比特币暴跌致130亿美元浮亏压顶！Strategy融资模式遭遇市场拷问

智通财经06-26

6月26日，随着比特币跌破6万美元持续对Strategy的资产负债表及股价造成压力，这家全球最大比特币持有企业正承受企业历史上规模最大的未实现亏损之一。据报道，按照市值计价计算，Strategy目前面临超过130亿美元的未实现亏损。根据公允价值会计准则，若这部分浮亏将计入利润表，可能导致公司创下规模庞大的季度亏损。根据BitcoinTreasuries.net的数据，Strategy目前持有约...

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Strategy (MSTR.US) Funding Model Encounters Market Torture","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/1813bc3207884c1ca511fbbd475943d6","symbols_score_info":{"BITW":1.5,"BETH":1.5,"BTCO":1.5,"09042":1.5,"BITX":1.5,"IBIT":1.5,"BKCH":1.5,"BRRR":1.5,"BTCZ":1.5,"MSBT":1.5,"03439":1.5,"03042":1.5,"BETE":1.5,"BTCI":1.5,"WGMI":1.5,"BEGS":1.5,"MSTR":1.5,"BITC":1.5,"BTFX":1.5,"BTCL":1.5,"MAXI":1.5,"MNRS":1.5,"03008":1.5,"BITB":1.5,"BTGD":1.5,"ARKB":1.5,"LFGY":1.5,"GDLC":1.5,"BITU":1.5,"SBIT":1.5,"CBTJ":1.5,"FBTC":1.5,"CRPT":1.5,"09439":1.5,"STCE":1.5,"HODL":1.5,"NCIQ":1.5,"NGHT":1.5,"GBTC":1.5,"BTRN":1.5,"MSTU":1.5,"YBTC":1.5,"BITQ":1.5,"09008":1.5,"ARKY":1.5,"BTF":1.5,"BITI":1.5,"DAPP":1.5},"content_text":"6月26日，随着比特币跌破6万美元持续对Strategy的资产负债表及股价造成压力，这家全球最大比特币持有企业正承受企业历史上规模最大的未实现亏损之一。据报道，按照市值计价计算，Strategy目前面临超过130亿美元的未实现亏损。根据公允价值会计准则，若这部分浮亏将计入利润表，可能导致公司创下规模庞大的季度亏损。根据BitcoinTreasuries.net的数据，Strategy目前持有约84.4万枚比特币，平均买入成本约为每枚75,600美元。截至发稿，比特币报约5.97万美元。作为对比，Strategy目前的账面浮亏已经超过狗狗币129.7亿美元的全部市值。此外，这笔浮亏也超过了多个主要数字资产及区块链项目的市值，包括门罗币(Monero)、艾达币(Cardano)、Chainlink、比特币现金(Bitcoin Cash)、莱特币(Litecoin)、贝莱德的BUIDL基金、Uniswap、NEAR Protocol、Aster等众多项目。不断扩大的账面亏损也伴随着Strategy股价的大幅下跌。随着比特币跌至2024年10月以来最低水平，Strategy股价已跌至28个月来的最低点，较2025年7月创下的457.22美元历史高点累计暴跌逾81%。此次暴跌也再次引发长期比特币批评者彼得·希夫的质疑。他认为，Strategy股价很快可能会较其每股对应持有的比特币价值出现大幅折价。希夫在社交平台X上发文称：“Strategy还在持续崩盘。我认为，这只股票很快就会较其每股对应的比特币价值出现高达40%的巨大折价。为股东创造价值的最佳方式，就是出售部分比特币回购公司股票，直到这一折价消失。”市场担忧的进一步加剧始于今年6月初。当时，Strategy披露出售了32枚比特币，这是公司自2022年以来首次出售比特币。虽然出售规模相较于其庞大的持仓微不足道，这一举动打破了创始人塞勒长期以来“永不出售比特币”的承诺，也令市场开始重新评估其融资模式赖以建立的核心假设。与此同时，加密市场整体资金面也在持续恶化。数据显示，散户投资者参与度持续下降，6月份比特币现货ETF累计净流出资金接近30亿美元，而不少在ETF上市初期买入的投资者目前仍处于浮亏状态，进一步削弱了新增资金流入意愿。分析人士认为，这意味着比特币市场正越来越依赖机构资金支撑。而恰恰在此时，作为最大机构买家之一的Strategy，其融资体系却开始受到市场质疑。市场担忧的核心在于，Strategy长期依赖发行股票和优先股等证券融资，再将募集资金持续用于购买比特币。这一模式帮助公司成为全球最大的企业比特币持有者之一，也成为推动比特币持续上涨的重要增量资金来源。然而，随着比特币价格长期低于6万美元、公司融资成本持续上升，以及旗下优先股STRC价格大幅下跌，越来越多投资者开始质疑这一融资模式能否继续运转。其中，STRC优先股成为市场关注的焦点。Strategy曾将STRC定位为公司面向大众市场推出的重要融资产品，希望借助这一产品吸引普通投资者参与公司比特币战略，并通过较高的月度股息收益率，提供一种波动性低于普通股的投资工具。不过，STRC上市以来表现远低于市场预期。数据显示，该优先股价格已由发行时的100美元跌至约75美元，令大量希望通过该产品间接参与比特币投资的投资者遭受账面亏损。与此同时，随着买盘持续减少，STRC收益率不断攀升，也意味着Strategy未来通过发行优先股融资的成本明显提高，从而削弱了其继续大规模购买比特币的能力。分析人士指出，STRC代表了近年来加密金融创新的一种尝试，即通过收益型证券包装高波动性的加密资产，希望吸引更广泛的投资者参与。然而，随着市场持续调整，这一模式的风险正在逐渐暴露。与传统公司债券不同，STRC没有固定到期日，也没有比特币资产作为抵押，其股息还可由董事会自行决定是否削减或暂停，因此实际风险远高于不少投资者最初的认知。比特币资产管理公司Two Prime创始人兼首席执行官Alex Blume更是警告称，Strategy近期表现持续疲弱，正令市场回想起加密行业过去几次重大风险事件，“Strategy不断出现的问题正在令市场感到不安，让人联想到此前加密市场经历的一些重大危机”。Amina Bank衍生品交易主管Andreja Cobeljic直言，比特币近期下跌固然受到市场周期性疲软影响，但真正推动市场情绪恶化的是投资者对Strategy融资模式信心的下降。他表示：“比特币本轮下跌的直接原因是市场周期走弱，但更深层次的驱动力是Strategy战略的公信力受到冲击。”","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"economic","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2646597783","isCrawlerRequest":true}