Strategy再次上调优先股股息至11.5%,比特币持仓突破71万枚但仍面临成本压力

BTC0,85%

3月2日消息,比特币最大企业持有者之一的Strategy宣布再次上调其优先股STRC的股息收益率。公司创始人Michael Saylor周日表示,自2026年3月起,STRC年化股息率将由11.25%提升至11.50%。这已是该产品自2025年7月上市以来的第七次股息上调,显示公司正通过高收益结构化产品吸引资本。

STRC被称为“Stretch”,是一种永续优先股,其股息率按月动态调整。公司每月都会根据市场情况微调收益率,目标是将股价稳定在100美元面值附近。此前在2月市场波动期间,STRC价格一度跌破面值,随后逐步回升。目前公司将该产品定位为一种短期高收益的储蓄型资产,下一次股息发放时间为2026年3月31日。

与优先股表现相对稳定不同,Strategy普通股MSTR近期承压明显。数据显示,MSTR在2月份下跌约14%,已连续第八个月录得下跌。此前该股曾在2024年11月短暂触及543美元高点,而截至上周五收盘仅为129.50美元,较历史峰值回撤约75%。

公司CEO Phong Le近期透露,Strategy正在调整融资结构。未来将减少普通股融资比例,转而通过发行优先股筹集资金,以持续扩大比特币储备。Phong Le表示,2025年公司通过STRC及其他永续优先股融资约70亿美元,占整个优先股市场规模的约三分之一。

财务数据显示,Strategy在2025年第四季度录得124亿美元净亏损,尽管收入同比增长1.9%至约1.23亿美元,但财报发布后公司股价仍单日下跌13%。与此同时,比特币价格目前仍低于公司平均购入成本。Strategy的平均买入价为76,020美元,而当前市场价格约为66,000美元。

尽管存在浮亏压力,公司仍持续增加比特币持仓。2月16日当周,Strategy斥资约3980万美元购入592枚比特币,使其总持仓量达到717,722枚BTC,并完成第100次比特币收购。分析人士认为,随着企业比特币储备规模不断扩大,Strategy的资本结构调整与融资策略将继续成为市场关注的重要指标。

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