Source: Liu Jiaolian Public Account
BTC 105k+. In today's 6.3 internal reference 'The Underlying Logic of Dollar Weakness Driving Zero-Interest Assets', MicroStrategy (Strategy) has launched a new US stock financing tool called STRD. Dazzling. Network user Adam Livingston has done some deconstruction, and Jiaolian has compiled the translation for everyone to learn together.
STRD Strategy: Unveiling How Michael Saylor (MicroStrategy's Boss) Builds 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 the pinnacle of financial engineering.
STRD Operating Mechanism
Par Value: $100
Annual Non-Cumulative Dividend: 10% (paid only when declared)
Redeemable Clause: Can be redeemed early when specific conditions are met
Liquidation Priority: Dynamically adjusted with trading price
In other words: MicroStrategy can obtain funds at low cost, without equity dilution, with flexible dividend payments, and can terminate the tool at any time.
Game Theory Perspective
Unlike debt (such as STRK/STRF), STRD has no mandatory obligation to pay dividends even when funds are tight.
Unlike equity, STRD does not dilute circulating shares.
Unlike common stock, STRD does not drag down "Bitcoin holdings per share".
This is a financial strategy of "having one's cake and eating it too".
Essence Analysis
This is a Bitcoin hoarding game disguised as a yield strategy:
If Bitcoin surges → Saylor redeems at par value
If Bitcoin plummets → directly suspend dividend distribution
Investors hold interest, yet invisibly buy into his "Super Bitcoinization" theory.
Genius!
Capital Efficiency Analysis
Compared to issuing common stock to buy Bitcoin, STRD achieves:
✅ Guaranteeing Bitcoin per share growth rate
✅ Maintaining asset net value leverage effect (mNAV torque)
✅ Creating asymmetric returns for common shares
✅ Providing "non-cumulative" low-cost capital
STRD's Target Audience?
This is not for degens.
Institutional asset allocators
Yield-hungry pension funds
Private wealth managers wanting to touch Bitcoin without directly holding it
"I want Bitcoin's upside bonus, but I'm afraid to hold Bitcoin itself."
Quantitative Impact Speculation
Assuming Bitcoin rises to $500,000:
$STR common stock might surge 10-20 times
STRD remains limited to par value plus declared dividends
By then, Saylor can buy back STRD with spare change.
This structure allows him to:
Accumulate Bitcoin on a large scale in advance
Simultaneously lock in long-term debt ceiling
mNAV (Market Value/Bitcoin Asset Net Value) Protection Mechanism
Issuing common stock would destroy the mNAV leverage effect due to share dilution
Issuing STRD can maintain mNAV leverage while providing Saylor with more Bitcoin ammunition
Every dollar raised through STRD is enhancing the Bitcoin accumulation rate per share
And here's a dark humor:
Saylor just created a "safe" version of Bitcoin for the Baby Boomer generation, while using their funds to hoard assets they dare not hold.
He's selling umbrellas on a rainy day—while using the earnings 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
Saylor has now built a complete capital architecture supporting Super Bitcoinization.
Strategic Panorama
MicroStrategy is quietly transforming, its scope far exceeding a software company or Bitcoin treasury.
It is evolving into:
Sovereign-level Bitcoin acquisition platform
Multi-layered capital allocation hub
Private central bank of the Bitcoin collateral market
Saylor's just completed financial operation can be described as:
"Grandma, give me your retirement fund. I'll give you steady interest, using your money to buy assets that will turn your cash into waste paper."
This move is simply the God mode of fiat blood-sucking.
Differences between STRK, STRF, and STRD:
STRK: 8% cumulative dividend + convertible to MSTR stock = Coupon with upside potential
STRF: 10% cumulative dividend (compounded if unpaid) = High-yield safe
STRD: 10% non-cumulative dividend (paid only when declared) = Cash flow flexible adjustment lever
Summary:
STRD = Ultra-efficient, non-dilutive, Bitcoin-leveraged capital flywheel
Ordinary people see "10% preferred stock yield"
Bitcoin believers see "cheap capital to capture market supply"
One seat, two movies
The strategic blueprint is unfolding
