STRD: Sailer's new weapon

Source: Liu Jiaolian WeChat Account
BTC 105k+. Today, in the June 3 Jiaolian internal reference "The underlying logic of the weak dollar pushing up zero-interest assets", it was mentioned that MicroStrategy has launched a new US stock financing tool called STRD. Dazzling. Netizen Adam Livingston did some disassembly, Jiaolian compiled it as follows, let's learn together.

STRD Strategy: Revealing how Saylor (Jiaolian Note: Michael Saylor, MicroStrategy boss) built a Bitcoin-first capital arsenal

While Wall Street is still clumsily fiddling with their small ETFs, Saylor has quietly launched the most sophisticated Bitcoin capital tool to date: STRD.

This is not equity.

Not debt.

But perpetual preferred stock.

This is a masterpiece of financial engineering.

How STRD works

Par value: $100

Annual non-cumulative dividend: 10% (paid only when declared)

Redemption terms: Early redemption if certain conditions are met

Liquidation preference: Dynamically adjusted with trading price

To put it simply: MicroStrategy can obtain funds at low cost, without equity dilution, with flexible dividend payments, and can terminate the instrument at any time.

Game theory perspective

Unlike debt (such as STRK/STRF), STRD has no mandatory obligation to pay dividends even if funds are tight.  

Unlike equity, STRD does not dilute outstanding shares.  

Unlike common stock, STRD does not create a drag on "bitcoin holdings per share."   

This is a financial strategy of "having your cake and eating it too."

Essential Analysis

This is a Bitcoin hoarding game disguised as a profit strategy:  

If Bitcoin soars → Saylor redeems at par  

If Bitcoin plummets → Directly suspend dividends  

Investors take the interest, but invisibly pay for his "super Bitcoinization" theory.   

Genius!

Capital Efficiency Analysis

Compared with issuing common stock to purchase Bitcoin, STRD has achieved:  

✅ Guarantee the growth rate of Bitcoin per share

✅ Maintain the net asset value leverage effect (mNAV torque)

✅ Create asymmetric returns for common stocks

✅ Provide "non-cumulative" low-cost capital

STRD's target customer group?

This is not for degen (note: coin speculators, gamblers).

Institutional asset allocators  

Return-hungry pension funds  

Private wealth managers who want exposure to Bitcoin but dare not hold it directly  

"I want the dividends of Bitcoin's growth, but I am afraid to hold Bitcoin itself."

Quantitative impact deduction  

Assuming Bitcoin rises to $500,000:  

• $STR common stock may soar 10-20 times  

• STRD is still limited to par value + declared dividends  

At that time, Saylor can repurchase STRD with spare change.   

This structure allows him to:  

• Stock up on a large scale of Bitcoin in advance  

• While locking in the long-term debt ceiling  

mNAV (market value/Bitcoin net asset value) protection mechanism

The issuance of common stock will destroy the mNAV leverage effect due to the dilution of outstanding shares  

The issuance of STRD can provide Saylor with more Bitcoin ammunition while maintaining mNAV leverage  

left;">Every dollar raised through STRD increases the rate at which each share of Bitcoin accumulates  

And here’s the dark humor:  

Saylor just created a “safe” version of Bitcoin for baby boomers, while using their funds to hoard an asset they dare not hold.  

He sells umbrellas on rainy days—and uses the money he makes to buy land.   

Wall Street will eventually understand: 

ETF = Passive Bitcoin Exposure  

$MSTR = Bitcoin Yield Engine  

STRD = Institutional Fixed Income Packaging  

STRK/STRF = Option-Style Leverage Tools  

Seller has now built a complete capital structure to support Super Bitcoinization.   

Strategic Panorama  

MicroStrategy is quietly transforming, and its scale has far exceeded the scope of a software company or even a Bitcoin treasury.   

It is evolving into:  

• Sovereign Bitcoin Acquisition Platform 

• Multi-level Capital Allocation Hub 

• Private Central Bank of the Bitcoin Collateral Market  

The financial operation that Saylor has just completed can be described as:

"Grandma, give me your pension. I will give you a steady interest and use your money to buy assets that will turn your banknotes into waste paper." left;">This wave of operations is simply the God Mode of bleeding legal currency.   

Differences between STRK, STRF and STRD:

STRK: 8% cumulative dividends + convertible to MSTR shares = coupon with upside potential  

STRF: 10% cumulative dividends (compounded if not paid) = high yield safe  

STRD: 10% non-cumulative dividends (declared only) = cash flow flexibility lever  

Summary:  

STRD = ultra-efficient, non-dilutive, Bitcoin-leveraged capital flywheel  

STRF: 10% cumulative dividends (compounded if not paid) = high yield safe left;">What ordinary people see is "10% preferred stock income"  

What Bitcoin believers see is "getting cheap capital supplied by the market"  

One ​​seat, two movies  

The strategic blueprint is unfolding