Michael Saylor，收益率差距和优先股：比特币策略深入探讨

探索 Michael Saylor 的比特币策略、MSTR 优先股之间的收益率差距以及 Metaplanet 的优先股方法。

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，迈克尔·塞勒（Michael Saylor）的名字几乎就是比特币的代名词。从 Strategy 持有的大量比特币到 Metaplanet 进军比特币支持的金融领域，了解其金融工具（尤其是优先股）的细微差别是关键。让我们来解开这个故事。

Saylor's STRD vs. STRF: A Yield Tale

Saylor 的 STRD 与 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 的两种优先股产品 STRF 和 STRD 之间的收益率差距。 STRF 是高级证券，提供更安全、较低的收益率（约 9.1%），交易价格高于面值 109 美元。 STRD 是初级证券，风险较高，但收益率较高，约为 12.7%，交易价格低于面值 78 美元。可以这样想：STRF 是你祖母的纽带； STRD 是你疯狂的叔叔一直告诉你的垃圾债券。

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，鉴于 STRD 的收益率显着提高，为什么投资者不蜂拥而至。他的论点？策略并不是要迫使 STRD 持有人支付股息。这样做会降低 STRD 的价格，更重要的是，这会损害 Strategy 筹集更多资金（你猜对了，更多比特币）的能力。

Metaplanet's Preferred Share Play

Metaplanet 的首选分享游戏

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

与此同时，在太平洋彼岸，Metaplanet 对优先股采取了类似但又不同的做法。 Metaplanet 总裁 Simon Gerovich 认为，发行优先股是一种