观点：Strategy优先股债务高达150亿美元，面临被迫出售BTC压力
BlockBeats 消息，5 月 29 日，Arca 首席投资官 Jeff Dorman 表示，Strategy 当前约 150 亿美元优先股融资结构已「失控」。他指出，这些优先股每年需支付约 15 亿美元股息，在比特币价格持续波动的情况下，该结构正变得越来越难以维持。Strategy 的融资模式建立在「BTC 将持续大幅上涨」的前提之上。虽然公司此前通过增发股票缓解了短期违约风险，但其回购 2029 年到期债券的决定令人费解。
他表示，Strategy 最终可能只剩两种选择：出售 BTC 支付优先股股息，或停止支付股息，两种情况都将对公司及投资者产生重大影响。与此同时，Strategy CEO Phong Le 在接受 CNBC 采访时表示，公司未来某个时间点「可能会出售比特币」，但整体仍将继续增加 BTC 持仓，并提升每股对应的 BTC 数量。
Polymarket 数据显示，市场预计 Strategy 将在 2026 年底前出售部分 BTC 的概率已升至约 90%。截至目前，Strategy 共持有 843,738 枚 BTC，总成本约 638.7 亿美元，平均买入价格约为 75,700 美元。
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