BlockBeats 消息，11 月 19 日，Matrixport 发布每日图标观察称，Strategy 依然是本轮比特币牛市中最具代表性的受益公司之一。市场此前一直担心，公司未来是否会为偿还债务而被迫抛售所持比特币，从当前资产负债结构和债务期限分布来看，我们判断，短期内“为偿债被迫抛售比特币”的情形发生概率较低，不是当前的主要风险来源。
当前承压最大的是高溢价阶段追高买入的投资者。Strategy 大部分融资发生在股价接近 474 美元历史高位、且每股净资产价值 (NAV) 处于峰值的时期。随着 NAV 逐步回落、溢价压缩，股价也从 474 美元回调至 207 美元，前期在高溢价区间入场的投资者因此面临较大浮亏。
以本轮比特币涨幅为参照，Strategy 当前股价已较前期高位明显回调，估值相对更有吸引力，且 12 月被纳入标普 500 指数的预期仍然存在。即便如此，这轮调整依然提醒我们：节奏与估值同样重要，投资者需要更谨慎地控制入场价位与买入时机。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.