MicroStrategy（MSTR）用永久優先股票（Strk）在比特幣（BTC）籌集的新方面開放了新方面

要說微觀（MSTR）一直是創造性地籌集資本的領導者，購買大量比特幣（BTC）將是一種輕描淡寫。

Tech company MicroStrategy (MSTR) has made headlines once again with its perpetual preferred stock offering (STRK), which has attracted the attention of institutional investors and analysts alike.

科技公司MicroStrategy（MSTR）以其永久優先股票（Strk）再次成為頭條新聞，該產品引起了機構投資者和分析師的關注。

As Executive Chairman Michael Saylor continues to lead the company's bitcoin (BTC) purchasing strategy, MicroStrategy's latest move has created a new avenue for capital accumulation.

隨著執行董事長邁克爾·塞勒（Michael Saylor）繼續領導公司的比特幣（BTC）採購策略，Microstrategy的最新舉動為資本積累創造了新的途徑。

According to Ben Werkman, a closely followed MicroStrategy analyst, preferred stock is attractive to institutions due to its lack of maturity risk, stable yield, and potential for equity upside.

據緊隨其後的MicroStrategy分析師Ben Werkman的說法，首選股票由於缺乏成熟風險，穩定的收益率和股權上漲潛力而對機構具有吸引力。

"I could see a scenario where [the preferred stock] starts taking some of the convertible bond space for fixed income accumulation due to the lack of any point in time maturity risk," Werkman stated, adding that preferred stock "has the potential to be massively more accretive than any convertible offering has been and definitely more accretive than [share sales]."

韋爾克曼說：“我可以看到[優先股]（首選股票）開始使用一些可轉換債券空間來固定收入積累，這是由於缺乏任何時間點的成熟風險。”比[共享銷售]比任何可轉換產品的增值更大，而且肯定會更具增值。”

Highlighting the offering's significance, Jeff Park, head of alpha strategies at Bitwise Investments, described MSTR's preferred stock as one of the most compelling securities in the market and a next-generation investment vehicle.

Bitwise Investments Alpha Strategies的負責人Jeff Park強調了發行的意義，他將MSTR的首選股票描述為市場上最引人注目的證券之一和下一代投資工具。

"STRK is a near-perfect instrument," Park wrote. "It gives you two chances to win: First, when rates go down, it's a huge boon to the principal, and two, if MicroStrategy goes up first, then you have a deep in-the-money (ITM) option to convert and own the higher volatility asset or just directly sell."

帕克寫道：“ Strk是一種近乎完美的樂器。” “這為您帶來了兩種機會：首先，當利率下降時，這對本金來說是一個巨大的福音，而兩個，如果MicroStrategy首先上升，那麼您就有一個深入的貨幣（ITM）選項可以轉換和轉換和擁有更高的波動性資產或直接出售。”

The offering comes as MicroStrategy, led by Saylor, has been aggressively purchasing bitcoin, using the proceeds from various capital raises to buy and hold the cryptocurrency.

由Saylor領導的MicroStrategy的產品是通過各種資本加薪的收益來購買和持有加密貨幣的，一直積極購買比特幣。

The company's bitcoin purchasing strategy has drawn both praise and criticism, with some analysts questioning the sustainability of the move and others highlighting the potential upside if bitcoin continues to appreciate in value.

該公司的比特幣採購策略引起了人們的讚譽和批評，一些分析師質疑這一舉動的可持續性，而另一些分析師則強調瞭如果比特幣繼續欣賞物有所值，則可以強調潛在的上行空間。

The largest of the U.S. preferred stock ETFs is the BlackRock iShares Preferred and Income Securities ETF (PFF), which has roughly $15 billion in assets under management.

美國最大的股票ETF是BlackRock Ishares首选和收入證券ETF（PFF），該公司的資產約為150億美元。

The largest holders of PFF ETF are major corporations such as Boeing (BA), Wells Fargo (WFC), and Citi Group (C).

PFF ETF的最大持有人是波音公司（BA），富國銀行（WFC）和花旗集團（C）等主要公司。

The final pricing terms of the new security are to be completed and announced after the market closes on Thursday.

新安全性的最終定價條款將在市場週四關閉後完成並宣布。