<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1518546305927-5a555bb7020d/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1NWHd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh3PSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1000" height="668" original-src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1518546305927-5a555bb7020d/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1NWHd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh3PSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA"/></p>
<p><em>图片来源：Unsplash</em></p>
<p>Strategy (MSTR) 将其美元储备增加至约 21.9 亿美元，此次扩张紧随一轮大规模的股权融资。公司发行了 435 万股普通股，为其流动性池筹集了近 7.48 亿美元。现在的储备可以支持优先股息支付一段较长的时间，这一缓冲增强了公司的资本结构。</p>
<p>Strategy 仅使用普通股进行此次融资，这一选择避免了新债务或额外的股息负担。公司专注于增强流动性，这一决定标志着其快速比特币积累模式的暂停。这一变化发生在 Strategy 在前两周内收购了超过 21,000 个比特币之后。</p>
<p>公司将其比特币余额维持在 671,268 BTC，并在市场最近的下跌中保持了这一头寸。持平的持有量表明这是一个计划中的暂停，而不是战略上的逆转。公司重申，比特币仍然是其长期国库模型的核心。</p>
<h3><strong>市场环境影响 Strategy 的国库时机</strong></h3>
<p>公司最近以激进的购买速度运作，而此次暂停与其早期的节奏形成对比。暂停发生在比特币价格回落之际，Strategy 的股票在短暂反弹后交易接近 165 美元。因此，市场条件影响了向增强流动性的转变。</p>
<p>本月早些时候，公司以较低的平均价格进行了比特币收购，这些购买扩大了其在比特币供应中的份额。Strategy 目前持有约 3.2% 的所有已挖掘比特币，这一头寸在公开交易实体中仍然是最大的。根据当前比特币价格，公司持有的价值超过 600 亿美元。</p>
<p>该股票今年的表现落后，目前的股权反映出 2025 年的 50% 下降。在同一时期，比特币的交易价格也较低，这一下滑为资本配置创造了不同的环境。因此，Strategy 在等待更有利的市场条件时增强了其现金资源。</p>
<h3><strong>尽管波动，国库公司仍保持其角色</strong></h3>
<p>国库公司继续扩大其影响力，合并的企业余额最近超过了一百万个比特币。许多公司仍将比特币视为战略储备资产，其模型产生不同的回报。一些公司还扩大了其融资渠道并调整了购买策略。</p>
<p>Metaplanet 报告了两位数的年化回报，并在早期动能减弱的情况下保持了这一表现。其他专注于国库的公司也未能在替代资产上复制成功，并且它们在基于比特币的方法上观察到了更好的结果。纯粹的山寨币策略未能匹配比特币储备的稳定性。</p>
<p>更广泛的趋势显示企业持有者之间的竞争日益加剧，进入顶级行列的门槛持续上升。现在的最低门槛已超过 30 个比特币，这一变化凸显了该领域的快速积累。然而，Strategy 仍以其可观的持有量和持续的融资能力领先于该组。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>比特币价格结构指向 70,000 美元的测试</p>
<p>Metaplanet 在美国市场正式亮相，增加了公众曝光度</p>
<p>VanEck 计划在新的 Avalanche ETF 申请中质押 70% 的 AVAX</p>

