微策略再度出手加碼比特幣，透過 ATM 計畫籌資持續買幣，整體持倉量推升至逾 71 萬枚 BTC。
（前情提要：微策略 Strategy 豪砸 21 億美元再加碼 22,305 枚比特幣！總持倉正式突破 70 萬枚 BTC 大關）
（背景補充：狂買！微策略 Strategy 砸 12.5 億美元加碼 1.3 萬枚比特幣，總持倉突破 68.7 萬枚 BTC）
本文目錄
- 比特幣持倉再創新高，平均成本持續墊高
- ATM 發行計畫更新，普通股為主要募資來源
- 長期策略未變，市場持續關注風險與槓桿
美國上市公司、比特幣儲備公司龍頭微策略（Strategy，原 MicroStrategy）持續強化其「比特幣儲備公司」定位。根據該公司於 2026 年 1 月 26 日公布的最新公告，微策略在短短數日內再度加碼比特幣，使整體持倉量推升至逾 71 萬枚 BTC。同時，該公司還透過 ATM（At-the-Market）隨行就市發行計畫募集資金，為後續比特幣布局提供穩定彈藥，顯示其長期看多比特幣的策略方向並未動搖。
比特幣持倉再創新高，平均成本持續墊高
公告顯示，在 2026 年 1 月 20 日至 1 月 25 日 期間，微策略共購入 2,932 枚比特幣，總投入金額約 2.64 億美元，本次平均購入價格為 90,061 美元。
截至 2026 年 1 月 25 日為止，微策略累計持有 712,647 枚比特幣，累計投入金額約 541.9 億美元，整體平均購入成本約 76,037 美元。
該公司指出，本期比特幣購買資金主要來自股票 ATM 發行計畫的募資款項，延續其透過資本市場轉化為比特幣部位的策略。
ATM 發行計畫更新，普通股為主要募資來源
在資金來源方面，微策略同步更新 ATM 發行計畫進度。於同一期間內，該公司透過 ATM 計畫合計募集 2.64 億美元淨資金。
其中，MSTR A 類普通股為主要募資工具，期間內售出 1,569,770 股，貢獻約 2.57 億美元淨募資額；此外，微策略亦售出 70,201 股浮動利率 A 系列永久優先股（STRC），募集約 700 萬美元。
其他優先股系列（STRF、STRK、STRD）在本期內並未實際出售，但仍保有可觀的發行額度，顯示該公司未來仍具備進一步透過 ATM 計畫籌資的空間。
長期策略未變，市場持續關注風險與槓桿
整體來看，微策略再度以實際行動證明其對比特幣的高度信仰，持續透過股票發行將資本市場資金轉換為加密資產部位。不過，隨著比特幣持倉規模與平均成本同步上升，市場也將持續關注其財務結構、股權稀釋效應，以及比特幣價格波動對其資產負債表帶來的影響。未來微策略是否進一步加速買幣節奏，仍將是加密市場與傳統金融投資人高度關注的焦點。
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