MSTR宣布計劃出售5億美元的新永久優先股購買比特幣

3月18日，戰略創始人邁克爾·賽勒（Michael Saylor）（以前是微型策略）宣布了一項計劃，出售價值5億美元的新“永久優先股”（STRF）（strf）

On March 18, Michael Saylor, CEO of Strategy (formerly MicroStrategy) (NASDAQ:MSTR), announced plans to sell $500M new ‘perpetual preferred stock’ (STRF) for Bitcoin (BTC) buys.

3月18日，邁克爾·塞勒（Michael Saylor）（以前是MicroStrategy）（納斯達克股票代碼：MSTR）的首席執行官宣布了計劃出售5億美元的新“永久優先股”（Strf）（BTC）購買的計劃。

Recently, the firm had issued another preferred stock ‘STRK’ for similar BTC objectives. This was part of the firm’s goal to raise $21B through stock issuance and another $21B through debt (convertible notes) for BTC buys.

最近，該公司為類似的BTC目標發行了另一個優先股的“ Strk”。這是該公司通過股票發行籌集21B美元的目標的一部分，而通過BTC購買的債務（可轉換票據）籌集了21B美元。

Mixed views on Strategy’s plans

關於戰略計劃的混合觀點

關於戰略計劃的混合觀點

Clarifying the difference between Strategy’s new category of stock issuance, Bitwise’s Head of Alpha, Jeff Park, said, “You can buy STRK today for a 9.4% yield with upside convertibility or STRF for a 10% yield with virtually no redemption feature.”

傑夫·帕克（Jeff Park）Bitwise的Alpha負責人澄清策略的新股票發行類別之間的區別，他說：“您今天可以以9.4％的收益率購買Strk，並獲得上漲空間或Strf的收益率，或者以10％的收益率購買，而幾乎沒有贖回功能。”

Simply put, STRK could be swapped for MSTR, but STRF doesn't have such a feature and carries more risk.

簡而言之，可以將Strk換成MSTR，但是Strf沒有這樣的功能，並且具有更大的風險。

However, some crypto community members viewed Strategy’s ‘high leverage’ as a risk factor for the entire BTC market. One pseudonymous market analyst, Wazz Crypto, stated, “This id*ot is making Bitcoin uninvestable at this point. Can it even be digital gold anymore if it’s tied to the solvency of a single company?”

但是，一些加密社區成員將戰略的“高槓桿”視為整個BTC市場的危險因素。一位化名市場分析師Wazz Crypto說：“此ID*OT目前無法使比特幣無法投資。如果它與單個公司的償付能力息息相關，甚至可以成為數字黃金嗎？”

Another user, Simon Dixon, termed it a ‘next-level risk’ that could require a bailout if it goes under.

另一位用戶西蒙·迪克森（Simon Dixon）稱其為“下一級風險”，如果否則就需要救助。

“Strategy’s announcement of a perpetual 10% dividend paid in dollars—despite lacking sufficient dollar revenue & operating with a Bitcoin-based balance sheet—is next-level risk.”

“戰略宣布永久性10％的股息以美元支付 - 儘管缺乏足夠的美元收入，並且以基於比特幣的資產負債表運營，這是下一級別的風險。”

However, Bitmex Research clarified that the firm could avoid paying MSTR and STRF holders dividends.

但是，BITMEX Research澄清說，該公司可以避免支付MSTR和Strf持有人的股息。

“Seems $MSTR can avoid paying these 10% to 18% dividends "for any reason." The likely outcome here is class A $MSTR shareholders never ever get a dividend payment.”

“出於任何原因，似乎$ MSTR可以避免支付這10％至18％的股息。“這裡可能的結果是A級$ MSTR股東永遠不會得到股息付款。”

Is Trump bailing out Strategy?

特朗普正在挽救戰略嗎？

特朗普正在挽救戰略嗎？

For his part, long-term BTC critic Peter Schiff termed the new stock issuance ‘ridiculous’ and added, “The only thing keeping it (BTC) from deflating completely is the Trump administration’s support. Once that goes, it’s all over for Bitcoin and $MSTR.”

長期的BTC評論家彼得·希夫（Peter Schiff）將新的股票發行“荒謬”稱，並補充說：“唯一使它完全放棄的是特朗普政府的支持。一旦這樣做，比特幣和$ MSTR都結束了。”

Compared to last quarter, the firm’s BTC buying pace has slowed in 2025. On 16th March, it bought 130 BTC, increasing its stash to 499,226 coins - a 2.3% control of total BTC.

與上個季度相比，該公司的BTC購買速度在2025年放緩。3月16日，它購買了130 BTC，將其存儲量增加到499,226個硬幣 - 比總BTC的2.3％控制。

As of this writing, MSTR was valued at $282, down 48% from its recent highs of $543, following recent BTC losses. In the past two weeks, it fluctuated between $230 and $300 as BTC remained below $90K over the same period.

截至撰寫本文時，MSTR的價值為282美元，在最近的BTC損失後，其最近的543美元高點下降了48％。在過去的兩個星期中，由於BTC在同一時期仍低於$ 90K，它波動了230美元至300美元。

On a year-to-date (YTD) performance, MSTR held the risk-off sentiment better and was down only 5% compared to BTC’s 11% decline.

在年初至今的表現上，MSTR的風險情緒更好，而BTC的下降11％，僅下降了5％。

Last week, MSTR posted a 26% gain as BTC retested $85K, suggesting the stock could post a strong recovery if the cryptocurrency reversed its losses.

上週，由於BTC重新測試了85,000美元，MSTR的收益率為26％，這表明如果加密貨幣扭轉了其損失，該股票可能會出現強勁的回收率。