Strategy暂停比特币购买，花费2.05亿美元回购优先股
Strategy (MSTR) Pauses Bitcoin Buying and Spends $205 Million on Preferred Stock
策略基金调整资金用途直接影响其BTC持仓预期与每股含金量，关注其对后续采购节奏的影响。
Bitcoin Magazine
Strategy (MSTR) Pauses Bitcoin Buying and Spends $205 Million on Preferred Stock
Strategy（MSTR）暂停比特币购买，斥资2.05亿美元回购优先股
Strategy reported no bitcoin purchases or sales during the week of October 19 through 25. The company continues to hold 848,517 BTC, acquired for $64.02 billion at an average price of $75,446 per bitcoin.
Strategy 报告称，在10月19日至25日当周未进行任何比特币买卖。该公司继续持有848,517枚BTC，总购入成本为640.2亿美元，平均每枚比特币价格为75,446美元。
Its cash went toward repurchasing $204.9 million of STRC preferred stock, and the firm kept a $4.83 billion cash reserve, according to a company release.
根据公司发布的一份声明，其资金用于回购价值2.049亿美元的STRC优先股，并保留了48.3亿美元的现金储备。
Michael Saylor’s company built its treasury into the largest corporate bitcoin holdings in the world through stock sales and convertible debt, using the proceeds to buy coins. That pattern has changed somewhat this year. The company has paused purchases several times and directed money toward buybacks of its preferred shares.
迈克尔·塞勒（Michael Saylor）的公司通过股票销售和可转换债务将其国库打造为全球最大的企业比特币持仓，并将所得收益用于购买比特币。今年这一模式有所变化。该公司曾多次暂停购买，并将资金转向回购其优先股。
The company has had stints of pauses, from a week when the company halted its bitcoin buys to a stretch in which it sold bitcoin after five weeks without buying.
该公司曾经历多次暂停期，从停止购买比特币的一周，到连续五周未购买后出售比特币的一段时期。
In September, the company repurchased $176 million of STRC in one week and expanded its digital credit securities repurchase program from $1 billion to $2 billion.
9月，该公司在一周内回购了价值1.76亿美元的STRC，并将其数字信贷证券回购计划从10亿美元扩大至20亿美元。
Strategy’s preferred dividend
Strategy的优先股股息
STRC is a preferred stock with a variable dividend, designed to trade near its $100 face value. When the shares fall below that level, as they have during recent market swings, buying them back shrinks the preferred claim. Retiring $100 of stated value for $86.52 cuts the claim by a larger amount than the cash spent, which lifts net bitcoin per share.
STRC是一种具有可变股息的优先股，旨在以接近其100美元面值的价格交易。当股价跌至该水平以下时（如近期市场波动期间），回购这些股份会减少优先股的索赔权。以86.52美元注销100美元的票面价值，所削减的索赔额大于支出的现金，从而提高了每股比特币的净值。
Bitcoin traded near $80,000 on Monday, October 26, after slipping below that level in early Asian hours. A weekend selloff pushed the price to the low $79,000’s, a level not seen in over a month.
周一（10月26日），比特币价格徘徊在80,000美元附近，此前在亚洲早盘时段跌破该水平。周末的抛售将价格推低至79,000美元出头，这是一个月多来未见到的水平。
Strategy’s average cost of $75,446 sits below that price, so the company’s holdings show a paper gain of around $3.9 billion. The $4.83 billion reserve covers preferred dividends and debt interest, according to company reporting.
Strategy的平均成本为75,446美元，低于当前价格，因此该公司的持仓显示出约39亿美元的账面收益。根据公司报告，48.3亿美元的储备金用于支付优先股股息和债务利息。
Strategy’s buyback capacity depends on preferred stock trading below par and on cash from common stock sales, a funding mix that has shifted toward stock sales this year.
Strategy的回购能力取决于优先股是否以低于面值的价格交易，以及普通股销售带来的现金，而今年的融资组合已更倾向于股票销售。
The company has offered no timetable for resuming bitcoin buys.
该公司尚未公布恢复比特币购买的日程表。
This post Strategy (MSTR) Pauses Bitcoin Buying and Spends $205 Million on Preferred Stock first appeared on Bitcoin Magazine and is written by Micah Zimmerman.
本文《Strategy（MSTR）暂停比特币购买，斥资2.05亿美元回购优先股》首发于Bitcoin Magazine，由Micah Zimmerman撰写。
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