Xin chào, tôi có thể giúp gì cho bạn hôm nay?

MicroStrategy &#273;&atilde; ph&#7843;n &#273;&#7889;i &#273;&#7873; xu&#7845;t c&#7911;a Morgan Stanley Capital International (MSCI) v&#7873; vi&#7879;c lo&#7841;i b&#7887; c&aacute;c c&ocirc;ng ty n&#7855;m gi&#7919; nhi&#7873;u Bitcoin kh&#7887;i c&aacute;c ch&#7881; s&#7889; ch&#7913;ng kho&aacute;n l&#7899;n, cho r&#7857;ng quy &#273;&#7883;nh n&agrave;y &#273;ang &#273;&#7889;i x&#7917; sai l&#7879;ch v&#7899;i c&aacute;c doanh nghi&#7879;p n&agrave;y nh&#432; c&aacute;c qu&#7929; &#273;&#7847;u t&#432;.
Ph&#7843;n h&#7891;i n&agrave;y &#273;&#432;&#7907;c &#273;&#432;a ra sau khi JPMorgan c&#7843;nh b&aacute;o r&#7857;ng &#273;&#7897;ng th&aacute;i n&agrave;y c&oacute; th&#7875; d&#7851;n &#273;&#7871;n vi&#7879;c b&aacute;n th&aacute;o h&agrave;ng t&#7927; USD, &#273;&#7863;t Strategy v&agrave;o trung t&acirc;m c&#7911;a cu&#7897;c tranh lu&#7853;n r&#7897;ng h&#417;n v&#7873; c&aacute;ch qu&#7843;n l&yacute; ti&#7871;p c&#7853;n v&#7899;i Bitcoin tr&ecirc;n th&#7883; tr&#432;&#7901;ng &#273;&#7841;i ch&uacute;ng.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-strategy-defends-its-operating-model">Chi&#7871;n l&#432;&#7907;c b&#7843;o v&#7879; m&ocirc; h&igrave;nh ho&#7841;t &#273;&#7897;ng c&#7911;a m&igrave;nh</h2>

Strategy (tr&#432;&#7899;c &#273;&acirc;y g&#7885;i l&agrave; MicroStrategy) &#273;&atilde; ph&aacute;t &#273;i tuy&ecirc;n b&#7889; ch&iacute;nh th&#7913;c v&agrave;o th&#7913; T&#432;, cho r&#7857;ng <a href="https://vn.beincrypto.com/msci-microstrategy-bitcoin-index-reclassification/" target="_blank" rel="noreferrer noopener">&#273;&#7873; xu&#7845;t c&#7911;a MSCI &#273;&atilde; hi&#7875;u sai c&#259;n b&#7843;n</a> c&aacute;ch th&#7913;c ho&#7841;t &#273;&#7897;ng c&#7911;a c&aacute;c c&ocirc;ng ty n&#7855;m gi&#7919; nhi&#7873;u Bitcoin.
Trong l&aacute; th&#432; d&agrave;i 12 trang v&#7899;i ch&#7919; k&yacute; c&#7911;a <a href="https://beincrypto.com/learn/who-owns-the-most-bitcoin/" target="_blank" rel="noreferrer noopener">Ch&#7911; t&#7883;ch &#273;i&#7873;u h&agrave;nh Michael Saylor</a> v&agrave; Ch&#7911; t&#7883;ch Phong Le, c&ocirc;ng ty n&agrave;y kh&#7859;ng &#273;&#7883;nh m&igrave;nh l&agrave; m&#7897;t doanh nghi&#7879;p v&#7853;n h&agrave;nh kinh doanh, s&#7917; d&#7909;ng Bitcoin d&#7921; tr&#7919; &#273;&#7875; ph&aacute;t h&agrave;nh c&aacute;c kho&#7843;n t&iacute;n d&#7909;ng v&agrave; huy &#273;&#7897;ng v&#7889;n.
C&ocirc;ng ty nh&#7845;n m&#7841;nh r&#7857;ng c&aacute;ch ti&#7871;p c&#7853;n n&agrave;y ho&agrave;n to&agrave;n kh&aacute;c bi&#7879;t v&#7899;i c&aacute;c ph&#432;&#417;ng ti&#7879;n &#273;&#7847;u t&#432; th&#7909; &#273;&#7897;ng ch&#7881; &#273;&#417;n thu&#7847;n theo d&otilde;i m&#7897;t t&agrave;i s&#7843;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;Ch&uacute;ng t&ocirc;i k&ecirc;u g&#7885;i MSCI lo&#7841;i b&#7887; &#273;&#7873; xu&#7845;t n&agrave;y. &#272;&#7873; xu&#7845;t &#273;ang d&#7921;a tr&ecirc;n s&#7921; hi&#7875;u l&#7847;m r&#7897;ng v&#7873; c&aacute;c DATs v&agrave; s&#7869; t&#7841;o ra nh&#7919;ng &#273;i&#7873;u ki&#7879;n b&#7845;t h&#7907;p l&yacute;, kh&oacute; tri&#7875;n khai, k&igrave;m h&atilde;m &#273;&#7893;i m&#7899;i, l&agrave;m &#7843;nh h&#432;&#7903;ng t&#7899;i uy t&iacute;n c&aacute;c ch&#7881; s&#7889; c&#7911;a MSCI v&agrave; m&acirc;u thu&#7851;n v&#7899;i c&aacute;c &#432;u ti&ecirc;n qu&#7889;c gia,&rdquo; n&#7897;i dung th&#432; n&ecirc;u r&otilde;.
</blockquote>

