# Preferred Stock的所有文章

在 HTX 新聞中心流覽與「Preferred Stock」相關的最新資訊與深度分析。潘蓋市場趨勢、專案動態、技術進展及監管政策，提供權威的加密行業洞察。

Peter Schiff Claims Strategy's STRC Plan Harms MSTR Shareholders

On July 31st, pressure on MicroStrategy Inc. (MSTR) shares increased after the company's Q2 earnings release. Prominent bitcoin critic Peter Schiff criticized the firm's stated goal of maintaining its STRC preferred shares near their $100 stated value. Schiff argued this policy creates a direct conflict, prioritizing STRC holders over common shareholders (MSTR) and potentially harming the latter's returns. MicroStrategy describes the STRC structure, which pays variable monthly dividends aiming for a ~$100 price, as part of its digital capital strategy to stabilize funding for bitcoin acquisitions. Management has bolstered dollar reserves to ~$3.75B to cover dividend obligations and repurchased STRC shares, demonstrating commitment to this structure. Investors are divided. Schiff contends the model could dilute common shareholders for the benefit of preferred security holders. Others, like Grayscale Research, view recent bitcoin sales and STRC's price recovery as reducing financing risk and boosting market confidence in the capital structure. The key test will be how MicroStrategy balances future bitcoin buys, STRC dividend obligations, possible buybacks, and market pressure on MSTR shares.

cryptonews.ru07/31 20:47

Peter Schiff Claims Strategy's STRC Plan Harms MSTR Shareholders

cryptonews.ru07/31 20:47

Additional $450 million fails to lift the price, what STRC truly lacks is never money

Despite raising an additional $450 million, shares of Strategy's (STRC) preferred stock fell, highlighting a deep-seated crisis of investor confidence rather than a lack of capital. The company, the world's largest corporate holder of Bitcoin, now boasts $3 billion in cash reserves, theoretically sufficient to cover dividends for 20 months. However, STRC's price remains at a 13% discount to its $100 face value. The core issue is a severe erosion of trust in founder Michael Saylor. His repeated reversals on key commitments—such as promises not to sell Bitcoin or dilute shares below a certain threshold, which were later broken—have damaged credibility. Market skepticism persists despite the high dividend yield, as STRC lacks the guarantees of a deposit account or money market fund. Ultimately, no amount of cash can restore the confidence repeatedly compromised by management's inconsistent actions.

marsbit07/15 01:58

Additional $450 million fails to lift the price, what STRC truly lacks is never money

marsbit07/15 01:58

After 13% Daily Distribution, Why Did SATA Still Fall?

Strive Asset Management's BTC-linked preferred stock SATA transitioned from monthly to daily dividend distributions on June 16, with a current annualized yield of 13%. Despite this change, SATA's price fell approximately 9.9% from June 22 to June 26. The analysis highlights that this decline reflects fundamental credit and structural risks, not simply dividend frequency. SATA represents a perpetual, cumulative preferred equity interest in Strive, not a direct Bitcoin-backed bond. Its dividends depend on Strive's corporate credit and access to capital markets. While Strive's Bitcoin holdings grew from 15,009 to 19,864 BTC between May 12 and June 18, SATA's outstanding shares grew faster (from ~4.96 million to ~7.83 million). Coupled with a drop in BTC price, the pure Bitcoin coverage ratio for SATA's stated amount fell from ~2.44x to ~1.52x. A further ~34.3% decline in BTC to ~$39,416 would bring this coverage to 1.0x. Daily dividends smooth cash flow for investors and reduce dividend-capture trading, but do not eliminate price volatility or credit risk. SATA now trades at a ~12.25% discount to its $100 stated amount, implying a market yield of ~14.81% and a credit spread of ~1,117 bps over SOFR. Key risks include a negative feedback loop if SATA trades below par, making new issuance dilutive; reliance on capital markets for dividend funding despite a ~17-month cash buffer; and the perpetual nature of the security, where dividends can be deferred. In summary, SATA innovates by providing daily income from a Bitcoin-focused corporate balance sheet, but its recent price action underscores its exposure to Bitcoin valuation, company-specific financing risks, and perpetual duration. The market is repricing it from a near-par yield product to a deeply discounted high-risk credit instrument.

marsbit07/13 02:04

After 13% Daily Distribution, Why Did SATA Still Fall?

marsbit07/13 02:04

The Preferred Stock Domino Effect: Strive Incurs a 7.08 Million Dollar Loss, Strategic Risk Spreading in a Chain Reaction

