<p>比特币企业财库先锋 Strategy（纳斯达克：MSTR），前身为 MicroStrategy，已在其资本筹集结构中达成一个关键的 “健康” 里程碑。</p>
<p>该公司的优先股（83.6 亿美元）首次超过了其总可转换债务（82.1 亿美元）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Strategy-MSTR-bitcoin.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Strategy-MSTR-bitcoin.jpg"/></p>
<p>来源：Strategy</p>
<p>对于不熟悉的人来说，可转换债务就像是一种有到期日的贷款，如果违约则面临破产风险。</p>
<p>这一直是 Strategy 从 2020 年到 2023 年的主要资本筹集工具，而在比特币大幅下跌期间，风险可能会加剧。这种债务风险因素一直困扰着 Strategy，尤其是在 2028 年到期的最后期限之前。</p>
<p>但该公司推出了几种优先股，以补充其普通股 MSTR，为比特币购买筹集资金。</p>
<h2><strong>优先股与 MSTR</strong></h2>
<p>另一方面，优先股提供了一种灵活的资本筹集选择，支付的股息（而非利息）可以被延迟，因为它们没有像可转换债务那样的到期日。</p>
<p>换句话说，由于没有固定的到期和偿还，这降低了即使在比特币大幅下跌期间的破产风险，分析师 Pio Vincenzo 指出。</p>
<blockquote>
<p>“这是 MSTR 的一个重大里程碑。它验证了优先股策略，并转向远离可转换债务。旧策略存在实际的破产风险。”</p>
</blockquote>
<p>Strategy 的官员 Chaintany Jain 也称这一转变比旧的可转换债务更具 ‘可扩展性’。</p>
<p>分析师 Rohan Hirani 指出，重度依赖优先股将帮助 Strategy‘拆解’ 与破产相关的脆弱性，使公司能够增加其比特币投资。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-22-134223.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-22-134223.png"/></p>
<p>来源：X</p>
<p>其他人将这一转变视为 MSTR 股价的 ‘结构性胜利’ 和 ‘看涨路径’。</p>
<p>Strategy 在 2025 年初推出了其首个优先股 Strike [STRK]。随后，它又增加了四种优先股：Strife [STRF]、Stride [STRD]、Stretch [STRC] 和以欧元计价的 Stream [STRE]，后者于 2025 年 11 月推出。</p>
<h2><strong>Strategy 的持有量超过 70 万比特币</strong></h2>
<p>通过优先股和 MSTR，Strategy 将其比特币持有量从 2024 年 12 月的 44.6 万比特币扩大到 2025 年初的 70.9 万比特币。</p>
<p>事实上，在过去一年中，Strategy 进行了超过 10 亿美元的比特币购买。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Strategy-prev.-MicroStrategy-Cost-per-Buy-1-scaled.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Strategy-prev.-MicroStrategy-Cost-per-Buy-1-scaled.png"/></p>
<p>来源：CryptoQuant</p>
<p>然而，自从比特币在 11 月失去 10 万美元以来，MSTR 股价一直低于 200 美元。尽管如此，MSTR 在年初至今（YTD）表现优于比特币，并在撰写时交易于 163 美元。同时，比特币交易于 89.9 万美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-22-141101.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-22-141101.png"/></p>
<p>来源：Google Finance</p>
<hr/>
<h2>最终思考</h2>
<ul>
<li><em>Strategy 通过减少对债务的依赖达成了其资本筹集结构的一个里程碑。</em></li>
<li><em>分析师认为这一转变降低了破产风险，并在长期内对 MSTR 股价是 ‘看涨’ 的。</em></li>
</ul>

<p>比特币企业财库先锋 Strategy（纳斯达克代码：MSTR）达成了一个重要里程碑，其优先股（83.6 亿美元）首次超过了可转换债务（82.1 亿美元）。分析师表示，这一变化降低了破产风险，并为更灵活的融资选项提供了可能。从可转换债务转向优先股被视为一种结构性胜利，使 Strategy 能够将其比特币持有量从 446,000 BTC 增加到 709,000 BTC。尽管当前交易面临挑战，分析师认为这一发展对 MSTR 的股价在长期内是利好的</p>

