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BTC Strive 构建比特币国库的速度有多快？
上周，Strive 以约 1.077 亿美元的价格再次购入 1,355 枚比特币，使其持仓总量达到 26,355 BTC。随着公司通过优先股销售和首次行使认股权证来持续扩大其国库规模，这一数字仍在增长。根据其最新监管文件，这家在纳斯达克上市的公司于 9 月 14 日至 9 月 18 日期间买入比特币，平均价格为每枚 79,475 美元（含费用和开支）。截至周一比特币价格约为 85,600 美元时，Strive 的国库价值已超过 22.5 亿美元。
在上周五完成一笔 469 BTC 的收购并突破 25,000 BTC 里程碑后，此次收购使 Strive 的单周持仓量增加了约 5.4%。目前，Strive 仍是第五大公开交易的比特币持有企业，仅次于 Strategy、Twenty One、Metaplanet 和 MARA。Twenty One 目前持有 43,514 枚比特币，如果两家公司持仓没有其他变化，Strive 需要再增加 17,160 枚比特币才能超越它。鉴于 2026 年还剩大约 14 个完整的周，Strive 每周需收购约 1,226 枚比特币才能缩小这一差距。按照这个速度，Strive 也有可能在今年 11 月超越 MARA 当前 35,577 枚比特币的余额，尽管排名仍取决于竞争对手的购买或出售行为。
为何认股权证的行使至关重要？
The latest acquisition introduces another source of funding to Strive's treasury model. During the week, holders exercised approximately 785,555 warrants, generating total revenue of approximately US$21.2 million. Strive CEO Matt Cole said 57.7% of the funds raised during the period, after taking into account warrant gains, came from SATA, the company's variable-rate Series A permanent preferred stock. During the week, SATA shares outstanding increased by 786,194 shares to approximately 11.18 million shares, while Strive's effective common shares outstanding increased only slightly by more than 2 million shares to 97 million shares. Despite paying $107.7 million in Bitcoin purchases, cash and cash equivalents increased from $204.2 million to $229.6 million.
SATA has become an increasingly important part of Strive's financing system because it allows companies to raise funds without relying entirely on additional common stock issues. In addition, SATA shares have recovered from a deep discount earlier this year to near a par value of nearly $100.
Investor Revelation
Strive's Bitcoin accumulation increasingly depends on whether its capital structure can generate financial support faster than shareholder dilution. Since SATA demand and the exercise of warrants determine the increasing efficiency of the company's Bitcoin holdings per share, their importance is almost as important as the Bitcoin price itself.
Why did TD Cowen raise ASST target price?
TD Cowen 将 Strive 的 ASST 股票目标价从 32 美元上调至 44 美元，理由是比特币积累速度快于预期，且每股完全稀释后的比特币持有量增长强劲。分析师 Lance Vitanza 和 Jonnathan Navarrete 预计，Strive 将在 2026 年底持有 32,105 枚比特币，高于此前预测的 27,156 枚。该公司还将全年的比特币收益率（BTC Yield）预测从 54.1% 上调至 70.1%。比特币收益率旨在衡量归属于公司稀释股本基础的比特币数量变化。这使得资金组合变得尤为重要：如果公司发行普通股的速度快于其积累比特币的速度，那么购买更多的比特币并不一定能改善这一指标。
周一交易中，ASST 股价在盘前交易触及约 31.50 美元后，在常规交易时段徘徊在 29.65 美元附近。尽管比特币自 1 月以来首次攀升至 85,000 美元以上，但该股在早盘交易中仍下跌了约 1.5%。
Strive 与 Strategy 相比如何？
在最近一个报告期内，尽管国库规模较小，Strive 购买的比特币数量仍多于 Strategy。Strategy 重返市场，以 7,570 万美元的价格购买了 950 枚比特币，将其持仓量增至 846,000 枚。Strategy 还花费约 1.74 亿美元回购 STRC 优先股，这意味着它在优先股回购上投入的资金是当周比特币支出的两倍多。这一对比表明，企业比特币国库策略正越来越依赖于资本结构，而不仅仅是购买行为。
Strive 正在利用 SATA、普通股以及现在的认股权证收益来扩大持仓，而 Strategy 则在新比特币收购与其自身优先证券的成本和市场价值之间寻求平衡。对于 Strive 而言，下一个考验是其融资引擎能否在国库增长的同时继续提高每股稀释后的比特币持有量。该公司已经以可能提升其在企业排名中位置的速度进行购买，但维持这一速度将取决于对其购买行为提供资金的证券是否保持持续需求。
