1月29日消息，一家美国自助仓储运营商West Main Self Storage宣布，斥资20万美元购入Strategy发行的永续优先股$STRC，共计2014股。值得注意的是，这笔投资并未使用公司自有资金，而是通过一笔固定利率6%的无担保、无追索权贷款完成，显示出传统企业正以更“金融化”的方式接触比特币相关资产。
$STRC并不直接持有比特币，而是由以大量比特币储备闻名的Strategy发行的优先股产品。该股票当前年化现金收益率约为11%，按月派息，其价值与Strategy的财务表现高度相关，而Strategy本身又与比特币价格波动密切联动。对不愿直接管理数字资产的企业来说，这类工具提供了一种更符合会计和风控框架的间接参与方式。
从财务结构看，这是一笔典型的利差交易：West Main以6%的成本融资，再投入年收益率约11%的资产，形成约5%的息差空间。只要派息维持，公司即可获得稳定现金流，同时还保留潜在价格上行的可能性。一些市场观察者认为，这种设计具备“非对称回报”特征。
更值得关注的是，West Main并非科技或金融公司，而是实体地产运营商。这表明，与比特币挂钩的结构化产品正在从加密原生圈层，扩展至传统行业。近年来，优先股、ETF与票据等工具逐步取代直接持币，成为企业参与加密资产的主要路径。
当然，风险依然存在。$STRC为永续优先股，派息可能调整，流动性取决于市场需求；若比特币大幅波动，Strategy资产负债表也将受到影响。即便如此，这一案例显示，企业正在将比特币相关收益纳入资产配置考量，标志着加密金融正在更深层次地融入传统商业体系。
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Articoli correlati
Bhutan Moves $8.5M Bitcoin as Outflows Continue
The Royal Government of Bhutan has steadily moved $8.5 million in Bitcoin to a new wallet, part of a larger trend of $158 million in transfers. This gradual selling strategy avoids market shocks and reflects a careful asset management approach rather than panic.
Coinfomania28m fa
Bitcoin macro risks spike as Ukraine messes with Trump's plan to stabilize oil markets
Ukraine's drone strikes have exacerbated oil market instability during the Iran war, complicating Trump's efforts to stabilize prices. This disruption risks prolonged high oil prices, leading to inflation and potential Fed rate hikes, which could challenge cryptocurrency stability.
CoinDesk45m fa
Bitdeer 本周产出 146 枚 BTC 并全部出售，维持零持仓状态
Gate News 消息，3 月 28 日，纳斯达克上市矿企 Bitdeer 披露，截至 3 月 28 日当周，公司挖矿产出 146 枚 BTC，并同步出售全部产出。目前 Bitdeer 仍维持比特币零持仓状态。
GateNews1h fa
What Rising US Bond Yields Mean for Bitcoin
In brief
U.S. 10-year Treasury yields have surged to around 4.42%, forcing markets to reassess the outlook for interest rates and financial conditions.
Bitcoin has held a tight range near $68,000, declining less sharply than equities during the recent macro-driven selloff.
Options markets
Decrypt2h fa
昨日美国现货 BTC ETF 净流出 2.255 亿美元，ETH ETF 净流出 4850 万美元
Gate News 消息，3 月 28 日，据 Farside 监测，昨日（3 月 27 日）美国现货比特币 ETF 净流出 2.255 亿美元，已连续两个交易日实现净流出。昨日美国现货以太坊 ETF 净流出 4850 万美元，已连续八个交易日实现净流出。
GateNews2h fa
