Saylor draws a line between his wallet and Strategy's
Michael Saylor has never sold any of his personal Bitcoin, not even one satoshi, he claimed this week. He was careful to separate his own behavior from the company's. "Strategy is a public company, not my wallet," Saylor said. The distinction matters because two days before the sale disclosure, Saylor had shut down speculation about a sell-off, saying the company never had a formal never-sell policy. That comment, in retrospect, was a hint that the corporate treasury might move coins — but Saylor's own stack remains untouched.
Translation:Saylor membezakan antara dompetnya dan Strategy
Michael Saylor tidak pernah menjual mana-mana Bitcoin peribadinya, walaupun satu satoshi, katanya minggu ini. Dia berhati-hati untuk memisahkan tingkah lakunya sendiri daripada syarikat. "Strategy adalah syarikat awam, bukan dompet saya," kata Saylor. Perbezaan ini penting kerana dua hari sebelum pendedahan penjualan, Saylor telah menutup spekulasi tentang penjualan, dengan mengatakan syarikat itu tidak pernah mempunyai dasar tidak menjual yang formal. Komen itu, jika dilihat semula, adalah petunjuk bahawa perbendaharaan korporat mungkin memindahkan syiling — tetapi stok Saylor sendiri tidak disentuh.
We need to translate "wallet" as "dompet" (common in crypto context). "stack" -> "stok" or "pegangan" but "stok" might be okay. "untouched" -> "tidak disentuh". "shut down speculation" -> "menutup spekulasi". "in retrospect" -> "jika dilihat semula" or "apabila difikirkan semula". We'll use "jika dilihat semula". Next:A $11,500 loss per coin
Strategy's Bitcoin holdings fell to 842,138 BTC as of August 2, down from 843,738 in late May. The 1,638 coins were sold at a loss of about $11,500 each, a rare red ink trade for a company that has been the most aggressive corporate buyer of Bitcoin since 2020. The sale raised $250 million in USD, boosting Strategy's cash reserve to $4.0 billion. That cash was immediately put to use: the company retired $81 million of its STRC preferred shares, which carry a 12% annual dividend.
Translation:Kerugian $11,500 setiap syiling
Pegangan Bitcoin Strategy jatuh kepada 842,138 BTC pada 2 Ogos, turun daripada 843,738 pada akhir Mei. 1,638 syiling itu dijual pada kerugian kira-kira $11,500 setiap satu, perdagangan merah yang jarang berlaku bagi syarikat yang telah menjadi pembeli korporat Bitcoin paling agresif sejak 2020. Penjualan itu mengumpul $250 juta dalam USD, meningkatkan rizab tunai Strategy kepada $4.0 bilion. Tunai itu segera digunakan: syarikat itu membeli balik $81 juta saham pilihan STRC, yang membawa dividen tahunan 12%.
We need to translate "red ink trade" -> "perdagangan merah" but that might not be clear. In Malay, "red ink" means loss, so we can say "perdagangan yang mengalami kerugian" but to keep it concise, we can say "perdagangan yang jarang berlaku dengan kerugian" but the original says "a rare red ink trade" meaning a rare loss-making trade. So we can say "perdagangan yang jarang berlaku dengan kerugian" or "perdagangan yang jarang berlaku dalam keadaan rugi". Let's use "perdagangan yang jarang berlaku dengan kerugian". Also "retired" for shares means "buyback" or "menebus" but we can say "membeli balik" or "menebus". "Preferred shares" -> "saham pilihan". "carry a 12% annual dividend" -> "membawa dividen tahunan 12%". Next:Preferred share buyback and dividend pressure
The preferred share buyback is a direct response to mounting dividend costs. Strategy's preferred dividends hit $400.7 million in the second quarter, up from $49.1 million a year earlier. That's an eightfold increase. Selling Bitcoin to retire high-cost preferred shares reduces the dividend burden, even if it means taking a loss on the crypto side. The timing isn't great for Bitcoin bulls, but the math makes sense for a company trying to manage its capital structure.
Translation:Pembelian balik saham pilihan dan tekanan dividen
Pembelian balik saham pilihan adalah tindak balas langsung kepada kos dividen yang semakin meningkat. Dividen pilihan Strategy mencecah $400.7 juta pada suku kedua, meningkat daripada $49.1 juta setahun sebelumnya. Itu peningkatan lapan kali ganda. Menjual Bitcoin untuk menebus saham pilihan berkos tinggi mengurangkan beban dividen, walaupun ia bermakna mengambil kerugian pada bahagian kripto. Masa ini tidak sesuai untuk penyokong Bitcoin, tetapi matematiknya masuk akal bagi syarikat yang cuba menguruskan struktur modalnya.
We need to translate "mounting" -> "semakin meningkat". "eightfold increase" -> "peningkatan lapan kali ganda". "retire" -> "menebus" or "membeli balik" but we already used "membeli balik" for buyback, so we can use "menebus" for retire. "dividend burden" -> "beban dividen". "Bitcoin bulls" -> "penyokong Bitcoin" or "pemegang saham yang optimis" but "bulls" in crypto context means those who are bullish, so we can say "penyokong Bitcoin" or "pemuja Bitcoin" but better to say "penyokong Bitcoin" or "penganut Bitcoin". Let's use "penyokong Bitcoin". "capital structure" -> "struktur modal". Next:
