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Yuvi.
$MSTR,账面收益创新高,利润是否等于现金流?Strategy披露第三季度数字资产未实现收益约209亿美元,BTC储备增至848,517枚,但未实现收益会随币价反转,并不等同经营现金。融资成本、优先股分红与每股BTC变化同样重要。若每股持币增长且融资条款稳定,溢价逻辑更扎实;若增发稀释、BTC回撤或融资成本上升,则账面利润不能保护股东回报。
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