最大买家变潜在卖家！摩根大通警告：Strategy策略转向为加密市场增添新变数_老虎社区_美港股上老虎

最大买家变潜在卖家！摩根大通警告：Strategy策略转向为加密市场增添新变数

智通财经网07-03

摩根大通最新报告指出，Strategy近期调整比特币投资策略和融资模式，正在改变比特币市场供需格局。该行警告，这意味着全球最大的比特币企业买家之一未来也可能成为卖方，为加密货币市场带来新的不确定性。Strategy本周宣布对其比特币投资策略进行重大调整，未来将可根据需要出售部分比特币、回购证券并保留更多现金，以优化资产负债表。摩根大通指出，此举意味着Strategy不再只是比特币市场的重要买家，也...

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JPMorgan warns: Strategy Strategy shift adds new variables to crypto market","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/78dee4fc115aee588be5cdb0887eddee","symbols_score_info":{"MSTR":2,"MTYY":0.6,"MSTK":0.6,"09799":0.6,"MSTZ":0.6,"IMST":0.6,"MSDD":0.6,"MSTP":0.6,"MSII":0.6,"SMST":0.6,"MSTX":0.6,"MSTU":0.6,"MSTY":0.6,"WNTR":0.6,"MSTW":0.6,"APED":0.6,"MST":0.6,"MSOO":0.6,"JPO":0.6,"MSST":0.6},"content_text":"摩根大通最新报告指出，Strategy近期调整比特币投资策略和融资模式，正在改变比特币市场供需格局。该行警告，这意味着全球最大的比特币企业买家之一未来也可能成为卖方，为加密货币市场带来新的不确定性。Strategy本周宣布对其比特币投资策略进行重大调整，未来将可根据需要出售部分比特币、回购证券并保留更多现金，以优化资产负债表。摩根大通指出，此举意味着Strategy不再只是比特币市场的重要买家，也可能成为卖方，从而为市场增添新的不确定性。报告指出，虽然提高现金储备有助于降低未来出售比特币的可能性，只有当Strategy拥有足以覆盖未来两至三年优先股股息支付的流动性后，投资者才会真正相信公司无需通过出售比特币筹集资金。作为比特币市场最重要的机构买家之一，Strategy政策调整具有重要影响。摩根大通数据显示，今年以来，Strategy累计买入约82亿美元比特币，占同期数字资产净流入规模约70%，目前持有的比特币约占全球总供应量的4.2%。摩根大通分析师Nikolaos Panigirtzoglou表示，由于Strategy估值与比特币价格高度相关，如果加密货币市场波动和不确定性上升，将压制公司估值，并提高其未来发行股票及债券融资、继续购买比特币的成本。本周一，Strategy公布新的资本管理框架，除扩大出售比特币权限外，还计划增加现金储备、回购部分证券，以应对近年来支撑公司持续增持比特币融资模式面临的压力。根据公司披露，目前现金储备已增至22.5亿美元，再加上获授权可出售约12.5亿美元比特币，公司现有流动性大致可覆盖两年多的优先股股息支出。市场对Strategy融资模式的担忧始于今年6月初。当时，公司披露出售32枚比特币，价值约250万美元。这是Strategy自2022年以来首次出售比特币，也打破了董事长兼联合创始人塞勒长期坚持“只买不卖”的市场预期，并引发比特币持续回调，价格一度较去年底创下的历史高点回落逾50%。不过，自本周宣布融资模式调整以来，Strategy股价已累计反弹约20%，但过去一年仍累计下跌约75%。与此同时，公司旗下Stretch(STRC.US)优先股价格也有所回升，但目前仍低于100美元的票面价值，意味着公司暂时难以通过发行更多优先股，以较低成本继续筹资购买比特币。受美国6月就业数据弱于预期提振，市场对美联储短期内进一步加息的预期降温，比特币周四连续第二个交易日上涨，盘中一度上涨超3%，至62200美元。分析人士认为，利率预期回落通常有利于包括加密货币在内的高风险资产表现。","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[{"id":581655930434584,"gmtCreate":1783037278197,"gmtModify":1783037280337,"author":{"id":"3535986928833046","authorId":"3535986928833046","name":"kaien","avatar":"https://static.tigerbbs.com/4f4a7448ede6104f912c7103539adcc1","vip":1,"crmLevel":4,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3535986928833046","authorIdStr":"3535986928833046"},"htmlText":"反向飞轮","listText":"反向飞轮","text":"反向飞轮","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/581655930434584","repostId":2648636065,"repostType":2,"repost":{"id":"2648636065","kind":"highlight","pubTimestamp":1783029600,"share":"https://www.laohunote.com/m/news/2648636065?lang=zh_CN&edition=full","pubTime":"2026-07-03 06:00","market":"sg","language":"zh","title":"最大买家变潜在卖家！