策略推出了21亿美元的市场股票（ATM）股票计划（Strf）优先股

战略已经为其冲突（Strf）优先股推动了21亿美元的市场股票计划（ATM）股票计划，这是该公司长期战略的另一步骤

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在周三的投资者最新消息中宣布，战略正在为其冲突（STRF）优先股启动21亿美元的股票（ATM）股权计划，这是该公司长期战略的一步，以建立比特币支持的金融建筑。

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

该公告是由李（Lee）与战略执行董事长迈克尔·塞勒（Michael Saylor）一起加入了投资者更新的。

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.

根据李的说法，该公司与比特币连接的证券罢工（Strk）和Chrife（STRF）的强劲年底结果使策略具有扩展其筹款策略的信心。

“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.”

李说：“我们目前在今年的BTC收益率为16.3％，目标是25％。” “到目前为止，BTC Dollar收益为77亿美元，正朝着我们150亿美元的目标迈进。”

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.

自推出以来，这两种乐器的期望都超出了期望。罢工比其初始价格$ 80到近100美元的罢工增长了24％。同时，冲突的价格仅在两个月前的85美元，现在的交易约为98.80美元，增长了16％。相比之下，同一时期的市场中类似结构化的偏好下降了3-5％。

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

仅在过去的30天中，罢工上涨了17％，冲突增长了12％，使这两种乐器都更接近标准杆的价值。

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.

李还强调了这些工具的流动性概况，理由是每日罢工的平均销售量为3100万美元，冲突的2300万美元。他指出：“那是我们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.

该公司以前通过Strike的ATM执行了2.12亿美元，而没有任何不利的定价压力。李说，鉴于交易量和投资者的需求，该公司认为可以以类似方式执行21亿美元的冲突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.

争吵是一种永久优先股，拥有10％的优惠券，位于战略资本堆栈的顶部。 Saylor将其描述为公司首选产品的“皇冠上的珠宝”。

“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.”

塞勒说：“我们将要谨慎地进行十倍的冲突。” “我们的目标是将其视为投资级固定收益，这是一种具有强大保护的高质量工具。”

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，罢工定位为Saylor所说的“比特币有趣”的投资者。它带有8％的优惠券，并通过比特币转换包括上升空间。塞勒说：“将其视为津贴的比特币奖学金。”

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.

策略现在运营三个ATM计划：MSTR股权和罢工每人210亿美元，冲突为21亿美元。这些计划每天都重新平衡，并根据市场条件，波动性和投资者需求进行调整。

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

根据Saylor的说法，这种动态结构使公司能够优化跨不断变化的市场环境的比特币采集和资本部署。

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.

该战略背后是策略的比特币国库，现在总计576,230 BTC，价值600亿美元。塞勒说：“永久资本是我们正在建造的一切的基础。”

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.

虽然几家公司申请列出现货比特币ETF，但战略仍在继续提供更细微的工具集，以针对不同水平的风险，回报和合规性。冲突ATM是该更广泛策略的最新举动。