策略推出了21億美元的市場股票（ATM）股票計劃（Strf）優先股

戰略已經為其衝突（Strf）優先股推動了21億美元的市場股票計劃（ATM）股票計劃，這是該公司長期戰略的另一步驟

Strategy is launching a $2.1 billion At-The-Market (ATM) equity program for its Strife (STRF) preferred stock, a step in the firm’s long-term strategy to build a Bitcoin-backed financial architecture, CEO and President Phong Lee announced during an investor update on Wednesday.

CEO和Phong Lee在周三的投資者最新消息中宣布，戰略正在為其衝突（STRF）優先股啟動21億美元的股票（ATM）股權計劃，這是該公司長期戰略的一步，以建立比特幣支持的金融建築。

The announcement was made by Lee, who joined the investor update with Strategy Executive Chairman Michael Saylor.

該公告是由李（Lee）與戰略執行董事長邁克爾·塞勒（Michael Saylor）一起加入了投資者更新的。

According to Lee, strong year-to-date results from the firm’s Bitcoin-linked securities Strike (STRK) and Strife (STRF) gave Strategy the confidence to expand its fundraising strategy.

根據李的說法，該公司與比特幣連接的證券罷工（Strk）和Chrife（STRF）的強勁年底結果使策略具有擴展其籌款策略的信心。

“We’re currently at 16.3% BTC yield for the year, against a 25% target,” Lee said. “BTC dollar gain is $7.7 billion so far, on track toward our $15 billion target.”

李說：“我們目前在今年的BTC收益率為16.3％，目標是25％。” “到目前為止，BTC Dollar收益為77億美元，正朝著我們150億美元的目標邁進。”

Both instruments have outperformed expectations since launch. Strike is up 24% from its initial price of $80 to nearly $100. Meanwhile, Strife, which was priced at $85 just two months ago, now trades around $98.80—a 16% increase. By comparison, similarly structured preferreds in the market have declined by 3–5% over the same period.

自推出以來，這兩種樂器的期望都超出了期望。罷工比其初始價格$ 80到近100美元的罷工增長了24％。同時，衝突的價格僅在兩個月前的85美元，現在的交易約為98.80美元，增長了16％。相比之下，同一時期的市場中類似結構化的偏好下降了3-5％。

In the last 30 days alone, Strike rose 17% and Strife 12%, bringing both instruments closer to par value.

僅在過去的30天中，罷工上漲了17％，衝突增長了12％，使這兩種樂器都更接近標準桿的價值。

Lee also highlighted the liquidity profile of these instruments, citing average daily trading volumes of $31 million for Strike and $23 million for Strife. “That’s 60x what we typically see in comparable preferreds,” he noted.

李還強調了這些工具的流動性概況，理由是每日罷工的平均銷售量為3100萬美元，衝突的2300萬美元。他指出：“那是我們通常在可比的偏好中看到的60倍。”

The company previously executed $212 million through Strike’s ATM without any adverse pricing pressure. Given the trading volume and investor demand, Lee said the company believes the $2.1 billion Strife ATM can be executed in a similar fashion.

該公司以前通過Strike的ATM執行了2.12億美元，而沒有任何不利的定價壓力。李說，鑑於交易量和投資者的需求，該公司認為可以以類似方式執行21億美元的衝突ATM。

Strife is a perpetual preferred stock with a 10% coupon and sits at the top of Strategy’s capital stack. Saylor described it as “the crown jewel” of the company’s preferred offerings.

爭吵是一種永久優先股，擁有10％的優惠券，位於戰略資本堆棧的頂部。 Saylor將其描述為公司首選產品的“皇冠上的珠寶”。

“We’re going to be ten times as careful with Strife,” Saylor said. “Our goal is for it to be seen as investment-grade fixed income—a high-quality instrument with robust protections.”

塞勒說：“我們將要謹慎地進行十倍的衝突。” “我們的目標是將其視為投資級固定收益，這是一種具有強大保護的高質量工具。”

Strike, by contrast, is positioned for what Saylor called “Bitcoin-curious” investors. It carries an 8% coupon and includes upside through Bitcoin conversion. “Think of it like a Bitcoin fellowship with a stipend,” Saylor said.

相比之下，罷工定位為Saylor所說的“比特幣有趣”的投資者。它帶有8％的優惠券，並通過比特幣轉換包括上升空間。塞勒說：“將其視為津貼的比特幣獎學金。”

Strategy now operates three ATM programs: $21 billion each for MSTR equity and Strike, and $2.1 billion for Strife. These programs are rebalanced daily, with issuance adjusted based on market conditions, volatility and investor demand.

策略現在運營三個ATM計劃：MSTR股權和罷工每人210億美元，衝突為21億美元。這些計劃每天都重新平衡，並根據市場條件，波動性和投資者需求進行調整。

According to Saylor, this dynamic structure allows the company to optimize Bitcoin acquisition and capital deployment across changing market environments.

根據Saylor的說法，這種動態結構使公司能夠優化跨不斷變化的市場環境的比特幣採集和資本部署。

Behind this strategy sits Strategy’s Bitcoin treasury, now totaling 576,230 BTC—roughly $60 billion in value. “That permanent capital is the foundation for everything we’re building,” Saylor said.

該戰略背後是策略的比特幣國庫，現在總計576,230 BTC，價值600億美元。塞勒說：“永久資本是我們正在建造的一切的基礎。”

While several firms are applying to list spot Bitcoin ETFs, Strategy continues to offer a more nuanced set of instruments—each targeting different levels of risk, return and compliance. The Strife ATM is the latest move in that broader strategy.

雖然幾家公司申請列出現貨比特幣ETF，但戰略仍在繼續提供更細微的工具集，以針對不同水平的風險，回報和合規性。衝突ATM是該更廣泛策略的最新舉動。