MicroStrategy旗舰优先股即将开始支付每日股息，这是迈克尔·赛勒重启比特币累加器停滞的融资机器的最新举措。
Inc.’s flagship preferred shares will soon begin paying a daily dividend, the latest maneuver by Michael Saylor to revive the Bitcoin accumulator’s sputtering fundraising machine.
股东们星期三批准了这一变更，这是不到五个月内第二次尝试，旨在重启赛勒——该公司联合创始人兼董事长——所指定的公司主要融资来源的需求。今年6月，Strategy将支付频率改为每两周一次，而非每月一次，同时STRC优先股的股价随加密货币价值下跌。
Shareholders approved the change Wednesday, the second attempt in less than five months to jumpstart demand for what Saylor — the co-founder and chairman — has designated as the company’s main funding source. In June, Strategy shifted to semi-monthly payments from monthly while the price of the STRC preferred issue tumbled along with the value of the cryptocurrency.
赛勒指望每日股息足以激励个人投资者重新买入这些证券，而这些证券在去年的首次发行时，正是个人投资者成为最大买家之一。Strategy需要这些证券——提供12%的年收益率——以平价或更高价格交易，才能使其发行成本合理。每日股息将于11月1日开始。
Saylor is counting on the daily payments to be enough of an incentive to restart demand from individual investors, who were among the biggest buyers of the securities when they were first introduced last year. Strategy needs the securities — which offer a 12% annual yield — to trade at par or higher to make them economical to issue. Daily payments are scheduled to begin Nov. 1.
Strategy星期四在一份声明中表示，公司在第三季度恢复了盈利，此前Crypto在夏季末段反弹期间，其持仓价值的增长带来了210亿美元未实现收益。净利润达195亿美元。
In a statement Thursday, Strategy reiterated that it returned to profitability in the third quarter after registering a $21 billion unrealized gain from the increase in the value of its holdings during crypto’s late summer rally. Net income was $19.5 billion.
回归之路并不平坦。上周，最大的比特币企业持有者将STRC回购规模扩大50%至30亿美元。与此同时，它继续出售普通股购买比特币，稀释了现有股东权益。
The road back hasn’t been easy. Last week, the biggest corporate holder of Bitcoin increased the size of its STRC buyback by 50% to $3 billion. In the meantime, it has continued to sell common stock to buy Bitcoin, diluting existing shareholders.
尽管普通股第三季度上涨约75%，但仍较2024年11月选举后狂热时期创下的历史最高价低了约70%。股票在盘后交易中基本持平。
While the common stock rallied around 75% in the third quarter, it remains roughly 70% below the historic all-time high established during the post-election euphoria of November 2024. The stock was little changed in after-hours trading.
“融资状况的改善是有代价的，”投资银行Clear Street的董事总经理布莱恩·多布森和股票研究主管格雷格·彭迪在最近的一份报告中写道。“回购降低了优先股股息负担，但对普通股股东造成了代价，因为本季度股票发行超过了比特币积累。”Strategy一直在寻求利用持久的收入需求，尤其是散户投资者的需求。对于积累比特币的公司而言，比特币本身不产生任何收入，这种需求提供了一种方式，使其能够在塞勒开创的模式面临日益增长的压力的情况下继续筹集资金。
“The improved financing position came at a cost,” Managing Director Brian Dobson and Equity Research Director Greg Pendy at the investment bank Clear Street, wrote in a recent report. “The repurchases lowered the preferred dividend burden, but came at a cost to common shareholders, as share issuance outpaced Bitcoin accumulation during the quarter.”Strategy has been seeking to tap the enduring appetite for income, especially among retail investors. For companies accumulating Bitcoin, which generates no income of its own, that demand offers a way to keep raising capital despite growing strains on the model pioneered by Saylor.
这种散户需求也没有逃过其他人的注意，一些竞争对手甚至支付的股息高于STRC提供的12%。Strive Inc.上周出售了6300万美元的优先股，年股息率为15%。这比顶级一年期美国国债的收益高出三倍多，可与困境债务回报相媲美。
That retail demand hasn’t been missed by others, with some competitors even paying dividends higher than the 12% offered on STRC. Strive Inc. sold $630 million in preferred shares with a 15% annual dividend last week. That’s more than triple what you earn on a top-rated one-year US Treasury note, and comparable to distressed debt returns.
彭迪和多布森表示，Strategy在上半年吸引加密货币市场关注的每周10亿美元或更多的比特币购买行为，可能很快不会再发生。
Returning to the $1 billion or more weekly Bitcoin purchases by Strategy that captured the attention of the crypto market in the first half of the year may not happen soon, according to Pendy and Dobson.
Clear Street写道：“我们假设第四季度没有新的优先股发行，2027年每季度发行15.9亿美元。” “发行的速度和成本仍然是我们展望的重要因素。”
“We assume no new preferred issuance in the fourth quarter and $1.59 billion per quarter in 2027,” Clear Street wrote. “The pace and cost of issuance remain important to our outlook.”