灰度：Strategy抛售比特币加剧市场波动，后续增持能力或受限
Grayscale: Strategy's Bitcoin Sale Exacerbates Market Volatility, Future Accumulation Capacity May Be Limited
Odaily Odaily星球日报讯 Grayscale Research 研究主管 Zach Pandl 表示，Strategy 于 6 月 1 日披露出售 32 枚比特币后，市场出现新一轮波动。尽管出售规模相较其约 84 万枚比特币（价值约 550 亿美元）的持仓微不足道，但这一罕见的减持举动仍对市场情绪造成冲击。
Zach Pandl, Head of Research at Grayscale, stated that the market experienced a new wave of volatility after Strategy disclosed the sale of 32 Bitcoins on June 1. Although the sale size is negligible compared to its holdings of approximately 840,000 Bitcoins (worth about $55 billion), this rare reduction move still impacted market sentiment.
Pandl 指出，更值得关注的是 Strategy 可变利率优先股 STRC（Stretch）的表现。该产品设计目标价格约为 100 美元，目前股息率为 11.5%。当股价跌破 100 美元时，意味着投资者要求更高回报率，公司可能需要提高股息水平，从而增加未来现金流压力，并可能迫使其出售更多比特币筹资，进一步对 BTC 价格形成压力。Strategy 的杠杆化比特币储备模式正面临挑战。在当前 STRC 及 MSTR 股价水平下，公司继续大规模增持比特币的能力可能受到限制。
Pandl pointed out that the performance of Strategy's variable-rate preferred stock, STRC (Stretch), is more noteworthy. The product's target price is designed around $100, with a current dividend yield of 11.5%. When the stock price falls below $100, it means investors demand higher returns. The company may need to increase dividend levels, thereby increasing future cash flow pressure and potentially forcing it to sell more Bitcoin to raise funds, further putting pressure on the BTC price. Strategy's leveraged Bitcoin reserve model is facing challenges. Given the current STRC and MSTR stock price levels, the company's ability to continue large-scale Bitcoin accumulation may be limited.
不过，Pandl 表示，从长期来看，比特币持仓从高杠杆数字资产储备公司向更多元化的企业资产负债表转移，将有助于增强市场韧性并改善比特币的长期价值支撑。他预计比特币未来数月有望恢复上涨，但短期内表现可能落后于那些更直接受益于监管明朗化的加密资产板块。
However, Pandl stated that, in the long term, the shift of Bitcoin holdings from highly leveraged digital asset reserve companies to more diversified corporate balance sheets will help enhance market resilience and improve Bitcoin's long-term value support. He expects Bitcoin to resume its upward trend in the coming months, but its short-term performance may lag behind crypto asset sectors that benefit more directly from regulatory clarity.
