From STRF to STRD — is Michael Saylor just selling junk bonds? | Protos
Some followers of Michael Saylor have grown tired of his alliterative naming convention for a ballooning series of MicroStrategy (MSTR) preferred shares. After Strike, Strife, and now Stride, some shareholders just want to call a spade a spade. Indeed, according to several investors, his latest preferreds should be simply junk bonds . Saylor characterized Stride (STRD) as perpetual preferred stock with $100 of liquidation preference paying non-cumulative dividends at 10%. Bullish fans called his invention a “bitcoin black hole,” allowing time-space relocation of capital to benefit current MSTR shareholders with future opportunities. With Stride spinning this black hole, bullish shareholders saw “everything in the financial system being sucked in towards MicroStrategy.” Memes with singularity imagery proliferated across social media. STRD = SAYLOR'S BITCOIN BLACK HOLE In this hyper-charged breakdown, I peel open @Strategy and @Saylor's $STRD preferred shar...