&#7845;u tr&uacute;c qu&#7843;n tr&#7883; ph&#7913;c t&#7841;p, l&agrave;m d&ograve;ng v&#7889;n th&#7909; &#273;&#7897;ng l&ecirc;n t&#7899;i h&agrave;ng t&#7927; USD b&#7883; r&uacute;t ra.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/xC8uiiY1diFQME5Z7fA0fpYciGE=/smart/f34e6237324f4d0ba863fb60568b2ae9" alt="" class="wp-image-785836">MicroStrategy mNAV. Ngu&#7891;n: Saylor Tracker

N&#7871;u Bitcoin gi&#7843;m xu&#7889;ng d&#432;&#7899;i 50,000 USD v&agrave; duy tr&igrave; &#7903; m&#7913;c n&agrave;y, v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng c&#7911;a MicroStrategy c&oacute; th&#7875; gi&#7843;m xu&#7889;ng th&#7845;p h&#417;n kho&#7843;n n&#7907; m&agrave; c&ocirc;ng ty &#273;ang g&aacute;nh. Khi &#273;&oacute;, MicroStrategy c&oacute; th&#7875; s&#7869; kh&oacute; huy &#273;&#7897;ng th&ecirc;m v&#7889;n &mdash; v&agrave; bu&#7897;c ph&#7843;i &#273;&#432;a ra nh&#7919;ng quy&#7871;t &#273;&#7883;nh kh&oacute; kh&#259;n nh&#432; b&aacute;n t&agrave;i s&#7843;n ho&#7863;c t&aacute;i c&#7845;u tr&uacute;c.
X&aacute;c su&#7845;t cho vi&#7879;c c&ocirc;ng ty s&#7909;p &#273;&#7893; ho&agrave;n to&agrave;n v&agrave;o n&#259;m 2026 l&agrave; th&#7845;p, nh&#432;ng kh&ocirc;ng ph&#7843;i l&agrave; kh&ocirc;ng c&oacute; kh&#7843; n&#259;ng. Theo &#432;&#7899;c t&iacute;nh th&ocirc; d&#7921;a tr&ecirc;n r&#7911;i ro b&#7843;ng c&acirc;n &#273;&#7889;i, di&#7877;n bi&#7871;n th&#7883; tr&#432;&#7901;ng v&agrave; s&#7921; bi&#7871;n &#273;&#7897;ng c&#7911;a Bitcoin hi&#7879;n nay, kh&#7843; n&#259;ng n&agrave;y r&#417;i v&agrave;o kho&#7843;ng 10&ndash;20%.
Tuy nhi&ecirc;n n&#7871;u chuy&#7879;n n&agrave;y th&#7921;c s&#7921; x&#7843;y ra, m&#7913;c &#273;&#7897; &#7843;nh h&#432;&#7903;ng c&oacute; th&#7875; l&#7899;n h&#417;n c&#7843; <a href="https://vn.beincrypto.com/ftx-scandal-caroline-ellison-prison-transfer/" target="_blank" rel="noreferrer noopener">v&#7909; s&#7909;p &#273;&#7893; c&#7911;a FTX</a>. FTX l&agrave; m&#7897;t s&agrave;n giao d&#7883;ch t&#7853;p trung, c&ograve;n MicroStrategy l&#7841;i l&agrave; t&#7893; ch&#7913;c &#273;ang n&#7855;m gi&#7919; l&#432;&#7907;ng Bitcoin r&#7845;t l&#7899;n tr&ecirc;n th&#7883; tr&#432;&#7901;ng.&nbsp;
N&#7871;u MicroStrategy bu&#7897;c ph&#7843;i b&aacute;n l&#432;&#7907;ng Bitcoin &#273;ang n&#7855;m gi&#7919; ra th&#7883; tr&#432;&#7901;ng, gi&aacute; Bitcoin v&agrave; ni&#7873;m tin c&#7911;a nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; c&oacute; th&#7875; b&#7883; &#7843;nh h&#432;&#7903;ng nghi&ecirc;m tr&#7885;ng. T&#7915; &#273;&oacute;, c&oacute; kh&#7843; n&#259;ng t&#7841;o ra l&agrave;n s&oacute;ng b&aacute;n th&aacute;o tr&ecirc;n to&agrave;n b&#7897; th&#7883; tr&#432;&#7901;ng crypto.

