WSJ：Strategy 自创 mNAV 指标存在缺陷，最终或不得不动用比特币储备

WSJ：Strategy 自创 mNAV 指标存在缺陷，最终或不得不动用比特币储备

2026-07-06 17:39

据《华尔街日报》报道，Strategy 用于衡量自身估值相对比特币持仓溢价的自创指标 mNAV 存在系统性缺陷。

该指标在计算企业价值时使用债务和优先股的票面价值而非市场价值，导致结果被高估。

以 6 月 26 日为例，Strategy 官方公布的 mNAV 为 0.99，若按市场价值计算则为 0.89；截至上周四，官方数据显示为 1.09，修正后约为 1.04。

报道指出，Strategy 股价过去一年累计下跌 75%，mNAV 上月一度跌破 1，反映其通过溢价股票融资买入比特币的模式承压。

公司董事会此前已授权出售最多 12.5 亿美元比特币，用于回购股票及支付利息和优先股股息。Strategy 目前持有的比特币约占全球总供应量的 4%。

公司预计现有 25.5 亿美元现金储备可支撑约 17 个月的利息和股息支付，若 mNAV 持续低于 1，最终或需动用比特币储备。

Disclaimer: Contains third-party opinions, does not constitute financial advice

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