“邁克爾·塞勒（Michael Saylor）的新的以比特幣為中心的籌款願景：300萬億美元固定收益市場中的1％”

“這就是著名的比特幣公牛邁克爾·塞勒（Michael Saylor）的最新籌款視野的方式。”

"There's $300 trillion of fixed income. I want 1% of it."

“有300萬億美元的固定收益。我想要1％的收入。”

That's how the famous bitcoin bull Michael Saylor frames his latest fundraising vision. The company he founded, formerly known as MicroStrategy (MSTR) and now rebranded as Strategy, has become synonymous with aggressive bitcoin accumulation.

這就是著名的比特幣牛市邁克爾·塞勒（Michael Saylor）的最新籌款願景的方式。他創立的公司以前稱為MicroStrategy（MSTR）並將其重新命名為戰略，已成為積極的比特幣積累的代名詞。

As of April 2025, the firm holds 506,137 BTC—valued at over $43 billion—representing 2.41% of the total supply that will ever exist. This bitcoin-centric strategy has sent MSTR shares soaring 2,500% over the past 5 years.

截至2025年4月，該公司持有506,137 BTC（價值超過430億美元），佔供應總供應總額的2.41％。以比特幣為中心的策略使MSTR股票在過去5年中飆升了2,500％。

The accumulation spree has been fueled by a mix of retained software revenue, convertible debt, and equity offerings. Now, the company is expanding its playbook with two new securities: STRK and STRF.

保留的軟件收入，可轉換債務和股票產品的混合，積累了狂歡。現在，該公司正在使用兩種新證券擴展其劇本：Strk和Strf。

Launched on February 5, 2025, STRK was Strategy's first preferred stock issuance. Initially targeting $250 million, the offering was upsized to $584 million in response to strong demand. STRK offers an 8% annual dividend and includes a conversion feature into MSTR Class A shares at a $1,000 strike price with a 1/10 conversion ratio. This hybrid structure caters to investors seeking both income and upside exposure to MSTR's equity performance. At the time of writing, MSTR trades at $300.

Strk於2025年2月5日啟動，是Strategy的首款首選股票發行。最初針對2.5億美元的產品，響應強勁的需求，該產品的價格高達5.84億美元。 Strk提供8％的年度股息，並以1,000美元的行使價格（以1/10的轉換率）為MSTR A類股票提供了轉換功能。這種混合結構迎合了尋求收入和對MSTR股票績效的上漲的投資者。在寫作時，MSTR的交易價格為300美元。

STRF, issued on March 25, 2025, targets a different investor profile. Designed as a pure income play, it raised $500 million via 5 million shares priced at $100. STRF pays a 10% fixed annual dividend, disbursed quarterly. Unlike STRK, STRF has no equity convertibility. It includes a compounding feature on unpaid dividends at an additional 1% per year, capped at 18%, and is perpetual with no maturity date. The structure is built for institutions—pension funds, insurers, and banks—who prioritize income over volatility.

Strf於2025年3月25日發布，針對不同的投資者資料。它設計為純收入遊戲，通過500萬股籌集了5億美元，價格為100美元。 STRF支付10％的固定年度股息，每季度支付。與Strk不同，Strf沒有權益可兌換性。它包括無償股息的複合功能，每年額外1％，限制為18％，並且永久不可及時沒有到期日。該結構是為債務基金，保險公司和銀行的機構建造的，他們優先考慮收入而不是波動。

Investors prefer yield

投資者更喜歡收益

STRK was designed to streamline convertible debt fundraising, but STRF takes the concept further by tapping into the $300 trillion global fixed income market.

Strk旨在簡化可轉換債務籌款，但Strf通過利用300萬億美元的全球固定收益市場來進一步實現這一概念。

"The fact that STRF raised more than STRK (at a smaller discount) confirms ... that preferred investors only want yield, not MSTR volatility," explained Jeff Park of Bitwise Asset Management.