Strategy c&#361;ng cho r&#7857;ng ng&#432;&#7905;ng 50% cho t&agrave;i s&#7843;n s&#7889; l&agrave; m&#7897;t s&#7921; ph&acirc;n bi&#7879;t &#273;&#7889;i x&#7917;. C&ocirc;ng ty ch&#7881; ra r&#7857;ng quy t&#7855;c n&agrave;y nh&#7855;m t&#7899;i m&igrave;nh nh&#432;ng l&#7841;i b&#7887; qua c&aacute;c l&#297;nh v&#7921;c c&#361;ng t&#7853;p trung nh&#432; d&#7847;u kh&iacute; ho&#7863;c b&#7845;t &#273;&#7897;ng s&#7843;n.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-consultation-puts-bitcoin-treasuries-at-risk">Tham v&#7845;n c&oacute; th&#7875; khi&#7871;n kho b&#7841;c Bitcoin g&#7863;p r&#7911;i ro</h2>

Tranh c&atilde;i b&#7855;t &#273;&#7847;u t&#7915; th&aacute;ng 10/2023, khi MSCI m&#7903; cu&#7897;c tham v&#7845;n v&#7873; c&aacute;ch <a href="https://vn.beincrypto.com/will-dats-like-microstrategy-bitmine-fade-soon/" target="_blank" rel="noreferrer noopener">ph&acirc;n lo&#7841;i kho b&#7841;c t&agrave;i s&#7843;n s&#7889; (DATs)</a> trong ph&#432;&#417;ng ph&aacute;p ti&ecirc;u ch&iacute; ch&#7881; s&#7889;. &#272;&#7873; xu&#7845;t v&#7899;i ng&#432;&#7905;ng 50% &#273;&atilde; l&#7853;p t&#7913;c &#273;&#7863;t Strategy v&agrave; <a href="https://vn.beincrypto.com/bitmine-dat-ethereum-losses-etf-compete/" target="_blank" rel="noreferrer noopener">c&aacute;c c&ocirc;ng ty t&#7853;p trung v&agrave;o Bitcoin</a> kh&aacute;c v&agrave;o di&#7879;n xem x&eacute;t.
V&agrave;o th&aacute;ng 11/2023, ph&acirc;n t&iacute;ch t&#7915; JPMorgan cho bi&#7871;t Strategy c&oacute; th&#7875; &#273;&#7889;i di&#7879;n nguy c&#417; b&#7883; b&aacute;n th&aacute;o l&ecirc;n &#273;&#7871;n kho&#7843;ng 2.8 t&#7927; USD n&#7871;u MSCI lo&#7841;i ch&#7881; ri&ecirc;ng c&ocirc;ng ty n&agrave;y, v&agrave; <a href="https://vn.beincrypto.com/microstrategy-index-bitcoin-risk/" target="_blank" rel="noreferrer noopener">th&#7853;m ch&iacute; c&oacute; th&#7875; l&ecirc;n t&#7899;i 8&ndash;9 t&#7927; USD</a> n&#7871;u c&aacute;c nh&agrave; cung c&#7845;p ch&#7881; s&#7889; kh&aacute;c c&#361;ng &aacute;p d&#7909;ng c&aacute;ch l&agrave;m t&#432;&#417;ng t&#7921;.