Tại sao sự sụp đổ của MicroStrategy có thể trở thành “thiên nga đen” tiếp theo cho thị trường crypto vào năm 2026

Strategy (tr&#432;&#7899;c &#273;&acirc;y l&agrave; MicroStrategy) hi&#7879;n l&agrave; c&ocirc;ng ty n&#7855;m gi&#7919; Bitcoin l&#7899;n nh&#7845;t th&#7871; gi&#7899;i, v&#7899;i s&#7889; l&#432;&#7907;ng l&ecirc;n t&#7899;i 671,268 BTC, chi&#7871;m h&#417;n 3.2% t&#7893;ng l&#432;&#7907;ng Bitcoin &#273;ang l&#432;u th&ocirc;ng. &#272;i&#7873;u n&agrave;y khi&#7871;n c&ocirc;ng ty tr&#7903; th&agrave;nh m&#7897;t m&#7855;t x&iacute;ch r&#7911;i ro cao trong h&#7879; sinh th&aacute;i Bitcoin.
N&#7871;u c&ocirc;ng ty n&agrave;y s&#7909;p &#273;&#7893;, h&#7853;u qu&#7843; c&oacute; th&#7875; c&ograve;n l&#7899;n h&#417;n c&uacute; s&#7889;c FTX n&#259;m 2022. D&#432;&#7899;i &#273;&acirc;y l&agrave; l&yacute; do v&igrave; sao r&#7911;i ro n&agrave;y r&#7845;t th&#7921;c t&#7871;, &#273;i&#7873;u g&igrave; c&oacute; th&#7875; l&agrave;m n&oacute; x&#7843;y ra v&agrave; m&#7913;c &#273;&#7897; &#7843;nh h&#432;&#7903;ng c&oacute; th&#7875; nghi&ecirc;m tr&#7885;ng &#273;&#7871;n &#273;&acirc;u.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-microstrategy-is-a-leveraged-bitcoin-bet">MicroStrategy l&agrave; m&#7897;t kho&#7843;n &#273;&#7847;u t&#432; Bitcoin c&oacute; &#273;&ograve;n b&#7849;y</h2>

<a href="https://vn.beincrypto.com/microstrategy-hints-new-bitcoin-purchase/" target="_blank" rel="noreferrer noopener">To&agrave;n b&#7897; ho&#7841;t &#273;&#7897;ng kinh doanh</a> c&#7911;a MicroStrategy hi&#7879;n g&#7855;n li&#7873;n v&#7899;i Bitcoin. C&ocirc;ng ty &#273;&atilde; chi h&#417;n 50 t&#7927; USD &#273;&#7875; mua BTC, trong &#273;&oacute; ph&#7847;n l&#7899;n v&#7889;n vay v&agrave; b&aacute;n c&#7893; phi&#7871;u. Doanh thu ph&#7847;n m&#7873;m m&#7895;i n&#259;m ch&#7881; kho&#7843;ng 460 tri&#7879;u USD, con s&#7889; n&agrave;y kh&aacute; nh&#7887; so v&#7899;i kho&#7843;n &#273;&#7847;u t&#432; v&agrave;o Bitcoin.
