MSTR宣布计划出售5亿美元的新永久优先股购买比特币

3月18日，战略创始人迈克尔·赛勒（Michael Saylor）（以前是微型策略）宣布了一项计划，出售价值5亿美元的新“永久优先股”（STRF）（strf）

On March 18, Michael Saylor, CEO of Strategy (formerly MicroStrategy) (NASDAQ:MSTR), announced plans to sell $500M new ‘perpetual preferred stock’ (STRF) for Bitcoin (BTC) buys.

3月18日，迈克尔·塞勒（Michael Saylor）（以前是MicroStrategy）（纳斯达克股票代码：MSTR）的首席执行官宣布了计划出售5亿美元的新“永久优先股”（Strf）（BTC）购买的计划。

Recently, the firm had issued another preferred stock ‘STRK’ for similar BTC objectives. This was part of the firm’s goal to raise $21B through stock issuance and another $21B through debt (convertible notes) for BTC buys.

最近，该公司为类似的BTC目标发行了另一个优先股的“ Strk”。这是该公司通过股票发行筹集21B美元的目标的一部分，而通过BTC购买的债务（可转换票据）筹集了21B美元。

Mixed views on Strategy’s plans

关于战略计划的混合观点

关于战略计划的混合观点

Clarifying the difference between Strategy’s new category of stock issuance, Bitwise’s Head of Alpha, Jeff Park, said, “You can buy STRK today for a 9.4% yield with upside convertibility or STRF for a 10% yield with virtually no redemption feature.”

杰夫·帕克（Jeff Park）Bitwise的Alpha负责人澄清策略的新股票发行类别之间的区别，他说：“您今天可以以9.4％的收益率购买Strk，并获得上涨空间或Strf的收益率，或者以10％的收益率购买，而几乎没有赎回功能。”

Simply put, STRK could be swapped for MSTR, but STRF doesn't have such a feature and carries more risk.

简而言之，可以将Strk换成MSTR，但是Strf没有这样的功能，并且具有更大的风险。

However, some crypto community members viewed Strategy’s ‘high leverage’ as a risk factor for the entire BTC market. One pseudonymous market analyst, Wazz Crypto, stated, “This id*ot is making Bitcoin uninvestable at this point. Can it even be digital gold anymore if it’s tied to the solvency of a single company?”

但是，一些加密社区成员将战略的“高杠杆”视为整个BTC市场的危险因素。一位化名市场分析师Wazz Crypto说：“此ID*OT目前无法使比特币无法投资。如果它与单个公司的偿付能力息息相关，甚至可以成为数字黄金吗？”

Another user, Simon Dixon, termed it a ‘next-level risk’ that could require a bailout if it goes under.

另一位用户西蒙·迪克森（Simon Dixon）称其为“下一级风险”，如果否则就需要救助。

“Strategy’s announcement of a perpetual 10% dividend paid in dollars—despite lacking sufficient dollar revenue & operating with a Bitcoin-based balance sheet—is next-level risk.”

“战略宣布永久性10％的股息以美元支付 - 尽管缺乏足够的美元收入，并且以基于比特币的资产负债表运营，这是下一级别的风险。”

However, Bitmex Research clarified that the firm could avoid paying MSTR and STRF holders dividends.

但是，BITMEX Research澄清说，该公司可以避免支付MSTR和Strf持有人的股息。

“Seems $MSTR can avoid paying these 10% to 18% dividends "for any reason." The likely outcome here is class A $MSTR shareholders never ever get a dividend payment.”

“出于任何原因，似乎$ MSTR可以避免支付这10％至18％的股息。“这里可能的结果是A级$ MSTR股东永远不会得到股息付款。”

Is Trump bailing out Strategy?

特朗普正在挽救战略吗？

特朗普正在挽救战略吗？

For his part, long-term BTC critic Peter Schiff termed the new stock issuance ‘ridiculous’ and added, “The only thing keeping it (BTC) from deflating completely is the Trump administration’s support. Once that goes, it’s all over for Bitcoin and $MSTR.”

长期的BTC评论家彼得·希夫（Peter Schiff）将新的股票发行“荒谬”称，并补充说：“唯一使它完全放弃的是特朗普政府的支持。一旦这样做，比特币和$ MSTR都结束了。”

Compared to last quarter, the firm’s BTC buying pace has slowed in 2025. On 16th March, it bought 130 BTC, increasing its stash to 499,226 coins - a 2.3% control of total BTC.

与上个季度相比，该公司的BTC购买速度在2025年放缓。3月16日，它购买了130 BTC，将其存储量增加到499,226个硬币 - 比总BTC的2.3％控制。

As of this writing, MSTR was valued at $282, down 48% from its recent highs of $543, following recent BTC losses. In the past two weeks, it fluctuated between $230 and $300 as BTC remained below $90K over the same period.

截至撰写本文时，MSTR的价值为282美元，在最近的BTC损失后，其最近的543美元高点下降了48％。在过去的两个星期中，由于BTC在同一时期仍低于$ 90K，它波动了230美元至300美元。

On a year-to-date (YTD) performance, MSTR held the risk-off sentiment better and was down only 5% compared to BTC’s 11% decline.

在年初至今的表现上，MSTR的风险情绪更好，而BTC的下降11％，仅下降了5％。

Last week, MSTR posted a 26% gain as BTC retested $85K, suggesting the stock could post a strong recovery if the cryptocurrency reversed its losses.

上周，由于BTC重新测试了85,000美元，MSTR的收益率为26％，这表明如果加密货币扭转了其损失，该股票可能会出现强劲的回收率。