比特幣儲備策略始祖微策略 Strategy (原名 MicroStrategy) 昨日宣布花費逾一億美元增持 1,229 顆比特幣，展現了公司持續募資買入比特幣的能力。投行 TD Cowen 仍維持對 Strategy 的「買入」評級，未來 12 個月的目標價為 500 美元。
Strategy 募集一億鎂再買 1,229 枚 BTC
Strategy 此次透過發行普通股 MSTR 募得 1.088 億美元，並將其全數拿去買比特幣，微策略在上週買入了 1,229 枚比特幣，平均成本為 88,568 美元。截至 2025 年 12 月 29 日，Strategy 共持有 672,497 枚比特幣，總成本為 504.4 億美元，平均成本為 74,997 美元/每比特幣。
橘點再現，TD 目標價 500 美元
Strategy 創辦人 Michael Saylor 週日暗示將重啟比特幣購買計劃，並在 X 平台上發布了「回歸橙色」的點陣圖。微策略在上週曾暫停購幣，選擇將發行普通股 MSTR 籌集的 7.48 億美元投入美元儲備，將儲備擴大到 21.9 億美元，用於在未來 32 個月內支付優先股股息，被不少人認為是在漫長的加密貨幣寒冬做準備。
微策略持有 672,497 個比特幣，成本為 504.4 億美元，目前市值約 585.6 億美元，未實現收益約為 16%。官方公告的 mNAV 為 1.06，已在接近平價 1 的上方徘徊許久。
MSTR 股價昨日下跌 2.15%，收在 155.39 美元，今年迄今已下跌 48%。雖然不少投資者質疑，比特幣飛輪效應是否已經失靈？ TD Cowen 仍維持對 Strategy 的「買入」評級，未來 12 個月的目標價為 500 美元。筆者也由上一輪熊市的資料佐證，探討微策略該如何度過此次困境。
(微策略熊市求生術，從資不抵債到比特幣飛輪重啟，Strategy這次能挺過低潮嗎？)
這篇文章 微策略再募一億鎂買比特幣，投行目標價 500 美元 最早出現於 鏈新聞 ABMedia。
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