出售高達21億美元優先股以籌集資本以購買更多比特幣購買的策略

邁克爾·塞勒（Michael Saylor）的戰略以其積極的比特幣積累策略而聞名，已宣布計劃籌集多達21億美元

Key Takeaways:

關鍵要點：

Michael Saylor’s Strategy (Nasdaq:STRG), known for its aggressive bitcoin (BTC) accumulation strategy, is planning to raise as much as $2.1 billion through a sale of its 10% Series A Perpetual Strife Preferred Stock.

邁克爾·塞勒（Michael Saylor）的戰略（納斯達克股票代碼：Strg）以其積極的比特幣（BTC）積累策略而聞名，他們計劃通過出售其10％的AS Series A Perpetual Strife優先股，籌集多達21億美元。

The disclosure dated May 22, 2025, sales agreement with TD Securities, Barclays Capital, and The Benchmark Company to issue shares on a continuous basis.

該披露日期為2025年5月22日，與TD證券，巴克萊資本和基準公司的銷售協議連續發行股票。

The preferred stock, trading under the ticker "STRF," closed at $100.65 on Monday, May 21.

根據股票“ strf”的交易，優先股於5月21日星期一收於100.65美元。

The capital raise follows a similar structure to Strategy's previous fundraising rounds, many of which directly funded large-scale bitcoin purchases.

資本加薪與戰略以前的籌款回合相似，其中許多人直接資助了大規模的比特幣。

While the filing does not explicitly state that the proceeds will be used to buy bitcoin, the move has sparked speculation across markets that another major crypto buy may be in the works.

雖然該文件並未明確指出收益將用於購買比特幣，但此舉激發了跨市場的猜測，即另一種主要的加密貨幣購買可能正在進行中。

The offering allows MicroStrategy to sell shares at market prices or through negotiated deals and block trades. There’s no escrow arrangement — sales will be conducted over time at the company’s discretion. The agents involved are entitled to up to 2% in commission from gross proceeds, and the preferred stock itself carries a 10% annual dividend, paid quarterly in cash if declared by the board.

該產品允許MicroStrategy以市場價格或通過談判的交易和阻止交易出售股票。沒有託管安排 - 銷售將隨著公司的酌情決定而進行。所涉及的代理人有權獲得總收益的最高2％的佣金，而優先股本身則具有10％的年股息，如果董事會宣佈為每季度以現金支付。

The latest issuance comes in addition to the 8.5 million shares of the perpetual preferred stock already outstanding. The new shares will carry the same terms, including a $100 liquidation preference and voting rights.

最新的發行還包括已經持有的永久優先股的850萬股。新股份將攜帶相同的條款，包括100美元的清算優先權和投票權。

Investors are entitled to regular dividends and redemption rights in the event of significant changes, such as tax events or structural shifts in the company’s business.

如果發生重大變化，例如稅收事件或公司業務的結構性轉變，投資者有權享有常規股息和贖回權。

Strategy also retains the right to redeem the preferred stock if the outstanding share count drops below 25% of the total ever issued or if a qualifying tax event occurs.

如果未償還股票計數降至簽發總數的25％，或者發生合格的稅收事件，策略還保留贖回優先股的權利。

If a “fundamental change” takes place, such as a merger, sale, or delisting, shareholders can require the company to repurchase their shares at face value plus unpaid dividends, according to the filing.

備案顯示，如果發生“基本變更”，例如合併，銷售或推薦，則股東可以要求公司以面值和未付股息以面值再回購其股份。

Strategy Could Become Top Publicly Traded Company in World

策略可能成為世界上最高的公開交易公司

Jeff Walton, an analyst at Strategy, has said the firm may one day rise to become the top publicly traded company in the world.

戰略分析師傑夫·沃爾頓（Jeff Walton）表示，該公司有一天可能會崛起，成為全球最高交易的公司。

Walton believes the company’s unprecedented exposure to bitcoin, which recently crossed $104,000, gives it a unique edge.

沃爾頓（Walton）認為，該公司對比特幣的前所未有的暴露，該比特幣最近越過了104,000美元，這使它具有獨特的優勢。

“Strategy holds more of the best asset and most pristine collateral on the planet than any other company, by multiples,” Walton said.

沃爾頓說：“戰略比其他任何公司都擁有更多的最佳資產和最原始的抵押品，”沃爾頓說。

As reported, Strategy added another 7,390 BTC to its growing bitcoin treasury, spending $764.9 million during the week of May 12-18 at an average price of $103,498 per coin.

據報導，戰略在其不斷增長的比特幣國庫中又增加了7,390 BTC，在5月12日至18日的一周內，平均價格為每幣103,498美元，支出了7.649億美元。

As of May 18, Strategy held a total of 576,230 BTC, acquired at an average cost of $69,726 per coin, ultimately accumulating to $40.18 billion.

截至5月18日，策略總共持有576,230 BTC，平均每枚硬幣的平均成本為69,726美元，最終累積到401.8億美元。

The company’s bitcoin-focused strategy has yielded a 16.3% return so far in 2025, supported by bitcoin’s rally above $104,000.

該公司以比特幣為重點的策略在2025年迄今為止的回報率為16.3％，得到了比特幣的拉力賽的支持，超過了104,000美元。