&#272;&#7871;n th&aacute;ng 12/2025, <a href="https://vn.beincrypto.com/did-microstrategy-buy-bitcoin-at-worst-time/" target="_blank" rel="noreferrer noopener">gi&aacute; c&#7893; phi&#7871;u c&#7911;a c&ocirc;ng ty giao d&#7883;ch th&#7845;p h&#417;n nhi&#7873;u</a> so v&#7899;i gi&aacute; tr&#7883; s&#7889; Bitcoin &#273;ang n&#7855;m gi&#7919;. Gi&aacute; tr&#7883; v&#7889;n h&oacute;a kho&#7843;ng 45 t&#7927; USD, trong khi s&#7889; BTC m&agrave; c&ocirc;ng ty s&#7903; h&#7919;u tr&#7883; gi&aacute; kho&#7843;ng 59&ndash;60 t&#7927; USD.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/ZVcT_VC1mJI0XhrSuWS35MwZfug=/smart/918e22babb9446f8a0db2732edb69a38" alt="" class="wp-image-785834">Gi&aacute; c&#7893; phi&#7871;u MicroStrategy n&#7917;a cu&#7889;i n&#259;m 2025. Ngu&#7891;n: <a href="https://www.google.com/finance/quote/MSTR:NASDAQ?sa=X&amp;ved=2ahUKEwjRsc-hwNyRAxWBMfsDHSZtBSEQ3ecFKAV6BAgoEAY&amp;window=6M" target="_blank" rel="noreferrer noopener nofollow">Google Finance</a>

Nh&agrave; &#273;&#7847;u t&#432; &#273;&aacute;nh gi&aacute; th&#7845;p gi&aacute; tr&#7883; t&agrave;i s&#7843;n c&#7911;a c&ocirc;ng ty do lo ng&#7841;i v&#7873; vi&#7879;c pha lo&atilde;ng c&#7893; ph&#7847;n, n&#7907; v&agrave; s&#7921; b&#7873;n v&#7919;ng d&agrave;i h&#7841;n.
Gi&aacute; v&#7889;n trung b&igrave;nh cho m&#7895;i BTC m&agrave; c&ocirc;ng ty mua v&agrave;o kho&#7843;ng 74,972 USD v&agrave; &#273;a s&#7889; l&#7879;nh mua g&#7847;n &#273;&acirc;y &#273;&#7873;u &#273;&#432;&#7907;c th&#7921;c hi&#7879;n s&aacute;t &#273;&#7881;nh Bitcoin trong qu&yacute; 4/2025.
H&#417;n 95% gi&aacute; tr&#7883; c&ocirc;ng ty ph&#7909; thu&#7897;c v&agrave;o gi&aacute; Bitcoin.
N&#7871;u <a href="https://vn.beincrypto.com/bitcoin-bear-market-cpi-capital-pullback/" target="_blank" rel="noreferrer noopener">gi&aacute; BTC gi&#7843;m m&#7841;nh</a>, c&ocirc;ng ty c&oacute; th&#7875; r&#417;i v&agrave;o k&#7865;t v&#7889;n &mdash; v&#7915;a g&aacute;nh kho&#7843;n n&#7907; v&agrave; c&#7893; phi&#7871;u &#432;u &#273;&atilde;i l&ecirc;n t&#7899;i h&agrave;ng t&#7927; USD m&agrave; kh&ocirc;ng c&oacute; c&aacute;ch gi&#7843;i quy&#7871;t.
V&iacute; d&#7909;, t&#7915; ng&agrave;y 10/10 &#273;&#7871;n nay, gi&aacute; Bitcoin gi&#7843;m 20%, nh&#432;ng <a href="https://vn.beincrypto.com/microstrategy-buys-more-bitcoin-despite-concerns/" target="_blank" rel="noreferrer noopener">c&#7893; phi&#7871;u MSTR c&ograve;n gi&#7843;m m&#7841;nh g&#7845;p &#273;&ocirc;i m&#7913;c &#273;&oacute;</a> trong c&ugrave;ng giai &#273;o&#7841;n.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/3rw6-nVkl60-QKjUHeGgdtwsGtU=/smart/7da4c61ea9d548fd96cdcaf5b8512923" alt="" class="wp-image-785835">So s&aacute;nh hi&#7879;u su&#7845;t c&#7893; phi&#7871;u MSTR v&#7899;i NASDAQ-100 v&agrave; S&amp;P 500 n&#259;m 2025. Ngu&#7891;n: <a href="https://saylortracker.com/?tab=charts" target="_blank" rel="noreferrer noopener nofollow">Saylor Tracker</a>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-what-makes-this-a-black-swan-risk">&#272;i&#7873;u g&igrave; khi&#7871;n &#273;&acirc;y l&agrave; m&#7897;t r&#7911;i ro thi&ecirc;n nga &#273;en?</h2>

MicroStrategy &#273;&atilde; d&ugrave;ng c&aacute;c chi&#7871;n thu&#7853;t t&agrave;i ch&iacute;nh m&#7841;nh tay &#273;&#7875; mua th&ecirc;m Bitcoin, nh&#432; ph&aacute;t h&agrave;nh th&ecirc;m c&#7893; phi&#7871;u ph&#7893; th&ocirc;ng v&agrave; lo&#7841;i c&#7893; phi&#7871;u &#432;u &#273;&atilde;i m&#7899;i.
