Strategy spends 2.3 times more on STRC than Bitcoin

Strategy在回购STRC优先股与增持比特币上投入巨资，现金流向呈现新趋势

Strategy公司近期披露了其在9月14日至9月20日期间的资金部署情况。根据向美国证券交易委员会（SEC）提交的8-K表格文件显示，该公司在此期间共支出3.071亿美元，主要用于比特币收购、STRC优先股回购、股息支付及债务利息偿还。值得注意的是，尽管公司恢复了比特币的积累策略，但其将超过两倍的现金流向了股票回购项目。

资金分配详解：近六成用于股份回购

在这笔总支出中，1.74亿美元被用于回购STRC优先股，而7,570万美元则用于购买950枚比特币。此外，另有5,740万美元来自公司的美元储备金，专门用于支付优先股股息和未偿债务的利息。

从资金流向的比例来看，几乎57%的披露周支出用于STRC股份的回购，比特币收购约占25%，而股息和利息支出占剩余的19%。这一数据表明，在当前阶段，公司更倾向于通过减少流通股来优化资本结构，而非大规模扩张比特币持仓。

回购细节与融资方式

在该时间段内，Strategy以每股约99.34美元的均价购买了1,751,480股STRC股份。这种可变利率系列A永续Stretch优先股面值100美元，并在纳斯达克全球精选市场交易。

It is noteworthy that the company did not sell any shares during this week through on-site issuance plans such as MSTR, STRF, STRC, STRK or STRD. This means that both Bitcoin acquisitions and STRC buybacks rely entirely on the company's existing cash reserves for financing, rather than relying on the proceeds of new share issues. Currently, the company still has $876 million in line available under the Digital Credit Securities Repurchase Program, while retaining the right to separately authorize the repurchase of up to $1 billion of MSTR common stock.

STRC repurchases continue to dominate

Previously, between September 8 and September 13, Strategy spent US$139.3 million to buy back 1,420,467 STRC shares, with an average share price of approximately US$98.06. Combined with disclosures in the past two weeks, the company's total investment in STRC buybacks has reached US$313.3 million. In comparison, since there were no Bitcoin transactions in the first week, the total cost of Bitcoin purchases during the two weeks was only US$75.7 million.

According to early reports, Strategy did not conduct bitcoin trading or share issuance for two weeks before entering the latest reporting period, but used cash to reduce the liquidity of STRC. The latest filing changes this single situation, as Bitcoin purchases have resumed. However, during the reporting week, funds flowing into STRC repurchases remained more than twice that of funds flowing into BTC.

早在今年二月，Strategy的融资计划曾将优先股定位为筹集额外比特币购买资金的工具，同时也为投资者提供基于股息的产品。但随着近期 filings 显示资金流向发生逆转，通过回购STRC来减少未来可能需要支付的股息义务，成为了更显著的策略特征。由于STRC是无到期日的永久优先股，只要股份存续，其股息义务就可能持续存在。

比特币持仓更新与市场估值

伴随STRC的交易，Strategy以7,570万美元（含费用和开支）的价格获得了950枚比特币，平均每枚价格为79,670美元。此次收购使其比特币持仓从845,050枚增加至846,000枚。Strategy报告的累计收购成本为638亿美元，平均买入价约为75,416美元/枚。

随着比特币价格的复苏，最新一批比特币的成本高于公司的总成本基础，但低于随后的市场价格。周一交易中，比特币价格在经历9月初接近75,000美元的低位后反弹，一度突破85,000美元大关。若按每枚85,000美元计算，Strategy持有的846,000枚比特币市值约为719.1亿美元。该价值随比特币市场价格波动，并不代表已实现的收益。

Prior to this transaction, Strategy last purchased bitcoins on August 31, when it purchased 4,603 bitcoins at an average price of US$80,318 each, costing approximately US$370 million, ending a purchase suspension of approximately ten weeks. In addition, the company will also allow the sale of Bitcoin in its 2026 capital plan to meet obligations and manage liquidity. For example, in the week ended August 3, the company sold 1,638 bitcoins for $104.73 million, raised $290.6 million through MSTR sales, and bought back $81.2 million in STRC. That sale reduced the position to 842,138, and subsequent purchases pushed it to a new disclosure total of 846,000.

Changes in Cash Balances and Capital Framework Analysis

After completing purchases of Bitcoin and STRC, Strategy's "dollar cash" balance fell from US$1.3 billion on September 13 to US$1.05 billion on September 20. This decline of approximately $250 million is consistent with a $174 million STRC repurchase and a $75.7 million Bitcoin acquisition. At the same time, its separate "dollar reserve" fell from $5.1 billion to $5.04 billion due to the use of $57.4 million to pay dividends and interest. The reserve is designed to support the repayment of preferred shares and outstanding debt.

在公司资本框架下，“美元现金”扮演不同角色，管理层可将其用于获取比特币、补充美元储备、回购证券或覆盖其他企业用途。对于美国投资者而言，这份周报清晰分离了Strategy在纳斯达克上市证券所承担的财务风险：MSTR持有人拥有普通股权益，而STRC及其他优先股则具有各自的股息率、支付条款以及在资本结构中的特定地位。

文件中列出的MSTR、STRC、STRF、STRK和STRD均为根据《1934年证券交易法》第12(b)条注册的证券，均在纳斯达克全球精选市场交易。