隨著比特幣持有量的不斷膨脹，Michael Saylor 失去了 MicroStrategy 的投票控制權

多年來，比特幣支持者一直認為執行長 Michael Saylor 擁有該公司的投票控制權。他現在已經失去了這種控制力。

MicroStrategy (NASDAQ:MSTR) CEO Michael Saylor has lost voting control of the firm as a result of issuing new shares to acquire more bitcoin.

MicroStrategy（納斯達克股票代碼：MSTR）執行長 Michael Saylor 由於發行新股以獲取更多比特幣而失去了公司的投票控制權。

For years, Bitcoiners have assumed that Saylor had complete control over MicroStrategy. However, throughout most of the corporation’s history, a dual share structure separated equity ownership and voting rights. As recently as October 21, Saylor, as executive chairman, still held 51.7% of the total voting power of MicroStrategy’s common stock outstanding.

多年來，比特幣支持者一直認為 Saylor 完全控制了 MicroStrategy。然而，在公司的大部分歷史中，雙重股權結構將股權和投票權分開。截至10月21日，塞勒擔任執行董事長仍持有MicroStrategy已發行普通股總投票權的51.7%。

Specifically, Saylor’s overwhelming control of Class B common stock, which outvotes Class A shareholders on a 10:1 basis, maintained his majority control even as his equity exposure dwindled on a percentage basis.

具體來說，塞勒對B 類普通股擁有壓倒性的控制權，其投票權以10:1 的比例擊敗了A 類股東，即使他的股權敞口按百分比減少，他仍保持了多數控制權。

Because one person controlled corporate governance and unilaterally made decisions — such as switching the company’s about-face focus from software to bitcoin acquisition — NASDAQ defined MicroStrategy as a “controlled company.”

由於有人控制公司治理並單方面做出決策——例如將公司的重點從軟體轉向比特幣收購——納斯達克將 MicroStrategy 定義為「受控公司」。

Controlled companies, per NASDAQ governance rules, do not have to have an independent board of directors, independent compensation or nominating committees, or independent nominations. MicroStrategy was also not required to have independent directors determine Saylor’s compensation or the compensation of consultants, legal counsel, and other advisors.

根據納斯達克治理規則，受控公司不必擁有獨立董事會、獨立薪酬或提名委員會或獨立提名。 MicroStrategy 也不需要由獨立董事決定 Saylor 的薪資或顧問、法律顧問和其他顧問的薪水。

However, because MicroStrategy has issued so many shares and debt to buy bitcoin, including today’s upsized round, Saylor’s voting control is now less than 50%. Even though Class B shares outvote Class A shares 10:1, the company has issued so many Class A shares that they now outnumber Class B on a voting basis.

然而，由於 MicroStrategy 發行瞭如此多的股票和債券來購買比特幣，包括今天的擴大規模，Saylor 的投票控制權現在還不到 50%。儘管 B 類股票與 A 類股票的投票比例為 10:1，但該公司已發行瞭如此多的 A 類股票，以至於現在在投票基礎上 A 類股票的數量超過了 B 類股票。

Approximately one week ago, MicroStrategy established a new nominating committee of MicroStrategy’s board led by Carl J. Rickertsen and adopted a new nominating committee charter. Further details about Rickertsen’s nominations and powers granted by the company’s new charter will be released in future SEC filings and disclosed no later than the company’s next quarterly report, due mid-February 2025.

大約一週前，MicroStrategy 成立了一個新的 MicroStrategy 董事會提名委員會，由 Carl J. Rickertsen 領導，並通過了新的提名委員會章程。有關 Rickertsen 的提名和公司新章程授予的權力的更多詳細資訊將在未來提交給 SEC 的文件中發布，並不遲於該公司將於 2025 年 2 月中旬發布的下一季度報告披露。

About one week ago, MicroStrategy also announced a new nominating committee of the company’s board of directors to be led by Carl J. Rickertsen. Further details about Rickertsen’s nominations and powers granted by the company’s new charter will be disclosed in future SEC filings.

大約一週前，MicroStrategy 也宣布成立一個新的公司董事會提名委員會，由 Carl J. Rickertsen 領導。有關 Rickertsen 的提名和公司新章程授予的權力的更多詳細資訊將在未來向 SEC 提交的文件中披露。

At the end of October, the company announced a staggering $42 billion worth of debt to acquire bitcoin. This morning, because of so much demand, it upsized a $1.75 billion interest-bearing round to $2.6 billion with a 0% coupon.

10 月底，該公司宣布舉債 420 億美元收購比特幣。今天上午，由於需求如此之大，該公司將 17.5 億美元的計息融資規模擴大至 26 億美元，息票率為 0%。

Deferring all interest payments, participants in this round will only benefit if the price of MSTR increases and they are able to convert at today’s share price at their future conversion date.

推遲所有利息支付，只有當 MSTR 的價格上漲並且他們能夠在未來的轉換日期以今天的股價進行轉換時，本輪參與者才會受益。

The market capitalization of MicroStrategy at publication time is $111 billion and it holds $31 billion worth of bitcoin. It is trading at a 3.55 multiple to this asset. On Monday, that multiple was 2.5.

截至發稿時，MicroStrategy 的市值為 1,110 億美元，持有價值 310 億美元的比特幣。它的交易價格是該資產的 3.55 倍。週一，該倍數為 2.5。