罷工（Strk），比特幣買方戰略（MSTR）發行的優先股已列出了一個月以上，目前比2月5日的介紹高3％。

另一方面，策略的普通股在同一時期降低了20％。

Strike (STRK), the preferred stock issued by bitcoin buyer Strategy (MSTR) has been listed for just over a month and is currently 3% higher than at its Feb. 5 introduction.

罷工（Strk），比特幣買方戰略（MSTR）發行的優先股已列出了一個月以上，目前比2月5日的介紹高3％。

Strategy's common stock, on the other hand, is 20% lower over the same period.

另一方面，策略的普通股在同一時期降低了20％。

Preferred stock like STRK can be thought of as a hybrid of equity and debt. Holders have a greater right to dividend payments than common stock owners if the company makes them and also to the company's assets in the event of a liquidation. STRK is a perpetual issue, which lacks a maturity date (like equity) and pays a fixed dividend (like debt).

像Strk這樣的優先股可以被認為是股本和債務的混合體。如果公司製造公司以及在清算時，持有人擁有比普通股所有者更大的股息支付權。 Strk是一個永恆的問題，缺乏到期日期（如股權），並支付固定的股息（如債務）。

Those features mean preferred stock tends to be less volatile than the common stock. That certainly seems to be the case for STRK. According to Strategy's dashboard, STRK has a 26% correlation with MSTR and a slightly negative -7% correlation with bitcoin (BTC). It's also less volatile, at 49%, compared with bitcoin’s roughly 60% and MSTR’s volatility exceeding 100%.

這些特徵意味著優先股往往比普通股揮發性較小。對於Strk來說，情況肯定是這種情況。根據策略的儀表板，Strk與MSTR有26％的相關性，與比特幣（BTC）的相關性略有-7％。它的波動性也較小，為49％，而比特幣的大約60％，MSTR的波動率超過100％。

Last week, Strategy announced a $21 billion at-the-market (ATM) offering for STRK. That is, it's prepared to sell up to that amount of the stock at the current market price over a period of time.

上週，Strategy宣布了210億美元的市場（ATM）產品。也就是說，它準備在一段時間內以當前市場價格出售該股票的數量。

If all the STRK is sold, the company would face a total annual dividend bill of about $1.68 billion.

如果出售了所有Strk，該公司將面臨約16.8億美元的年度股息賬單。

Generating that amount of cash means the company would either to sell common stock through an ATM offering — unlikely given the depressed share price as of late —or use cash generated from operations or proceeds from any convertible debt raised.

產生這一數額的現金意味著該公司要么通過ATM產品出售普通股（鑑於最近股價降低，要么使用運營產生的現金或從任何可轉換債務的收益中產生的現金。

STRK offers an 8% annual dividend yield based on its $100 liquidation preference and at the currently price of $87.45, offers an effective yield of around 9%. As with debt, the higher the STRK price, the lower the yield, and vice versa.

Strk根據其100美元的清算偏好提供8％的年度股息收益率，目前以87.45美元的價格提供有效收益率約為9％。與債務一樣，Strk價格越高，收益率越低，反之亦然。

STRK also includes a feature allowing each share to be converted into 0.1 share of common stock, equivalent to a 10-to-1 ratio, when the MSTR price reaches or exceeds $1,000. Strategy stock closed at $262.55 on Wednesday, for the option to become viable it would have to appreciate significantly, offering potential upside beyond STRK’s fixed dividend.

Strk還包括一項功能，允許將每股股票轉換為0.1份的普通股，相當於10到1比率，當MSTR價格達到或超過$ 1,000時。策略股票週三收於262.55美元，為了使其可行的選擇值得注意，為Strk固定股息提供了潛在的上升空間。

As an income-generating product with lower volatility, STRK presents a more stable option with potential upside. However, the massive ATM offering could impact this potential upside, similar to how ATM share sales have affected the common stock’s performance.

作為一種產生較低波動性的收入產生產品，Strk提出了一種更穩定的選擇，並具有潛在的上升空間。但是，大規模的ATM產品可能會影響這種潛在的上漲空間，類似於ATM共享銷售如何影響普通股的績效。