"Priority Stock Domino Effect": Strive's $7.08 Million Loss Reveals Chain-Reaction Risk in Bitcoin Reserve Sector Bitcoin reserve company-issued preferred shares are no longer just yield assets but a credit test for balance sheet health. While focus remains on Strategy, Strive, the 7th largest public Bitcoin holder, disclosed a tangible spillover effect: its holding of Strategy's (STRC) preferred shares lost $7.08 million in fair value over eight days, despite no change in share count. This exposes a clear cross-company risk transmission channel within the sector. Strive's filing shows its 505,000 STRC shares fell from ~$88.59 to ~$74.57 per share. While Strive remains solvent with 19,864 BTC and $141.7M cash, the loss signals that preferred stock risks can spread via inter-company holdings, shifting their perception from stable income to credit-like, high-risk assets dependent on issuer liquidity and dividend sustainability. In response, Strategy unveiled a "Digital Credit Capital Framework," raising STRC's annual dividend to 12%, mandating a 12-month cash reserve for dividends, and authorizing up to $1B each for STRC/common stock buybacks and a $1.25B Bitcoin sale plan to bolster reserves. This marks a shift to active credit risk management, formally incorporating potential Bitcoin sales to stabilize its capital structure. Third-party valuation tools, like Farside's calculator estimating STRC's net present value at ~$49.89, highlight that pricing now hinges critically on perpetual dividend sustainability and the issuer's ability to pay amid market volatility. Bitcoin's price (~$62k) remains below Strategy's average cost basis ($75,651), intensifying focus on reserve policies. The market faces two scenarios: 1) Contained risk, where STRC's discount narrows and stress is limited to Strategy; or 2) Systemic risk, where deep STRC discounts persist, dividend hikes fail, Bitcoin sales commence, and pressure spreads to other issuers like Strive's SATA shares. Key indicators to watch are STRC/SATA discount levels, dividend coverage credibility, equity issuance rates, and any actual Bitcoin divestment. Strive's future reports will be crucial in determining if its loss is an isolated event or the first sign of sector-wide credit risk contagion via preferred shares.

marsbit07/09 09:01

The Preferred Stock Domino Effect: Strive Incurs a 7.08 Million Dollar Loss, Strategic Risk Spreading in a Chain Reaction

marsbit07/09 09:01

Blood Loss of $55 Million Selling 3,588 BTC, Strategy Becomes a Literal Scumbag

On July 6th, Strategy (formerly MicroStrategy) disclosed in an SEC filing that it sold 3,588 Bitcoin (BTC) between June 29th and July 5th for approximately $216 million, at an average price of ~$60,200. This marked the company's largest net sale since initiating its Bitcoin strategy in 2020 and its first institutionalized reduction of its core holding. The sale resulted in a realized loss of about $54.8 million, as the selling price was below its average cost basis of ~$75,476 per BTC. The proceeds were used to pay preferred stock dividends and replenish USD reserves. This move follows a new "Digital Credit Capital Framework" approved on June 29th, authorizing the sale of up to $1.25 billion in Bitcoin. The sale consumes roughly 17% of this authorized amount in its first week. Strategy's foundational narrative, built by founder Michael Saylor, was a commitment to "never sell" Bitcoin. The recent institutionalized selling framework and these substantial sales represent a significant shift from that original promise. While the amount sold is only 0.4% of Strategy's total holdings of 843,775 BTC, the action challenges the premium at which its stock (MSTR) trades relative to its Bitcoin holdings. Investors had priced in the "never sell" narrative. The company now faces a contradiction: it sells Bitcoin at a loss to pay dividends on the preferred stock it issued to fund Bitcoin purchases. Saylor has framed selling as a tool for future strategic purchases, but each sale erodes the credibility of the original commitment, potentially threatening the premium valuation of MSTR shares.

Foresight News07/07 06:05

Blood Loss of $55 Million Selling 3,588 BTC, Strategy Becomes a Literal Scumbag

Foresight News07/07 06:05

High-Yield, No Debt, No Dilution: Why Bitcoin Treasury Companies Are Aggressively Promoting Preferred Stock Financing?

