MicroStrategy推出了$ strf永久优先股产品，以比特币为目标

2025年3月18日，战略创始人兼董事长迈克尔·塞勒（Michael Saylor）（纳斯达克股票代码：MSTR; Strk）通过X宣布了$ strf（“ atrife”），这是一种永久优先股的产品，

On March 18th, 2025, Michael Saylor, Founder and Chairman of Strategy (Nasdaq: MSTR; STRK), announced via X the launch of $STRF ("Strife"), a new perpetual preferred stock offering, available to institutional investors and select non-institutional investors.

2025年3月18日，战略创始人兼董事长迈克尔·塞勒（Michael Saylor）（纳斯达克股票代码：MSTR; Strk）通过X宣布了$ strf（“冲”（“冲”），这是一种新的永久优先股产品，可用于机构投资者和精选的非机构投资者。

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The offering, which is being registered under the Securities Act of 1933, will consist of 5 million shares of Series A Perpetual Strife Preferred Stock and is being sold to institutional investors and select non-institutional investors.

根据1933年的《证券法》（Securities Act）注册的发行将由500万股A系列的永久性争议优先股票组成，并将出售给机构投资者和选择非机构投资者。

The preferred stock will offer a fixed 10% annual dividend, paid quarterly if approved by Strategy’s board of directors. This dividend will be calculated based on an initial value of $100 for each share of STRF, which translates to a $10 quarterly dividend payment.

优先股将提供固定的10％年股息，如果获得战略董事会的批准，则每季度支付季度。该股息将根据STRF的每股100美元的初始价值进行计算，这转化为$ 10的季度股息付款。

Moreover, STRF will have no maturity date, which means that it could potentially continue to provide dividends to investors indefinitely, as long as Strategy remains in operation and able to pay the dividends.

此外，STRF将没有到期日期，这意味着，只要战略仍在运营并能够支付股息，它可能会继续为投资者提供股息。

However, Strategy will have the option to redeem all of the outstanding shares of STRF if less than 25% of the shares remain issued at the time or in connection with certain tax-related conditions.

但是，如果当时不到25％的股份或与某些与税收有关的条件有关，则战略将可以选择兑换Strf的所有流通股。

This move comes as Saylor continues to shift Strategy's focus towards Bitcoin, aiming to diversify the company's financial products for investors seeking high-yield returns and support Strategy’s own efforts to acquire more Bitcoin.

这一举动是随着塞勒（Saylor）继续将战略的重点转移到比特币的同时，旨在为寻求高收益回报的投资者多样化公司的金融产品，并支持策略自己的努力以获取更多的比特币。

The announcement has sparked reactions from various parties. Critics, including @GHOSTawyeeBOB and Peter Schiff, expressed skepticism, highlighting Strategy’s 2024 negative cash flow of $66.51 million and questioning the sustainability of the 10% dividend for $STRF.

该公告引发了各方的反应。包括@ghostawyeebob和Peter Schiff在内的评论家表示怀疑，强调了战略的2024年负现金流量为6651万美元，并质疑10％股息的可持续性。

They argued that Saylor’s Bitcoin-heavy strategy is risky and desperate, referencing the company’s financial struggles, past losses (e.g., the .com bubble), and Bitcoin’s volatility, with some adding levity by noting how Bitcoin drops in price after Saylor’s endorsements.

他们认为，塞勒（Saylor）的重型比特币策略是冒险和绝望的，指的是公司的财务斗争，过去的损失（例如，.com泡泡）和比特币的波动性，其中一些人指出，在塞勒（Saylor）认可后的价格下降，提高了比特币的下降。

In contrast, @vanguard_btc and others defended the strategy as optimal, framing negative cash flow as a trade-off for acquiring Bitcoin—a “finite asset” versus “infinite dollars”—while viewing $STRF as a strategic tool to fund long-term growth.

相比之下，@Vanguard_BTC和其他人捍卫该策略是最佳的，将负现金流构建为获得比特币的权衡（一种“有限资产”与“无限美元”，而将$ strf视为资助长期增长的战略工具。

Those seeking more detail inquired about $STRF’s structure, dividend risks, and Strategy’s financials, and jabs like @CryptoCowboy_AU’s ‘Can you fix bitcoin yet?’ cut through the discussion.

那些寻求更多细节的人询问了$ strf的结构，股息风险和策略的财务状况，以及 @cryptocowboy_au的jabs的“你能修复比特币吗？”削减讨论。

Aspects like Strategy’s 446,400 Bitcoin holdings and $STRF’s purpose for general corporate needs, including Bitcoin, will likely factor into the narrative further.

策略的446,400比特币持有和$ STRF诸如包括比特币在内的一般企业需求的目的，可能会进一步考虑到叙事中。