STRD: Sailer's new weapon

June 2, 2025 Strategy said it intends to sell 2.5 million permanent preferred shares called Stride (STRD) as part of its ongoing efforts to hoard Bitcoin. The STRD issuance is aimed at “institutional investors and specific non- institutional investors.”

X netizen Adam Livingston interprets STRD, and the teaching chain is compiled as follows, let’s learn it with you.

STRD Strategy: Revealing How Michael Saylor (microst strategy boss) Build

a Bitcoin-first capital arsenal

While Wall Street is still clumsy in fiddling with their small ETFs, Cylor has quietly launched its most sophisticated Bitcoin capital tool to date: STRD.

This is not equity.

Not a debt.

But a sustainable preferred stock.

This is the pinnacle of financial engineering.

STRD operating mechanism

Face value: USD 100

Annual non-accumulated dividend: 10% (paid only if declared)

Redeemable Terms: Redeemable in advance when certain conditions are met

Clearing priority: dynamically adjustable with transaction price

To explain it, micro-strategy can obtain funds at low cost, no equity dilution is required, dividend payments are flexible, and the tool can be terminated at any time.

Game theory perspective

Unlike debts (such as STRK/STRF), STRD has no obligation to force dividend payments even if funds are tight.

Unlike equity, STRD will not dilute outstanding shares.

Unlike common stocks, STRD will not cause a drag on “bitcoin holdings per share”.

This is the financial strategy of "both fish and bear's paw".

Essential Analysis

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

If Bitcoin soars → Saylor redeems by face value

If Bitcoin plummets → directly suspend dividend payments

The investor took the interest, but invisibly paid for his "super bitcoinization" theory.

genius!

Analysis of capital efficiency

Compared to issuing common stock to buy Bitcoin, STRD achieves:

✅ Guarantee the growth rate of Bitcoin per share

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

✅ Create asymmetric returns for common stocks

✅ Provide "non-accumulative" low-cost capital

What is the target customer base of STRD?

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

Institutional Asset Allocation

Pension funds that are eager for profit

Private Wealth Manager who wants to get in touch with Bitcoin but dare not directly hold it

"I want the rising dividend of Bitcoin, but I'm afraid to hold the Bitcoin itself."

Quantitative impact deduction

Assume Bitcoin rose to $500,000:

• $STR common stock may soar 10-20 times

• STRD is still limited to face value + declared dividend range

By then, Saylor can repurchase STRD with change.

This structure allows him to:

• Hoard Bitcoin on a large scale in advance

• At the same time, lock in the upper limit of long-term liabilities

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

Issuance of common stocks will damage the mNAV leverage effect due to dilution of outstanding shares

Issuing STRD can provide Sailer with more Bitcoin ammunition while maintaining mNAV leverage

Every dollar raised through STRD is increasing the accumulation rate of Bitcoin per share

And here is a dark humor:

Saylor just created a "safe" version of Bitcoin for the baby boomers, while using their funds to hoard these assets they dare not hold.

While selling umbrellas on rainy days, he used the money he earned to buy land.

Wall Street will finally understand:

ETF = Passive Bitcoin Exposure

$MSTR = Bitcoin Income Engine

STRD = Institutional-level fixed income packaging

STRK/STRF = Option-style leverage tool

Sailer has now built a complete capital architecture that supports superbitization.

Strategic Panorama

Micro-strategy companies are quietly transforming, and their structure has far exceeded the scope of software companies and even Bitcoin fiscal databases.

It is evolving to:

• Sovereign-level Bitcoin acquisition platform

• Multi-level capital allocation center

• Private central bank in Bitcoin collateral market

The financial operation that Saylor just completed is:

"Grandma, give me your pension. I'll give you a steady interest and use your money to buy assets that will turn your money into waste paper."

This wave of operations is simply a God-style method for blood-drawing of fiat currency.

The difference between STRK, STRF and STRD:

STRK: 8% accumulated dividend + convertible to MSTR stock = interest notes with upward potential

STRF: 10% accumulated dividend (compound interest if unpaid) = high yield safe

STRD: 10% non-accumulated dividend (only declare payment) = Cash flow flexible adjustment pole

Summarize:

STRD = Ultra-high efficiency, non-dilutive, Bitcoin leveraged capital flywheel

What ordinary people see is "10% preferred stock earnings"

What Bitcoin believers see is "acquire cheap capital provided by the market"

One seat, two movies

The strategic blueprint is unfolding