[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciod588df28":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},"dciod588df28","塞勒“只买不卖”铁律彻底终结！--Strategy(MSTR)祭出史诗级改革，或套现至多12.5亿美元比特币保卫现金流","\u002Fdoc\u002Fdciod588df28","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美股投资网获悉，迈克尔·塞勒旗下的比特币财库公司 Strategy(MSTR) 公布了对其比特币战略支柱——融资模型的全面改革。随着多年来推动其激进囤币的这一结构面临日益沉重的压力，该公司赋予了自己更广泛的权力来出售这种加密货币、回购证券并保持流动性以进行适应。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">该公司表示，可能会出售至多12.5亿美元的比特币以充实其现金储备，并针对普通股和优先股分别设立了至多10亿美元的回购计划。Strategy 还表示，在发行普通股时将变得更加自律，特别是当其股价处于或接近其持有的比特币价值时。其普通股在盘初交易中上涨了约5%。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">FalconX 的高级衍生品交易员 Bohan Jiang 表示，“虽然这给比特币带来了更多的抛售压力，但对股票以及普通股和优先股股东来说绝对是利好，他们实际上是在说‘我们将通过出售比特币来支持股东’。”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Strategy 的普通股和优先股已随着比特币一同暴跌，这削弱了其多年的融资优势——此前这一优势允许塞勒发行证券并将所得资金投入到更大规模的比特币购买中。这场抛售引发了越来越多的人质疑在持久的低迷期中，支撑该公司比特币战略的这种自我强化型融资模型能否继续发挥作用。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">该公司现在不再主要依赖发行新证券来资助更大规模的比特币购买，而是给予自己更大的灵活性，以便在募集新资金的吸引力下降时，能够保持流动性、回购折价的证券，并将比特币变现。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">董事会还确立了一项政策，即维持相当于至少12个月预期优先股股息支付和利息费用的最低现金储备。Strategy 表示，在过去一周出售普通股后，其储备目前为25.5亿美元，并将其 STRC 优先股的股息率提高到了12%。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">上周五，一个曾支撑牛市论调的估值指标转为负值，表明该公司的融资优势已经烟消云散。Strategy 的 mNAV(即其包含债务和优先股在内的企业价值与其持有的比特币价值的比率)跌破了平价(1.0)。该股在过去一年中已下跌了近80%。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">这一时机尤其重大，因为对比特币的需求已越来越依赖于像 Strategy 这样的机构买家。随着人们对该公司能否继续以有利条件募集资金的担忧日益加剧，投资者不仅在重新评估塞勒的收购战略，还在重新评估这种加密货币最大的新增需求来源之一。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">6月初，Strategy 披露其已出售了32枚比特币，这是其自2022年以来的首次出售。相对于价值约510亿美元的持仓量而言，这一数额微不足道，但其象征意义却非同寻常。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">多年来，塞勒围绕一个简单的核心前提构建了 Strategy募集资金购买比特币，并且绝不出售。这一披露挑战了该叙事，并加剧了让加密货币世界不寒而栗的暴跌。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">此举似乎旨在表明，作为该加密货币最大的企业持有者，其愿意使用比特币来支持其优先股债务的股息支付。然而，这反而引发了人们对该结构可持续性的新质疑。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Strategy 于2025年开始发行的永续优先股，曾为塞勒提供了一种在不惩罚普通股持有人情况下继续购买比特币的方式。然而，该优先股的价格已暴跌至不足75美元，远低于避免让 Strategy 的购买无利可图所必需的100美元面值门槛。\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","2026-06-29T16:34:36","2026.06.29","2026\u002F06\u002F29",31472,[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"]