罢工（Strk），比特币买方战略（MSTR）发行的优先股已列出了一个月以上，目前比2月5日的介绍高3％。

另一方面，策略的普通股在同一时期降低了20％。

Strike (STRK), the preferred stock issued by bitcoin buyer Strategy (MSTR) has been listed for just over a month and is currently 3% higher than at its Feb. 5 introduction.

罢工（Strk），比特币买方战略（MSTR）发行的优先股已列出了一个月以上，目前比2月5日的介绍高3％。

Strategy's common stock, on the other hand, is 20% lower over the same period.

另一方面，策略的普通股在同一时期降低了20％。

Preferred stock like STRK can be thought of as a hybrid of equity and debt. Holders have a greater right to dividend payments than common stock owners if the company makes them and also to the company's assets in the event of a liquidation. STRK is a perpetual issue, which lacks a maturity date (like equity) and pays a fixed dividend (like debt).

像Strk这样的优先股可以被认为是股本和债务的混合体。如果公司制造公司以及在清算时，持有人拥有比普通股所有者更大的股息支付权。 Strk是一个永恒的问题，缺乏到期日期（如股权），并支付固定的股息（如债务）。

Those features mean preferred stock tends to be less volatile than the common stock. That certainly seems to be the case for STRK. According to Strategy's dashboard, STRK has a 26% correlation with MSTR and a slightly negative -7% correlation with bitcoin (BTC). It's also less volatile, at 49%, compared with bitcoin’s roughly 60% and MSTR’s volatility exceeding 100%.

这些特征意味着优先股往往比普通股挥发性较小。对于Strk来说，情况肯定是这种情况。根据策略的仪表板，Strk与MSTR有26％的相关性，与比特币（BTC）的相关性略有-7％。它的波动性也较小，为49％，而比特币的大约60％，MSTR的波动率超过100％。

Last week, Strategy announced a $21 billion at-the-market (ATM) offering for STRK. That is, it's prepared to sell up to that amount of the stock at the current market price over a period of time.

上周，Strategy宣布了210亿美元的市场（ATM）产品。也就是说，它准备在一段时间内以当前市场价格出售该股票的数量。

If all the STRK is sold, the company would face a total annual dividend bill of about $1.68 billion.

如果出售了所有Strk，该公司将面临约16.8亿美元的年度股息账单。

Generating that amount of cash means the company would either to sell common stock through an ATM offering — unlikely given the depressed share price as of late —or use cash generated from operations or proceeds from any convertible debt raised.

产生这一数额的现金意味着该公司要么通过ATM产品出售普通股（鉴于最近股价降低，要么使用运营产生的现金或从任何可转换债务的收益中产生的现金。

STRK offers an 8% annual dividend yield based on its $100 liquidation preference and at the currently price of $87.45, offers an effective yield of around 9%. As with debt, the higher the STRK price, the lower the yield, and vice versa.

Strk根据其100美元的清算偏好提供8％的年度股息收益率，目前以87.45美元的价格提供有效收益率约为9％。与债务一样，Strk价格越高，收益率越低，反之亦然。

STRK also includes a feature allowing each share to be converted into 0.1 share of common stock, equivalent to a 10-to-1 ratio, when the MSTR price reaches or exceeds $1,000. Strategy stock closed at $262.55 on Wednesday, for the option to become viable it would have to appreciate significantly, offering potential upside beyond STRK’s fixed dividend.

Strk还包括一项功能，允许将每股股票转换为0.1份的普通股，相当于10到1比率，当MSTR价格达到或超过$ 1,000时。策略股票周三收于262.55美元，为了使其可行的选择值得注意，为Strk固定股息提供了潜在的上升空间。

As an income-generating product with lower volatility, STRK presents a more stable option with potential upside. However, the massive ATM offering could impact this potential upside, similar to how ATM share sales have affected the common stock’s performance.

作为一种产生较低波动性的收入产生产品，Strk提出了一种更稳定的选择，并具有潜在的上升空间。但是，大规模的ATM产品可能会影响这种潜在的上涨空间，类似于ATM共享销售如何影响普通股的绩效。