ZFX山海证券:MSTR储备扩张提升避险弹性

Core Viewpoint - ZFX Shan Hai Securities highlights that Strategy (MSTR) has significantly increased its USD reserves to $2.2 billion through capital market operations, marking a strategic step in financial management and reinforcing its leading position in holding crypto assets among global listed companies [1][4]. Financial Management - The company has established a 32-month funding buffer to strengthen its credit backing against future market uncertainties [1][4]. - A recent equity financing raised $748 million, effectively filling potential liquidity gaps and ensuring the company can maintain approximately $824 million in annual dividends before the Bitcoin halving event in April 2028 [1][4]. Debt Management - The $1 billion convertible notes maturing in September 2027 are a focal point for market attention, with current cash flows sufficient to cover this substantial debt even if stock price fluctuations prevent equity conversion [2][5]. - This "cash-for-time" strategy minimizes the risk of being forced to liquidate core assets during market downturns, balancing volatile asset prices with stable financial expenditures [2][5]. Resilience Strategy - The "dollar battery" reserve model acts as a shock absorber for the company's operations, combining ample cash reserves with over 670,000 Bitcoin assets, demonstrating strong resilience against potential "crypto winters" [2][5]. - The company can meet all cash settlement obligations by utilizing only a small portion of its substantial digital asset holdings, enhancing capital efficiency through high liquidity and asset value [2][5]. Long-term Strategy - The series of financial defensive strategies implemented by Strategy aims not only to meet short-term dividend needs but also to optimize the balance sheet before the next industry halving cycle [3][6]. - With cash buffers extending to 2028, the company can focus more on business expansion and asset appreciation rather than passively responding to refinancing pressures [3][6].