微策略再次出售比特币以支持其股票

cryptonews.ruPublished on 2026-08-03Last updated on 2026-08-03

Abstract

迈克尔·塞勒（Michael Saylor）的公司MicroStrategy近期出售了1,638枚比特币，这是该公司今年以来规模第二大的减持。本次出售均价为63,957美元，总计套现约1.047亿美元。所获资金主要用于支付其优先股STRC的股息以及回购该优先股。出售后，MicroStrategy仍持有842,138枚比特币。与此同时，公司还通过增发MSTR股票筹集了2.906亿美元，使其美元储备增加至40亿美元。公司此举旨在支持其优先股STRC的价格（近期交易价格低于100美元的目标价），并确保有充足流动性支付股息。分析指出，此次出售更像是针对性的资产负债表调整，而非储备耗尽。但若STRC长期折价交易，可能影响公司通过发行新股融资的能力，未来或需依赖更多比特币出售来维持股息支付和股价。市场将密切关注STRC与MSTR的后续表现，以评估该融资策略的有效性。

迈克尔·塞勒（Michael Saylor）的微策略公司（MicroStrategy）出售了1,638个比特币——这是今年年初以来的第二大额出售。所得资金用于支付STRC优先股的股息，并从市场上回购这些股票。

根据提交给美国证券交易委员会（SEC）的8-K表格，比特币在7月27日至8月2日期间以每枚63,957美元的平均价格出售。交易总额为1.047亿美元。其中5240万美元用于向STRC持有者支付股息，另外5230万美元用于回购优先股本身。

出售后，公司仍持有842,138个BTC，其总购买成本估计为635亿美元。

美元储备增至40亿美元

除了出售比特币，微策略还通过发行MSTR股票筹集了2.906亿美元。其中2.5亿美元用于补充美元储备，使其达到40亿美元；2890万美元用于回购STRC股票；1170万美元保留在公司账面上。

塞勒在社交媒体X上发文称，公司已斥资8120万美元回购STRC股票，并将美元流动性储备延长了57天——现在储备足以维持2.3年。

根据雅虎财经的数据，8月3日的盘前交易中，STRC优先股交易价格为89.40美元，比100美元的目标价低10.6%。同日，MSTR股票在盘前交易中也下跌了0.9%，交易所数据显示。

公司为何采用这种方案

STRC是微策略为比特币购买融资的工具之一。该证券交易价格低于面值，限制了公司通过发行STRC筹集资金的能力。此外，这可能促使微策略进一步提高股息率，以保持买方兴趣，并支撑证券价格接近目标水平。

早些时候，6月24日，CryptoQuant首席执行官Ki Young Ju表示，在公司股息保障倍数从七年缩减至14个月后，微策略应该暂停购买比特币并补充现金储备。

在6月29日提交的8-K表格中，微策略提出了一项新的资本战略，允许出售比特币为股息融资，将STRC的年股息率提高到12%，并报告称当时的美元储备已增至25.5亿美元。

出售1,638个比特币是微策略一年来第二大储备削减——公司同时保留了超过84.2万枚的主要积累规模。与此同时，公司的美元储备在增长，并且STRC的回购仍在继续，这反映出试图将优先股价格维持在接近面值的水平。

STRC和MSTR在未来几周的动态将表明，通过出售部分比特币储备为股息融资的方案效果如何。

AI观点

从宏观经济分析角度看，这种情况与微策略mNAV乘数低于1的时刻相呼应——分析师此前已将其与2022年波动性飙升之前的动态相提并论。文章未涉及的一个技术层面是STRC对市场愿意以高于面值价格购买该证券的依赖：如果折价持续，公司将不得不依赖于发行新的MSTR股票或进一步出售比特币，而不仅仅是提高股息率。分析师Willy Woo提出的门槛值得特别关注：根据他的计算，只有在股票市值大幅且持续下跌的情况下，微策略才需要被迫出售比特币。目前这项交易看起来更像是一次有针对性的资产负债表调整，而不是储备耗尽的迹象。

问题在于：市场能容忍STRC相对面值的折价多久，才会影响公司筹集新资金的能力？

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