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tvbee
Influential Creator
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Web3史上最大误解——微策略"追涨杀跌"？
微策略不是"杀跌"的理由，上一篇文章分析的很透彻了。这一篇聊一聊微策略没有"追涨"。
要知道，微策略不是用存款在买BTC，是发行 $MSTR 融资买BTC。
那BTC贵的时候， MSTR 也贵啊。BTC越贵，MSTR溢价越高，发行MSTR买BTC反而越划算！
低点的时候发行10000枚MSTR，只能买14枚BTC。高点的时候发行10000枚MSTR，可以买40~60枚BTC。
肯定是高点的时候发行MSTR买BTC更有性价比。
要不说Saylor是天才，SBF这辈子也不一定能追上的，微策略要的根本不是账面上的盈利。
◆对于企业实体：因为微策略没在高位卖BTC，所以就没有可分配利润，所以不用交传统的企业所得税。
◆对于优先股股东：$STRC 等优先股股东也不用交股息预扣税。
◆对于普通股股东：虽然企业没有可分配利润、MSTR股东没有股息分红，但是依然能随着BTC上涨赚到钱。
结果就是三赢！吃亏的可能只能美国财政部，少收了税。
tvbee
Brothers!! I finally understand why MicroStrategy sells BTC at the bottom!
Your old man, still your old man!
Here's what happened: Brother Bee bought $STRC and then received dividends, which was $5.64 in half a month.
The holdings amount to 11.27581758 shares, with a par value of $100 per share.
The annualized rate is 5.64 / (11.27581758*100)*24 = 12%.
This is the STRC dividend yield, which surprisingly does not tax on preferred stock dividends.
After some research, Brother Bee found out that under U.S. regulations, if a listed company has no distributable profits, preferred stock dividends are exempt from tax!
When MicroStrategy sells BTC below cost, it results in a recognized loss, and at this point, preferred shareholders do not have to pay taxes.
Now BTC has already surpassed MicroStrategy's cost price, but even if MicroStrategy sells BTC at this time, the profits must first be made up for previous losses, and only then can there be distributable profits. So even if MicroStrategy enters profitability, as long as the BTC sold is small, STRC shareholders can still avoid paying taxes and directly receive a 12% annualized rate.
Saylor was actually fighting for the interests of STRC shareholders, and the source of these benefits was not paid by $MSTR holders, nor by BTC holders, but by the U.S. Treasury reducing tax revenue.
At the same time, this means that after MicroStrategy enters profitability, the amount of BTC willing to sell is very small.
Doesn't it instantly feel like double happiness has arrived?
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