MicroStrategy（以前为MicroStrategy）创始人Michael Saylor愿意支付美元股息

随着比特币（BTC）的价格下跌，以策略的平均购买价格（以前为Microstrategy），创始人迈克尔·赛勒（Michael Saylor）愿意支付美元的股息

As bitcoin (BTC) price declines towards the average purchase price at Strategy (formerly MicroStrategy), founder Michael Saylor is willing to pay up to 18% USD dividends per year to access more capital.

随着比特币（BTC）的价格下降了战略平均购买价格（以前为MicroStrategy），创始人迈克尔·塞勒（Michael Saylor）愿意每年支付高达18％的股息以获取更多资本。

In an announcement, Strategy is offering 5 million new shares with $100 of liquidation preference and limited conversion rights into MSTR common shares.

在公告中，策略将提供500万股清算优先股的新股，并将其转换为有限的MSTR普通股。

Liquidation preference is the right to receive money in the event of a “liquidity” (payout) event such as an acquisition, public offering, or dividend.

清算优先是在“流动性”（支出）活动（例如收购，公开募股或股息）中获得资金的权利。

Instead of convertibility at a $1,000 strike price per MSTR share which is a marquee feature of Strategy’s STRK preferred shares, Saylor is simply focused on paying cash to entice investment in his new STRF preferred shares.

Saylor并没有以每次MSTR股票的1,000美元打击价格兑换，而是Stratege preferred股票的商标功能，而是专注于支付现金来吸引其新的STRF优先股的投资。

Strategy is upping its dividend rate from STRK’s 8% rate. Instead, STRF holders will enjoy a 10% fixed dividend in USD that increases to a maximum of 18% annually if the company becomes late on payments. Dividends are payable every fiscal quarter.

策略正在从Strk的8％率中提高其股息利率。取而代之的是，如果公司延迟付款，则Strf持有人将享有10％的固定股息，每年最多增加18％。股息应在每个会计季度支付。

The STRF ticker symbol evokes the “strife” of paying cash every three months rather than the aspirational “strike” price of $1,000 hinted at by the STRK ticker symbol.

Strf股票符号唤起了每三个月支付现金的“冲突”，而不是由Strk Ticker符号暗示的1,000美元的理想“打击”价格。

Neither class has voting rights and both have mid-capital stack seniority for liquidation rights: above common MSTR yet below debtholders

两家班级都没有投票权，并且都有中期资本堆栈的清算权利：高于常见的MST，但低于debthorters

Read More: Michael Saylor’s Bitcoin Announcements No Longer Seem To Pump MSTR Stock

阅读更多：迈克尔·赛勒（Michael Saylor）的比特币公告似乎不再吸引MSTR库存

STRF Further Increases The Cash Burden On Strategy

STRF进一步增加了战略的现金负担

If the company successfully sells its intended 5 million shares of STRF, its first dividend is due on June 30. Of course, the company has some discretion to not pay dividends, yet unpaid dividends compound and increase by 100 basis points (1%) per quarter up to a maximum annual rate of 18%.

如果该公司成功出售其预期的500万股Strf股票，则其首次股息将于6月30日到期。当然，该公司有一些酌处权不支付股息，但无偿股息复合，每季度每季度提高100个基点（1％），最高年度最高年利率为18％。

Hopefully, BTC’s price increases enough — or Strategy invents new debt or corporate offerings to raise the USD — to service those dividend payments.

希望BTC的价格能够提高足够的价格 - 或战略会发明新的债务或公司产品来提高美元，以服务这些股息付款。

Although STRF doesn’t have the aspirational strike price of its predecessor, it does have a less important redemption feature. In addition to tax code-related redeemability events, if less than 25% of the shares become outstanding (i.e. circulating publicly), Strategy may choose to redeem all shares for cash to clean up its capital stack.

尽管STRF没有其前任的理想打击价格，但它确实具有不太重要的赎回功能。除了与税法相关的兑现性事件之外，如果股份的股份中少于25％（即公开流通），战略可能会选择兑换所有现金以清理其资本堆栈。

Little has changed on the news in today’s Nasdaq session. Shares of MSTR are trading about 2% lower after the news. That mirrors a similar, 1.8% decline in bitcoin’s price today. Morgan Stanley, Citi, Barclays, and Moelis are leading the STRF preferred share offering.

在今天的纳斯达克会议上，新闻的变化很小。新闻后，MSTR的股票交易低约2％。这反映了类似的比特币价格下降1.8％。摩根士丹利（Morgan Stanley），花旗（Citi），巴克莱（Barclays）和穆里斯（Moelis）领导着STRF首选分享产品。

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