MSTR

<p>Strategy (MSTR) 将其美元储备增加至 21.9 亿美元，此次发行了 435 万股普通股，筹集了 7.48 亿美元。这一举措增强了其资本结构，并暂停了其快速的比特币积累，保持其比特币余额在 671,268。该决定受到市场条件的影响，旨在增强流动性。尽管暂停，但比特币仍然是 Strategy 长期财政模型的核心。该公司持有所有开采比特币的 3.2%，价值超过 600 亿美元。财政公司继续扩大其比特币储备，Strategy 在持有量和融资能力方面处于领先地位</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1518546305927-5a555bb7020d/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1NWHd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh3PSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA" alt="" original-src="https://images.unsplash.com/photo-1518546305927-5a555bb7020d?ixid=MXwxMjA3fDB8MHxwaG90by1wYWdlfHx8fGVufDB8fHw%3D&amp;ixlib=rb-1.2.1&amp;auto=format&amp;fit=crop&amp;w=1000&amp;q=80"/></p>
<p><em>Image Source: Unsplash</em></p>
<div class="lb-trans"><p><em>图片来源：Unsplash</em></p>
</div><p>Strategy (MSTR) increased its USD reserve to about 2.19 billion dollars, and the expansion followed a sizeable equity raise. The company issued 4.35 million common shares and generated nearly 748 million dollars for its liquidity pool. The reserve can now support preferred dividend payments for an extended period, and this buffer strengthens the firm’s capital structure.</p>
<div class="lb-trans"><p>Strategy (MSTR) 将其美元储备增加至约 21.9 亿美元，此次扩张紧随一轮大规模的股权融资。公司发行了 435 万股普通股，为其流动性池筹集了近 7.48 亿美元。现在的储备可以支持优先股息支付一段较长的时间，这一缓冲增强了公司的资本结构。</p>
</div><p>Strategy used only common stock for this raise, and this choice avoided new debt or additional dividend liabilities. The firm focused on building liquidity, and the decision marked a pause in its rapid bitcoin accumulation pattern. This change occurred after Strategy acquired more than 21,000 bitcoin in the previous two weeks.</p>
<div class="lb-trans"><p>Strategy 仅使用普通股进行此次融资，这一选择避免了新债务或额外的股息负担。公司专注于增强流动性，这一决定标志着其快速比特币积累模式的暂停。这一变化发生在 Strategy 在前两周内收购了超过 21,000 个比特币之后。</p>
</div><p>The company maintained its bitcoin balance at 671,268 BTC, and it held the position through the market’s recent decline. The unchanged holdings signaled a planned pause rather than a strategic reversal. The firm reiterated that bitcoin remains central to its long-term treasury model.</p>
<div class="lb-trans"><p>公司将其比特币余额维持在 671,268 BTC，并在市场最近的下跌中保持了这一头寸。持平的持有量表明这是一个计划中的暂停，而不是战略上的逆转。公司重申，比特币仍然是其长期国库模型的核心。</p>
</div><h3><strong>Market Context Shapes Strategy’s Treasury Timing</strong></h3>
<div class="lb-trans"><h3><strong>市场环境影响 Strategy 的国库时机</strong></h3>
</div><p>The firm recently operated with an aggressive purchase pace, and the halt contrasted with its earlier rhythm. The pause came as bitcoin’s price softened, and Strategy’s stock traded near 165 dollars after a brief rebound. Market conditions therefore influenced the shift toward reinforcing liquidity first.</p>
<div class="lb-trans"><p>公司最近以激进的购买速度运作，而此次暂停与其早期的节奏形成对比。暂停发生在比特币价格回落之际，Strategy 的股票在短暂反弹后交易接近 165 美元。因此，市场条件影响了向增强流动性的转变。</p>
</div><p>The company’s BTC acquisitions earlier in the month occurred at lower average prices, and these buys expanded its share of the bitcoin supply. Strategy currently holds around 3.2 percent of all mined bitcoin, and this position remains the largest among publicly traded entities. The firm’s holdings exceed 60 billion dollars in value when measured at prevailing bitcoin prices.</p>
<div class="lb-trans"><p>本月早些时候，公司以较低的平均价格进行了比特币收购，这些购买扩大了其在比特币供应中的份额。Strategy 目前持有约 3.2% 的所有已挖掘比特币，这一头寸在公开交易实体中仍然是最大的。根据当前比特币价格，公司持有的价值超过 600 亿美元。</p>
</div><p>The stock’s performance has lagged this year, and the equity now reflects a 50 percent decline for 2025. Bitcoin has also traded lower during the same period, and the downturn created a different environment for capital allocation. Strategy therefore strengthened its cash resources while awaiting more favorable market conditions.</p>
<div class="lb-trans"><p>该股票今年的表现落后，目前的股权反映出 2025 年的 50% 下降。在同一时期，比特币的交易价格也较低，这一下滑为资本配置创造了不同的环境。因此，Strategy 在等待更有利的市场条件时增强了其现金资源。</p>
</div><h3><strong>Treasury Firms Maintain Their Role Despite Volatility</strong></h3>
<div class="lb-trans"><h3><strong>尽管波动，国库公司仍保持其角色</strong></h3>
</div><p>Treasury companies continue to expand their presence, and combined corporate balances recently passed one million bitcoin. Many firms still treat bitcoin as a strategic reserve asset, and their models generate varying returns. Some companies also broadened their fundraising channels and adapted their purchase strategies.</p>
<div class="lb-trans"><p>国库公司继续扩大其影响力，合并的企业余额最近超过了一百万个比特币。许多公司仍将比特币视为战略储备资产，其模型产生不同的回报。一些公司还扩大了其融资渠道并调整了购买策略。</p>
</div><p>Metaplanet reported double-digit annualized returns, and it maintained this performance despite waning early momentum. Other treasury-focused firms also avoided replicated success with alternative assets, and they observed better outcomes with bitcoin-based approaches. Pure altcoin strategies did not match the stability of bitcoin reserves.</p>
<div class="lb-trans"><p>Metaplanet 报告了两位数的年化回报，并在早期动能减弱的情况下保持了这一表现。其他专注于国库的公司也未能在替代资产上复制成功，并且它们在基于比特币的方法上观察到了更好的结果。纯粹的山寨币策略未能匹配比特币储备的稳定性。</p>
</div><p>The broader trend shows increasing competition among corporate holders, and the threshold to enter the top tier continues to climb. The rising minimum now stands above 30 bitcoin, and this shift underscores rapid accumulation in the sector. Strategy, however, still leads the group with its substantial holdings and ongoing capital-raising ability.</p>
<div class="lb-trans"><p>更广泛的趋势显示企业持有者之间的竞争日益加剧，进入顶级行列的门槛持续上升。现在的最低门槛已超过 30 个比特币，这一变化凸显了该领域的快速积累。然而，Strategy 仍以其可观的持有量和持续的融资能力领先于该组。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>Bitcoin Price Structure Points To $70K Test</p>
<div class="lb-trans"><p>比特币价格结构指向 70,000 美元的测试</p>
</div><p>Metaplanet Makes Official Debut On US Markets, Increasing Public Exposure</p>
<div class="lb-trans"><p>Metaplanet 在美国市场正式亮相，增加了公众曝光度</p>
</div><p>VanEck Plans To Stake 70% of AVAX In New Avalanche ETF Filing</p>
<div class="lb-trans"><p>VanEck 计划在新的 Avalanche ETF 申请中质押 70% 的 AVAX</p>
</div>

策略股票：Saylor 暂停了比特币的积累，转而增加美元储备