MSTR最近发的债是perpetual preferred (STRC) 浮动优先股

In late July 2025 the company (now legally Strategy Inc., still ticker MSTR) launched and priced a new variable-rate, perpetual preferred (ticker STRC) and a $4.2B at-the-market (ATM) program to sell more STRC over time.

How STRC works (key bits from the prospectus):

• Cumulative monthly dividend, initially 9%, with the issuer allowed to adjust the rate each month (within limits tied to monthly SOFR)—they explicitly say they intend to tune the rate to keep STRC trading near $100 par. Senior to common.
• Offered at $90 per share initially; par/liquidation preference $100.

What that means for MSTR common:

• Pros: Raises “permanent” capital without issuing common at a low premium; funds more BTC purchases; if BTC appreciates faster than the cost of capital, this leverage can be accretive to common holders.
• Cons: Adds senior claims with cash dividend obligations ahead of common; ongoing STRC sales are fresh supply (an overhang). If BTC stalls or the market sours on the structure, it can weigh on MSTR’s equity premium. The company also has discretion to cut the STRC rate (within SOFR-based constraints), which could keep STRC near par but doesn’t remove the seniority burden on the common.

Bottom line on STRC: It’s a leverage tool. Good for MSTR common if BTC rises strongly and capital markets stay receptive (so the proceeds buy BTC at favorable terms). Risky if BTC underperforms or if repeated issuance keeps tamping down the common’s premium.