Bitwise Asset Management的Jeff Park解釋說：“ STRF籌集了超過Strk的事實（以較小的折扣）證實……優先投資者只需要收益率，而不是MST的波動性。”

STRF is attracting investors who would normally stay clear of MSTR's volatile stock but are enticed by a 10% income stream. In today's economic environment, marked by economic and geopolitical uncertainty, the appetite for safe haven and high-yield instruments is evident.

STRF吸引了通常會避免MSTR股票但收入10％的投資者。在當今的經濟環境中，以經濟和地緣政治不確定性為特徵，對避風港和高收益工具的胃口很明顯。

With gold prices at their all-time high of $3,130 and the 10-year US Treasury yield falling (now 4.125%), STRF fits the narrative.

憑藉金價為3,130美元的歷史高價，美國10年的美國財政收益率下降（現在為4.125％），STRF符合敘述。

Still, there's skepticism about the investor base. While STRF raised half a billion dollars, it's unclear how much came from traditional fixed income managers versus hedge funds and retail players chasing arbitrage opportunities.

儘管如此，對投資者基礎仍然懷疑。儘管STRF籌集了十億美元，但目前尚不清楚傳統的固定收益經理與對沖基金和零售參與者追求套利機會的多少。

Is Strategy playing a dangerous game?

策略在玩危險的遊戲嗎？

Some critics argue that at a 10% yield for STRF, the cost of capital is too high.

一些批評家認為，施利夫的收益率為10％，資本成本太高。

"Michael Saylor is going to bring the next Bitcoin bear market," crypto analyst Whale Panda quipped, highlighting the $50 million annual dividend obligation.

Crypto分析師Panda打趣道：“ Michael Saylor將帶來下一個比特幣熊市，”強調了5000萬美元的年度股息義務。

But Strategy has levers to manage this. The company generates $100-$150 million in annual software cash flow. More importantly, its $44.5 billion in bitcoin reserves offer substantial financial cushioning.

但是策略具有管理這一點的槓桿。該公司的年度軟件現金流量產生了100-1.5億美元。更重要的是，其445億美元的比特幣儲備提供了大量的金融緩衝。

While Saylor insists MSTR has no plans to sell BTC, the firm could issue equity at a premium to net asset value (currently at 1.8, according to MSTR tracker) to fund preferred dividends.

儘管Saylor堅持認為MSTR沒有出售BTC的計劃，但該公司可以向淨資產價值（目前為1.8，根據MSTR Tracker的說法）發行股權，以資助首選股息。

The biggest risk is obvious: a prolonged bitcoin downturn. If BTC were to fall to $40,000, Strategy's war chest would shrink to $20 billion. That would make dividend coverage more burdensome, especially if MSTR's stock trades below NAV, weakening the company's ability to issue equity.

最大的風險很明顯：長時間的比特幣低迷。如果BTC跌至40,000美元，戰略的戰爭箱將縮小至200億美元。這將使股息覆蓋範圍更加繁重，尤其是如果MSTR的股票交易低於NAV，從而削弱了公司發行權益的能力。

Yet STRF holders remain relatively insulated. Their claims rank above common shareholders, and the 10% coupon is backed by real assets. Even in a distressed scenario, STRF could remain above par, while equity holders bear the brunt. Of course, MSTR's capital model would stall, and accretion from new capital raises would dry up.

然而，Strf持有人仍然相對隔熱。他們的索賠將高於普通股東的股份，而10％的息票則得到了實際資產的支持。即使在困擾的情況下，Strf也可能保持在標準桿上，而股權持有人首當其衝。當然，MSTR的資本模式將停滯不前，新資本加薪的積聚會枯竭。

But here's the thing: investing in MSTR, STRK, or STRF presupposes a bullish view on bitcoin. These aren't neutral financial products—they are bitcoin-levered instruments, built for those who believe in BTC's long-term upside.

但這就是事情：投資MSTR，Strk或Strf以對比特幣的看漲看法。這些不是中立的金融產品，它們是比特幣槓桿儀器，專為那些相信BTC長期上升空間的人而建。

As Saylor put it, "We're distilling worthless fiat for the best asset

正如Saylor所說，“我們正在將毫無價值的菲亞特蒸餾成最佳資產