<p>Bitcoin corporate treasury pioneer Strategy (Nasdaq: MSTR), formerly MicroStrategy, has hit a key ‘healthy’ milestone in its capital-raising structure.</p>
<div class="lb-trans"><p>比特币企业财库先锋 Strategy（纳斯达克：MSTR），前身为 MicroStrategy，已在其资本筹集结构中达成一个关键的 “健康” 里程碑。</p>
</div><p>The firm’s preferred stocks ($8.36 billion) have, for the first time, surpassed its total convertible debt ($8.21 billion).</p>
<div class="lb-trans"><p>该公司的优先股（83.6 亿美元）首次超过了其总可转换债务（82.1 亿美元）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Strategy-MSTR-bitcoin.jpg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Strategy-MSTR-bitcoin.jpg"/></p>
<p>Source: Strategy</p>
<div class="lb-trans"><p>来源：Strategy</p>
</div><p>For the unfamiliar, convertible debt is like a loan with a maturity date and bankruptcy risk if one defaults.</p>
<div class="lb-trans"><p>对于不熟悉的人来说，可转换债务就像是一种有到期日的贷款，如果违约则面临破产风险。</p>
</div><p>This has been Strategy’s key capital-raising tool from 2020 to 2023, and the risk could escalate during major BTC drawdowns. This debt risk factor has hung over the Strategy, especially ahead of the 2028 maturity deadline.</p>
<div class="lb-trans"><p>这一直是 Strategy 从 2020 年到 2023 年的主要资本筹集工具，而在比特币大幅下跌期间，风险可能会加剧。这种债务风险因素一直困扰着 Strategy，尤其是在 2028 年到期的最后期限之前。</p>
</div><p>But the firm unveiled several preferred stocks, to complement its common stock, MSTR, to raise capital for BTC buys.</p>
<div class="lb-trans"><p>但该公司推出了几种优先股，以补充其普通股 MSTR，为比特币购买筹集资金。</p>
</div><h2><strong>Preferred stocks vs. MSTR</strong></h2>
<div class="lb-trans"><h2><strong>优先股与 MSTR</strong></h2>
</div><p>Preferred stocks, on the other hand, offer a flexible capital-raising option, and payable dividends (not interest) can be deferred because they have no maturity date like convertible debt.</p>
<div class="lb-trans"><p>另一方面，优先股提供了一种灵活的资本筹集选择，支付的股息（而非利息）可以被延迟，因为它们没有像可转换债务那样的到期日。</p>
</div><p>In other words, with no fixed maturity and repayment, it reduces the bankruptcy risk even during major BTC downturns, noted analyst Pio Vincenzo.</p>
<div class="lb-trans"><p>换句话说，由于没有固定的到期和偿还，这降低了即使在比特币大幅下跌期间的破产风险，分析师 Pio Vincenzo 指出。</p>
</div><blockquote>
<p>“This is a huge milestone for MSTR. It validates the preferred equity strategy and the transition away from convertible debt. The old strategy had an actual bankruptcy risk.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“这是 MSTR 的一个重大里程碑。它验证了优先股策略，并转向远离可转换债务。旧策略存在实际的破产风险。”</p>
</blockquote>
</div><p>Chaintany Jain, an official at Strategy, also hailed the shift as more ‘scalable’ than the old convertible debt.</p>
<div class="lb-trans"><p>Strategy 的官员 Chaintany Jain 也称这一转变比旧的可转换债务更具 ‘可扩展性’。</p>
</div><p>For his part, analyst Rohan Hirani noted that the heavy reliance on preferred stocks would help Strategy ‘dismantle’ the bankruptcy-linked vulnerability, allowing the firm to increase its BTC bet.</p>
<div class="lb-trans"><p>分析师 Rohan Hirani 指出，重度依赖优先股将帮助 Strategy‘拆解’ 与破产相关的脆弱性，使公司能够增加其比特币投资。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-22-134223.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-22-134223.png"/></p>
<p>Source: X</p>
<div class="lb-trans"><p>来源：X</p>
</div><p>Others viewed the shift as a ‘structural win’ and a ‘bullish path’ for MSTR stock price.</p>
<div class="lb-trans"><p>其他人将这一转变视为 MSTR 股价的 ‘结构性胜利’ 和 ‘看涨路径’。</p>
</div><p>Strategy unveiled its first preferred stock, Strike [STRK], in early 2025. Later on, it added four more preferred stocks: Strife [STRF], Stride [STRD], Stretch [STRC], and Euro-denominated Stream [STRE], which was launched in November 2025.</p>
<div class="lb-trans"><p>Strategy 在 2025 年初推出了其首个优先股 Strike [STRK]。随后，它又增加了四种优先股：Strife [STRF]、Stride [STRD]、Stretch [STRC] 和以欧元计价的 Stream [STRE]，后者于 2025 年 11 月推出。</p>
</div><h2><strong>Strategy’s holdings cross 700K BTC</strong></h2>
<div class="lb-trans"><h2><strong>Strategy 的持有量超过 70 万比特币</strong></h2>
</div><p>With the preferred stocks and MSTR, Strategy has scaled its BTC holdings from 446K BTC in December 2024 to 709K BTC as of early January 2025.</p>
<div class="lb-trans"><p>通过优先股和 MSTR，Strategy 将其比特币持有量从 2024 年 12 月的 44.6 万比特币扩大到 2025 年初的 70.9 万比特币。</p>
</div><p>In fact, over the past year, Strategy has made more Bitcoin buys worth over $1 billion each.</p>
<div class="lb-trans"><p>事实上，在过去一年中，Strategy 进行了超过 10 亿美元的比特币购买。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Strategy-prev.-MicroStrategy-Cost-per-Buy-1-scaled.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Strategy-prev.-MicroStrategy-Cost-per-Buy-1-scaled.png"/></p>
<p>Source: CryptoQuant</p>
<div class="lb-trans"><p>来源：CryptoQuant</p>
</div><p>However, the MSTR stock price has traded below $200 since BTC lost $100k in November. Even so, MSTR has outperformed BTC on a year-to-date (YTD) basis and traded at $163 at the time of writing. Meanwhile, BTC traded at $89.9k.</p>
<div class="lb-trans"><p>然而，自从比特币在 11 月失去 10 万美元以来，MSTR 股价一直低于 200 美元。尽管如此，MSTR 在年初至今（YTD）表现优于比特币，并在撰写时交易于 163 美元。同时，比特币交易于 89.9 万美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-22-141101.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-22-141101.png"/></p>
<p>Source: Google Finance</p>
<div class="lb-trans"><p>来源：Google Finance</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最终思考</h2>
</div><ul>
<li><em>Strategy has reached a milestone in its capital-raising structure by reducing its exposure to debt.</em></li>
<li><em>Analysts believe the shift reduces bankruptcy risk and is ‘bullish’ for the MSTR stock price in the long run.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>Strategy 通过减少对债务的依赖达成了其资本筹集结构的一个里程碑。</em></li>
<li><em>分析师认为这一转变降低了破产风险，并在长期内对 MSTR 股价是 ‘看涨’ 的。</em></li>
</ul>
</div>

