投資研究機構 Benchmark 分析師 Mark Palmer 於週三發布客戶報告，將微策略（Strategy）旗艦永續優先股 STRC 定性為「收益支持型穩定幣協議生態系統的支柱」。Benchmark 同步維持對 MSTR 股票「買入」評級，目標價 705 美元。
STRC 的角色轉型：融資工具升格為生態基礎設施
STRC 最初作為微策略持續累積比特幣的資本籌措工具而設計，以永續優先股形式發行，每月支付股息，股息率依 100 美元票面價值動態調整，確保市場交易價格維持在面值附近。本次 3 月份股息率從 11.25% 上調至 11.5%，是該機制的最新運作體現。
然而，Benchmark 的分析報告指出，STRC 的市場功能已超越其原始融資定位。隨著多家加密金融新創公司開始將 STRC 整合為穩定幣或儲蓄代幣的核心收益來源，一個以 STRC 殖利率為錨定基礎的新興金融生態正逐步成形。
三大協議整合 STRC：架構模式解析
上週於拉斯維加斯舉行的 Strategy 世界大會上，多家金融基礎設施新創公司管理層公開披露了各自將 STRC 納入協議架構的計劃，展示三種不同的整合路徑：
Buck Labs（BUCK）：與美元掛鉤的儲蓄代幣，將儲備資金配置至 STRC 以產生可分配收益，財務主管明確將 STRC 定性為協議架構的「關鍵收益來源」
Saturn Labs（USDat）：開發中的穩定幣協議，試驗將美國國債與微策略優先股結合的混合抵押模型，執行長 Kevin Li 稱 STRC 為「首批能將穩定幣殖利率錨定於比特幣經濟的數位信用基礎之一」
Apyx：構建以數位資產財務公司優先股股息為收益來源的穩定幣系統，微策略目前是此類主要發行機構中唯一將優先股與比特幣累積策略直接掛鉤的公司
強化循環：STRC 生態的自我增強邏輯
Benchmark 在報告中描述了圍繞 STRC 可能形成的強化循環機制：微策略向追求高收益的投資者發行 STRC，所籌資金用於購入更多比特幣；加密協議再買入 STRC 以支撐其代幣產品的收益，進一步擴大 STRC 的需求基礎，形成資本與比特幣持倉規模同步擴張的正向循環。
基於上述結構性邏輯，Benchmark 維持 MSTR「買入」評級，重申目標價 705 美元。以 MSTR 當前交易價格約 147 美元計算，目標價隱含約 380% 的潛在上漲空間。
常見問題
微策略的 STRC 是什麼？
STRC 是微策略（Strategy）發行的永續優先股，每月支付股息，股息率依 100 美元票面價值調整，目的是維持其市場交易價格接近面值。3 月份股息率為 11.5%，原始設計用途為為公司持續購入比特幣籌集資本。
為何穩定幣協議選擇 STRC 作為收益來源？
STRC 提供穩定的月度股息，且其收益基礎與比特幣資產累積邏輯直接掛鉤。對於需要可預期殖利率的穩定幣或儲蓄代幣協議而言，STRC 提供了兼具美元計價穩定性與加密資產敞口的混合型抵押品選項，填補了傳統美債以外的新興收益來源空白。
Benchmark 的 MSTR 目標價 705 美元依據為何？
Benchmark 分析師 Mark Palmer 的目標價評估主要基於微策略的比特幣持倉規模、STRC 在加密金融基礎設施中角色的持續擴大，以及公司作為比特幣財務生態系統核心節點的長期定位。目標價較當前市價隱含約 380% 的上漲空間。
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