Michael Saylor，收益率差距和優先股：比特幣策略深入探討

探索 Michael Saylor 的比特幣策略、MSTR 優先股之間的收益率差距以及 Metaplanet 的優先股方法。

Michael Saylor's name is pretty much synonymous with Bitcoin these days. From Strategy's massive BTC holdings to Metaplanet's foray into Bitcoin-backed finance, understanding the nuances of their financial instruments, especially preferred stock, is key. Let's unpack the story.

如今，邁克爾·塞勒（Michael Saylor）的名字幾乎就是比特幣的代名詞。從 Strategy 持有的大量比特幣到 Metaplanet 進軍比特幣支持的金融領域，了解其金融工具（尤其是優先股）的細微差別是關鍵。讓我們來解開這個故事。

Saylor's STRD vs. STRF: A Yield Tale

Saylor 的 STRD 與 STRF：收益故事

Saylor himself recently pointed out something interesting: a yield gap between Strategy's two preferred stock offerings, STRF and STRD. STRF, being the senior security, offers a safer, lower yield (around 9.1%), trading above par at $109. STRD, the junior security, comes with a higher risk but a juicier yield—around 12.7% while trading below par at $78. Think of it like this: STRF is your grandma's bond; STRD is that junk bond your crazy uncle keeps telling you about.

Saylor 本人最近指出了一些有趣的事情：Strategy 的兩種優先股產品 STRF 和 STRD 之間的收益率差距。 STRF 是高級證券，提供更安全、較低的收益率（約 9.1%），交易價格高於面值 109 美元。 STRD 是初級證券，風險較高，但收益率較高，約為 12.7%，交易價格低於面值 78 美元。可以這樣想：STRF 是你祖母的紐帶； STRD 是你瘋狂的叔叔一直告訴你的垃圾債券。

Saylor's puzzled why investors aren't flocking to STRD, given the significantly higher yield. His argument? Strategy isn't about to stiff STRD holders on dividend payments. Doing so would tank STRD's price, and, more importantly, it would hurt Strategy's ability to raise more capital for, you guessed it, more Bitcoin.

Saylor 很困惑，鑑於 STRD 的收益率顯著提高，為什麼投資者不蜂擁而至。他的論點？策略並不是要迫使 STRD 持有人支付股息。這樣做會降低 STRD 的價格，更重要的是，這會損害 Strategy 籌集更多資金（你猜對了，更多比特幣）的能力。

Metaplanet's Preferred Share Play

Metaplanet 的首選分享遊戲

Meanwhile, across the Pacific, Metaplanet is taking a similar, yet distinct, approach with preferred shares. Simon Gerovich, Metaplanet's president, is making the case that issuing preferred shares is a

與此同時，在太平洋彼岸，Metaplanet 對優先股採取了類似但又不同的做法。 Metaplanet 總裁 Simon Gerovich 認為，發行優先股是一種