MicroStrategy推出了$ strf永久優先股產品，以比特幣為目標

2025年3月18日，戰略創始人兼董事長邁克爾·塞勒（Michael Saylor）（納斯達克股票代碼：MSTR; Strk）通過X宣布了$ strf（“ atrife”），這是一種永久優先股的產品，

On March 18th, 2025, Michael Saylor, Founder and Chairman of Strategy (Nasdaq: MSTR; STRK), announced via X the launch of $STRF ("Strife"), a new perpetual preferred stock offering, available to institutional investors and select non-institutional investors.

2025年3月18日，戰略創始人兼董事長邁克爾·塞勒（Michael Saylor）（納斯達克股票代碼：MSTR; Strk）通過X宣布了$ strf（“衝”（“衝”），這是一種新的永久優先股產品，可用於機構投資者和精選的非機構投資者。

For more information, click here. $MSTR

有關更多信息，請單擊此處。 $ MSTR

The offering, which is being registered under the Securities Act of 1933, will consist of 5 million shares of Series A Perpetual Strife Preferred Stock and is being sold to institutional investors and select non-institutional investors.

根據1933年的《證券法》（Securities Act）註冊的發行將由500萬股A系列的永久性爭議優先股票組成，並將出售給機構投資者和選擇非機構投資者。

The preferred stock will offer a fixed 10% annual dividend, paid quarterly if approved by Strategy’s board of directors. This dividend will be calculated based on an initial value of $100 for each share of STRF, which translates to a $10 quarterly dividend payment.

優先股將提供固定的10％年股息，如果獲得戰略董事會的批准，則每季度支付季度。該股息將根據STRF的每股100美元的初始價值進行計算，這轉化為$ 10的季度股息付款。

Moreover, STRF will have no maturity date, which means that it could potentially continue to provide dividends to investors indefinitely, as long as Strategy remains in operation and able to pay the dividends.

此外，STRF將沒有到期日期，這意味著，只要戰略仍在運營並能夠支付股息，它可能會繼續為投資者提供股息。

However, Strategy will have the option to redeem all of the outstanding shares of STRF if less than 25% of the shares remain issued at the time or in connection with certain tax-related conditions.

但是，如果當時不到25％的股份或與某些與稅收有關的條件有關，則戰略將可以選擇兌換Strf的所有流通股。

This move comes as Saylor continues to shift Strategy's focus towards Bitcoin, aiming to diversify the company's financial products for investors seeking high-yield returns and support Strategy’s own efforts to acquire more Bitcoin.

這一舉動是隨著塞勒（Saylor）繼續將戰略的重點轉移到比特幣的同時，旨在為尋求高收益回報的投資者多樣化公司的金融產品，並支持策略自己的努力以獲取更多的比特幣。

The announcement has sparked reactions from various parties. Critics, including @GHOSTawyeeBOB and Peter Schiff, expressed skepticism, highlighting Strategy’s 2024 negative cash flow of $66.51 million and questioning the sustainability of the 10% dividend for $STRF.

該公告引發了各方的反應。包括@ghostawyeebob和Peter Schiff在內的評論家表示懷疑，強調了戰略的2024年負現金流量為6651萬美元，並質疑10％股息的可持續性。

They argued that Saylor’s Bitcoin-heavy strategy is risky and desperate, referencing the company’s financial struggles, past losses (e.g., the .com bubble), and Bitcoin’s volatility, with some adding levity by noting how Bitcoin drops in price after Saylor’s endorsements.

他們認為，塞勒（Saylor）的重型比特幣策略是冒險和絕望的，指的是公司的財務鬥爭，過去的損失（例如，.com泡泡）和比特幣的波動性，其中一些人指出，在塞勒（Saylor）認可後的價格下降，提高了比特幣的下降。

In contrast, @vanguard_btc and others defended the strategy as optimal, framing negative cash flow as a trade-off for acquiring Bitcoin—a “finite asset” versus “infinite dollars”—while viewing $STRF as a strategic tool to fund long-term growth.

相比之下，@Vanguard_BTC和其他人捍衛該策略是最佳的，將負現金流構建為獲得比特幣的權衡（一種“有限資產”與“無限美元”，而將$ strf視為資助長期增長的戰略工具。

Those seeking more detail inquired about $STRF’s structure, dividend risks, and Strategy’s financials, and jabs like @CryptoCowboy_AU’s ‘Can you fix bitcoin yet?’ cut through the discussion.

那些尋求更多細節的人詢問了$ strf的結構，股息風險和策略的財務狀況，以及 @cryptocowboy_au的jabs的“你能修復比特幣嗎？”削減討論。

Aspects like Strategy’s 446,400 Bitcoin holdings and $STRF’s purpose for general corporate needs, including Bitcoin, will likely factor into the narrative further.

策略的446,400比特幣持有和$ STRF諸如包括比特幣在內的一般企業需求的目的，可能會進一步考慮到敘事中。