Strategy’s $8B capital shift – Here’s why analysts are calling it a ‘win’

Amb Crypto

GraniteShares 2x Long MSTR Daily ETF

Fidelity Wise Origin Bitcoin Fund - ETF

ProShares Bitcoin Strategy ETF

MicroStrategy Pref Shares MSTR 8.0 Perp

Roundhill MSTR WeeklyPay ETF

MSTR 期权收益策略 ETF - YieldMax

iShares Bitcoin Trust ETF

Bitwise Bitcoin ETF

区块链 ETF - Amplify

Leverage Shares 2x Cpd Acclrtd MSTRMnETF

CoinShares Bitcoin ETF

MicroStrategy Pref Shares MSTR 10.0 Perp

Defiance Leveraged Long + Inc MSTR ETF

Microstrategy Inc Pref Shares STRC 9.0 Perp

2 倍做多加密货币行业 ETF - Direxion

COIN 周收益 ETF - Roundhill

Grayscale Bitcoin Miners ETF

2 倍做多 MSTR ETF - Defiance

Strategy

Invesco Galaxy Bitcoin ETF

Grayscale Bitcoin Trust BTC - ETF

Franklin Bitcoin ETF

Grayscale Bitcoin Premium Income ETF

VanEck Bitcoin ETF

Valkyrie Bitcoin and Ether Strategy ETF

Strategy 的 80 亿美元资本转移——分析师为何称其为 “成功”