出售高达21亿美元优先股以筹集资本以购买更多比特币购买的策略

迈克尔·塞勒（Michael Saylor）的战略以其积极的比特币积累策略而闻名，已宣布计划筹集多达21亿美元

Key Takeaways:

关键要点：

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.

迈克尔·塞勒（Michael Saylor）的战略（纳斯达克股票代码：Strg）以其积极的比特币（BTC）积累策略而闻名，他们计划通过出售其10％的AS Series A Perpetual Strife优先股，筹集多达21亿美元。

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

该披露日期为2025年5月22日，与TD证券，巴克莱资本和基准公司的销售协议连续发行股票。

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

根据股票“ strf”的交易，优先股于5月21日星期一收于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.

资本加薪与战略以前的筹款回合相似，其中许多人直接资助了大规模的比特币。

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.

虽然该文件并未明确指出收益将用于购买比特币，但此举激发了跨市场的猜测，即另一种主要的加密货币购买可能正在进行中。

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.

该产品允许MicroStrategy以市场价格或通过谈判的交易和阻止交易出售股票。没有托管安排 - 销售将随着公司的酌情决定而进行。所涉及的代理人有权获得总收益的最高2％的佣金，而优先股本身则具有10％的年股息，如果董事会宣布为每季度以现金支付。

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.

最新的发行还包括已经持有的永久优先股的850万股。新股份将携带相同的条款，包括100美元的清算优先权和投票权。

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.

如果发生重大变化，例如税收事件或公司业务的结构性转变，投资者有权享有常规股息和赎回权。

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.

如果未偿还股票计数降至签发总数的25％，或者发生合格的税收事件，策略还保留赎回优先股的权利。

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.

备案显示，如果发生“基本变更”，例如合并，销售或推荐，则股东可以要求公司以面值和未付股息以面值再回购其股份。

Strategy Could Become Top Publicly Traded Company in World

策略可能成为世界上最高的公开交易公司

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

战略分析师杰夫·沃尔顿（Jeff Walton）表示，该公司有一天可能会崛起，成为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.

沃尔顿（Walton）认为，该公司对比特币的前所未有的暴露，该比特币最近越过了104,000美元，这使它具有独特的优势。

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

沃尔顿说：“战略比其他任何公司都拥有更多的最佳资产和最原始的抵押品，”沃尔顿说。

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.

据报道，战略在其不断增长的比特币国库中又增加了7,390 BTC，在5月12日至18日的一周内，平均价格为每币103,498美元，支出了7.649亿美元。

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，策略总共持有576,230 BTC，平均每枚硬币的平均成本为69,726美元，最终累积到401.8亿美元。

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

该公司以比特币为重点的策略在2025年迄今为止的回报率为16.3％，得到了比特币的拉力赛的支持，超过了104,000美元。