Here is the English translation:
According to a
report by Bloomberg, MicroStrategy issued preferred shares last week with an 8% coupon rate and sold them at an $80 per share discount, 20% lower than the marketing price, pushing the buyer's yield to 10%. It is said that this was a major concession made by the company to complete the transaction, with a total financing amount of $563 million, more than double the initial target.
It is understood that these securities, known as "perpetual preferred shares", will pay dividends quarterly and have a cumulative nature, ensuring that any unpaid dividends must ultimately be paid. The conversion price is set at $1,000, about 200% of the recent closing price, which lowers the possibility of conversion to common shares in the short term and effectively delays the risk of dilution to existing shareholders.
MicroStrategy Can Raise Up to $2 Billion This Quarter
MicroStrategy founder Michael Saylor is exploring various capital structures to support his Bit strategy. The company said that although this is more expensive than the previously issued ultra-low-interest convertible bonds and par value stocks, it can raise up to $2 billion in funds this quarter through this means.
Wellesley Asset Management portfolio manager David Clott said: "A 10% yield is not cheap, but given the company's background, I think it's reasonable, and the company has not diluted existing shareholders' holdings like the previous convertible bonds, which is a good result for them as they have opened up a whole new financing market."
Prior to this, MicroStrategy planned to raise $42 billion through stocks and fixed-income securities over three years, and this quarter is expected to be more inclined towards fixed-income securities, partly because the company has already raised nearly $17 billion through stock issuance plans, while the amount raised through convertible bonds is much less.
MicroStrategy Breaks 12-Week Streak of Bit Purchases
However, it is worth noting that Michael Saylor said MicroStrategy did not purchase any Bit last week, ending its 12-week streak of increasing Bit holdings since late October last year. Combined with the recent impact of the Trump tariff war on Bit, some investors are concerned that Bit may experience a larger risk correction.
As of February 2, MicroStrategy holds 471,107 Bit, with a purchase price of approximately $30.4 billion, at an average price of $64,511 per Bit.
According to
Bitcoinist, since being included in the NASDAQ-100 index, MicroStrategy has been subject to various rules and regulations, such as lock-up periods, to prevent potential insider trading, which may also be a reason for the suppression of MicroStrategy's consecutive Bit purchases.
The market also speculates that the decision to temporarily suspend Bit purchases may be due to MicroStrategy changing its strategy based on market conditions. The company may face a huge tax bill of over $19 billion in unrealized Bit gains, so it needs to do financial planning to deal with its tax obligations.
However, there is currently almost no sign that MicroStrategy is abandoning its Bit purchase strategy.
