MicroStrategy's latest issuance of this STRC has become the largest financing of an IPO in the US this year.

The definition of STRC is quite complex, fully known as Variable Rate Series A Perpetual Extendable Preferred Stock; loosely, it can be understood as a type of bond.

Initially, the issuance amount was 500 million USD, ideally oversubscribed by 5 times, raising 2.5 billion USD, surpassing the historical 1.7 billion USD of the American natural gas energy giant Venture Global, marking the largest energy IPO in American history.

Of course, oversubscription by xx percent is also common and sounds better from a communication perspective.

However, 2.5 billion real cash has indeed been injected into the Bitcoin market.

For this STRC, the initial interest is 9%, approximately twice the yield of US Treasury bonds, which is still quite attractive.

The initial par value is $90, and the future guaranteed official redemption price is $101.

Its price is designed to maintain around $100 $ in the long term, thus providing an advantage regarding capital gains tax upon redemption.

In the past, MicroStrategy hoped to issue bonds with very low interest that could eventually convert into MicroStrategy stock. However, STRC cannot be converted into stock, which is why Saylor mentioned that issuing this stock would not dilute MicroStrategy.

Additionally, STRC has a very high priority, ranking above STRK and STRD, and only below STRF.

STRC has a very strong capital preservation ability.

According to the Swan Bitcoin mentioned Saylor's conference call, the dividends of these preferred stocks (including STRF, etc.) remain quite safe even when Bitcoin drops by 80%; even in extreme declines of 90%-95%, theoretically, dividends may be temporarily suspended, but they will ultimately be made up.

Moreover, STRC is prioritized over the other two stocks on this basis. To be honest, although it has only been a few years, it is now completely unimaginable to feel Bitcoin dropping back to $11,000.

So some people say that this STRC is a bond with Bitcoin exposure; we believe it is more like a super wide dual-currency profit product. If Bitcoin rises, you get high interest; if Bitcoin crashes (-90%), you get Bitcoin.

But in any case, Saylor is still amazing; he always manages to design new play styles to attract new money, then resonates upward, bringing new highs.

This content is jointly published by Nothing Research, Ebunker, and Ourbit.