Bitcoin-backed preferred shares, led by companies like Strategy and followed by newer entrants such as Strive, have grown to a roughly $13 billion market in under two years. These instruments offer high yields, attracting significant capital. A 2026 report by BitcoinTreasuries.net and Apyx projects this segment could grow from nearly 1% to 3-5% of the global $1.3 trillion preferred share market by 2030, with long-term potential reaching 10%. This financial tool addresses a core dilemma for companies holding Bitcoin as a treasury asset. It allows firms like Michael Saylor's Strategy to raise long-term capital for purchasing more Bitcoin without diluting common shareholders or taking on debt with fixed repayment schedules. In exchange, preferred shareholders receive priority dividends, converting Bitcoin's volatility into a stable income product for yield-focused investors. Yields on these securities, ranging from 10.8% to 15.2%, far exceed traditional savings accounts. Strategy's issues dominate the market, with Strive's offering being a smaller player. The report identifies strong institutional demand, potentially reaching $10.9-$21.8 billion, but supply is constrained by the limited pool of corporate-held Bitcoin available as collateral—approximately 1.26 million BTC valued around $83 billion. A key safety feature is the high collateral coverage ratio of 3.8x to 4.5x, meaning each dollar of preferred equity is backed by $3.8-$4.5 in Bitcoin. Issuers require clean balance sheets and substantial scale. Risks are structural: companies like Strategy act as volatility amplifiers, and dividend sustainability relies on continued capital raises during Bitcoin price appreciation. However, both Strategy and Strive maintain cash reserves to cover at least 12 months of payments. The market is currently in a "0 to 1" phase where demand significantly outpaces supply, favoring early issuers.

marsbit07/03 01:38

High-Yield, No Debt, No Dilution: Why Bitcoin Treasury Companies Are Aggressively Promoting Preferred Stock Financing?

marsbit07/03 01:38

Why is the STRC Preferred Stock Unlikely to Return to $100?

## Summary **Title: Why is STRC Preferred Stock Struggling to Return to $100?** The article analyzes the challenges facing STRC preferred stock in returning to its designed $100 price level. The original mechanisms to support the $100 price included an adjustable dividend yield, Strategy's right to buy back shares at $101, and a $100 per share liquidation claim in case of bankruptcy. However, these mechanisms are currently failing to function effectively. **Key Points:** * **Dividend Adjustments are Ineffective:** Increasing the dividend rate to attract investors is unlikely to work. It would place a greater financial burden on the issuer, Strategy, and high dividends in a difficult environment can be perceived negatively. Dividend payments are not guaranteed and depend on board discretion, creating significant uncertainty for investors. * **The $100 Claim is Largely Theoretical:** The $100 per share claim in bankruptcy is a key theoretical support, but its practical value is questionable. STRC, as preferred stock, has no maturity date, so investors can only recover principal if Strategy initiates a buyback or goes bankrupt. Strategy's current low leverage (11%) makes bankruptcy highly unlikely unless Bitcoin's price collapses to extreme lows (~$6,600). Even in a bankruptcy scenario, preferred stockholders' claims are subordinate to bondholders, making full recovery of the $100 unlikely. * **No Fundamental Reason for a $100 Price:** Given the weak dividend guarantee and the limited practical value of the bankruptcy claim, there is no fundamental reason for STRC to trade near $100. Its market price is instead determined by investor assessment of its risks. * **Current Market Pricing Reflects Risk:** Trading around $75, STRC offers an effective dividend yield of 15.3%, implying the market is demanding a risk premium of roughly 3.8% over the stated 11.5% rate due to the perceived uncertainties. The article suggests the price could fall further if investors demand an even higher yield (e.g., to $57.5 for a 20% yield). **Conclusion:** The core mechanisms designed to support STRC's $100 price are not functioning. The dividend is uncertain, and the bankruptcy claim offers little real protection. Therefore, STRC's price is converging to a market-determined level that reflects these significant risks, with no inherent driver to push it back to $100.

Foresight News06/29 10:02

Why is the STRC Preferred Stock Unlikely to Return to $100?

Foresight News06/29 10:02

STRC Falls Below $80, Can Conservative Investors Still Buy the Dip?

The article analyzes whether the STRC (a perpetual preferred stock issued by MicroStrategy) presents a buying opportunity after its price fell below its $100 par value to around $80, offering a seemingly high yield of 13-15%. The core argument is that STRC's discount reflects market skepticism about the sustainability of MicroStrategy's capital structure model, not just temporary panic. This model relies on issuing securities (like STRC) to raise funds to buy more Bitcoin, a "flywheel" that works in a bull market. The recent small sale of BTC to fund dividends, while minor, broke the psychological "never sell" anchor and signaled potential strain. Key risks identified are not a traditional Ponzi collapse but a potential breakdown in the financing narrative: 1) If Bitcoin enters a deep bear market, crushing MicroStrategy's stock premium (mNAV), its ability to raise cheap capital weakens. 2) If STRC remains deeply discounted, it signifies permanently higher funding costs. 3) The high cash dividend yield represents a significant ongoing expense. 4) If selling BTC to pay dividends becomes routine, the bullish narrative reverses. The conclusion is that STRC is not a risk-free high-yield asset. It is a high-coupon bet on whether MicroStrategy's BTC treasury financing model can withstand a bear market. Buying it is a wager that the market will continue to believe in and fund this structure at acceptable costs. The current price asks if this cycle's "casualty" might be a BTC treasury company's融资 model itself.