Hi&#7879;n t&#7841;i, c&ocirc;ng ty <a href="https://vn.beincrypto.com/microstrategy-december-crash-below-bitcoin-value/" target="_blank" rel="noreferrer noopener">&#273;ang n&#7907; h&#417;n 8.2 t&#7927; USD tr&aacute;i phi&#7871;u chuy&#7875;n &#273;&#7893;i</a> v&agrave; c&oacute; h&#417;n 7.5 t&#7927; USD c&#7893; phi&#7871;u &#432;u &#273;&atilde;i. Hai kho&#7843;n n&agrave;y b&#7855;t bu&#7897;c c&ocirc;ng ty ph&#7843;i chi 779 tri&#7879;u USD m&#7895;i n&#259;m &#273;&#7875; tr&#7843; l&atilde;i su&#7845;t v&agrave; c&#7893; t&#7913;c.
V&#7899;i t&igrave;nh h&igrave;nh hi&#7879;n t&#7841;i, n&#7871;u gi&aacute; Bitcoin gi&#7843;m xu&#7889;ng d&#432;&#7899;i 13,000 USD, MicroStrategy c&oacute; th&#7875; m&#7845;t kh&#7843; n&#259;ng thanh to&aacute;n. &#272;i&#7873;u n&agrave;y ch&#432;a ph&#7843;i r&#7911;i ro tr&#432;&#7899;c m&#7855;t, nh&#432;ng trong l&#7883;ch s&#7917; gi&aacute; BTC t&#7915;ng nhi&#7873;u l&#7847;n gi&#7843;m 70&ndash;80%.
M&#7897;t c&uacute; lao d&#7889;c l&#7899;n, nh&#7845;t l&agrave; khi x&#7843;y ra kh&#7911;ng ho&#7843;ng thanh kho&#7843;n ho&#7863;c bi&#7871;n &#273;&#7897;ng do ETF, c&oacute; th&#7875; &#273;&#7849;y c&ocirc;ng ty v&agrave;o t&igrave;nh tr&#7841;ng kh&#7911;ng ho&#7843;ng.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/kgJXzeDZosO-FKeB4D0d-uXr-LI=/smart/529ddc4e943648f48efc4c31637885ea" alt="" class="wp-image-785833">T&#7893;ng s&#7889; n&#7907; c&#7911;a Strategy t&iacute;nh &#273;&#7871;n qu&yacute; 3 n&#259;m 2025. Ngu&#7891;n: <a href="https://companiesmarketcap.com/microstrategy/total-debt/" target="_blank" rel="noreferrer noopener nofollow">Companies Market Cap</a>

<a href="https://vn.beincrypto.com/sec-ftx-inner-circle-long-term-bans/" target="_blank" rel="noreferrer noopener">Kh&aacute;c v&#7899;i FTX</a>, MicroStrategy kh&ocirc;ng ph&#7843;i l&agrave; s&agrave;n giao d&#7883;ch. Tuy nhi&ecirc;n, n&#7871;u c&ocirc;ng ty th&#7845;t b&#7841;i, &#7843;nh h&#432;&#7903;ng c&oacute; th&#7875; c&ograve;n s&acirc;u r&#7897;ng h&#417;n. MicroStrategy n&#7855;m gi&#7919; l&#432;&#7907;ng Bitcoin nhi&#7873;u h&#417;n b&#7845;t k&#7923; th&#7921;c th&#7875; n&agrave;o ngo&#7841;i tr&#7915; m&#7897;t s&#7889; ETF v&agrave; Ch&iacute;nh ph&#7911;.
