随着比特币持有量的不断膨胀，Michael Saylor 失去了 MicroStrategy 的投票控制权

多年来，比特币支持者一直认为首席执行官 Michael Saylor 拥有公司的投票控制权。他现在已经失去了这种控制力。

MicroStrategy (NASDAQ:MSTR) CEO Michael Saylor has lost voting control of the firm as a result of issuing new shares to acquire more bitcoin.

MicroStrategy（纳斯达克股票代码：MSTR）首席执行官 Michael Saylor 由于发行新股以获取更多比特币而失去了公司的投票控制权。

For years, Bitcoiners have assumed that Saylor had complete control over MicroStrategy. However, throughout most of the corporation’s history, a dual share structure separated equity ownership and voting rights. As recently as October 21, Saylor, as executive chairman, still held 51.7% of the total voting power of MicroStrategy’s common stock outstanding.

多年来，比特币支持者一直认为 Saylor 完全控制了 MicroStrategy。然而，在公司的大部分历史中，双重股权结构将股权和投票权分开。截至10月21日，塞勒作为执行董事长仍持有MicroStrategy已发行普通股总投票权的51.7%。

Specifically, Saylor’s overwhelming control of Class B common stock, which outvotes Class A shareholders on a 10:1 basis, maintained his majority control even as his equity exposure dwindled on a percentage basis.

具体来说，塞勒对 B 类普通股拥有压倒性的控制权，其投票比例以 10:1 的比例击败了 A 类股东，即使他的股权敞口按百分比减少，他仍保持了多数控制权。

Because one person controlled corporate governance and unilaterally made decisions — such as switching the company’s about-face focus from software to bitcoin acquisition — NASDAQ defined MicroStrategy as a “controlled company.”

由于有人控制公司治理并单方面做出决策——例如将公司的重点从软件转向比特币收购——纳斯达克将 MicroStrategy 定义为“受控公司”。

Controlled companies, per NASDAQ governance rules, do not have to have an independent board of directors, independent compensation or nominating committees, or independent nominations. MicroStrategy was also not required to have independent directors determine Saylor’s compensation or the compensation of consultants, legal counsel, and other advisors.

根据纳斯达克治理规则，受控公司不必拥有独立董事会、独立薪酬或提名委员会或独立提名。 MicroStrategy 也不需要由独立董事决定 Saylor 的薪酬或顾问、法律顾问和其他顾问的薪酬。

However, because MicroStrategy has issued so many shares and debt to buy bitcoin, including today’s upsized round, Saylor’s voting control is now less than 50%. Even though Class B shares outvote Class A shares 10:1, the company has issued so many Class A shares that they now outnumber Class B on a voting basis.

然而，由于 MicroStrategy 发行了如此多的股票和债券来购买比特币，包括今天的扩大规模，Saylor 的投票控制权现在还不到 50%。尽管 B 类股票与 A 类股票的投票比例为 10:1，但该公司已发行了如此多的 A 类股票，以至于目前在投票基础上 A 类股票的数量超过了 B 类股票。

Approximately one week ago, MicroStrategy established a new nominating committee of MicroStrategy’s board led by Carl J. Rickertsen and adopted a new nominating committee charter. Further details about Rickertsen’s nominations and powers granted by the company’s new charter will be released in future SEC filings and disclosed no later than the company’s next quarterly report, due mid-February 2025.

大约一周前，MicroStrategy 成立了一个新的 MicroStrategy 董事会提名委员会，由 Carl J. Rickertsen 领导，并通过了新的提名委员会章程。有关 Rickertsen 的提名和公司新章程授予的权力的更多详细信息将在未来提交给 SEC 的文件中发布，并不迟于该公司将于 2025 年 2 月中旬发布的下一季度报告披露。

About one week ago, MicroStrategy also announced a new nominating committee of the company’s board of directors to be led by Carl J. Rickertsen. Further details about Rickertsen’s nominations and powers granted by the company’s new charter will be disclosed in future SEC filings.

大约一周前，MicroStrategy 还宣布成立一个新的公司董事会提名委员会，由 Carl J. Rickertsen 领导。有关 Rickertsen 的提名和公司新章程授予的权力的更多详细信息将在未来向 SEC 提交的文件中披露。

At the end of October, the company announced a staggering $42 billion worth of debt to acquire bitcoin. This morning, because of so much demand, it upsized a $1.75 billion interest-bearing round to $2.6 billion with a 0% coupon.

10 月底，该公司宣布举债 420 亿美元收购比特币。今天上午，由于需求如此之大，该公司将 17.5 亿美元的计息融资规模扩大至 26 亿美元，息票率为 0%。

Deferring all interest payments, participants in this round will only benefit if the price of MSTR increases and they are able to convert at today’s share price at their future conversion date.

推迟所有利息支付，只有当 MSTR 的价格上涨并且他们能够在未来的转换日期以今天的股价进行转换时，本轮参与者才会受益。

The market capitalization of MicroStrategy at publication time is $111 billion and it holds $31 billion worth of bitcoin. It is trading at a 3.55 multiple to this asset. On Monday, that multiple was 2.5.

截至发稿时，MicroStrategy 的市值为 1110 亿美元，持有价值 310 亿美元的比特币。它的交易价格是该资产的 3.55 倍。周一，该倍数为 2.5。