marsbit06/26 02:56

STRC Falls Below $80, Can Conservative Investors Still Buy the Dip?

marsbit06/26 02:56

Preferred Stock Is Not the Trigger for Corporate Bankruptcy, MicroStrategy's Dollar Reserves Can Cover Dividend and Interest Payments Until February 2027

Preferred Shares Are Not the Catalyst for Corporate Bankruptcy; MicroStrategy's Dollar Reserves Can Cover Dividend and Interest Payments Until February 2027. This article analyzes the nature of preferred shares used by MicroStrategy (MSTR). Legally equity but economically similar to debt, these shares, including its Bitcoin-linked STR convertible preferred notes (STRC), offer fixed or floating dividends. Crucially, MicroStrategy's preferred shares lack rigid redemption clauses, meaning they are not classified as traditional debt. This eliminates principal repayment pressure and means missed dividends do not constitute default or trigger bankruptcy, creating a "self-contradictory virtuous cycle." The article clarifies that if funds are short, MicroStrategy can defer or suspend preferred share dividends (except for non-cumulative types like STRD) without immediate risk. The real potential crisis point lies with its convertible bonds. If a prolonged bear market prevents conversion, MicroStrategy might need to sell Bitcoin to repay these bonds starting from the earliest maturity in September 2027, potentially creating a downward spiral. Preferred dividend suspensions would only exacerbate market panic in such a scenario. Recent financial activity shows MicroStrategy strengthened its position through four weeks of common stock (MSTR) issuances, raising over $851 million without issuing new preferred shares. It increased its dollar reserves to approximately $1.4 billion, which is sufficient to cover all preferred share dividends and interest until around March 2027. While Bitcoin purchases slowed recently, this prioritization of cash reserves enhances the company's near-term financial safety. The analysis concludes that if the Bitcoin bear market ends by early 2025 as anticipated, MicroStrategy can resume issuing MSTR stock in a rising market to replenish reserves and manage future dividend obligations, thereby reducing the long-term pressure from its preferred share structure.

marsbit06/24 00:04

Preferred Stock Is Not the Trigger for Corporate Bankruptcy, MicroStrategy's Dollar Reserves Can Cover Dividend and Interest Payments Until February 2027

marsbit06/24 00:04

Will the STRC Issue Price Determined by ChatGPT Really Fall into a Death Spiral?

"Strategy's" (STRC) preferred share, a financial instrument designed by CEO Michael Saylor in consultation with AI to trade steadily at $100, faces mounting pressure. Since its July 2025 launch alongside a ~40% Bitcoin price drop, STRC has traded at a steep discount, hitting a low of $82.53. This discount pushes its effective dividend yield above 12.9%. The core debate revolves around whether STRC's structure is sustainable or a "centralized Ponzi scheme," as economist Peter Schiff claims. The mechanism relies on issuing new shares ("at-the-market" offerings) to fund Bitcoin purchases and dividend payments. However, the deep discount has paused these ATM offerings, slowing Bitcoin accumulation and forcing a minor sale of 32 BTC to cover obligations. Proponents, like The Smarter Web Company's Jesse Myers, argue the sell-off is a leveraged unwinding, not a fundamental failure. They note Strategy has ample resources to cover dividends for years if Bitcoin appreciates modestly. The deep discount also makes STRC attractive for yield-seeking buyers, as dividends are calculated on the $100 face value. The key test is whether Strategy can maintain dividends without sustained Bitcoin sales. A critical watchpoint is June 30th, when STRC switches to semi-monthly dividends. An automatic rule will likely raise the dividend rate further because the price remains below $95$, potentially creating a "death spiral": lower prices trigger higher yields, increasing the cash burden and forcing more dilution or asset sales. The question of whether this AI-designed "flywheel" is a stable instrument or a flawed accelerator will be answered by its price action and Strategy's funding choices in the coming months.

链捕手06/23 09:32

Will the STRC Issue Price Determined by ChatGPT Really Fall into a Death Spiral?