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币圈一日人间10年
📌机构买币新玩法：优先股融资，杠杆与现金流赛跑
2025年以来，Strategy、Strive等比特币财库公司借永续优先股融资，累计买入近13.6万枚BTC，占总量逾0.5%，相关市场规模约120亿美元。💡逻辑是“发优先股—付股息—囤BTC”：无到期日，还款压力小，还能吸引想拿稳定收益、又不敢直接持币的投资者。
⚠️但发得越多，股息包袱越重。模式能否转下去，关键看优先股价格是否稳在面值附近；一旦跌破，新融资受阻，还可能被迫回购。Strategy近期花1.93亿美元回购股票，同期只买267枚$BTC ，说明回购和囤币在抢现金流。📉
🔭长期看，ETF仍是最大买盘，优先股更像第二梯队补充。机构买币故事还在，但现金流平衡才是硬约束。
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