cryptd.in

암호화폐 친화적인 인재를 위한 대체 링크드인

Michael Saylor Sets $100 Billion Target For Bitcoin Credit Initiative

-

by

cryptd.in
in

Michael Saylor, chairman of the largest public Bitcoin treasury company, Strategy (formerly MicroStrategy), is embarking on what could be his most daring financial venture yet: the introduction of perpetual preferred stock as a new funding mechanism. 

This new approach seeks to move away from traditional methods like common stock sales and convertible bonds, which have already helped Strategy amass $75 billion in Bitcoin assets. 

Saylor’s Bitcoin Credit Model

The perpetual preferred stock, branded “Stretch,” offers a unique financial structure—these securities do not mature and can even defer dividend payments, providing flexibility for the issuer while potentially unsettling investors.

The Stretch offering features variable-rate dividends and lacks voting rights, positioning it as neither conventional debt nor typical equity. Saylor believes this could provide the company with the necessary capital to continue acquiring Bitcoin. 

According to Bloomberg, over the next four years, he plans to retire billions in convertible notes, reduce common stock sales, and rely more heavily on preferred offerings as his primary funding source.

This ambitious plan aims to establish a “BTC Credit Model,” where Bitcoin underpins a new stream of income. Saylor envisions the potential to raise “$100 billion… even $200 billion” if demand for these securities is strong. 

High-Yield Risks

So far this year, Strategy has raised approximately $6 billion through four perpetual preferred offerings, with the latest $2.5 billion tranche being one of the largest capital raises in the crypto space this year.

As Michael Youngworth from Bank of America noted, this retail-driven approach is unique in the corporate preferred market, which is typically dominated by investment-grade institutions.

However, there are concerns about the sustainability of this model. The perpetual preferreds require ongoing, substantial dividend payments, which could be a challenge given that Bitcoin itself does not generate income. 

Saylor’s push for perpetual preferreds is also a strategic response to the limitations of the convertible market, which tends to exclude retail investors. 

Strategy’s CEO, Phong Le, has framed this shift as a way to create a more resilient capital structure, particularly in light of the challenges faced during the 2022 “crypto winter.”

Despite the potential advantages, the high yields associated with perpetual preferreds—often between 8% and 10%—could become burdensome, especially in a market downturn, according to experts. 

Critics like short-seller Jim Chanos have labeled these instruments as “crazy” for institutions to buy, given their non-cumulative nature and the issuer’s discretion over dividend payments.

비트코인

When writing, Bitcoin trades at $117,260, retracing over 5% from the recently achieved $124,400 all-time high earlier in the week. Year-to-date, the market’s leading crypto is up 101%.

Featured image from DALL-E, chart from TradingView.com

댓글

답글 남기기

이메일 주소는 공개되지 않습니다. 필수 필드는 *로 표시됩니다

최신 피드

인기 카테고리

ko_KR 한국어
ko_KR 한국어 en_US English ro_RO Română et Eesti ja 日本語 ru_RU Русский de_DE Deutsch es_ES Español zh_CN 简体中文 fr_FR Français zh_TW 繁體中文 pt_PT Português it_IT Italiano pl_PL Polski tr_TR Türkçe nl_NL Nederlands id_ID Bahasa Indonesia el Ελληνικά uk Українська bg_BG Български cs_CZ Čeština fi Suomi hu_HU Magyar lv Latviešu valoda lt_LT Lietuvių kalba nb_NO Norsk bokmål sk_SK Slovenčina sl_SI Slovenščina sv_SE Svenska

웹사이트 검색

인기 스토리

태그

#AlexeyPertsev (1) #BidenCryptoBan (1) #BidenElection (1) #BinanceVsCoinbase (1) #B비트코인 (377) #BitcoinETF (3) #B비트코인기초 (1) #B비트코인 취급 (1) #B비트코인가격 (5) #B비트코인가격수준 (1) #B비트코인펌프 (1) #B비트코인예치 (1) #B비트코인서지 (1) #BitcoinTop (1) #Bitfinex (1) #B비트 단위 (1) #브레이스브리지캐피털 (1) #BRC20토큰 (1) #BTC취득 (1) #B울리스틱 예측 (1) #BullishSentiment (1) #C중국광업 (1) #CPIP리뷰 (1) #CryptoAsset (2) #CryptoBattle (1) #CryptoBoom (1) #CryptoExpert (1) #CryptoInsights (1) #CryptoMania (1) #CryptoMarket (4) #CryptoPrediction (1) #CryptoPredictions (1) #CryptoRegulation (2) #CryptoTakeoff (1) #CryptoTiming (1) #CryptoTips (1) #CryptoTreasury (1) #CryptoUncertainty (1) #DerivativeJump (1) #Dogecoin (65) #DogecoinGains (1) #DogecoinVolume (1) #DutchCourt (2) #ECommerce (1) 1TP5테엘살바도르비트코인 (1) 1TP5테더리움 (64) 1TP5테더리움통증 (1) 1TP5테더리움가격 (1) 1TP5전문가 의견 (1) #FedRateCut (1) #FiatCurrency (1) #FinancialImpact (1) #FinancialPrivacy (1) #FirmShutdown (1) #FrozenAccounts (1) #IllicitFunds (1) #인플레이션데이터 (1) #투자 (1) #투자손실 (1) #일본기업 (1) #LegalAction (1) #LegalImpact (1) #법률 (1) #라이트닝 네트워크 (1) 1TP5시장분석 (3) 1TP5시장 모니터링 (1) 1TP5시장 예측 (1) 1TP5시장 예측 (1) #MarketProjection (1) 1TP5마켓지원 (1) 1TP5시장변동성 (1) #M결혼 (1) #MemeCoin (5) #MemeCoins (2) #M광부수익성 (1) #MoneyLaundering (2) #MtGox (3) 1TP5북한암호화 (1) 1TP5노보그라츠예측 (1) #P가격 마일스톤 (1) #P가격 예측 (2) #P가격 질문 (1) #PriceSurge (1) #P형량 (1) #QuantAnalysis (1) 1TP5규제압력 (1) #SEC안티크립토 (1) #ShibaInu (5) #SocialBuzz (1) 1TP5기술분석 (1) #Toncoin (3) #TornadoCash (3) #TornadoCashDev (1) 1TP5토네이도캐시개발자 (1) #UKCrypto (1) #업사이드 잠재력 (1) #USCongress (1) #와이오밍랜드 (1) #XRP가격 (1) #XRP업스윙 (1)

유용한 링크

유용하다고 생각되어 공유하고 싶은 링크.