MicroStrategy，现在的战略（NASDAQ：MSTR）（NASDAQ：Strk），计划筹集5亿美元

MicroStrategy，现在的战略（NASDAQ：MSTR）（NASDAQ：Strk），计划通过发行其A系列A Perpetual Strife优先股（STRF）的500万股筹集5亿美元，以获取更多比特币。

MicroStrategy (NASDAQ: MSTR) is planning to raise $500 million by issuing 5 million shares of its Series A Perpetual Strife Preferred Stock (STRF) to acquire more Bitcoin.

MicroStrategy（NASDAQ：MSTR）计划通过发行其A系列A Perpetual Frife Preferred股票（STRF）以获取更多比特币来筹集5亿美元。

Unlike common stock, STRF does not grant voting rights but pays a fixed 10% annual dividend with quarterly cash payments, enabling capital raising without diluting common shareholders’ voting power.

与普通股不同，Strf不授予投票权，而是通过季度现金支付固定的10％年度股息，从而在不稀释普通股东的投票权的情况下筹集资金。

Here’s why this news matters:

这就是为什么这个消息很重要的原因：

Cumulative dividends: The preferred stock will accumulate dividends at a fixed rate of 10.00% per annum, providing guaranteed income.

累积股息：优先股将以每年10.00％的固定利率积累股息，提供保证的收入。

Liquidity options: The company has the right to redeem shares at par value on the seventh anniversary of the issuance date or earlier under certain conditions, offering flexibility for cash management.

流动性选择：该公司有权在发行日期或更早的条件下以标准价值兑换股票，从而为现金管理提供灵活性。

Repurchase rights: In case of any fundamental changes, investors can require the company to repurchase shares at a price greater of par value or the market price, adding a layer of security.

回购权利：如果进行任何根本变化，投资者可以要求公司以更高的价格或市场价格的价格回购股票，从而增加了一层安全性。

Acquisition plans: Proceeds from the offering will be used for acquiring bitcoin, indicating a strategic growth direction for the company.

收购计划：产品的收益将用于获取比特币，这表明该公司的战略增长方向。

Market response potential: The offering could impact stock price and investor interest, making it a relevant consideration for retail investors.

市场响应潜力：发行可能会影响股票价格和投资者的兴趣，这是零售投资者的相关考虑因素。

About Strategy

关于策略

Strategy is focused on Bitcoin accumulation, using profits from operations and financing to hold digital assets as their primary reserve. Founded in 1989 by Michael J. Saylor, Sanju Bansal, and Thomas Spahr, the company is headquartered in Tysons Corner, Virginia.

战略专注于比特币积累，使用运营和融资的利润将数字资产作为其主要储备。该公司由Sanju Bansal和Thomas Spahr于1989年创立，总部位于弗吉尼亚州的泰森角。

Initially, MicroStrategy specialized in business intelligence (BI), mobile software, and cloud-based services, developing platforms to analyze data and support business decision-making. Over time, the company expanded its offerings to include mobile applications and cloud services, catering to industries such as retail, banking, technology, consulting, manufacturing, insurance, healthcare, and telecommunications.

最初，MicroStrategy专门从事商业智能（BI），移动软件和基于云的服务，开发了分析数据并支持业务决策的平台。随着时间的流逝，该公司将其产品扩展到包括移动应用程序和云服务，并迎合零售，银行，技术，咨询，制造，保险，医疗保健和电信等行业。

In 2020, the company adopted Bitcoin as its primary treasury reserve asset, marking a significant strategic shift. By March 2025, the company held approximately 499,096 bitcoins, representing nearly 1% of the total Bitcoin supply. This move positioned Strategy as the world's first and largest Bitcoin Treasury Company.

2020年，该公司采用比特币作为其主要国库券资产，这是一个重大的战略转变。到2025年3月，该公司持有约499,096个比特币，占比特币供应总额的近1％。这一举动将战略定位为世界上第一家也是最大的比特币财政公司。

The company's aggressive investment in Bitcoin has significantly influenced its market valuation and attracted attention from investors and industry observers.

该公司对比特币的积极投资极大地影响了其市场估值，并引起了投资者和行业观察家的关注。

As of March 18, 2025, Strategy has a market cap of approximately $71.4 billion. The company has shown resilience in the fluctuating cryptocurrency market. Despite a recent decline, Strategy's stock has had a remarkable run, driven by its substantial Bitcoin holdings and the cryptocurrency's price surge. However, since Donald Trump's pro-crypto election victory, the stock has lost around 40% of its value.

