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BTC Strategy 重启比特币采购：950 BTC 注入，但现金分配揭示更复杂的战略
在暂停三周后，Strategy（原 MicroStrategy）恢复了比特币采购。该公司以约 7,570 万美元的价格购买了 950 枚比特币，此举旨在平衡其加密货币国库与日益增长的优先股相关现金承诺之间的关系。
根据最新的监管文件，这家由迈克尔·塞勒（Michael Saylor）领导的公司于 9 月 14 日至 9 月 20 日期间完成了此次收购，平均成本为每枚比特币 79,670 美元（含费用和开支）。此次购买使 Strategy 的比特币持仓总量达到 846,000 枚，总投入约为 638 亿美元，平均成本为每枚 75,416 美元。
这是自截至 8 月 30 日的那一周以来，Strategy 首次进行比特币采购。当时公司以平均每枚 80,318 美元的价格购买了 4,603 枚比特币，总价为 3.697 亿美元。相比之下，最新这笔交易规模较小，且资金来源于现有的美元现金储备，而非通过新的“按市价发行”（ATM）股票销售筹集。
在最近的一周内，Strategy 未在其 ATM 计划下发行任何普通股或优先股。这使得此次购买与公司历史上“筹集新资本并迅速将其投入比特币”的模式有所不同。例如在今年早些时候，Strategy 曾利用 MSTR 和 STRC 的股票销售来资助一笔 20 亿美元的比特币采购。
Why does Strategy spend more on STRC than Bitcoin?
Bitcoin was not Strategy's largest cash deployment project this week. The company spent $174 million to repurchase 1,771,238 STRC floating rate permanent preferred shares, which is more than twice the amount used for Bitcoin purchases. Both transactions were paid from Strategy's U.S. dollar cash account. In addition, an additional $57.4 million was paid out from its separate U.S. dollar reserve account to pay dividends on preferred shares and interest on outstanding debt.
After completing the above payments, Strategy held approximately US$5.04 billion in dollar reserves and approximately US$1.05 billion in dollar cash as of September 20. This allocation of funds reflects changes in Strategy's capital structure as its preferred stock projects expand. STRC is designed as a permanently preferred security with dividend yields that can be adjusted to maintain the share price near a par value of $100.
Although there have been previous analyses exploring how STRC's dividend and face value mechanisms interact with Strategy's Bitcoin strategy, the latest data shows that after completing the above transactions, Strategy still has approximately US$875.1 million in authorization left for preferred stock repurchase.
Investor Enlightenment: The Complex Story Behind Cash Allocation
回归比特币购买引人注目，但 Strategy 的现金分配揭示了更为复杂的情况。公司在增加 7,570 万美元 BTC 持仓的同时，投入 1.74 亿美元用于 STRC 回购，另投入 5,740 万美元用于优先股股息和债务利息。虽然比特币积累仍是核心，但它现在正与日益庞大的资本管理义务展开竞争。
为何 Strategy 的比特币购买速度放缓？
最新的购买行为紧随一段时期之后，在此期间，Strategy 越来越将流动性和优先股义务置于持续比特币积累之上。8 月份，该公司在一周内通过 MSTR 股票销售筹集了超过 20 亿美元，但未购买任何比特币，并将大部分收益导向美元流动性。此前还有一段时期，Strategy 通过 MSTR 销售筹集了 3.337 亿美元，同样未购买比特币。
公司也表现出在需要时出售比特币以进行资本管理的意愿。在截至 8 月 2 日的那一周，Strategy 出售了 1,638 枚比特币，获得约 1.047 亿美元，并将所得款项用于帮助支付优先股款项和 STRC 回购。这些交易标志着对早期 Treasury 模式的偏离，那时资本筹集几乎完全与增加比特币挂钩。如今，公司维持着专门的美元流动性池，旨在为管理层在股息、债务服务、比特币购买和证券回购方面提供更大的灵活性。
最新采购透露出的 Treasury 模型信号
The purchase of 950 bitcoins shows that Strategy has not given up its accumulation strategy. At the same time, the relative acquisition size and large STRC repurchase amount of Modest indicate that Bitcoin is no longer the only main appeal for available cash. Strategy's cumulative Bitcoin position remains huge, reaching 846,000, equivalent to just over 4% of the fixed supply of 21 million Bitcoin.
It is worth noting that the company's average purchase price was US$79,670 per piece, which was higher than its overall average acquisition cost of US$75,416. So the next question for investors is not just whether Strategy will continue to buy Bitcoin, but how management allocates capital among Bitcoin, preferred stock backing, dividends, debt obligations and cash reserves as the size of each part of the balance sheet increases.
The latest document provides a clear example of trade-offs: Strategy started buying Bitcoin again, but within the same week, it spent more cash to support its own preferred stock structure.
