MicroStrategy's latest issuance of STRC has become the largest financing for an IPO in the US this year. The definition of STRC is quite complex, officially known as Variable Rate Series A Perpetual Extendable Preferred Stock; loosely speaking, it can be understood as a type of bond. Initially, the issuance amount was $500 million, and it was oversubscribed by 5 times, raising $2.5 billion, surpassing the $1.7 billion historical record of Venture Global, the giant in the US natural gas energy sector, making it the largest energy IPO in US history. Of course, oversubscription percentages are common and sound better from a marketing perspective. However, $2.5 billion in real cash is being injected into the Bitcoin market. For this STRC, the initial interest rate is 9%, which is about twice the US Treasury yield, making it quite attractive. The initial face value is $90, and the future guaranteed official redemption price is $101. Its price is designed to maintain around $100 in the long term, thus providing tax benefits on capital gains upon redemption. In the past, MicroStrategy aimed to issue bonds with very low interest rates that could later convert into MicroStrategy stock. However, STRC cannot be converted into stock, which is why Saylor stated that issuing this stock would not dilute MicroStrategy. Additionally, STRC has a very high priority, ranking above STRK and STRD, and only below STRF. PS: MicroStrategy has issued too many of these financial instruments, including STRF, STRK, STRD, and now there's an additional STRC, making this priority list increasingly lengthy 😂. For more details on these financial instruments, you can refer to @xingpt's analysis. STRC has a very strong capital preservation capability. According to Swan Bitcoin's mention of Saylor's conference call, the dividends of these preferred stocks (including STRF, etc.) remain very safe even if Bitcoin drops by 80%; even in extreme declines of 90%-95%, dividends may theoretically be temporarily suspended but will ultimately be made up. Moreover, STRC is prioritized over the other two, to be honest, although it's only been a few years, I can't even imagine what it would feel like for Bitcoin to drop back to $11,000 😂. So some say that STRC is a bond with Bitcoin exposure, but I don't think so. It feels more like a kind of super wide-range dual-currency profit product. If Bitcoin rises, you get high interest; if Bitcoin crashes (-90%), you get Bitcoin. But regardless, that man is still incredibly impressive, always able to design new plays that make new people spend money, then resonate upward, bringing new highs.