[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciob67ed7e7":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":77},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciob67ed7e7","融资模式再遭拷问！Strategy(MSTR)连续第三周增持比特币-出售普通股成主要资金来源","\u002Fdoc\u002Fdciob67ed7e7","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美股投资网获悉，“比特币大户”Strategy(MSTR)继续增持比特币。根据周一提交给美国证券交易委员会(SEC)的文件，该公司在6月15日至6月21日期间买入520枚比特币，总价值约3940万美元。这也是Strategy连续第三周增持比特币。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">值得注意的是，此次购币资金全部来自A类普通股出售所得，而非公司此前大力推广的永久优先股融资工具。这意味着，在优先股融资模式遭遇市场质疑之际，Strategy再次转向传统股权融资渠道为比特币投资提供资金支持。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">文件显示，在完成最新购币后，Strategy比特币储备规模进一步增加，公司可动用储备资金提高约3亿美元至14亿美元。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">作为全球持有比特币数量最多的上市公司，Strategy近年来一直奉行“融资买币、长期持有”的策略。公司联合创始人兼董事长迈克尔·塞勒长期以来更是加密货币市场最坚定的“比特币永不卖出”支持者之一。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">然而，本月初Strategy披露出售32枚比特币，引发市场广泛关注。这是公司自2022年以来首次出售比特币。虽然出售规模相对于其价值约570亿美元的比特币持仓几乎可以忽略不计，这一举动被市场视为重要信号，因为它打破了塞勒长期坚持的“只买不卖”叙事。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">当时市场普遍认为，公司此举旨在向投资者展示，其愿意在必要时动用比特币资产支持优先股股息支付。不过，这一举措反而引发了市场对于其融资模式可持续性的担忧。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">为降低持续增发普通股对现有股东造成的稀释影响，Strategy自2025年开始大规模发行永久优先股。其中最受关注的是名为Stretch Preferred Shares(STRC)的优先股产品。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">根据设计，Strategy以每股100美元面值发行STRC优先股，募集资金后立即用于购买比特币，而投资者则获得超过10%的年度股息回报。目前，公司为相关优先股提供11.5%的年化收益率，并已多次上调派息水平以吸引资金流入。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">不过，该融资模式正面临越来越大的压力。自5月15日除息日以来，STRC市场价格始终未能回到100美元面值水平之上。由于优先股持续折价交易，Strategy实际上正以高于预期的融资成本筹集资金。上周，STRC收盘价已跌破90美元，远低于发行面值。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">这意味着公司通过发行优先股募集资金再购买比特币的模式正在受到挑战。要维持这一模式长期运转，比特币价格上涨速度必须持续快于公司优先股负债成本增长速度，否则融资效率将不断下降。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Strategy近期重新依赖普通股融资，或许反映出管理层对于当前优先股市场需求的谨慎态度。与此同时，投资者也在密切关注公司是否会进一步出售比特币，以满足未来股息支付及资本结构管理需求。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">截至发稿，Strategy股价上涨2.81%，报115.66美元。不过，该股过去一年累计跌幅仍接近70%。同期，比特币价格上涨约2.4%，报65300美元附近，但较一年前仍下跌约37%。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 每天处理千万级股票数据：捕捉期权大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准交易信号第一时间发到您手机APP！\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FM\u002FMSTR\u002FMSTR.jpg","2026-06-23T18:55:20","2026.06.23","2026\u002F06\u002F23",55996,[22],"MSTR","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 StockWe.com 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理千万级股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":78,"search":79,"searchPlaceholder":79,"hotContent":80,"draft":81,"noData":82,"searchNoData":83,"edit":84,"editVideo":85,"courseContent":86,"more":87,"buyNow":88,"subscribeNow":89,"encoding":90,"paidContent":91},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]