Strategy 优先股 STRC 跌破面值近百日，管理层承诺未兑现
Strategy can’t get STRC back to parity
Strategy, Michael Saylor’s BTC holding company, has been under a lot of pressure, with shares plummeting 73% since July of last year.
Strategy，迈克尔·塞勒的比特币持有公司，一直承受着巨大压力，自去年7月以来股价暴跌73%。
However, more importantly, one of Strategy’s dividend instruments, STRC, which pays twice-monthly dividends on $100/share of par value, fell from parity on May 15 and has never returned.
然而，更重要的是，Strategy的股息工具之一STRC，每100美元面值股票每月支付两次股息，自5月15日起跌破面值，至今未能回升。
That’s almost 100 days without being able to bring the preferred shares back to parity — and it’s a problem.
这几乎是100天无法将优先股带回面值——这是一个问题。
Trying to dig itself out of a hole
试图摆脱困境
Despite Saylor, Strategy’s founder and executive chairman, making vague promises that no BTC would be sold (which he later clarified was in relation to his personal stash, not the BTC owned by Strategy), the company has sold almost 7,000 BTC worth nearly half a billion US dollars since June.
尽管Strategy的创始人兼执行主席塞勒含糊承诺不会出售比特币（他后来澄清这指的是他个人持有的比特币，而非Strategy公司所拥有的），但自6月以来，公司已出售近7000枚比特币，价值近5亿美元。
These sales have been used to prop up Strategy’s dollar reserves so they can ensure dividends to its preferred share holders.
这些销售被用来支撑Strategy的美元储备，以确保能向优先股股东支付股息。
Strategy has sold nearly 7,000 BTC in 2026
Strategy在2026年已出售近7000枚比特币
Read more: Strive bought STRC instead of holding ‘idle cash,’ lost over $4M
阅读更多：Strive购买STRC而非持有“闲置现金”，损失超400万美元
Unfortunately, these sales of BTC and repurchases of STRC, while effectively raising STRC from the doldrums of $75/share that it briefly fell to in June, haven’t been enough to actually take STRC back to $100/share.
不幸的是，这些比特币的出售和STRC的回购，虽然有效将STRC从6月短暂跌至的每股75美元低谷中拉回，但还不足以真正将STRC带回每股100美元。
Phong Le and Saylor, both assured investors that Strategy had the means and intention to do whatever it took to bring STRC to parity during the second quarter earnings call.
Phong Le和塞勒在第二季度财报电话会议上都向投资者保证，Strategy有能力和意愿采取一切必要措施将STRC带回面值。
It appears the C-suite made promises it can’t keep.
看来高管层做出了无法兑现的承诺。
Despite supposedly having the means, STRC remains 5% below parity three weeks after the C-suite made promises it seemingly can’t keep.
尽管据称有能力，但在高管层做出看似无法兑现的承诺三周后，STRC仍低于面值5%。
Saylor non-stop posting cringe AI nonsense
塞勒不停发布令人尴尬的AI胡言乱语
Since the awkward earnings call and investors questioning executive’s commitment to Strategy’s share price, Saylor has been non-stop posting and retweeting strange and absurd AI videos.
自那次尴尬的财报电话会议以及投资者质疑高管对Strategy股价的承诺以来，塞勒一直在不停发布和转发奇怪荒谬的AI视频。
These include one where he’s singing about Strategy using leverage to purchase BTC, to numerous clips where he appears to be in random Japanese locales, speaking Japanese and talking about the importance of BTC.
其中包括一个他唱歌谈论Strategy使用杠杆购买比特币的视频，以及多个他出现在随机日本场景中、说日语并谈论比特币重要性的片段。
Saylor continues to post cringe AI slop amid Strategy’s BTC sell-off
在Strategy出售比特币之际，塞勒继续发布令人尴尬的AI垃圾内容
Read more: No amount of cash can fix STRC’s trust problem
阅读更多：再多现金也无法解决STRC的信任问题
None of it makes sense, none of it explains the clumsy nature of Strategy’s dividend instruments, and, if anything, the rapid pace of the videos Saylor posts comes across as panic and fear in a down market.
这一切毫无意义，无法解释Strategy股息工具的笨拙本质，而且，塞勒发布的视频速度之快，反而在下跌市场中显得像是恐慌和恐惧。
Protos will stay abreast of the Strategy and STRC situation, particularly if it’s able to finally bring the preferred shares back to parity.
Protos将持续关注Strategy和STRC的情况，特别是如果它最终能将优先股带回面值的话。
Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.
有线索？通过Protos Leaks安全地给我们发送电子邮件。要获取更多有见地的新闻和调查，请在X、Bluesky和Google News上关注我们，或订阅我们的YouTube频道。
The post Strategy can’t get STRC back to parity appeared first on Protos.
文章《策略无法让STRC回到平价》最初出现在Protos上。
更进一步：量化金融体系
看懂新闻只是起点——沿量化金融路径，把它变成能交付的工程能力