摩根大通警告：Strategy策略转向为加密市场增添新变数","url":"https://stock-news.laohu8.com/highlight/detail?id=2648636065","media":"智通财经网","summary":"摩根大通最新报告指出，Strategy近期调整比特币投资策略和融资模式，正在改变比特币市场供需格局","content":"<html><head></head><body><p style=\"text-align: left;\"><a href=\"https://laohu8.com/S/JPM\">摩根大通</a>最新报告指出，<a href=\"https://laohu8.com/S/MSTR\">Strategy</a>近期调整比特币投资策略和融资模式，正在改变比特币市场供需格局。该行警告，这意味着全球最大的比特币企业买家之一未来也可能成为卖方，为加密货币市场带来新的不确定性。</p><p style=\"text-align: left;\"><a href=\"https://laohu8.com/S/STRF\">Strategy</a>本周宣布对其比特币投资策略进行重大调整，未来将可根据需要出售部分比特币、回购证券并保留更多现金，以优化资产负债表。摩根大通指出，此举意味着Strategy不再只是比特币市场的重要买家，也可能成为卖方，从而为市场增添新的不确定性。</p><p style=\"text-align: left;\">报告指出，虽然提高现金储备有助于降低未来出售比特币的可能性，只有当Strategy拥有足以覆盖未来两至三年优先股股息支付的流动性后，投资者才会真正相信公司无需通过出售比特币筹集资金。</p><p style=\"text-align: left;\">作为比特币市场最重要的机构买家之一，Strategy政策调整具有重要影响。摩根大通数据显示，今年以来，Strategy累计买入约82亿美元比特币，占同期数字资产净流入规模约70%，目前持有的比特币约占全球总供应量的4.2%。</p><p style=\"text-align: left;\">摩根大通分析师Nikolaos Panigirtzoglou表示，由于Strategy估值与比特币价格高度相关，如果加密货币市场波动和不确定性上升，将压制公司估值，并提高其未来发行股票及债券融资、继续购买比特币的成本。</p><p style=\"text-align: left;\">本周一，Strategy公布新的资本管理框架，除扩大出售比特币权限外，还计划增加现金储备、回购部分证券，以应对近年来支撑公司持续增持比特币融资模式面临的压力。</p><p style=\"text-align: left;\">根据公司披露，目前现金储备已增至22.5亿美元，再加上获授权可出售约12.5亿美元比特币，公司现有流动性大致可覆盖两年多的优先股股息支出。</p><p style=\"text-align: left;\">市场对Strategy融资模式的担忧始于今年6月初。当时，公司披露出售32枚比特币，价值约250万美元。这是Strategy自2022年以来首次出售比特币，也打破了董事长兼联合创始人塞勒长期坚持“只买不卖”的市场预期，并引发比特币持续回调，价格一度较去年底创下的历史高点回落逾50%。</p><p style=\"text-align: left;\">不过，自本周宣布融资模式调整以来，Strategy股价已累计反弹约20%，但过去一年仍累计下跌约75%。与此同时，公司旗下Stretch(STRC.US)优先股价格也有所回升，但目前仍低于100美元的票面价值，意味着公司暂时难以通过发行更多优先股，以较低成本继续筹资购买比特币。</p><p style=\"text-align: left;\">受美国6月就业数据弱于预期提振，市场对美联储短期内进一步加息的预期降温，比特币周四连续第二个交易日上涨，盘中一度上涨超3%，至62200美元。分析人士认为，利率预期回落通常有利于包括加密货币在内的高风险资产表现。</p></body></html>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n最大买家变潜在卖家！摩根大通警告：Strategy策略转向为加密市场增添新变数\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-07-03 06:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1462650.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>摩根大通最新报告指出，Strategy近期调整比特币投资策略和融资模式，正在改变比特币市场供需格局。该行警告，这意味着全球最大的比特币企业买家之一未来也可能成为卖方，为加密货币市场带来新的不确定性。Strategy本周宣布对其比特币投资策略进行重大调整，未来将可根据需要出售部分比特币、回购证券并保留更多现金，以优化资产负债表。摩根大通指出，此举意味着Strategy不再只是比特币市场的重要买家，也...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1462650.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcQFDkLviwuP0xg_CBfbNoIct7KK6La1rxQ31Ilt7aQjHg&s=10","relate_stocks":{"LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","BK4023":"应用软件","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","BK4595":"比特币概念","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU2430703251.USD":"WELLINGTON 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