<p>比特幣企業財庫先鋒 Strategy（納斯達克：MSTR），前身為 MicroStrategy，已在其資本籌集結構中達成一個關鍵的 “健康” 里程碑。</p>
<p>該公司的優先股（83.6 億美元）首次超過了其總可轉換債務（82.1 億美元）。</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>來源：Strategy</p>
<p>對於不熟悉的人來説，可轉換債務就像是一種有到期日的貸款，如果違約則面臨破產風險。</p>
<p>這一直是 Strategy 從 2020 年到 2023 年的主要資本籌集工具，而在比特幣大幅下跌期間，風險可能會加劇。這種債務風險因素一直困擾着 Strategy，尤其是在 2028 年到期的最後期限之前。</p>
<p>但該公司推出了幾種優先股，以補充其普通股 MSTR，為比特幣購買籌集資金。</p>
<h2><strong>優先股與 MSTR</strong></h2>
<p>另一方面，優先股提供了一種靈活的資本籌集選擇，支付的股息（而非利息）可以被延遲，因為它們沒有像可轉換債務那樣的到期日。</p>
<p>換句話説，由於沒有固定的到期和償還，這降低了即使在比特幣大幅下跌期間的破產風險，分析師 Pio Vincenzo 指出。</p>
<blockquote>
<p>“這是 MSTR 的一個重大里程碑。它驗證了優先股策略，並轉向遠離可轉換債務。舊策略存在實際的破產風險。”</p>
</blockquote>
<p>Strategy 的官員 Chaintany Jain 也稱這一轉變比舊的可轉換債務更具 ‘可擴展性’。</p>
<p>分析師 Rohan Hirani 指出，重度依賴優先股將幫助 Strategy‘拆解’ 與破產相關的脆弱性，使公司能夠增加其比特幣投資。</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>來源：X</p>
<p>其他人將這一轉變視為 MSTR 股價的 ‘結構性勝利’ 和 ‘看漲路徑’。</p>
<p>Strategy 在 2025 年初推出了其首個優先股 Strike [STRK]。隨後，它又增加了四種優先股：Strife [STRF]、Stride [STRD]、Stretch [STRC] 和以歐元計價的 Stream [STRE]，後者於 2025 年 11 月推出。</p>
<h2><strong>Strategy 的持有量超過 70 萬比特幣</strong></h2>
<p>通過優先股和 MSTR，Strategy 將其比特幣持有量從 2024 年 12 月的 44.6 萬比特幣擴大到 2025 年初的 70.9 萬比特幣。</p>
<p>事實上，在過去一年中，Strategy 進行了超過 10 億美元的比特幣購買。</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>來源：CryptoQuant</p>
<p>然而，自從比特幣在 11 月失去 10 萬美元以來，MSTR 股價一直低於 200 美元。儘管如此，MSTR 在年初至今（YTD）表現優於比特幣，並在撰寫時交易於 163 美元。同時，比特幣交易於 89.9 萬美元。</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>來源：Google Finance</p>
<hr/>
<h2>最終思考</h2>
<ul>
<li><em>Strategy 通過減少對債務的依賴達成了其資本籌集結構的一個里程碑。</em></li>
<li><em>分析師認為這一轉變降低了破產風險，並在長期內對 MSTR 股價是 ‘看漲’ 的。</em></li>
</ul>

<p>比特幣企業財庫先鋒 Strategy（納斯達克代碼：MSTR）達成了一個重要里程碑，其優先股（83.6 億美元）首次超過了可轉換債務（82.1 億美元）。分析師表示，這一變化降低了破產風險，併為更靈活的融資選項提供了可能。從可轉換債務轉向優先股被視為一種結構性勝利，使 Strategy 能夠將其比特幣持有量從 446,000 BTC 增加到 709,000 BTC。儘管當前交易面臨挑戰，分析師認為這一發展對 MSTR 的股價在長期內是利好的</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>比特幣企業財庫先鋒 Strategy（納斯達克：MSTR），前身為 MicroStrategy，已在其資本籌集結構中達成一個關鍵的 “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>該公司的優先股（83.6 億美元）首次超過了其總可轉換債務（82.1 億美元）。</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>來源：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>對於不熟悉的人來説，可轉換債務就像是一種有到期日的貸款，如果違約則面臨破產風險。</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>這一直是 Strategy 從 2020 年到 2023 年的主要資本籌集工具，而在比特幣大幅下跌期間，風險可能會加劇。這種債務風險因素一直困擾着 Strategy，尤其是在 2028 年到期的最後期限之前。</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>但該公司推出了幾種優先股，以補充其普通股 MSTR，為比特幣購買籌集資金。</p>
</div><h2><strong>Preferred stocks vs. MSTR</strong></h2>
<div class="lb-trans"><h2><strong>優先股與 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，優先股提供了一種靈活的資本籌集選擇，支付的股息（而非利息）可以被延遲，因為它們沒有像可轉換債務那樣的到期日。</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>換句話説，由於沒有固定的到期和償還，這降低了即使在比特幣大幅下跌期間的破產風險，分析師 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>“這是 MSTR 的一個重大里程碑。它驗證了優先股策略，並轉向遠離可轉換債務。舊策略存在實際的破產風險。”</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 的官員 Chaintany Jain 也稱這一轉變比舊的可轉換債務更具 ‘可擴展性’。</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>分析師 Rohan Hirani 指出，重度依賴優先股將幫助 Strategy‘拆解’ 與破產相關的脆弱性，使公司能夠增加其比特幣投資。</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>來源：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>其他人將這一轉變視為 MSTR 股價的 ‘結構性勝利’ 和 ‘看漲路徑’。</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 年初推出了其首個優先股 Strike [STRK]。隨後，它又增加了四種優先股：Strife [STRF]、Stride [STRD]、Stretch [STRC] 和以歐元計價的 Stream [STRE]，後者於 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 的持有量超過 70 萬比特幣</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>通過優先股和 MSTR，Strategy 將其比特幣持有量從 2024 年 12 月的 44.6 萬比特幣擴大到 2025 年初的 70.9 萬比特幣。</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>事實上，在過去一年中，Strategy 進行了超過 10 億美元的比特幣購買。</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>來源：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，自從比特幣在 11 月失去 10 萬美元以來，MSTR 股價一直低於 200 美元。儘管如此，MSTR 在年初至今（YTD）表現優於比特幣，並在撰寫時交易於 163 美元。同時，比特幣交易於 89.9 萬美元。</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>來源：Google Finance</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最終思考</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 通過減少對債務的依賴達成了其資本籌集結構的一個里程碑。</em></li>
<li><em>分析師認為這一轉變降低了破產風險，並在長期內對 MSTR 股價是 ‘看漲’ 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 期權收益策略 ETF - YieldMax

iShares Bitcoin Trust ETF

Bitwise Bitcoin ETF

區塊鏈 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 倍做多加密貨幣行業 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 億美元資本轉移——分析師為何稱其為 “成功”