尽管比特币价格近期持续回调，但企业级加密资产布局并未停歇。Strategy（MSTR）发行的永续优先股 STRC 在美国交易时段自1月中旬以来首次回到100美元面值区间，这一关键价格信号，被市场解读为该公司重新具备通过资本市场筹资、继续增持比特币的能力。
STRC 是 Strategy 为长期获取比特币而设计的融资工具。当其价格接近或高于面值时，公司可以恢复“按市价发行”模式（ATM），在不大幅稀释普通股的前提下持续筹集现金。STRC 上一次站上 100 美元是在 1 月 16 日，当时比特币仍运行在 97,000 美元附近。随后随着比特币在 2 月初一度回落至 60,000 美元区域，STRC 也被拖累下探至 93 美元低位。
目前 STRC 已反弹至关键价位，为 Strategy 再次建立“融资—买币”循环创造条件。该优先股被视为短期高收益信贷型工具，年化股息率为 11.25%，并按月派息。为降低价格偏离面值的波动风险，公司每月都会动态调整分红比例，近期正是通过上调股息来吸引资金回流。
与此同时，Strategy 普通股 MSTR 在比特币仍处于 67,500 美元附近整理的背景下承压下行，当日收跌约 5%，报 126 美元。尽管短期股价波动加剧，但从结构上看，STRC 的回升为 Strategy 提供了新的“比特币融资通道”，也让市场再次关注企业级比特币资产配置与资本结构之间的联动关系。
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