策略股飙升47.65%，领跑纳斯达克100指数

Strategy股价一个月飙升47.65%，领跑纳斯达克100指数

截至9月18日收盘，Strategy（原MicroStrategy）股价在一个月内上涨47.65%，位居纳斯达克100成分股收益率排行榜首位。MSTR周五收于153.92美元，涨幅达16.39%，这得益于比特币再次收复80,000美元关口。Strategy截至9月13日持有845,050枚比特币，总收购成本为637.3亿美元。在过去两周中，该公司未进行任何比特币采购，而是将资金转向回购STRC（可变利率A系列永久优先股）。

市场数据与股价表现

根据9月19日更新的市场历史数据，MSTR收盘价报153.92美元，过去一个月的回报率为47.65%，一周涨幅为17.52%。该数据集采用交易所收盘价及纳斯达克100成分股名单。在这一月窗口期内，Strategy的排名领先于其他指数成员。

测量期的最后一个交易日贡献了MSTR近期大部分涨幅。据Marketdata显示，Strategy股价在9月18日攀升16.39%，从前一交易日的132.25美元收至153.92美元。当日成交量达到5434万股，远高于公司近期的日均水平。该股盘中最高触及154.02美元，开盘价为132.25美元。

回顾一个月前，即8月19日，MSTR收盘价为104.25美元。从104.25美元升至153.92美元带来了47.65%的滚动回报率。尽管此次反弹修复了部分早期损失，但截至9月18日，MSTR在过去12个月内仍下跌超过55%。

比特币反弹与监管利好共振

MSTR的强劲走势与比特币的周五反弹步调一致。路透社报道指出，在美国交易时段波动加剧的背景下，随着比特币攀升，加密货币相关股票普遍上涨，而纳斯达克指数最终也收高。比特币在该时段内上涨超过5%，突破80,000美元大关。此前crypto.news报道，BTC在9月18日的突破中，从75,560美元回升，盘中创下81,258美元的高点。

虽然时间上的重合支持两者之间存在密切关系，但这并不表明比特币是MSTR整个月涨幅的唯一原因。Strategy的股票价值不仅包含其比特币敞口，还涵盖了其债务、优先证券、现金余额、普通股结构以及投资者对未来资本活动的预期。

持仓细节与资金流向

Strategy最新的SEC文件显示，截至9月13日，该公司持有845,050枚BTC。这些硬币的总收购成本为637.3亿美元（含费用），平均每枚比特币的成本约为75,412美元。这一持仓量占比特币固定2100万枚供应上限的4%以上。基于其披露的余额，Strategy仍是最大的公开交易企业级比特币持有者。

其最新一次增持发生在截至8月30日的那一周，当时公司以平均价格80,318美元花费3.697亿美元购买了4,603枚BTC，使持仓量从840,447枚增至目前的845,050枚。这笔4,603枚BTC的购买是通过出售普通股融资的。当周，Strategy以每股净收入6.028亿美元的价格售出了453万股MSTR股票，并将其中3.697亿美元用于购买比特币。

随后，公司在接下来的两个报告期中停止了比特币购买。9月8日和9月14日的SEC文件显示，在这两周内既没有比特币的买卖，也没有按市价发行股份。因此，在MSTR市场价格剧烈波动的同时，Strategy的比特币敞口保持不变。

资金转向STRC回购

在暂停购买比特币期间，Strategy将资本转向了其可变利率A系列永久优先股（STRC）。从8月31日至9月7日，公司以1.763亿美元回购了181万股STRC。根据其9月8日的文件，Strategy同时将“数字信贷证券回购计划”的授权额度从10亿美元提高至20亿美元。

在9月8日至9月13日期间，又回购了142万股STRC，金额为1.393亿美元。Strategy利用其单独的美元现金余额为该交易提供资金，而未触动指定的美元储备金。正如crypto.news此前报道的那样，在最近一个报告期中，该公司既未发行普通股，也未交易比特币，同时继续减少其优先股义务。

Strategy has spent approximately $950.8 million on STRC buybacks since the project began in July. The prices of these preferred stocks have rebounded to near the Strategy target range of $99 to $100. Strategy CEO Phong Le has said that buying back STRC at a discount is a very attractive use of capital because buying preferred shares at a par value of less than $100 can reduce future dividend requirements at a lower cost.

This policy does not promise a fixed amount or timing for future purchases. Strategy said repurchase decisions depend on market prices, liquidity, available capital and other capital allocation priorities.

Long-term perspective and current situation

Strategy's one-month return is much larger than Bitcoin's price increase over the same period, reinforcing MSTR's history of amplifying around changes in the value of its key treasury assets. On September 18 alone, MSTR rose 16.39%, while Bitcoin only rose about 5% to 6%. Barron's Weekly reported that Strategy is one of the strongest performing cryptocurrency-related stocks as BTC climbs above $80,000.

Regulatory news was also coincited with this rebound. The SEC announced on September 17 a five-year innovation exemption for eligible tokenized U.S. stock transactions, and the CFTC has sent proposed crypto market rules to the White House for review. Before Friday's market, Bitcoin ETF funds flows had also returned to positive territory.

Reuters reported that as government bond yields and oil prices continue to put pressure on the stock market, the broader market is still showing a mixed trend. In this context, cryptocurrency-related stocks have strengthened with Bitcoin's recovery, making Strategy's rise part of a sectorial movement rather than an isolated corporate event.

Market historical data shows that the MSTR's one-month gain of 47.65% was accompanied by the Nasdaq 100 Index, which contains 101 securities as of September 19. Strategy's own estimated index weight is approximately 0.20%, which is far below the index's largest holdings such as Nvidia, Apple and Microsoft.

The company's short-term rebound has not eliminated its long-term downtrend. Despite the recent month's gains, historical market data shows MSTR's rolling loss rate over the past year is approximately 55.35%, and its year-to-date performance remains close to flat. Strategy's last official capital disclosure on September 14 included US$5.1 billion in US dollar reserves and US$1.3 billion in US dollar cash. After the recent STRC purchase, approximately US$1.05 billion remained under its preferred securities repurchase authority, while the separately established US$1 billion MSTR common share repurchase authority remained unused.