“迈克尔·塞勒（Michael Saylor）的新的以比特币为中心的筹款愿景：300万亿美元固定收益市场中的1％”

“这就是著名的比特币公牛迈克尔·塞勒（Michael Saylor）的最新筹款视野的方式。”

"There's $300 trillion of fixed income. I want 1% of it."

“有300万亿美元的固定收益。我想要1％的收入。”

That's how the famous bitcoin bull Michael Saylor frames his latest fundraising vision. The company he founded, formerly known as MicroStrategy (MSTR) and now rebranded as Strategy, has become synonymous with aggressive bitcoin accumulation.

这就是著名的比特币牛市迈克尔·塞勒（Michael Saylor）的最新筹款愿景的方式。他创立的公司以前称为MicroStrategy（MSTR）并将其重新命名为战略，已成为积极的比特币积累的代名词。

As of April 2025, the firm holds 506,137 BTC—valued at over $43 billion—representing 2.41% of the total supply that will ever exist. This bitcoin-centric strategy has sent MSTR shares soaring 2,500% over the past 5 years.

截至2025年4月，该公司持有506,137 BTC（价值超过430亿美元），占供应总供应总额的2.41％。以比特币为中心的策略使MSTR股票在过去5年中飙升了2,500％。

The accumulation spree has been fueled by a mix of retained software revenue, convertible debt, and equity offerings. Now, the company is expanding its playbook with two new securities: STRK and STRF.

保留的软件收入，可转换债务和股票产品的混合，积累了狂欢。现在，该公司正在使用两种新证券扩展其剧本：Strk和Strf。

Launched on February 5, 2025, STRK was Strategy's first preferred stock issuance. Initially targeting $250 million, the offering was upsized to $584 million in response to strong demand. STRK offers an 8% annual dividend and includes a conversion feature into MSTR Class A shares at a $1,000 strike price with a 1/10 conversion ratio. This hybrid structure caters to investors seeking both income and upside exposure to MSTR's equity performance. At the time of writing, MSTR trades at $300.

Strk于2025年2月5日启动，是Strategy的首款首选股票发行。最初针对2.5亿美元的产品，响应强劲的需求，该产品的价格高达5.84亿美元。 Strk提供8％的年度股息，并以1,000美元的行使价格（以1/10的转换率）为MSTR A类股票提供了转换功能。这种混合结构迎合了寻求收入和对MSTR股票绩效的上涨的投资者。在写作时，MSTR的交易价格为300美元。

STRF, issued on March 25, 2025, targets a different investor profile. Designed as a pure income play, it raised $500 million via 5 million shares priced at $100. STRF pays a 10% fixed annual dividend, disbursed quarterly. Unlike STRK, STRF has no equity convertibility. It includes a compounding feature on unpaid dividends at an additional 1% per year, capped at 18%, and is perpetual with no maturity date. The structure is built for institutions—pension funds, insurers, and banks—who prioritize income over volatility.

Strf于2025年3月25日发布，针对不同的投资者资料。它设计为纯收入游戏，通过500万股筹集了5亿美元，价格为100美元。 STRF支付10％的固定年度股息，每季度支付。与Strk不同，Strf没有权益可兑换性。它包括无偿股息的复合功能，每年额外1％，限制为18％，并且永久不可及时没有到期日。该结构是为债务基金，保险公司和银行的机构建造的，他们优先考虑收入而不是波动。

Investors prefer yield

投资者更喜欢收益

STRK was designed to streamline convertible debt fundraising, but STRF takes the concept further by tapping into the $300 trillion global fixed income market.

Strk旨在简化可转换债务筹款，但Strf通过利用300万亿美元的全球固定收益市场来进一步实现这一概念。

"The fact that STRF raised more than STRK (at a smaller discount) confirms ... that preferred investors only want yield, not MSTR volatility," explained Jeff Park of Bitwise Asset Management.

