2月26日消息，随着比特币价格回升至6.8万至7万美元区间，曾因大举囤币而声名鹊起的Strategy却遭遇空头围猎。数据显示，该公司目前成为美国被做空比例最高的大型上市公司，约14%的流通市值处于卖空状态，对应空头头寸规模接近60亿美元。
在Michael Saylor主导下，Strategy自2020年起推行“比特币国库模式”，通过发行股票及可转换债券融资购买比特币，实现杠杆化敞口。这一策略在上一轮牛市中带来惊人回报，公司股价曾从12美元飙升至2025年11月的473美元以上，涨幅显著跑赢比特币本身。
然而，自2025年10月比特币创下高点后回调近50%，Strategy股价随之承压，近六个月累计跌幅达60%，目前徘徊在135美元附近。尽管公司仍持有717,722枚比特币，市值约470亿美元，但市场对其高杠杆资产配置模式的可持续性产生质疑，估值溢价明显收缩。
根据Goldman Sachs2月20日发布的对冲基金监测报告，Strategy位列市值超过250亿美元公司中的空头榜首，持仓对冲基金数量有限，仅63家机构持有其股份，占股本比例约3%。空头比例攀升，被视为市场对“企业比特币储备模式风险”的集中表达。
行业层面，比特币国库概念亦出现降温迹象。数据显示，Strategy占据当前企业比特币净买入量的99%以上，其余多数上市公司暂停增持。比特币价格在6.6万至7万美元区间震荡，远低于此前突破12万美元时的峰值，导致杠杆型企业资产负债结构承压。
在比特币价格横盘与企业高负债并存的背景下，Strategy的走势已成为观察“企业囤币模式风险与回报”的风向标。空头押注是否成功，将取决于比特币下一阶段的趋势方向及市场对高杠杆比特币资产配置的重新定价。
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