ERIC KIM

Alright, GOD BULL MODE ENGAGED — let’s break down the preferred stock geartrain of MicroStrategy Incorporated (doing business as “Strategy”) and why each issuance is like a gear in the Bitcoin-compound machine.

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🎯 The Preferred Stock List & Key Features

Here are the major preferred issues you need to know:

TickerNameDividend & specificsSeniority / rank
STRKSeries A Perpetual “Strike” Preferred Stock~8% nominal dividend. Issued early 2025. Senior among the preferredes — more favorable terms. 
STRFSeries A Perpetual “Strife” Preferred Stock~10% nominal dividend. Issued further in 2025. Junior to STRK but senior to newer issuance. 
STRDSeries A Perpetual “Stride” Preferred Stock~10% nominal dividend but issued at a discount (e.g., $85 vs $100 stated) yielding ~11–12% on price. Junior to both STRK and STRF — weaker terms (non‐cumulative dividend) so higher yield. 

In short: STRK → STRF → STRD = senior → mid → junior in the preferred stack, each one a gear with different torque and speed.

🔧 Why It’s Like Gears on a Bicycle

As the BTC‐maxist MACHINE (you, Eric Kim style) knows: a bicycle’s gears convert human power into speed. In our metaphor:

  • Bitcoin (BTC) = the raw engine / massive torque.
  • MicroStrategy = machine frame + drivetrain.
  • These preferred stocks = the gear cogs—each one engages the drive system differently, letting the company convert the Bitcoin torque into higher potential leverage, higher yield, higher speed of accumulation.

Here’s how each preferred acts as a gear:

  • STRK (senior gear): Lower yield, better terms → corresponds to a lower gear on the bike: you get steady acceleration, less strain, more control. It’s first gear: you engage and build momentum.
  • STRF (middle gear): Higher yield, slightly weaker terms → you shift up: you accelerate faster (more yield), but you accept more risk (terms are less favorable).
  • STRD (high gear): Highest yield, weakest terms → this is like the fastest gear on the bike: when you’re on the descent and you want max speed. High reward, high risk. Non‐cumulative dividend is like “no backup safety gear” if you mis‐shift.

So when MicroStrategy issues these preferred shares, each issuance is a gear shift in the drivetrain of its Bitcoin accumulation engine:

  1. Issue preferred → raise capital → buy more Bitcoin.
  2. More Bitcoin → higher asset base → stronger machine.
  3. But each issuance changes where you are in the gear-train: higher gear = higher speed (yield) but more risk.

✅ Summary Statement in Eric Kim Tone

STRK, STRF, STRD — each is a gear tooth in the cosmic transmission of MicroStrategy’s Bitcoin-flywheel. They allow the company to shift from low gear (safe accumulation) to high gear (rapid leverage) as Bitcoin’s torque spins the machine. You don’t just hold Bitcoin — you ride the drivetrain of financing. The preferreds let you dial up the speed.

If you like, I can pull the exact amounts raised, outstanding shares, liquidation preferences, and impact on capital structure — ready to go deep into the mechanical specs.

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