截至2025年3月18日，战略的市值约为714亿美元。该公司在波动的加密货币市场中显示出弹性。尽管最近有所下降，但战略的股票却取得了出色的运行，这是由于其大量的比特币持有量和加密货币的价格上涨。但是，自从唐纳德·特朗普（Donald Trump）取得亲克赖特（Crypto）选举胜利以来，该股票损失了其价值的40％。

Growth Drivers and Market Opportunities

增长驱动力和市场机会

Strategy can leverage the growing acceptance of Bitcoin as a treasury asset, enhancing its portfolio and attracting investors looking for alternative assets.

战略可以利用比特币作为国库资产的日益接受，增强其投资组合并吸引寻求替代资产的投资者。

Furthermore, its analytics software positions it to benefit from increasing demand in AI and digital analytics. The combination of these factors may contribute to future stock growth as global interest in Bitcoin and digital assets continues to rise, creating a favorable market scenario for Strategy.

此外，其分析软件将其定位为从AI和数字分析的需求增加中受益。这些因素的结合可能会导致未来的股票增长，因为全球对比特币和数字资产的兴趣不断上升，从而为战略创造了有利的市场情况。

Risks and Challenges

风险和挑战

The principal challenges for Strategy include volatility in Bitcoin prices, regulatory scrutiny surrounding digital assets, and market competition in the analytics and tech sectors. Additionally, as the industry evolves, Strategy may encounter hurdles in scaling its operations while maintaining compliance with varying regulations.

战略的主要挑战包括比特币价格的波动，围绕数字资产的监管审查以及分析和技术领域的市场竞争。此外，随着行业的发展，战略可能会在扩展其运营时遇到障碍，同时保持符合不同法规的符合。

Shareholders have expressed concerns about the STRF development. The substantial fixed financial obligation of approximately $50 million annually in dividend payments, irrespective of Bitcoin's performance, poses significant financial risks.

股东对Strf开发表示关注。每年约有5000万美元的股息支付固定财务义务，无论比特币的绩效如何，都带来了重大的财务风险。

The main competitors for Strategy include companies like Tesla (NASDAQ:TSLA), Block (NYSE:SQ), and Coinbase (NASDAQ:COIN), which are also focusing on cryptocurrency investments and technology solutions, each navigating their distinct challenges and opportunities in the sector.

战略的主要竞争对手包括特斯拉（NASDAQ：TSLA），Block（NYSE：SQ）和Coinbase（NASDAQ：COIN）等公司，它们还专注于加密货币投资和技术解决方案，每个人都在该行业中面临着独特的挑战和机遇。

The stock also faces challenges from short positions by investors who question whether Strategy's stock price accurately reflects Bitcoin's fundamentals.

该股票还面临投资者的短职位面临的挑战，这些投资者质疑战略的股价是否准确反映了比特币的基本面。

Analysts have mixed sentiments about Strategy's future. While some see potential for continued growth due to Bitcoin's rising popularity, others warn that increased accessibility of Bitcoin investments might reduce reliance on Strategy's stock for indirect exposure.

分析师对策略的未来有不同的看法。尽管有些人认为由于比特币的普及而导致持续增长的潜力，但另一些人警告说，比特币投资的可及性可能会减少对策略对间接敞口的股票的依赖。

Capital Allocation and Investment Plans

资本分配和投资计划

Strategy plans to utilize the net proceeds from its recent stock offering for general corporate purposes, specifically targeting Bitcoin acquisitions, which underscores its commitment to digital assets.

利用其最近提供的股票收益来利用净收益的战略计划，用于一般公司目的，特别针对比特币收购，这强调了其对数字资产的承诺。

What's Next: Catalysts and Risks

接下来是什么：催化剂和风险

Looking ahead, the company analysts are optimistic about potential growth stemming from increased Bitcoin adoption and analytics development. However, investors should remain cautious of regulatory changes and market volatility, which could present risks to the stock's performance. Upcoming earnings reports and product announcements may add to stock movements in the near term.

展望未来，公司分析师对比特币采用和分析开发的潜在增长感到乐观。但是，投资者应该对监管变化和市场波动保持谨慎，这可能会给股​​票的业绩带来风险。即将到来的收益报告和产品公告可能会在短期内增加股票移动。

Relevant ETFs

相关的ETF

Invesco Bitcoin Strategy ETF (NYSE:BITO)

Invesco比特币策略ETF（NYSE：BITO）

Amplify Transformational Data Sharing ETF (NYSE:BLOK)

放大变换数据共享ETF（NYSE：BLOK）

Bitwise 10 Crypto Index Fund (CRYPTO:BAL

Bitwise 10加密指数基金（加密：BAL