N&#7871;u c&ocirc;ng ty bu&#7897;c ph&#7843;i b&aacute;n th&aacute;o ho&#7863;c th&#7883; tr&#432;&#7901;ng ho&#7843;ng lo&#7841;n v&igrave; MicroStrategy s&#7909;p &#273;&#7893;, gi&aacute; BTC s&#7869; c&oacute; th&#7875; lao d&#7889;c nhanh ch&oacute;ng &mdash; g&acirc;y hi&#7879;u &#7913;ng d&acirc;y chuy&#7873;n l&ecirc;n to&agrave;n b&#7897; th&#7883; tr&#432;&#7901;ng crypto.
<a href="https://beincrypto.com/microstrategy-hints-new-bitcoin-purchase/" target="_blank" rel="noreferrer noopener">MicroStrategy t&#7915;ng cam k&#7871;t s&#7869; kh&ocirc;ng b&aacute;n BTC</a>, nh&#432;ng &#273;i&#7873;u n&agrave;y c&ograve;n ph&#7909; thu&#7897;c v&agrave;o kh&#7843; n&#259;ng huy &#273;&#7897;ng ti&#7873;n m&#7863;t c&#7911;a c&ocirc;ng ty.
T&#7841;i th&#7901;i &#273;i&#7875;m cu&#7889;i n&#259;m 2025, c&ocirc;ng ty &#273;ang gi&#7919; <a href="https://vn.beincrypto.com/microstrategy-bitcoin-fears-usd-reserve-us-crypto-news/" target="_blank" rel="noreferrer noopener">2.2 t&#7927; USD d&#7921; tr&#7919;</a>. Kho&#7843;n n&agrave;y &#273;&#7911; &#273;&#7875; chi tr&#7843; ngh&#297;a v&#7909; trong 2 n&#259;m t&#7899;i. Tuy nhi&ecirc;n, n&#7871;u gi&aacute; BTC gi&#7843;m m&#7841;nh v&agrave; vi&#7879;c ti&#7871;p c&#7853;n v&#7889;n tr&ecirc;n th&#7883; tr&#432;&#7901;ng b&#7883; &#273;&oacute;ng b&#259;ng, l&#7899;p b&#7843;o v&#7879; n&agrave;y c&#361;ng s&#7869; bi&#7871;n m&#7845;t.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-how-likely-is-a-collapse-for-michael-saylor-s-strategy">Chi&#7871;n l&#432;&#7907;c c&#7911;a Michael Saylor c&oacute; kh&#7843; n&#259;ng s&#7909;p &#273;&#7893; &#273;&#7871;n m&#7913;c n&agrave;o?</h2>

Nguy c&#417; kh&ocirc;ng ch&#7881; &#273;&#417;n gi&#7843;n l&agrave; c&oacute; ho&#7863;c kh&ocirc;ng. Nh&#432;ng r&#7911;i ro ng&agrave;y c&agrave;ng t&#259;ng.
V&#7883; th&#7871; hi&#7879;n t&#7841;i c&#7911;a MicroStrategy kh&aacute; mong manh. Gi&aacute; c&#7893; phi&#7871;u c&#7911;a c&ocirc;ng ty &#273;&atilde; b&#7883; gi&#7843;m 50% trong n&#259;m nay. mNAV c&#7911;a c&ocirc;ng ty hi&#7879;n d&#432;&#7899;i 0.8&times;. C&aacute;c nh&agrave; &#273;&#7847;u t&#432; t&#7893; ch&#7913;c &#273;ang d&#7847;n chuy&#7875;n sang qu&#7929; ETF Bitcoin, do chi ph&iacute; th&#7845;p h&#417;n v&agrave; d&#7877; qu&#7843;n l&yacute; h&#417;n.