Bitwise Asset Management的Jeff Park解释说：“ STRF筹集了超过Strk的事实（以较小的折扣）证实……优先投资者只需要收益率，而不是MST的波动性。”

STRF is attracting investors who would normally stay clear of MSTR's volatile stock but are enticed by a 10% income stream. In today's economic environment, marked by economic and geopolitical uncertainty, the appetite for safe haven and high-yield instruments is evident.

STRF吸引了通常会避免MSTR股票但收入10％的投资者。在当今的经济环境中，以经济和地缘政治不确定性为特征，对避风港和高收益工具的胃口很明显。

With gold prices at their all-time high of $3,130 and the 10-year US Treasury yield falling (now 4.125%), STRF fits the narrative.

凭借金价为3,130美元的历史高价，美国10年的美国财政收益率下降（现在为4.125％），STRF符合叙述。

Still, there's skepticism about the investor base. While STRF raised half a billion dollars, it's unclear how much came from traditional fixed income managers versus hedge funds and retail players chasing arbitrage opportunities.

尽管如此，对投资者基础仍然怀疑。尽管STRF筹集了十亿美元，但目前尚不清楚传统的固定收益经理与对冲基金和零售参与者追求套利机会的多少。

Is Strategy playing a dangerous game?

策略在玩危险的游戏吗？

Some critics argue that at a 10% yield for STRF, the cost of capital is too high.

一些批评家认为，施利夫的收益率为10％，资本成本太高。

"Michael Saylor is going to bring the next Bitcoin bear market," crypto analyst Whale Panda quipped, highlighting the $50 million annual dividend obligation.

Crypto分析师Panda打趣道：“ Michael Saylor将带来下一个比特币熊市，”强调了5000万美元的年度股息义务。

But Strategy has levers to manage this. The company generates $100-$150 million in annual software cash flow. More importantly, its $44.5 billion in bitcoin reserves offer substantial financial cushioning.

但是策略具有管理这一点的杠杆。该公司的年度软件现金流量产生了100-1.5亿美元。更重要的是，其445亿美元的比特币储备提供了大量的金融缓冲。

While Saylor insists MSTR has no plans to sell BTC, the firm could issue equity at a premium to net asset value (currently at 1.8, according to MSTR tracker) to fund preferred dividends.

尽管Saylor坚持认为MSTR没有出售BTC的计划，但该公司可以向净资产价值（目前为1.8，根据MSTR Tracker的说法）发行股权，以资助首选股息。

The biggest risk is obvious: a prolonged bitcoin downturn. If BTC were to fall to $40,000, Strategy's war chest would shrink to $20 billion. That would make dividend coverage more burdensome, especially if MSTR's stock trades below NAV, weakening the company's ability to issue equity.

最大的风险很明显：长时间的比特币低迷。如果BTC跌至40,000美元，战略的战争箱将缩小至200亿美元。这将使股息覆盖范围更加繁重，尤其是如果MSTR的股票交易低于NAV，从而削弱了公司发行权益的能力。

Yet STRF holders remain relatively insulated. Their claims rank above common shareholders, and the 10% coupon is backed by real assets. Even in a distressed scenario, STRF could remain above par, while equity holders bear the brunt. Of course, MSTR's capital model would stall, and accretion from new capital raises would dry up.

然而，Strf持有人仍然相对隔热。他们的索赔将高于普通股东的股份，而10％的息票则得到了实际资产的支持。即使在困扰的情况下，Strf也可能保持在标准杆上，而股权持有人首当其冲。当然，MSTR的资本模式将停滞不前，新资本加薪的积聚会枯竭。

But here's the thing: investing in MSTR, STRK, or STRF presupposes a bullish view on bitcoin. These aren't neutral financial products—they are bitcoin-levered instruments, built for those who believe in BTC's long-term upside.

但这就是事情：投资MSTR，Strk或Strf以对比特币的看涨看法。这些不是中立的金融产品，它们是比特币杠杆仪器，专为那些相信BTC长期上升空间的人而建。

As Saylor put it, "We're distilling worthless fiat for the best asset

正如Saylor所说，“我们正在将毫无价值的菲亚特蒸馏成最佳资产