比特幣儲備策略始祖微策略 Strategy 創辦人 Michael Saylor 以 MSTR 的未平倉合約市值比與其他科技巨頭相比，稱比特幣讓 MSTR 變得有趣！不過 MSTR 股價在 2025 年內下跌五成，遠遜於比特幣的 -6%，也有網友質疑：難道這不是因為被「做空」嗎？
Bitcoin makes $MSTR interesting. pic.twitter.com/XF80ngHGlt
— Michael Saylor (@saylor) January 2, 2026
未平倉量飆高：槓桿投機與做空指標的釐清
Michael Saylor 以 MSTR 的未平倉合約市值比與其他科技巨頭相比，稱比特幣讓 MSTR 變得有趣！圖表說明了 MSTR 的未平倉合約與市值比為 86%，遠遠超過特斯拉的 22% 和微軟的 3%，並認為比特幣的整合增強了該股票作為槓桿式比特幣曝險對交易者的吸引力。
股票本身的「Open Interest」（未平倉合約量，簡稱 OI）通常是指該股票的衍生性商品（如選擇權或期貨）的合約總量，將衍生品 Open Interest 的名義價值與股票市值進行比較，這個比率主要代表的是「槓桿投機程度」以及「衍生品市場對股價的影響力」。當此比率過高時，代表市場上有大量的投機資金在押注該股票。
不過在其貼文底下，也有網友回應：
難道這不是因為被「做空」嗎？
但其實這是將 Short Interest 與 Open Interest 混淆，另一個常見的指標 Short Interest /Float 是衡量有多少現貨股票被借券賣出。高比率代表該個股被嚴重做空。根據 NASDAQ 官網的數據，MSTR 在 12/15 的 Short Interest / Float 約 11%，對比於過去高峰 (曾達 20%~30%) 已經有所下降，顯示目前空方相對謹慎。
股價不振，再度調高 STRC 股息率至 11%
微策略也宣布，將永續優先股 STRC 的配息率調高至 11%，因為當初公司設定 STRC 股價區間為 99～101，故只能藉由調高利率抬升股價。這已是 STRC 自七月發行後第二次調高配息率。
mNAV 溢價收斂與 MSCI 指數調整的潛在風險
MSTR 在 2025 年內下跌五成，表現遠遜於比特幣的 -6%，mNAV (目前股價和其擁有比特幣的價值比) 已接近 1 的平價水準。市場仍在等待全球指數提供者 MSCI 1/15 決定是否將 Strategy 等 DAT 公司剔除在指數之外的決定。
這篇文章 MSTR 未平倉量遠超特斯拉，Saylor：比特幣讓微策略變有趣 最早出現於 鏈新聞 ABMedia。
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