Nh&#7919;ng d&#7921; b&aacute;o n&agrave;y &#273;&atilde; khi&#7871;n d&#432; lu&#7853;n quan t&acirc;m h&#417;n, &#273;&#7891;ng th&#7901;i l&agrave;m n&oacute;ng l&#7841;i ch&#7911; &#273;&#7873; v&#7873; <a href="https://vn.beincrypto.com/dat-valuation-strategies-bitwise-analysis/" target="_blank" rel="noreferrer noopener">c&aacute;ch ph&acirc;n lo&#7841;i c&aacute;c c&ocirc;ng ty n&#7855;m gi&#7919; kho b&#7841;c Bitcoin</a> trong h&#7879; sinh th&aacute;i ch&#7881; s&#7889;.
&#272;&#7889;i v&#7899;i Strategy, h&#7879; qu&#7843; c&ograve;n v&#432;&#7907;t xa ph&#7841;m vi thu&#7897;c ch&#7881; s&#7889; hay kh&ocirc;ng.
N&#7871;u b&#7883; lo&#7841;i, thanh kho&#7843;n c&#7911;a c&ocirc;ng ty c&oacute; th&#7875; gi&#7843;m xu&#7889;ng v&agrave; chi ph&iacute; huy &#273;&#7897;ng v&#7889;n t&#259;ng l&ecirc;n. Vi&#7879;c n&agrave;y c&#361;ng c&oacute; th&#7875; thu h&#7865;p vai tr&ograve; c&#7911;a kho b&#7841;c doanh nghi&#7879;p nh&#432; m&#7897;t l&#7921;a ch&#7885;n cho nh&agrave; &#273;&#7847;u t&#432; mu&#7889;n ti&#7871;p x&uacute;c gi&aacute;n ti&#7871;p v&#7899;i Bitcoin.
V&#7899;i c&aacute;c nh&agrave; &#273;&#7847;u t&#432; n&oacute;i chung, c&acirc;u chuy&#7879;n n&agrave;y &#273;&#7863;t ra c&acirc;u h&#7887;i v&#7873; c&#7845;u tr&uacute;c th&#7883; tr&#432;&#7901;ng: li&#7879;u ti&#7871;p x&uacute;c v&#7899;i Bitcoin n&ecirc;n ch&#7911; y&#7871;u th&ocirc;ng qua <a href="https://vn.beincrypto.com/bitcoin-etf-overnight-returns/" target="_blank" rel="noreferrer noopener">qu&#7929; ETF &#273;&#432;&#7907;c qu&#7843;n l&yacute;</a> hay v&#7851;n ph&ugrave; h&#7907;p khi th&ocirc;ng qua c&aacute;c c&ocirc;ng ty &#273;&#7841;i ch&uacute;ng n&#7855;m gi&#7919; t&agrave;i s&#7843;n s&#7889; tr&ecirc;n b&#7843;ng c&acirc;n &#273;&#7889;i k&#7871; to&aacute;n.
Cu&#7897;c tham v&#7845;n c&#7911;a MSCI s&#7869; c&ograve;n m&#7903; &#273;&#7871;n h&#7871;t ng&agrave;y 31/12/2023, v&agrave; gi&#7899;i &#273;&#7847;u t&#432; &#273;ang d&otilde;i theo quy&#7871;t &#273;&#7883;nh cu&#7889;i c&ugrave;ng t&#7915; nh&agrave; cung c&#7845;p ch&#7881; s&#7889; n&agrave;y.

MicroStrategy gọi kế hoạch chỉ số của Morgan Stanley là “phân biệt đối xử” khi quá trình tham vấn vẫn tiếp tục