C&aacute;c qu&#7929; &#273;&#7847;u t&#432; ch&#7881; s&#7889; c&oacute; th&#7875; lo&#7841;i b&#7887; MSTR kh&#7887;i danh m&#7909;c v&igrave; c&#7845;u tr&uacute;c qu&#7843;n tr&#7883; ph&#7913;c t&#7841;p, l&agrave;m d&ograve;ng v&#7889;n th&#7909; &#273;&#7897;ng l&ecirc;n t&#7899;i h&agrave;ng t&#7927; USD b&#7883; r&uacute;t ra.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/xC8uiiY1diFQME5Z7fA0fpYciGE=/smart/f34e6237324f4d0ba863fb60568b2ae9" alt="" class="wp-image-785836">MicroStrategy mNAV. Ngu&#7891;n: Saylor Tracker

N&#7871;u Bitcoin gi&#7843;m xu&#7889;ng d&#432;&#7899;i 50,000 USD v&agrave; duy tr&igrave; &#7903; m&#7913;c n&agrave;y, v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng c&#7911;a MicroStrategy c&oacute; th&#7875; gi&#7843;m xu&#7889;ng th&#7845;p h&#417;n kho&#7843;n n&#7907; m&agrave; c&ocirc;ng ty &#273;ang g&aacute;nh. Khi &#273;&oacute;, MicroStrategy c&oacute; th&#7875; s&#7869; kh&oacute; huy &#273;&#7897;ng th&ecirc;m v&#7889;n &mdash; v&agrave; bu&#7897;c ph&#7843;i &#273;&#432;a ra nh&#7919;ng quy&#7871;t &#273;&#7883;nh kh&oacute; kh&#259;n nh&#432; b&aacute;n t&agrave;i s&#7843;n ho&#7863;c t&aacute;i c&#7845;u tr&uacute;c.
X&aacute;c su&#7845;t cho vi&#7879;c c&ocirc;ng ty s&#7909;p &#273;&#7893; ho&agrave;n to&agrave;n v&agrave;o n&#259;m 2026 l&agrave; th&#7845;p, nh&#432;ng kh&ocirc;ng ph&#7843;i l&agrave; kh&ocirc;ng c&oacute; kh&#7843; n&#259;ng. Theo &#432;&#7899;c t&iacute;nh th&ocirc; d&#7921;a tr&ecirc;n r&#7911;i ro b&#7843;ng c&acirc;n &#273;&#7889;i, di&#7877;n bi&#7871;n th&#7883; tr&#432;&#7901;ng v&agrave; s&#7921; bi&#7871;n &#273;&#7897;ng c&#7911;a Bitcoin hi&#7879;n nay, kh&#7843; n&#259;ng n&agrave;y r&#417;i v&agrave;o kho&#7843;ng 10&ndash;20%.
Tuy nhi&ecirc;n n&#7871;u chuy&#7879;n n&agrave;y th&#7921;c s&#7921; x&#7843;y ra, m&#7913;c &#273;&#7897; &#7843;nh h&#432;&#7903;ng c&oacute; th&#7875; l&#7899;n h&#417;n c&#7843; <a href="https://vn.beincrypto.com/ftx-scandal-caroline-ellison-prison-transfer/" target="_blank" rel="noreferrer noopener">v&#7909; s&#7909;p &#273;&#7893; c&#7911;a FTX</a>. FTX l&agrave; m&#7897;t s&agrave;n giao d&#7883;ch t&#7853;p trung, c&ograve;n MicroStrategy l&#7841;i l&agrave; t&#7893; ch&#7913;c &#273;ang n&#7855;m gi&#7919; l&#432;&#7907;ng Bitcoin r&#7845;t l&#7899;n tr&ecirc;n th&#7883; tr&#432;&#7901;ng.&nbsp;
N&#7871;u MicroStrategy bu&#7897;c ph&#7843;i b&aacute;n l&#432;&#7907;ng Bitcoin &#273;ang n&#7855;m gi&#7919; ra th&#7883; tr&#432;&#7901;ng, gi&aacute; Bitcoin v&agrave; ni&#7873;m tin c&#7911;a nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; c&oacute; th&#7875; b&#7883; &#7843;nh h&#432;&#7903;ng nghi&ecirc;m tr&#7885;ng. T&#7915; &#273;&oacute;, c&oacute; kh&#7843; n&#259;ng t&#7841;o ra l&agrave;n s&oacute;ng b&aacute;n th&aacute;o tr&ecirc;n to&agrave;n b&#7897; th&#7883; tr&#432;&#7901;ng crypto.